Wockhardt Ltd Auditor Reports

To the Members of Wockhardt Limited

Report on the Audit of the Consolidated Financial Statements Opinion

We have audited the accompanying consolidated financial statements of Wockhardt Limited (hereinafter referred to as the Company or the Holding Company) and its subsidiaries (together referred to as the Group), which comprise the Consolidated Balance Sheet as at March 31, 2026, and the Consolidated Statement of Prot and Loss (including Other Comprehensive Income), the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows for the year then ended, and notes to the consolidated financial statements, including material accounting policies and other explanatory information (hereinafter referred to as the consolidated financial statements). In our opinion and to the best of our information and according to the explanations given to us, and based on consideration of reports of other auditors on separate financial statements and on the other financial information of subsidiaries, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended (Ind AS) and other accounting principles generally accepted in India, of their consolidated state of aairs of the Group as at March 31, 2026, of consolidated prot (including other comprehensive income),consolidated changes in equity and its consolidated cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs), as specied under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group, in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in terms of the Code of Ethics issued by Institute of Chartered Accountant of India, and the relevant provisions of the Act and we have fullled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained and the audit evidence obtained by other auditors in terms of their reports referred to in the Other Matters section below, is sucient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most signicance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in ourreport:

Key Audit Matters	How the Key Audit Matters was addressed in our audit
Assessment of Recoverability of Carrying Value of	Our audit procedures in respect of this area, among
certain Property, Plant and Equipment and Capital	others, included:
Work in Progress	1. We have assessed the Group\u2019s accounting policy
(Refer Note 3(d) of accounting policy and Note 4, and	relating to impairment by comparing with the
46(b) in consolidated financial statements)	applicable accounting standard.
Certain property, plant and equipment of the Company	2. We have veried the reports of physical verication of
is aected by lower capacity utilization.	property, plant and equipment by the Group.
Further, the Group has made investments in certain	3. We have evaluated the Group\u2019s assessment of estimated
projects which has been deferred. These are lying in the	future cash flows and tested the mathematical accuracy
Capital Work In Progress and the recoverability depends	and reasonableness of signicant assumption relating
on the successful completion of projects, their ability	to the projections.
to achieve intended operational capacity and generate	4. We have evaluated the management assessment
expected future economic benets.	applied by the Group in determining the Cash
The Group\u2019s investment in these facilities was made	Generating Units for the impairment testing purpose.
considering market feasibility and potential of existing/	5. We have assessed the signicant assumptions
future products.	considered by the Group while making the impairment
As at March 31, 2026, carrying value of such Property,	assessment and performed a sensitivity analysis of key
Plant and Equipment and Capital Work in Progress	assumptions applied.
amounts to 312 Crores and 395 Crores respectively.	6. We have involved our valuation specialists to assess the
Given the signicance of the carrying value and	key aspect of valuation methodologies applied by the
judgement involved in assessing the recoverability of	Group to determine the recoverable amount for the
such facilities, this is considered to be a Key Audit Matter	assets.
Recoverability of carrying value of Intangible Assets	Our audit procedures in respect of this area, among
under Development	others, included:
(Refer Note 3(b) of accounting policy and Note 6 in	1. We have evaluated the criteria for capitalization of
consolidated financial statements)	development expenditure with those set out in the
The Group has intangible assets under development	applicable accounting standard.
amounting to 1,707 Crores as at March 31, 2026.	2. We have inquired the progress made on New Chemical
These intangible assets under development are in	Entity (\u201cNCE\u201d) development with the key managerial
relation to the New Chemical Entities (NCEs).	personnel of the Company including key personnel
	from research and development team.
The carrying value of such intangible assets under
development is tested for recoverability, based on	3. We have inspected the correspondences with regulatory
the estimate of future cash flows, market conditions,	authorities, third parties, scientic documentation and
progress in development which are often complex and	the market release made by the Company.
involve numerous assumptions.	4. We have evaluated the Group\u2019s assessment of estimated
Management\u2019s assessment of recoverability relies heavily	future cash flows and tested the mathematical accuracy
on forward-looking estimates and judgements that are	and reasonableness of key assumption relating to the
inherently uncertain.	NCE project.
Changes in these assumptions could lead to an	5. We have tested, on a sample basis, the project related
impairment to the carrying value of these intangible	expenditure with underlying documents.
assets under development.	6. We have performed a sensitivity analysis of the key
Given the signicance of the amount involved and the	assumption applied to determine the recoverable
estimates and judgement involved in the assessment of	value and considered the resulting impact on the
their recoverability, this is considered to be a Key Audit	impairment testing.
Matter.
Key Audit Matters	How the Key Audit Matters was addressed in our audit
Assessment of recoverability of the carrying value of	Our audit procedures in respect of this area, among
Goodwill	others, included:
(Refer Note 3(g) of accounting policy and Note 5 to	1. We have assessed the Group\u2019s accounting policies
consolidated financial statements)	relating to impairment of Goodwill by comparing with
	applicable accounting standards.
The Group has Goodwill amounting to 1,028 crores as
at March 31, 2026 in respect of acquired businesses.	2. We have obtained the Group\u2019s computation of
	recoverable amount and tested the mathematical
Goodwill is evaluated for any indicators of impairment
	accuracy and reasonableness of key assumptions.
and is tested annually as required under Ind AS 36.
	3. We have assessed the signicant assumptions
The carrying value of Goodwill will be recovered through	considered by the Group while making impairment
future cash flows. The discounted cash flow model uses	assessment with respect to revenue forecast, future cash
several assumptions. These include estimates of growth	ows, margins, terminal growth and discountrates.
rate, discount rate, terminal value growth rates, new
	4. We have involved our valuation specialists to assess the
product launches and the weighted average cost of capital.
	key aspect of valuation methodologies applied by the
There is inherent risk of impairment in case future cash	Group.
ows do not meet the Group\u2019s expectations.	5. We have performed a sensitivity analysis of the key
Given the signicance of carrying value, inherent	assumption applied to determine the recoverable
complexity of accounting requirements and signicant	value and considered the resulting impact on the
judgement required in determining the assumptions to	impairment testing.
estimate recoverable amount, this is considered to be a	6. We have evaluated the adequacy of disclosures made
Key Audit Matter.	in the consolidated financial statements with respect
	to key assumptions and judgements.

Information Other than the Consolidated Financial Statements and Auditors Report Thereon

The Holding Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Holding Companys Annual Report but does not include the consolidated financial statements and our auditors report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Board of Directors for the Consolidated Financial Statements

The Holding Companys Management and Board of Directors are responsible for the preparation and presentation of these consolidated financial statements in term of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group, in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specied under section 133 of the Act. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of each company and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating eectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Management and Board of Directors of the Holding Company, as aforesaid. In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of each company.

Auditors Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inuence the economic decisions of users taken on the basis of these consolidated financial statements. We give in Annexure A a detailed description of Auditors responsibilities for Audit of the Consolidated Financial Statements.

Other Matters

We did not audit the financial statements of 17 subsidiaries, whose financial statements reect total assets (before consolidation adjustments) of 4,803 Crores as at March 31, 2026, total revenues (before consolidation adjustments) of 3,082 Crores, net prot (including other comprehensive income) (before consolidation adjustments) of 45 Crores and net cash inows amounting to 53 Crores for the year ended on that date, as considered in the consolidated financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries is based solely on the reports of the other auditors. We did not audit the financial statements of 7 subsidiaries whose financial statements reect total assets (before consolidation adjustments) of 129 Crores as at March 31, 2026, total revenues (before consolidation adjustments) of 21 Crores, net prot (including other comprehensive income) (before consolidation adjustments) of 3 Crores and net cash inows amounting to

4 Crores for the year ended on that date, as considered in the consolidated financial statements. These financial statements are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of sub-section (3) of Section 143 of the Act in so far as it relates to the aforesaid subsidiaries, is based solely on such unaudited financial statements. In our opinion and according to the information and explanations given to us by the Management, these financial statements are not material to the Group. Our opinion on the consolidated financial statements and our report on Other Legal and Regulatory Requirements below, is not modied in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements certied by the Management.

