Sudarshan Pharma Industries Ltd Directors Report

To,

The Shareholders of

Sudarshan Pharma Industries Limited

Your Directors have pleasure in submitting their 18th Annual Report together with the Audited Financial Statements of the Company, for the financial year ended 31st March, 2026 ("Financial Year").

FINANCIAL HIGHLIGHTS

The financial highlights of the Company on standalone and consolidated basis for the Financial Year are as under:

(Rupees in Lakhs)

	Standalone		Consolidated
Particulars	31.03.2026	31.03.2025	31.03.2026	31.03.2025
Income for the year	67,590.29	50,549.22	71,176.95	50,769.02
Profit before Interest, Depreciation and Tax	5,737.21	4,054.05	6,002.87	4,168.36
Finance Charges	(2,529.74)	(1,621.53)	(2,570.07)	(1,604.40)
Profit before Depreciation and Taxes	3,207.47	2,432.52	3,432.80	2,563.96
Depreciation & Amortization	(340.65)	(270.18)	(378.83)	(280.56)
Provisions for Taxation/ Deferred Tax	(668.65)	(478.45)	(716.80)	(505.16)
Exceptional Items	-	(281.73)	-	(281.73)
Minority Interest & Profit from Associate Company	-	-	6.84	0.23
Net Profit for the Current Year	2,198.16	1,402.16	2,342.22	1,492.72

These are the Companys first financial statements prepared in accordance with Ind AS. For the Financial Year ended 31st March, 2026, the Group had prepared its financial statements in accordance with Companies (Accounting Standards) Rules, 2006, notified under Section 133 of the Act and other relevant provisions of the Act (‘previous GAAP). The material accounting policies set out in Note 3 have been applied in preparing these financial statements for the year ended 31st March, 2026, the comparative information presented in these financial statements for the year ended 31st March, 2025 and in the preparation of an opening Ind AS balance sheet on the date of transition i.e. 1st April, 2024. In preparing its Ind AS balance sheet as at 1st April, 2024 and in presenting the comparative information for the year ended 31st March, 2025, the Company has adjusted amounts reported previously in financial statements prepared in accordance with previous GAAP.

COMPANYS BUSINESS

The Standalone Gross Revenue from operations for Financial Year 2025-26 was Rs.67,590.29 Lakhs (previous year Rs.50,549.22 Lakhs). The Profit Before Tax stood at Rs.2,866.82 Lakhs (previous year Rs.1,880.61 Lakhs). The Profit After Tax for the Financial Year 2025-26 stood at Rs. 2,199.69 Lakhs (previous year Rs.1,398.68 Lakhs).

The Consolidated Gross Revenue including intra-group transactions from operations for Financial Year 2025-26 was Rs.70,305.65 Lakhs (Previous Year: Rs.50,503.52 Lakhs). The Consolidated Operating Profit before Tax stood (for continued operations) at Rs.3,432.80 Lakhs (Previous Year: Rs.2,563.96 Lakhs). The Consolidated Profit after Tax stood at Rs.2,342.22 Lakhs (Previous Year: Rs.1,492.72 Lakhs). The Consolidated turnover of the Company was up by 39.20% during the financial year 2025-26 with reference to the previous FY. The Companys EBITDA is Rs.6,002.87 Lakhs with a significant increase of 44.01% from previous FY. The EPS as of 31st March 2026 is Rs.0.97, up by 56.45% from previous financial year.

DIVIDEND & RESERVES

The Board expressed its inability to recommend any dividend for the Financial Year. The Board is of the opinion that the funds may be utilised for better opportunities and consequently for the growth of the shareholders wealth in coming years.

No amount has been transferred to any reserve.

SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANIES

The Company has following 9 (Nine) subsidiaries as on 31st March 2026, viz., a) Sudarshan Pharma Lifescience Private Limited; b) Ratna Lifesciences Private Limited; c) Life Science Chemical Private Limited; d) Sudarshan Maven Pharma Private Limited and e) Sudarshan Pharma Industries Private Limited, Singapore. f) Ishwari Healthcare Private Limited g) Cibachem General Trading LLC, Dubai h) Sudarshan Pharma Poland LLC, Poland i) Sudarshan Industries Inc., USA DARSH

With effect from 1st April, 2025, the Company acquired 51.00% of the paid up equity share capital of the IshwariSU AN Healthcare Private Limited i.e. 2,09,100 equity shares of Rs.10/- each at a consideration of Rs.1,50,00,000/- (Rupees One Crore and Fifty Lakhs only); hence it became a subsidiary of the Company. On 5th August 2025, the Company acquired Cibachem General Trading LLC, Dubai by purchasing 300 shares of AED 1000 each (representing 100% share capital) for a total consideration of Rs.55,00,000/- (equivalent to AED 2,36,037).

Sudarshan Pharma Poland LLC was incorporated as a wholly-owned subsidiary of the Company and the Company has subscribed to 100 shares of PLN 50 each (100.00% of the subscribed capital of Sudarshan Poland.

Sudarshan Industries Inc. was incorporated as a wholly-owned subsidiary of the Company and the Company has subscribed to 1,00,00,000 shares of US $0.00001 each of Sudarshan USA aggregating to US $ 100 (approx. Rs.9,600/-) (100.00% of the paid-up share capital of Sudarshan Industries Inc.).

The members are requested to refer to the "Management Discussion & Analysis" Report forming part of the Annual Report for detailed information about the subsidiaries of the Company. Pursuant to the provisions of Section 129(3) of the Act, a statement containing requisite details including performance and financial position of each of the subsidiary companies, the salient features of financial statements of the Companys subsidiaries in Form AOC-1 is attached to the financial statements.

There are no associates or joint venture companies within the meaning of Section 2(6) of the Companies Act, 2013 ("Act"). There has been no material change in the nature of the business of the subsidiaries.

Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited financial statements in respect of subsidiaries, are available on the website of the Company http://www.sudarshanpharma.com.

The list of subsidiaries, joint ventures and associate companies of the Company are given in Form MGT-7 (Annual Return), which is uploaded on the Companys website and can be accessed at the web-link https://www. sudarshanpharma.com/annual-reports/

Indian Subsidiaries	Sales	EBITDA
	2025-26	2025-26
Sudarshan Pharma Lifescience Private Limited	NIL	-0.19
Ratna Lifesciences Private Limited	3,530.23	139.28
Life Science Chemical Private Limited	53.08	50.51
Sudarshan Maven Pharma Private Limited	NIL	NIL
Ishwari Healthcare Private Limited	746.21	165.07

 

Foreign Subsidiaries	Sales	EBITDA
	2025-26	2025-26
Sudarshan Pharma Industries Private Limited	57.54	8.43
Cibachem General Trading LLC	NIL	-3.91
Sudarshan Pharma Poland LLC	NIL	NIL
Sudarshan Industries Inc	NIL	NIL

SHARE CAPITAL OF THE COMPANY N

Conversion of Warrants and Allotment of 90,00,000 pursuant to conversion of Warrants SU

The paid-up share capital of the Company stood at Rs.2,406.59 Lakhs as at 31st March, 2025 comprising of 24,06,58,870 equity shares of Re.1/- each fully paid up.

Upon receipt of Rs.11,46,15,000/- (75% of the Warrant Issue Price) of the 9,00,000 warrants issued to the Promoters on a preferential basis at a price of Rs.169.83 per warrant, the Warrants Committee of the Board of Directors of the Company at their Meeting held on 12th June, 2026, approved to convert 9,00,000 Warrants, into 10 (ten) equity shares of the face value of Re.1/- (Rupee One Only) in terms of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

The Company had submitted an application with BSE for listing of 90,00,000 (Ninety Lakhs) equity shares, which was approved by BSE on 3rd August 2026. The Company had initiated corporate action for crediting the equity shares in the demat accounts of the allottees. Application for trading approval from the BSE will be done thereafter.