The consolidated financial statements as at and for the year ended March 31, 2026 have been translated into United States Dollars solely for the convenience of the reader. We have audited the translation, and, in our opinion, such financial statements expressed in Indian rupee have been translated into United States Dollars on the basis set forth in Note 2(c) to the consolidated financial statements. Our opinion is not modied in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of the other auditors on the separate financial statements and the other financial information of the subsidiaries referred to in the Other Matters section above, we report, to the extent applicable, that: (a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors except for matters stated in the paragraph 2(h)(vi) below on reporting under Rule 11(g). (c) The Consolidated Balance Sheet, the Consolidated Statement of Prot and Loss (including other comprehensive income), the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements.

(d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specied under Section 133 of the Act. (e) On the basis of the written representations received from the directors of the Holding Company as on April 01, 2026 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors of its subsidiary companies incorporated in India, none of the directors of the Group companies are disqualied as on March 31, 2026 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of internal financial controls with reference to consolidated financial statements of the Group, and the operating eectiveness of such controls, refer to our separate report in Annexure B.

(g) The modication relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 1(b) above on reporting under Section 143(3)(b) and paragraph 1(h)(vi) below on reporting under Rule 11(g).

(h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate financial statements and the other financial information of the subsidiaries referred to in the Other Matters section above: i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group, Refer Note 47 to the consolidated financial statements. ii. The Group did not have any material foreseeable losses on long-term contracts including derivative contracts. iii. There are no amounts which are required to be transferred to the Investor Education and Protection Fund by the Holding Company, and its subsidiary companies, incorporated in India during the year ended March 31, 2026. iv. a. The respective Managements of the Holding Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries respectively that, to the best of their knowledge and belief, as disclosed in the note 46 (c) to the consolidated financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Holding Company or any of such subsidiaries to or in any other person(s) or entity(ies), including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identied in any manner whatsoever by or on behalf of the Holding Company or any of such subsidiaries (Ultimate Beneciaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneciaries. b. The respective Managements of the Holding Company and its subsidiaries, which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries that, to the best of their knowledge and belief, as disclosed in the note 46 (c) to the consolidated financial statements, no funds have been received by the Holding Company or any of such subsidiaries from any person(s) or entities, including foreign entities with the understanding, whether recorded in writing or otherwise, that the Holding Company or any of such subsidiaries shall, directly or indirectly, lend or invest in other persons or entities identied in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneciaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneciaries. c. Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us and that performed by the auditors of the subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditors notice that has caused us or the other auditors to believe that the representations under subclause (i) and (ii) of Rule 11(e) as provided under (a) and (b) above, contain any material mis-statement. v. The Holding Company and its subsidiaries incorporated in India have neither declared nor paid any dividend during the year. vi. Based on our examination which included test checks, and based on the other auditors reports of its subsidiary companies incorporated in India whose financial statements have been audited under the Act, except for the instances mentioned below, the holding Company and its subsidiary companies incorporated in India haveused accounting softwares for maintaining their respective books of account for the year ended March 31, 2026, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software, and further, during the course of audit we and above referred subsidiaries auditors did not come across any instance of audit trail feature being tampered with. Additionally, the audit trail of prior years has been preserved by the Holding Company and above-referred subsidiaries, as per the statutory requirements for record retention to the extent it was enabled and recorded in respective year. a) In respect of the Holding Company, the accounting software used for its consolidation procedure did not have a feature of recording audit trail (edit log) facility and the same was not operated throughout the year for all relevant transactions recorded in the software. b) In case of the Holding Company and three subsidiaries incorporated in India, the feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct data changes for the accounting software used for maintaining the books of account.

2. In our opinion, according to information, explanations given to us and based on the consideration of the reports of the other auditors referred to in the Other Matters section above, the remuneration paid by the Holding Company and its subsidiaries which are companies incorporated in India, to its respective Directors is in accordance with the provisions of this section 197 read with Schedule V to the Act and the rules made thereunder.

3. According to the information and explanations given to us, the details of Qualications/ adverse remark made by the respective auditors of the subsidiaries in the Companies (Auditors Report) Order 2020 (CARO) Reports issued till the date of our audit report for the companies included in the consolidated financial statements are as follows:

Sr. No Name of the Company	CIN	Type of Company (Holding /Subsidiary)	Clause number of the CARO Report which is qualied or Adverse
1. Wockhardt Limited	L24230MH1999PLC120720	Holding Company	Clause i(c)
2. Wockhardt Medicines Limited	U74999MH2019PLC322942	Subsidiary Company	Clause xvii
3. Wockhardt Bioscience Limited (Formerly known as Wockhardt Bionova Limited)	U24299MH2021PLC363201	Subsidiary Company	Clause xvii

For M S K C & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 001595S/S000168

Bhavik L. Shah

Partner

Membership No.: 122071 UDIN: 26122071UVTOIT1549

Place: Mumbai Date: May 04, 2026

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE CONSOLIDATED FINANCIAL STATEMENTS OF WOCKHARDT LIMITED

Auditors Responsibilities for the Audit of the Consolidated Financial Statements

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the controlled entities to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the year ended March 31, 2026 and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

For M S K C & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 001595S/S000168

Bhavik L. Shah

Partner

Membership No.: 122071 UDIN: 26122071UVTOIT1549

Place: Mumbai Date: May 04, 2026

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE CONSOLIDATED FINANCIAL STATEMENTS OF WOCKHARDT LIMITED

[Referred to in paragraph 1(f) under Report on Other Legal and Regulatory Requirements in the Independent Auditors Report of even date to the Members of Wockhardt Limited on the Consolidated Financial Statements for the year ended March31, 2026]

Report on the Internal Financial Controls with reference to consolidated financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)

Opinion

In conjunction with our audit of the consolidated financial statements of Wockhardt Limited (hereinafter referred to as the Holding Company) as of and for the year ended March 31, 2026, we have audited the internal financial controls with reference to consolidated financial statements of the Holding Company and its subsidiaries (Holding Company and its subsidiaries together referred to as the Group), which are companies incorporated in India, as of that date. In our opinion, and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on internal financial controls with reference to financial statements referred to in the Other Matters section below, the Group, which are companies incorporated in India, have, in all material respects, an adequate internal financial controls with reference to consolidated financial statements and such internal financial controls with reference to consolidated financial statements were operating eectively as at March 31, 2026, based on the internal financial controls with reference to financial statements criteria established by the respective companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India (ICAI).

Managements and Board of Directors Responsibilities for Internal Financial Controls

The respective Management and the Board of Directors of the Group, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to consolidated financial statements criteria established by the respective companies considering the essential components of internal control stated in the Guidance Note issued by the ICAI. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating eectively for ensuring the orderly and ecient conduct of its business, including adherence to the respective companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the internal financial controls with reference to consolidated financial statements of the Group, which are companies incorporated in India, based on our audit. We conducted our audit in accordance with the Guidance Note issued by the ICAI and the Standards on Auditing prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated financial statements was established and maintained and if such controls operated eectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated financial statements and their operating eectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating eectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matter paragraph below, is sucient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements of the Group, which are companies incorporated in India.

Meaning of Internal Financial Controls with Reference to Financial Statements

A companys internal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material eect on the financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Other Matters

Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating eectiveness of the internal financial controls with reference to consolidated financial statements insofar as it relates to 2 subsidiary companies, which are companies incorporated in India, is based on the corresponding reports of the auditors of such companies incorporated in India. Our opinion is not modied in respect of this matter.

For M S K C & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 001595S/S000168

Bhavik L. Shah

Partner

Membership No.: 122071 UDIN: 26122071UVTOIT1549

Place: Mumbai Date: May 04, 2026

#ARCEnd#

#NACStart#

CONSOLIDATED FINANCIAL STATEMENTS NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

1. CORPORATE INFORMATION

Wockhardt Limited (WL or the Company) is a public limited company incorporated in India and has its registered oce at D-4, MIDC, Chikalthana, Maharashtra, India. The Companys equity shares are listed on The BSE Ltd (BSE) and The National Stock Exchange of India Limited (NSE).

The Company and its subsidiaries (the Group) is a global pharmaceutical and biotech company with presence in UK, Switzerland, Ireland, Russia and many other countries. It has manufacturing and research facilities in India & UK and a manufacturing facility in Ireland and Dubai. The Group has a signicant presence in Europe and India.

Background

The Company has controlling interest, directly or through subsidiaries in the following entities:

Entity Subsidiaries	Country of Incorporation	Name of Parent	Percentage of holding (%) *
1 Wockhardt Infrastructure Development	India	Wockhardt Limited	100%
Limited
2 Wockhardt Medicines Limited #	India	Wockhardt Limited	100%
3 Wockhardt Bioscience Limited #	India	Wockhardt Limited	100%
[Formerly, Wockhardt Bionova Limited]
4 Wockhardt UK Holdings Limited	England & Wales	Wockhardt Limited	100%
5 Wockhardt Bio AG [Formerly, Wockhardt EU	Switzerland	Wockhardt Limited	85.85%
Operations (Swiss) AG]
6 Wockhardt Europe Limited	British Virgin Islands	Wockhardt Limited	100%
Step-down subsidiaries
1 CP Pharmaceuticals Limited	England & Wales	Wockhardt Bio AG	100%
2 Wallis Group Limited	England & Wales	Wockhardt UK Holdings Limited	100%
3 The Wallis Laboratory Limited	England & Wales	Wallis Group Limited	100%
4 Wallis Licensing Limited	England & Wales	Wallis Group Limited	100%
5 Wockhardt Farmaceutica Do Brasil Ltda	Brazil	The Wallis Laboratory Limited	90%
		Wockhardt Europe Limited	10%
6 Z & Z Services GmbH (formerly, Esparma	Germany	Wockhardt Bio AG	100%
GmbH)
7 Wockhardt UK Limited	England & Wales	Wockhardt Bio AG	100%
8 CP Pharma (Schweiz)AG	Switzerland	Wockhardt Bio AG	100%
9 Wockpharma Ireland Limited	Ireland	Wockhardt Bio AG	100%
10 Pinewood Healthcare Limited	England & Wales	Wockhardt Bio AG	100%
11 Pinewood Laboratories Limited	Ireland	Wockpharma Ireland Limited.	100%
12 Wockhardt Holding Corp.	USA	Wockhardt Bio AG	100%
13 Morton Grove Pharmaceuticals Inc.	USA	Wockhardt Holding Corp.	100%
(upto 11th July 2025)
14 MGP Inc	USA	Wockhardt Holding Corp.	100%
15 Wockhardt USA LLC (upto 11th July 2025)	USA	Morton Grove Pharmaceuticals Inc.	100%
16 Wockhardt Farmaceutica SA DE CV	Mexico	Wockhardt Bio AG	100%
17 Wockhardt Services SA DE CV	Mexico	Wockhardt Bio AG	100%
18 Wockhardt Nigeria Limited	Nigeria	Wockhardt Europe Limited	100%
19 Wockhardt Bio (R) LLC	Russia	Wockhardt Bio AG	100%
20 Wockhardt Bio Pty Ltd	Australia	Wockhardt Bio AG	100%
21 Wockhardt Bio Ltd (Struck o)	New Zealand	Wockhardt Bio AG	\u2013
22 Wockhardt Antibiotics (Ireland) Limited	Ireland	Wockhardt Bio AG	100%
(w.e.f. April 07, 2025)
23 Wockhardt Suisse AG	Switzerland	Wockhardt Bio AG	100%
(w.e.f. December 01, 2025)
24 Wockhardt Suisse USA Holding Corporation	USA	Wockhardt Bio AG	100%
(w.e.f. December 11, 2025)
25 Wockhardt Suisse USA LLC	USA	Wockhardt Bio AG	100%
(w.e.f. December 11, 2025)

# Wockhardt Bioscience Limited [Formerly, Wockhardt Bionova Limited] and Wockhardt Medicines Limited are yet to commence business.

* % holding is same as of previous year.

The Company together with its subsidiaries Wockhardt Infrastructure Development Limited (WIDL), Consolidated Wockhardt Europe Limited (WEL), Consolidated Wockhardt UK Holdings Limited (WUK), and Consolidated Wockhardt Bio AG (collectively, the Group) is primarily engaged in the business of manufacture and marketing of pharmaceutical products. The Group has twelve manufacturing locations and there are two locations where research and development activities are carried out.

2. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

A. Statement of compliance

These consolidated financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as Ind AS) as prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules 2015, as amended from time to time and also the guidelines issued by Securities and Exchange Board of India(SEBI), as applicable.

These consolidated financial statements were approved by the Board of Directors and authorised for issue on May 4, 2026.

B. Functional and Presentation Currency

These consolidated financial statements are presented in Indian rupees (), which is the functional currency of the parent Company and the currency of the primary economic environment in which the parent Company operates. All the amounts have been rounded o to the nearest crore except per share data.

C. Basis of preparation of consolidated financial statements.

These consolidated financial statements have been prepared on accrual basis under the historical cost convention except for the following material items in the statement of financial position:

• Certain financial assets and liabilities that are measured at fair value.

• Share-based payments.

• Certain Property, Plant and Equipment measured at fair value which has been considered as deemed cost.

• Net dened benet (asset)/liabilities.

Convenience translation

The accompanying financial statements have been prepared in Indian rupees (), the national currency of India and the functional currency of the Company. The translation of the Indian rupees amounts to US dollars is included solely for the convenience of the reader. The financial statements as of March 31, 2026 and March 31, 2025 have been translated into United States dollars at the closing rate USD 1 = 94.0534 as on March 31, 2026 (March 31, 2025: USD 1 = 85.4791) as published by third party website providing market information on exchange rates.

No representation is made that the Indian rupee amounts have been, could have been or could be converted into United States dollars at such a rate or any other rate, or at all.

0 (Zero) represent value less than 0.50 USD mn

D. Basis of consolidation

Subsidiaries

Subsidiaries are all entities that are controlled by the Company. Control exists when the Company is exposed to, or has rights to variable returns from its involvement with the entity and has the ability to aect those returns through power over the entity. In assessing control, potential voting rights are considered only if the rights are substantive. The financial statements of subsidiaries are included in these consolidated financial statements from the date the control commences until the date the control ceases. The Group combines the financial statements of the parent and its subsidiaries line by line adding together like items of assets, liabilities, income and expenses. For the purpose of preparing these consolidated financial statements, the accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Company.

Any interest retained in the form of subsidiary is measured at fair value at the date that control is lost. Any resulting gain or loss is recognized in Consolidated Statement of Prot and Loss.

Non-controlling interest (NCI) are measured at their proportionate share of the acquirees net identiable assets at the date of acquisition. Changes in the Groups equity interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in full while preparing these consolidated financial statements. Unrealized gains or losses arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Companys interest in the investee.