Post-conversion, the paid-up share capital of the Company stood at Rs.2,496.59 Lakhs comprising of 24,96,58,870 equity shares of Re.1/- each fully paid up.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL Board of Directors

During the Financial Year, the Board of your Company comprised of 6 (six) directors of which 4 (four) are non-executive directors and 2 (two) are executive directors. Out of the 4 (four) non-executive directors, 3 (three) are independent directors including 1 (one) woman independent director.

The constitution of the Board of Directors of the Company are given in the following table:

Sr. no.	Name of the Director or Key Managerial Personnel	Category	Date of appointment / re-appointment and tenure
1	Mr. Hemal Mehta	Managing Director & Key Managerial Personnel	Re-appointed on 21st July, 2023 for a period of 5 years
2	Mr. Sachin Mehta	Managing Director, Chief Financial Officer & Key Managerial Personnel	Re-appointed on 21st July, 2023 for a period of 5 years Resigned as Chief Financial Officer w.e.f. 1st May, 2025 Appointed as Chief Financial Officer w.e.f. 14th August, 2025 Resigned as Chief Financial Officer w.e.f. 1st May, 2026
3	Dr. Umesh Luthra	Independent Director on 26th September, 2022	Appointed on 31st January, 2022 and confirmed by shareholders
4	Ms. Jaya Singhania	Independent Director	Appointed on 26th December, 2022 and confirmed by shareholders on 27th December, 2022
5	Mr. Rushabh Patil	Independent Director	Appointed on 21st July, 2023 and confirmed by shareholders on 2nd September, 2023
6	Dr. Anil Ghogare	Non-Executive Director	Appointed on 10th November, 2023 and confirmed by shareholders on 5th February, 2024
7	Mr. Nirav Kishor Shah	Company Secretary & Compliance Officer	Appointed w.e.f. 1st June, 2024
8	Mr. Manoj Lodha	Chief Financial Officer	Appointed w.e.f. 1st May, 2025 and Resigned w.e.f. 5th August, 2025
9	Dr. Vijay Ojha	Independent Director	Appointed as Additional Director in the category of Independent Director w.e.f. 18th October 2025 Confirmed by the Shareholders vide special resolution approved through postal ballot on 13th January 2026
10	Mr. Sanat Bhat	Independent Director	Appointed as Additional Director in the category of Independent Director w.e.f. 1st May 2026 Confirmed by the Shareholders vide special resolution approved through postal ballot on 24th June 2026
11	Dr. Vinay Pandey	Independent Director	Appointed as Additional Director in the category of Independent Director w.e.f. 1st May 2026 Confirmed by the Shareholders vide special resolution approved through postal ballot on 24th June 2026
12	Mr. Sharadrao Kathawate	Chief Financial Officer	Appointed w.e.f. 1st May, 2026

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company,

Dr. Anil Ghogare is liable to retire by rotation at the ensuing Annual General Meeting and has offered himself for reappointment.

Independent Directors of the Company have furnished necessary declarations to the Company under Section 149(7) of the Companies Act, 2013, confirming that they meet with the criteria of Independence as prescribed for Independent Directors under Section 149(6) of the Act and Regulation 16(b) of the Securities And Exchange Board of India (Listing Obligations & Disclosures Requirements) Regulations, 2015, (hereinafter "SEBI Listing Regulations").

Key Managerial Personnel

Mr. Manoj Lodha resigned as the Chief Financial Officer w.e.f. 5th August, 2025 and Mr. Sachin Mehta was appointed as the Chief Financial Officer w.e.f. 14th August, 2025.