E. Use of Estimates and Judgments

The preparation of the consolidated financial statements in conformity with Ind AS requires the management to make judgements, estimates and assumption about the reported amounts of assets and liabilities (including contingent liabilities) on the date of consolidated financial statement and the reported income and expenses during the year. The management believes that the judgements and estimates used in preparation of these consolidated financial statements are prudent and reasonable. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision aects only that period, or in the period of the revision and future periods if the revision aects both current and future periods.

Critical judgements and estimates in applying accounting policies:

The following are the critical judgements, and estimations, that the management have made in the process of applying the Groups accounting policies and that have the most signicant eect on the amounts recognised in these financial statements. a) Judgements: (i) Right of Use assets:

The Group has entered into several arrangements for lease of land and property from Government entities and other parties. The Group evaluates if an arrangement qualies to be a lease as per the requirements of Ind AS 116. Identication of a lease requires signicant judgment. The Group uses signicant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate. The Group determines the lease term as the non-cancellable period of a lease, together with both periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option. In assessing whether the Group is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Group to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Group revises the lease term if there is a change in the non-cancellable period of a lease. The discount rate is generally based on the incremental borrowing rate specic to the lease being evaluated or for a portfolio of leases with similar characteristics.

(ii) Impairment of trade receivables:

The impairment provisions for trade receivables are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Groups past history, existing market conditions as well as forward looking estimates at the end of each reportingperiod.

(iii) Estimation of useful life:

The useful life used to amortise or depreciate intangible assets or property, plant and equipment respectively relates to the expected future performance of the assets acquired and managements judgement of the period over which economic benet will be derived from asset. The charge in respect of periodic depreciation is derived after determining an estimate of an assets expected useful life and the expected residual value at the end of its life. Increasing an assets expected life or its residual value would result in a reduced depreciation charge in the consolidated statement of prot and loss.

The useful lives of the Groups assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life such as changes in technology. b) Estimates: (i) Legal, tax and other disputes:

The Group provides for anticipated settlement costs where an outow of resources is considered probable and a reliable estimate may be made of the likely outcome of the dispute and legal and other expenses arising from claims against the Group. These estimates take into account the specic circumstances of each dispute and relevant external advice which are inherently judgmental and could change substantially over time as new facts emerge and each dispute progresses.

(ii) Post- employment benets:

The costs of providing gratuity and other post-employment benets are charged to the income statement in accordance with Ind AS 19 Employee benets over the period during which benet is derived from the employees services. The costs are assessed on the basis of assumptions selected by management. These assumptions include future earnings and salary increases, discount rates, expected long-term rates of return on assets and mortality rates.

(iii) Sales return and rebates:

Revenue is recognized when signicant control is transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods and the amount of revenue can be measured reliably.

Gross revenue is reduced by rebates, discounts, allowances and product returns given or expected to be given, which vary by product arrangements and buying groups. These arrangements with purchasing organisations are dependent upon the submission of claims sometime after the initial recognition of the sale. Accruals are made at the time of sale for the estimated rebates, discounts or allowances payable or returns to be made, based on available market information and historical experience.

Because the amounts are estimate, they may not fully reect the nal outcome, and the amounts are subject to change dependent upon, amongst other things, the types of buying group and product sales mix.

The level of accrual for rebates and returns is reviewed and adjusted regularly in the light of contractual and legal obligations, historical trends, past experience and projected market conditions. Market conditions are evaluated using wholesaler and other third-party analyses, internally generated information.

Future events could cause the assumptions on which the accruals are based to change, which could aect the future results of the Group.

(iv) Current tax and deferred tax:

The Groups tax charge on ordinary activities is the sum of the total current and deferred tax charges. The calculation of the Groups total tax charge necessarily involves a degree of estimation and judgement in respect of certain items whose tax treatment cannot be nally determined until resolution has been reached with the relevant tax authority or, as appropriate, through a formal legal process. The nal resolution of some of these items may give rise to material impacts on prot/loss and/or cash flows.

The complexity of the Groups structure makes the degree of estimation and judgement more challenging. The resolution of issues is not always within the control of the Group and it is often dependent on the eciency of the legal processes. Issues can, and often do, take many years to resolve. The recognition of deferred tax assets is based upon whether it is probable that sucient and suitable taxable prots will be available in the future against which the reversal of temporary dierences can be deducted. To determine the future taxable prots which are based on budgeted cash flow projections, reference is made to the latest available prot forecasts. Where the temporary dierences are related to losses, relevant tax law is considered to determine the availability of the losses to oset against the future taxable prots.

(v) Provision for inventory:

Inventory is stated at cost or net realizable whichever is lower. Provision for slow moving inventory is made based on historical experience with old inventory and the utilization plan of such inventory in the near future.

(vi) Recoverability of Property, plant & equipment and capital work in progress:

Property, plant & equipment and old capital work in progress is assessed for recoverability based on managements utilization plans, technical assessment of current condition of the underlying assets. The Group does a periodic physical verication and inspection of these assets using internal and external experts to determine the condition and usability of these assets.

The Group also determine the recoverable value of CGUs basis the estimated future cash flows for assessment of potential impairment.

(vii) Intangible asset under development:

Acquisition cost and development expenditure incurred in relation to New Chemical Entity (NCE) is tested for recoverability based on the estimated future cash flows, progress in development activity and other relevant updates. Changes in these assumptions could lead to potential impairment in the carrying value of these intangible assets under development.

(viii) Goodwill:

The carrying value of goodwill is tested for impairment, based on estimated future cash flows, discount rate, terminal growth rates assumption etc. for respective business. Changes in these assumptions could impact the carrying value of goodwill.

3. MATERIAL ACCOUNTING POLICIES: a) Property, Plant and Equipment and Depreciation

I. Recognition and Measurement

The cost of an item of property, plant and equipment shall be recognised as an asset if, and only if: • it is probable that future economic benets associated with the item will flow to the entity; and • the cost of the item can be measured reliably

Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any. The cost of an item of property, plant and equipment comprises: • its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates.

• any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Income and expenses related to the incidental operations, not necessary to bring the item to the location and condition necessary for it to be capable of operating in the manner intended by management, are recognised in Statement of Prot and Loss. If signicant parts of an item of property, plant and equipment have dierent useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

II. Subsequent expenditure

Subsequent expenditure is capitalised only if it is probable that the future economic benets associated with the expenditure will flow to the Group and the cost of the item can be measured reliably.

Any gain or loss on disposal of an item of property, plant and equipment is recognised in the Consolidated Statement of Prot and Loss.

Capital work-in-progress in respect of assets which are not ready for their intended use are carried at cost, comprising of direct costs, related incidental expenses and attributable interest.

III. Depreciation and amortisation

Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Depreciation is provided, using the straight line method, pro-rata to the period of use of assets, in accordance with the requirements of Schedule II of the Companies Act, 2013, based on the useful lives of the assets determined through technical assessment by the management. The estimated useful lives followed by the Group are as follows:

Assets	Estimated useful life	Estimated useful life as per
		Schedule II
Leasehold land	Over the period of lease
Buildings	10 \u2013 61 years	30 \u2013 60 years
Plant and Equipment	4 \u2013 21 years	10 \u2013 20 years
Furniture and Fixtures	6 \u2013 20 years	8 \u2013 10 years
Oce Equipments	4 \u2013 20 years	15 years
Information Technology Equipments	3 \u2013 20 years	3 \u2013 6 years
Vehicles	5 years	6 \u2013 10 years

Freehold land is not depreciated.

Depreciation method, useful life and residual value are reviewed at each financial year end and adjusted if appropriate. Depreciation on additions (disposals) are provided on a pro-rata basis i.e. from (upto) the date on which assets are ready for use (disposed of). b) Intangible assets

I. Recognition and Measurement

Intangible assets are carried at cost less accumulated amortisation and impairment losses, if any. The cost of an intangible asset comprises of its purchase price, including any import duties and other taxes (other than those subsequently recoverable from the taxing authorities), and any directly attributable expenditure on making the asset ready for its intended use. Expenditure on development eligible for capitalisation are carried as Intangible assets under development where such assets are not yet ready for their intended use.

II. Subsequent Expenditure

Subsequent expenditure is capitalised only if it is probable that the future economic benets associated with the expenditure will flow to the Group.

III. Amortisation

Intangible assets are amortised over their estimated useful life on Straight Line Method. The estimated useful lives followed by the Group is as follows:

Assets	Estimated useful life
Brands/ Trademarks/ Technical know-how	3 - 15 years
Computer software	3 - 10 years

The estimated useful lives of intangible assets and the amortisation period are reviewed at the end of each financial year and the amortisation method is revised to reect the changed pattern, if any. c) Research and Development

Research costs are expensed as incurred.

Development expenditure incurred on an individual project is carried forward when it meets the conditions of development phase under Ind AS 38 Intangible Assets and it can be demonstrated that intangible asset under development will generate probable future economic benets. Development expenditure is capitalised as part of the cost of the resulting intangible asset only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benets are probable and the Group intends to and has sucient resources to complete development and to use or sell the asset. Otherwise, it is recognised in prot or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses.

The carrying value of development costs is reviewed for impairment when the asset is not yet in use, and otherwise when events or changes in circumstances indicate that the carrying value may not be recoverable. d) Impairment of Non-nancial assets

The carrying values of assets / cash generating units at each balance sheet date are reviewed for impairment if any indication of impairment exists. If the carrying amount of the assets exceed the estimated recoverable amount, an impairment is recognised for such excess amount. The impairment loss is recognised as an expense in the Consolidated Statement of Prot and Loss.

The recoverable amount is the greater of the fair value less cost of disposal and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reects current market assessments of the time value of money and the risks specic to the asset for which the estimates of future cash flows have not been adjusted. When there is indication that an impairment loss recognised for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised in the Consolidated Statement of Prot and Loss, to the extent the amount was previously charged to the Consolidated Statement of Prot and Loss.

CGUs to which goodwill has been allocated are tested for impairment annually or more frequently when there is indication for impairment. If the recoverable amount of a CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Determination of recoverable amount of CGU requires the management to estimate the future cash flows expected to arise and a suitable discount rate in order to calculate the present value. An impairment loss recognised for goodwill is not reversed in subsequent periods. e) Foreign Currency Transactions / Translations: i) Transactions in foreign currencies are translated to the reporting currency at exchange rates at the dates of the transactions. ii) Foreign currencies denominated monetary items are translated into rupees at the closing rates of exchange prevailing at the date of the balance sheet. Non-monetary items, which are carried in terms of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction. iii) Exchange dierences arising, on the settlement of monetary items or reporting of monetary items at the end of the year at closing rates, at rates dierent from those at which they were initially recorded during the year, or reported in previous financial statements, are recognised as income or as expenses in the year in which they arise. iv) Exchange dierences relating to the translation of the results and net assets of the Groups foreign operations from their functional currencies to the Groups presentation currency (i.e. ) are recognised directly in the other comprehensive income and accumulated in foreign currency translation reserve. Exchange dierence in the foreign currency translation reserve are reclassied to prot or loss on the disposal of the foreign operation.

v) The assets and liabilities of foreign operations (subsidiaries, branches), including goodwill and fair value adjustments arising on acquisition, are translated into at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into at the exchange rates at the dates of the transactions or an average rate if the average rate approximates the actual rate at the date of the transaction.

f) Financial Instruments

I. Financial assets

(i) Classication of financial assets

The Group classies financial assets as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through prot or loss on the basis of its business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

Debt instruments at amortised cost:

A debt instrument is measured at the amortised cost if both the following conditions are met: a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and b) Contractual terms of the asset give rise on specied dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the eective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium and fees or costs that are an integral part of the EIR. The EIR amortisation is included in nance income in the Consolidated Statement of Prot and Loss. The losses arising from impairment are recognised in the Consolidated Statement of Prot and Loss. This category generally applies to trade and other receivables.

Debt instruments at fair value through other comprehensive income (FVOCI):

Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognised in prot and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassied from equity to prot or loss and recognised in other gains/ (losses). Interest income from these financial assets is included in other income using the EIR method. The Group does not have any instruments classied as fair value through other comprehensive income (FVOCI).

Debt instruments measured at fair value through prot and loss (FVTPL):

Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through prot or loss. A gain or loss on a debt investment that is subsequently measured at fair value through prot or loss and is not part of a hedging relationship is recognised in prot or loss and presented net in the Consolidated statement of prot and loss within other gains/(losses) in the period in which it arises. Interest income from these financial assets is included in other income.

Equity investments:

Equity investments which are in scope of Ind-AS 109 are measured at fair value. Equity instruments which are held for trading are classied as at FVTPL. For all other equity instruments, the Group decides to classify the same either as at fair value through other comprehensive income (FVOCI) or FVTPL. The Group makes such election on an instrument-by-instrument basis. The classication is made on initial recognition and is irrevocable. For equity instruments classied as FVOCI, all fair value changes on the instrument, excluding dividends, are recognized in other comprehensive income (OCI). There is no recycling of the amounts from OCI to Consolidated Statement of Prot and Loss, even on sale of such investments. Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Consolidated Statement of Prot and Loss.

The Group does not have any equity investments designated at FVOCI.

Dividend from investments is recognised as revenue when right to receive is established. Interest income is recognized with reference to Eective Interest Rate Method.

Derivative financial instruments:

The Group uses derivative financial instruments, such as forward currency contracts, to hedge its foreign currency risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to Consolidated Statement of Prot and Loss.

(ii) Initial recognition and measurement

All financial assets are recognised initially at fair value and for those instruments that are not subsequently measured at FVTPL, plus/minus transaction costs that are attributable to the acquisition of the financial assets. Trade receivables are carried at original transaction price as the sales arrangements do not contain any signicant financing component.

(iii) Derecognition of financial assets

A financial asset (or, where applicable, a part of a financial asset) is primarily derecognised (i.e. removed from the Groups balance sheet) when:

– The rights to receive cash flows from the asset have expired, or

– The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement; and either: (a) The Group has transferred substantially all the risks and rewards of the asset, or (b) The Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

(iv) Impairment of financial assets

In accordance with Ind-AS 109, the Group applies Expected Credit Loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure: a) Financial assets that are debt instruments, measured at amortised cost e.g., loans, debt securities, deposits, and bank balance. b) Trade receivables.

The Group follows simplied approach for recognition of impairment loss allowance on trade receivables which do not contain a signicant financing component.

The application of simplied approach does not require the Group to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition. The Group uses a provision matrix to determine impairment loss allowance on the portfolio of trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivable and is adjusted for forward looking estimates. At every reporting date, historical observed default rates are updated and changes in the forward-looking estimates are analysed.

II. Financial Liabilities and equity instruments

Debt and equity instruments issued by the Group classied as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the denitions of a financial liability and an equity instrument.

(i) Equity instruments:

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs. (ii) Financial liabilities: - Classication: Financial liabilities are classied as either at FVTPL or at amortised cost. FVTPL liabilities consist of derivative financial instruments, wherein the gains/losses arising from re-measurement of these instruments is recognized in the Consolidated Statement of Prot and Loss. Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortised cost using the eective interest method.

(iii) Initial recognition and measurement:

All financial liabilities are recognised initially at fair value and for those instruments that are not subsequently measured at FVTPL, plus/minus transaction costs that are attributable to issue of these instruments.