Mr. Sachin Mehta resigned as the Chief Financial Officer w.e.f. 1st May, 2026 and Mr. Sharadrao Kathawate was appointed as the Chief Financial Officer w.e.f. 1st May, 2026.Mr. Sachin Mehta resigned as the Chief Financial Officer of the Company w.e.f. 1st May, 2025. In terms of the provisions of Section 203 of the Companies Act, 2013, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mr. Hemal Mehta, Chairman & Managing Director, Mr. Sachin Mehta, Joint Managing Director, Mr. Sharadrao Kathawate, Chief Financial Officer and Mr. Nirav Shah, Company Secretary & Compliance Officer are the Key Managerial Personnel of the Company.

Remuneration Policy and Companys policy on directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under sub-section (3) of Section 178:

A policy known as "Appointment criteria for Directors & Senior Management and their Remuneration Policy" approved by the Nomination & Remuneration Committee and Board is followed by the Company on remuneration of Directors and Senior Management employees as required under Section 178(3) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014. The Policy aims at attracting and retaining high calibre personnel from diverse educational fields and with varied experience to serve on the Board for guiding the management team to enhanced organizational performance.DARSH

The Company has adopted remuneration policy that commensurate with the size and future plans of the Company, considering different verticals as a part of expansion and diversification, the current policy is an appropriate mix ofSU AN executive and independent directors to maintain the independence of the Board. The Nomination & Remuneration Committee framed a policy for selection and appointment of Directors including determining qualifications and independence of a Director, Key Managerial Personnel, Senior Management Personnel and their remuneration as part of its charter and other matters provided under Section 178(3) of the Companies Act, 2013.

Familiarisation Programmes for Independent Directors

The details of the programme for familiarisation of the Independent Directors with the Company in respect of their roles, rights, responsibilities in the Company, nature of the industry in which Company operates, business model of the Company and related matters are put up on the website of the Company i.e. www.sudarshanpharma.com Performance evaluation of each of the Directors was carried out based on the criteria as laid down by the Nomination & Remuneration Committee. The broad criteria followed for evaluation of performance of the Directors includes aspects such as attendance at the meetings, participation and independence during the meetings, interaction with management, role & accountability, knowledge & proficiency.

The performance evaluation of the Independent Directors was carried out by the entire Board, excluding the Director being evaluated. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Board as a whole.

In a separate meeting of independent directors, performance of Non-Independent Directors, performance of the board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non-executive directors.

MEETINGS OF THE BOARD

During the Financial Year 2025-26, the Board of Directors met the Board met 7 (Seven) times on 24th April 2025, 13th May 2025, 19th June 2025, 16th July 2025, 14th August 2025, 18th October 2025 and 28th January 2026. The intervening gap between the two consecutive meetings was within the period prescribed under the Companies Act, 2013 and SEBI Listing Regulations.

BOARD COMMITTEES

At present, the Board has the following committees to assist in its work:

(i) Audit Committee to, inter-alia, oversee and review the financial reporting system and disclosures made in its financial results; (ii) Stakeholders Relationship Committee to, inter-alia, redress investor complaints;

(iii) Nomination & Remuneration Committee to, inter-alia, approve appointments and remuneration of executive directors and lay down nomination and remuneration policies of the Company; (vi) Corporate Social Responsibility Committee to formulate and implement a ‘corporate social responsibility policy for the Company and (v) Warrant Committee to supervise and implement the conversion of warrants into equity shares and to ensure compliance with applicable legal and regulatory requirements.

The constitution of various committees, its powers, duties and meetings during the Financial Year have been elaborated in detail in the ‘Corporate Governance Report.

During the Financial Year, all recommendations made by the Audit Committee have been accepted by the Board.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 of the Companies Act, 2013 (‘the Act), in relation to the Annual Financial Statements for the Financial Year 2025-26, your Directors, to the best of their knowledge and ability, confirm that: a) in the preparation of the annual accounts for the year ended 31st March, 2026, the applicable accounting standards have been followed along with proper explanation relating to material departures; b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2026 and of the profit of the Company for the year ended on that date; DARSH c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing andSU AN detecting fraud and other irregularities; d) the directors have prepared the annual accounts on a "going concern" basis. e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively, except that the credit given to the overseas buyers in the previous year(s). f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

DEPOSITS

During the Financial Year, the Company has not accepted any deposits within the meaning of Section 73 and 76 of the Act, read with Companies (Acceptance of Deposits) Rules, 2014.

PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES

The details of loans, guarantees, investments or securities under Section 186 of the Companies Act, 2013 are given under Notes to Accounts of financial statements.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During the Financial Year, the Company has entered into transactions with related parties as defined under Section 2(76) of the Act and rules made thereunder and Regulation 23 of SEBI Listing Regulations. The Company has not entered into transactions with related parties which qualify as material transactions as per SEBI Listing Regulations. The transactions with related party were reviewed and approved by the Audit Committee and in compliance with applicable provisions of the Act and SEBI Listing Regulations.

The details of related party transactions as required under accounting standards as are set out in notes to accounts to Standalone Financial Statements forming part of this Annual Report. There are no transactions to be reported in Form AOC-2.

The policy on Materiality of Related Party Transactions as approved by the Board is uploaded on the Companys website and can be accessed at the Web link https://www.sudarshanpharma.com/codes-and-policies/

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO (A) Conservation of energy-

(i)	the steps taken or impact on conservation of energy	The Company is engaged to carry on business of manufacturing and trading of drugs, pharmaceuticals, chemicals, active pharmaceutical ingredients and
(ii)	the steps taken by the Company for utilising alternate sources of energy	items of similar nature and to conduct clinical and bio-equivalence trials, to undertake tests and experiments, scientific and technical investigations, analytical, research and innovation work of all kinds and descriptions as researchers and developers, collaborators, consultants, contractors, medical
(iii)	the capital investment on energy conservation equipments	and healthcare specialists and as such its operations do not account for substantial energy consumption. The Company is taking all possible measures to conserve energy, in its endeavour towards conservation of energy your Company ensure optimal use of energy, avoid wastages and conserve energy as far as possible.

(B) Technology absorption-

(i)	the efforts made towards technology absorption	The Company continuously monitors and keep track of technological upgradation in the field of chemical and
(ii)	the benefits derived like product improvement, cost reduction, product development or import DARimplementation. S The Company continued its focus on substitution	pharma and the same are reviewed and considered for quality Hup-gradation and product enhancements. The
(iii)	in case of imported technology (imported during the last three years reckoned from the S U beginning of the financial year)	Company uses indigenous technology for its operations. AN The chemical and pharma sector is highly technology oriented and nature of the business of the Company is
a)	the details of technology imported;	categorically business-to-business category wherein
b)	the year of import	research and development expense are more in the nature of quality check and related areas rather than
c)	whether the technology been fully absorbed	development of new technology.
d)	if not fully absorbed, areas where absorption has not taken place, and the reasons thereof
(iv)	the expenditure incurred on Research and Development

(C) Foreign Exchange Earnings and Outgo

The information regarding foreign exchange earnings and outgo is given in the following table:

		(Rupees in Lakhs)
Particulars	FY 2025-26	FY 2024-25
Foreign Exchange Earnings	2,185.03	5,548.61
Foreign Exchange Outgo	1,592.69	2,193.41

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Board of Directors of the Company has constituted a Corporate Social Responsibility (CSR) Committee in accordance with Section 135 of the Act and rules framed thereunder. The Company has in place a CSR policy which provides guidelines to conduct CSR activities of the Company. The CSR policy is available on the website of the Company www.sudarshanpharma.com The provisions related to CSR as mentioned in the Companies Act, 2013 are applicable to the Company and report on Corporate Social Responsibilities (Annual report on CSR) is annexed to this report as Annexure I.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

Your Company does not have any amount / shares due to be transferred to Investor Education and Protection Fund.