(iv) Derecognition:

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially dierent terms, or the terms of an existing liability are substantially modied, such an exchange or modication is treated as the derecognition of the original liability and the recognition of a new liability. The dierence in the respective carrying amounts is recognised in the Consolidated Statement of Prot and Loss.

III. Fair value

The Group determines the fair value of its financial instruments on the basis of the following hierarchy:

(a) Level 1: The fair value of financial instruments quoted in active markets is based on their quoted closing price at the balance sheet date. Examples include exchange-traded commodity derivatives and other financial assets such as investments in equity and debt securities which are listed in a recognized stock exchange.

(b) Level 2: The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques using observable market data. Such valuation techniques include discounted cash flows, standard valuation models based on market parameters for interest rates, yield curves or foreign exchange rates, dealer quotes for similar instruments and use of comparable arms length transactions. For example, the fair value of forward exchange contracts, currency swaps and interest rate swaps is determined by discounting estimated future cash flows using a risk-free interest rate.

(c) Level 3: The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs that are not based on observable market data (unobservable inputs).

IV. Osetting of financial instruments

Financial assets and financial liabilities are oset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to oset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

g) Business combinations i) The Group accounts for each business combination by applying the acquisition method. The acquisition date is the date on which control is transferred to the acquirer. Judgment is applied in determining the acquisition date and determining whether control is transferred from one party to another. ii) Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to aect those returns through power over the entity. In assessing control, potential voting rights are considered only if the rights are substantive. iii) The Group measures goodwill as of the applicable acquisition date at the fair value of the consideration transferred, including the recognized amount of any non-controlling interest in the acquiree, less the net recognized amount of the identiable assets acquired and liabilities (including contingent liabilities in case such a liability represents a present obligation and arises from a past event, and its fair value can be measured reliably) assumed. When the fair value of the net identiable assets acquired and liabilities assumed exceeds the consideration transferred, a bargain purchase gain is recognized as capital reserve. iv) Consideration transferred includes the fair values of the assets transferred, liabilities incurred by the Company to the previous owners of the acquiree, and equity interests issued by the Company. Consideration transferred also includes the fair value of any contingent consideration. Consideration transferred does not include amounts related to settlement of pre-existing relationships. v) Transaction costs that the Company incurs in connection with a business combination, such as nders fees, legal fees, due diligence fees and other professional and consulting fees, are expensed as incurred. vi) On an acquisition-by-acquisition basis, the Company recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interests proportionate share of the acquirees identiable net assets. vii) Any goodwill that arises on account of such business combination is tested annually for impairment. viii) Goodwill represents the excess of the consideration paid to acquire a business over underlying fair value of the identied assets acquired. Goodwill is carried at cost less accumulated impairment losses, if any. Goodwill is deemed to have an indenite useful life and is tested for impairment annually or when events or circumstances indicate that the implied fair value of goodwill is less than its carrying amount. For the purposes of impairment testing, goodwill is allocated to each of the Companys cash-generating units (CGUs) that is expected to benet from the synergies of the combination. Where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.

h) Income tax

Income tax expense comprises current and deferred tax. It is recognised in Consolidated Statement of Prot and Loss except to the extent that it relates to items recognised directly in equity or in OCI.

Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured at the amount expected to be recovered from or paid to the taxation authorities using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends if any.

Current tax assets and liabilities are oset only if, the Group: a) has a legally enforceable right to set o the recognised amounts; and b) Intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Deferred tax

Deferred tax is recognised in respect of temporary dierences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary dierences to the extent that it is probable that future taxable prots will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benet will be realised; such reductions are reversed when the probability of future taxable prots improves.

Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable prots will be available against which they can be used.

Deferred tax is measured at the tax rates that are expected to be applied to temporary dierences when they reverse, using tax rates enacted or substantively enacted at the reporting date.

The measurement of deferred tax reects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are oset only if: a) The Group has a legally enforceable right to set o current tax assets against current tax liabilities; and b) The deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity.

i) Inventories

All inventories are valued at moving weighted average price other than finished goods and work-in-progress. Finished goods and Work in progress is computed based on respective moving weighted average price of procured materials and appropriate share of labour and other manufacturing overheads.

Inventories are valued at cost or net realizable value, whichever is lower. Cost also includes all charges incurred for bringing the inventories to their present location and condition including non-creditable taxes and other levies. The comparison of cost and net realisable value is made on an item-by-Item basis.

Inventories of stores and spare parts are valued at cost.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and to make the sale.

j) Revenue Recognition

Sale of goods

Revenue is recognized when signicant control is transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods and the amount of revenue can be measured reliably. Accordingly, the timing of recognition of revenue is dependent on the specic terms agreed with the customer Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligation. The transaction price of goods sold and services rendered is net of variable consideration on account of various discounts and schemes oered by the Group as part of the contract. The timing of the transfer of control varies depending on the individual terms of the sales agreements.

In case of certain bill and hold arrangements with a few customers, the Group recognizes revenue when the goods are separately identied and are ready for physical transfer and are kept at warehouses / manufacturing plants based on specic instructions from the customer and the Group cannot use these goods for any other purpose and the reason for such an arrangement is substantive. The transaction price of goods sold and services rendered is net of variable consideration on account of various discounts and schemes oered by the Group as part of the contract.

Sale of Services, Outlicensing fees, sale of intellectual property

Revenues from services, Outlicensing fees and sale of intellectual property is recognized in accordance with the terms of the relevant agreement(s) as generally accepted and agreed with the customers, and when control transfers to such customers and the Groups performance obligations are satised.

Export Incentive

Income from Export Benets and Other Incentives Export benets available under prevalent schemes are accrued as revenue in the year in which the goods are exported and / or services are rendered only when there reasonable assurance that the conditions attached to them will be complied with, and the amounts will be received.

Insurance claims

Insurance claims are accounted on acceptance of the claim and when it can be measured reasonably, and it is reasonable to expect ultimate collection.

Deferred revenue

Deferred revenue shall be recognized against the advances received from customers as and when the control over goods are transferred or services are rendered to buyer.

k) Employee Benets

Short term employee benets

Short-term employee benets are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Dened contribution plans

Obligations for contributions to dened contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available.

Dened benet plans

The Groups net obligation in respect of dened benet plans is calculated separately for each plan by estimating the amount of future benet that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of dened benet obligations is performed annually by a qualied actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benets available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benets, consideration is given to any applicable minimum funding requirements.

Re-measurement of the net dened benet liability, which comprise actuarial gains and losses and the return on plan assets (excluding interest) and the eect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income (OCI). Net interest expense (income) on the net dened liability (assets) is computed by applying the discount rate, used to measure the net dened liability (asset). Net interest expense and other expenses related to dened benet plans are recognised in Consolidated Statement of Prot and Loss.

When the benets of a plan are changed or when a plan is curtailed, the resulting change in benet that relates to past service or the gain or loss on curtailment is recognised immediately in the Consolidated Statement of Prot and Loss. The Group recognises gains and losses on the settlement of a dened benet plan when the settlement occurs.

Other long-term employee benets

The Groups net obligation in respect of long-term employee benets is the amount of future benet that employees have earned in return for their service in the current and prior periods. That benet is discounted to determine its present value. Re-measurement are recognised in Consolidated Statement of Prot and Loss in the period in which they arise.

l) Share-based payment transactions

Employees Stock Options Plans (ESOPs): The grant date fair value of options granted to employees is recognized as an employee expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the options. The expense is recorded for each separately vesting portion of the award as if the award was, in substance, multiple awards. The increase in equity recognized in connection with share based payment transaction is presented as a separate component in equity under Share Options Outstanding Account. The amount recognized as an expense is adjusted to reect the actual number of stock options that vest. m) Leases

The Group as a lessee

The Groups lease asset classes primarily consist of leases for land and buildings. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identied asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identied asset, the Group assesses whether: (1) the contract involves the use of an identied asset (2) the Group has substantially all of the economic benets from use of the asset through the period of the lease and (3) the Group has the right to direct the use of the asset. At the date of commencement of the lease, the Group recognizes a right-of-use asset (ROU) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. The right-of-use assets are initially recognized at cost and subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of the leases. Lease liabilities are re-measured with a corresponding adjustment to the related right of use asset if the Group changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classied as financing cash flows.

The Group as a lessor

Leases for which the group is a lessor is classied as a nance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classied as a nance lease. All other leases are classied as operating leases. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classied as a nance or operating lease by reference to the right-of-use asset arising from the head lease. For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease. n) Provisions, Contingent Liabilities and Contingent Assets

A provision is recognised when an enterprise has a present obligation as a result of past event; it is probable that an outow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reect the current best estimates.

Contingent liabilities are disclosed in the Notes to the consolidated financial statements. Contingent liabilities are disclosed for (1) possible obligations which will be conrmed only by future events not wholly within the control of the Group or (2) present obligations arising from past events where it is not probable that an outow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made. Contingent assets are not recognised in these consolidated financial statements as this may result in the recognition of income that may never be realised. Contingent assets (if any) are disclosed in the notes to the consolidated financial statements. o) Borrowing costs

Borrowing costs are interest and other costs that the Group incurs in connection with the borrowing of funds and is measured with reference to the eective interest rate applicable to the respective borrowing. Borrowing costs include interest costs measured at EIR and exchange dierences arising from foreign currency borrowings (other than long term foreign currency borrowings outstanding as of March 31, 2016) to the extent they are regarded as an adjustment to the interest cost. Borrowing costs, allocated to qualifying assets, pertaining to the period from commencement of activities relating to construction / development of the qualifying asset upto the date of capitalisation of such asset are added to the cost of the assets. Capitalisation of borrowing costs is suspended and charged to the Consolidated Statement of Prot and Loss during extended periods when active development activity on the qualifying assets is interrupted.

All other borrowing costs are recognised as an expense in the period which they are incurred. p) Government Grants

Government grants are initially recognised as deferred income at fair value if there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant;

- In case of capital grants, they are then recognised in Consolidated Statement of Prot and Loss as other income on a systematic basis over the useful life of the asset.

- In case of grants that compensate the Group for expenses incurred are recognised in Consolidated Statement of Prot and Loss on a systematic basis in the periods in which the expenses are recognised.

Export benets available under prevalent schemes are accrued in the year in which the goods are exported and there is no uncertainty in receiving the same.

q) Non-current assets held for sale

Non-current assets are classied as held for sale, if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets and its sale must be highly probable and sale is expected to be completed within one year from date of classication.

Non-current assets held for sale are presented separately in the current section of the consolidated balance sheet. Non-current assets classied as held for sale are measured at the lower of their carrying amount and fair value less costs to sell, unless these items presented in the disposal group are deferred tax assets, assets arising from employee benets and financial assets that are specically exempt from the requirements.

Non-current assets are not depreciated or amortised while they are classied as held for sale.

r) Earnings per share

Basic earnings per share is computed by dividing the prot / (loss) after tax available to equity shareholders by the weighted average number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the year is adjusted for the events for bonus issue, bonus element in a rights issue to existing shareholders, share split and reverse share split (consolidation of shares). Diluted earnings per share is computed by dividing the prot / (loss) after tax as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on conversion of all dilutive potential equity shares.

s) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.

t) Cash Flow statement

Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting Standard (Ind AS 7) - Statement of Cash Flows.

u) Operating cycle

All assets and liabilities have been classied as current or non-current as per Groups normal operating cycle and other criteria set out in the Schedule III to the Companies Act 2013.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. The Groups normal operating cycle is twelve months

v) Recent accounting pronouncements

Ministry of Corporate Aairs (MCA) noties new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. In May 2025, MCA notied amendments to Ind AS 21 - The Eects of Changes in Foreign Exchange Rates, applicable w.e.f. April 1, 2025. The Group has reviewed the amendment and based on its evaluation has determined that it does not have any signicant impact in its financial statements. In August 2025, MCA notied the following amendments to:

1. Ind AS 1, Presentation of Financial Statements, applicable w.e.f. April 1, 2025 – The amendment relates to classication of liabilities as current or noncurrent and non-current liabilities with covenants. In the context of classifying a liability as current, it removes the requirement of existence of a right to defer settlement for at least 12 months after the reporting date and instead requires that the said right should exist on the reporting date and have substance. The amendment also introduces guidance on classication of liabilities with covenants. The Group has no impact of these amendments in its classication criteria of current and non-current liabilities.

2. Ind AS 7, Statement of Cash Flows and Ind AS 107, Financial Instruments: Disclosures, applicable w.e.f. April 1, 2025 – The amendment in Ind AS 7 requires to inform users of financial statements of the existence of supplier nance arrangements and explain the nature of the arrangements, the carrying amount of liabilities and the range of payment due dates. Ind AS 107 has been amended to add supplier nance arrangements as a factor that may cause concentration of liquidity risk. The Group has reviewed the amendment and based on its evaluation has determined that it does not have any signicant impact in its financial statements. Further, the following amendments are applicable for Reporting Period starting on or after 01-April-2026, retrospectively:

- Breach of material covenant for long-term loan arrangement on or before end of reporting period with eect that liability becomes payable on demand as on reporting date, then it shall be classied as current liability, if lender agreed after reporting period and before approval of financial statements to not demand payment as a consequence of breach.

- Classify as non-current liability, if lender agreed by end of reporting period to provide grace period ending at least 12 months after reporting period within which entity can rectify the breach provided lender does not demand immediate repayment.

- Disclose information about the timing of settlement to understand the impact of the liability on the financial statements.

The Group does not expect this amendment to have an impact on its operations or financial statements.

Property, Plant and Equipment			Gross Block (At Cost)				Accumulated Depreciation/ Impairment					Net Block
	As at April 01, 2025 in crore	Additions/ Adjustments* in crore	Deductions/ Adjustments** in crore	Exchange gain/ (loss) in crore	As at March 31, 2026 in crore	As at April 01, 2025 in crore	Charge for the year* in crore	Deductions/ Adjustments** in crore	Exchange gain/ (loss) in crore	As at March 31, 2026 in crore	As at March 31, 2026 in crore	As at March 31, 2026 USD in million Supplementary information- convenience translation (See Note 2(C))	As at March 31, 2025 in crore	As at March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))
Freehold Land	20	\u2013	(14)	0	6	14	\u2013	(14)	\u2013	\u2013	6	1	6	1
Buildings	654	1	0	29	684	259	16	1	13	289	395	42	395	47
**deductions/adjustments for the year 0.05 crore
Plant and Equipment	2,660	36	(12)	91	2,775	1,745	113	(6)	65	1,917	858	91	915	107
Furniture and Fixtures	107	2	(2)	11	118	71	8	(2)	6	83	35	4	36	4
Vehicles	8	0	(1)	0	7	5	0	0	0	5	2	0	3	0
*Addition for the year 0.02 crore
*Charge for the year 0.42 crore
**Depreciation deductions/adjustments 0.36 crore												\u2013		\u2013
Oce Equipment	61	1	(7)	5	60	44	2	(8)	5	43	17	2	17	2
Information Technology Equipments	97	2	(0)	4	103	96	2	0	4	102	1	0	1	0
**deductions/adjustments 0.28 crore
Total	3,607	42	(36)	140	3,753	2,234	141	(29)	93	2,439	1,314	140	1,373	161
Capital work-in-progress	513	96	(6)	68	671						671	71	513	60