VIGIL MECHANISM / WHISTLE BLOWER

In terms of Section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for Directors and employees to report genuine concerns has been established by the Board along with whistle blower policy. The whistle blower policy has been uploaded on the website of the Company and the same can be accessed at the web-link https:// www.sudarshanpharma.com/codes-and-policies/

REPORT ON CORPORATE GOVERNANCE

In terms of Regulation 34 of the SEBI Listing Regulations, a Report on Corporate Governance along with Compliance Certificate issued by Mr. Vishal Manseta, Practicing Company Secretary is attached and forms integral part of this Report (herein referred to "Corporate Governance Report"). MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Attention of the members is invited to a separate section titled ‘Management Discussion & Analysis Report which is covered in this Annual Report.

SECRETARIAL STANDARDS

The Company complies with all applicable Secretarial Standards.

STATUTORY AUDITORS

M/s. NGST & Associates (Firm Registration No. 135159W), Chartered Accountants, Mumbai, Statutory Auditors of theDARS Company, hold office till the conclusion of the Annual General Meeting for the Financial Year ended 31st March, 2028. H

AUDITORS REPORT SU AN

The Auditors of the Company have not made any observations and / or qualifications in their audit report issued on standalone and consolidated financial statements of the Company of the financial year ended 31st March, 2026. The report of the Statutory Auditors on Standalone & Consolidated Financial Statements forms a part of the Annual Report. There are no specifications, reservations, adverse remarks on disclosure by the Statutory Auditors in their report. They have not reported any incident of fraud to the Audit Committee of the Company during the Financial Year.

REPORTING OF FRAUDS BY AUDITORS

During the Financial Year, neither the statutory auditors nor the secretarial auditor has reported to the Audit Committee, under Section 143(12) of the Companies Act, 2013, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Boards report.

SECRETARIAL AUDITOR

Section 204 of the Companies Act, 2013 inter-alia requires every listed company to annex with its Boards report, a Secretarial Audit Report given by a Company Secretary in practice, in the prescribed form. The shareholders had appointed Mr. Vishal Manseta, Practicing Company Secretary, as Secretarial Auditor to conduct Secretarial Audit of the Company for the Financial Year 2025-2026 and their report MR-3 is annexed to this report as Annexure II. The Secretarial Auditor has not made any remarks / observations / qualifications in the Secretarial Audit Report for the year ended 31st March, 2026.

COST AUDIT

The Company is not required to maintain cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013.

INFORMATION UNDER THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

During the Financial Year, no complaint was filed before the Internal Complaints Committee under The Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Act, 2013.

PARTICULARS OF EMPLOYEES

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed to this Report as Annexure III.

During the Financial Year, none of the employees are in receipt of remuneration which is in excess of the limits as specified in Rules 5(2) and 5(3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT

There were no material changes and commitments after the closure of the year till the date of this report, which affect the financial position of the Company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS / TRIBUNALS

No significant or material orders were passed by the Regulators or Courts or Tribunals which impacts the going concern status and Companys operations in future.

INTERNAL CONTROL WITH REFERENCE TO FINANCIAL STATEMENTS

The Companys internal control systems are commensurate with the nature of its business and the size and complexity of its operations, and such internal financial controls with reference to the financial statements are adequate. DARSH

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCYAN CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END OF THE FINANCIALSU YEAR

There are no applications made or any proceeding pending against the Company under Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the financial year.

DETAILSOFDIFFERENCEBETWEENAMOUNTOFTHEVALUATIONDONEATTHETIMEOFONETIMESETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

There are no instances of one-time settlement during the financial year.

ACKNOWLEDGEMENTS

The Board wishes to place on record their appreciation for the support received by the Company from its shareholders and employees. The Directors also wish to acknowledge the co-operation and assistance received by the Company from its business partners, bankers, financial institutions and various governments, semi government and local authorities.

	For and on behalf of the Board of,
	Sudarshan Pharma Industries Limited
	Hemal Mehta	Sachin Mehta
	Chairman &	Joint Managing Director
	Managing Director	DIN: 02211178
	DIN: 02211121
Place : Mumbai
Date : 12th August 2026