Right of use assets			Gross Block (at Cost)				Accumulated Depreciation/ Impairment					Net Block
	As at April 01, 2025 in crore	Additions/ Adjustments* in crore	Deductions/ Adjustments** in crore	Exchange gain/ (loss) in crore	As at March 31, 2026 in crore	As at April 01, 2025 in crore	Charge for the year* in crore	Deductions/ Adjustments** in crore	Exchange gain/ (loss)* in crore	As at March 31, 2026 in crore	As at March 31, 2026 in crore	As at March 31, 2026 USD in million Supplementary information- convenience translation (See Note 2(C))	As at March 31, 2025 in crore	As at March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))
Buildings	431	7	(1)	2	439	305	51	(1)	2	357	82	9	126	15
Plant and Equipment	30	\u2013	\u2013	3	33	16	4	\u2013	2	22	11	1	14	2
Vehicles	3	\u2013	\u2013	\u2013	3	3	\u2013	\u2013	\u2013	3	\u2013	\u2013	\u2013	\u2013
Oce Equipment	1	\u2013	\u2013	\u2013	1	1	\u2013	\u2013	\u2013	1	\u2013	\u2013	\u2013	\u2013
Leasehold Land	242	9	\u2013	\u2013	251	37	3	\u2013	\u2013	40	211	22	205	24
Total	707	16	(1)	5	727	362	58	(1)	4	423	304	32	345	41

Property, Plant and Equipment		Gross Block (At Cost)				Accumulated Depreciation/ Impairment			Net Block
	As at April 01, 2024 in crore	Additions/ Adjustments in crore	Deductions/ Adjustments in crore	Exchange gain/ (loss) in crore	As at March 31, 2025 in crore	As at April 01, 2024 in crore	Charge for the year* in crore	Deductions/ Adjustments in crore	Exchange gain/ (loss) in crore	Impairment in crore	As at March 31, 2025 in crore	As at March 31, 2025 in crore	As at March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))	As at March 31, 2024 in crore	As at March 31, 2024 USD in million Supplementary information- convenience translation (See Note 2(C))
Freehold Land	20	\u2013	\u2013	\u2013	20	14	\u2013	\u2013	\u2013	\u2013	14	6	1	6	1
Buildings	645	2	\u2013	7	654	239	17	\u2013	3	\u2013	259	395	47	406	49
Plant and Equipment	2,609	24	(1)	28	2,660	1,608	120	(1)	18	\u2013	1,745	915	107	1,001	120
Furniture and Fixtures	95	9	\u2013	3	107	61	8	\u2013	2	\u2013	71	36	4	34	4
Vehicles*	6	2	\u2013	\u2013	8	5	0	\u2013	\u2013	\u2013	5	3	0	1	0
*Charge for the year 0.30 crore
Oce Equipment	58	1	\u2013	2	61	40	2	\u2013	2	\u2013	44	17	2	18	2
Information Technology Equipments	95	1	\u2013	1	97	94	2	\u2013	\u2013	\u2013	96	1	0	1	0
Total	3,528	39	(1)	41	3,607	2,061	149	(1)	25	\u2013	2,234	1,373	161	1,467	176
Capital work-in-progress	434	75	(13)	17	513							513	60	434	52

Right of use assets		Gross Block (At Cost)				Accumulated Depreciation/ Impairment			Net Block
	As at April 01, 2024 in crore	Additions/ Adjustments in crore	Deductions/ Adjustments in crore	Exchange gain/ (loss) in crore	As at March 31, 2025 in crore	As at April 01, 2024 in crore	Charge for the year* in crore	Deductions/ Adjustments in crore	Exchange gain/ (loss)* in crore	Impairment in crore	As at March 31, 2025 in crore	As at March 31, 2025 in crore	As at March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))	As at March 31, 2024 in crore	As at March 31, 2024 USD in million Supplementary information- convenience translation (See Note 2(C))
Buildings	448	\u2013	(18)	1	431	264	52	(11)	\u2013	\u2013	305	126	15	184	22
Plant and Equipment	29	\u2013	\u2013	1	30	12	3	\u2013	1	\u2013	16	14	2	17	2
Vehicles	3	\u2013	\u2013	\u2013	3	3	\u2013	\u2013	\u2013	\u2013	3	\u2013	\u2013	\u2013	\u2013
Oce Equipment	1	\u2013	\u2013	\u2013	1	1	\u2013	\u2013	\u2013	\u2013	1	\u2013	\u2013	\u2013	\u2013
Leasehold Land	242	\u2013	\u2013	\u2013	242	35	2	\u2013	\u2013	\u2013	37	205	24	207	25
Total	723	\u2013	(18)	2	707	315	57	(11)	1	\u2013	362	345	41	408	49

Notes:

4.1- Charge has been created against the aforesaid assets for the borrowings taken by the Company and its subsidiary (Refer note 18 and 22). 4.2- Capital-work-in progress ageing schedule.

Particulars		As at March 31, 2026					As at March 31, 2025
	Less than 1 year	1-2 years	2-3 years	More than 3 years**	Total	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
	in crore	in crore	in crore	in crore	in crore	in crore	in crore	in crore	in crore	in crore
Project in progress	113	74	4	479	671	83	6	35	388	513
Total	113	74	4	479	671	83	6	35	388	513

*** Project in progress includes 47 Crore (Previous year- 47 crore) incurred for proposed production of vaccine. Since the Company has put the plan of vaccine production in India on hold, it is now proposed to use these assets for production of alternate pharmaceutical products. The Company now plans to put the above assets to use by 2026-27.

The Group expects to capitalise capital-work-in progress amounting 347 crore related to plant to be used for manufacturing New Chemical Entity by FY 28/29.

5. GOODWILL

Particulars		Gross Block (At Cost)				Accumulated Impairment			Net Block
	As at April 01, 2025 in crore	Additions in crore	Deductions/ Adjustments** in crore	Exchange Gain/(Loss) in crore	As at March 31, 2026 in crore	As at April 01, 2025 in crore	Charge for the year in crore	Deductions/ Adjustments in crore	Exchange Gain/(Loss) in crore	As at March 31, 2026 in crore	As at March 31, 2026 in crore	As at March 31, 2026 USD in million Supplementary information- convenience translation (See Note 2(C))	As at March 31, 2025 in crore	As at March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))
Goodwill	977	\u2013	(97)	148	1,028	\u2013	\u2013	\u2013	\u2013	\u2013	1,028	109	977	114

** Refer note 40(iii)

GOODWILL

Particulars		Gross Block (At Cost)				Accumulated Impairment			Net Block
	As at April 01, 2024 in crore	Additions in crore	Deductions/ Adjustments in crore	Exchange Gain/(Loss) in crore	As at March 31, 2025 in crore	As at April 01, 2024 in crore	Charge for the year in crore	Deductions/ Adjustments in crore	Exchange Gain/(Loss) in crore	As at March 31, 2025 in crore	As at March 31, 2025 in crore	As at March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))	As at March 31, 2024 in crore	As at March 31, 2024 USD in million Supplementary information- convenience translation (See Note 2(C))
Goodwill	953	\u2013	\u2013	24	977	\u2013	\u2013	\u2013	\u2013	\u2013	977	114	953	114

Movement of carrying amount – Refer Schedule of Goodwill Impairment testing of Goodwill Pinewood Laboratories Limited

Pinewood Laboratories Limited (Pinewood), incorporated in Ireland, is a step down Subsidiary of the Company. The goodwill is majorly attributable to Pinewood.

For the purposes of impairment testing, carrying amount of goodwill has been allocated to the following Cash Generating Units (CGUs).

Particulars	As at	As at
	March 31, 2026	March 31, 2025
	in crore	in crore
Pinewood	961	820
	961	820

The recoverable amounts of the above CGUs have been assessed using a value-in-use model. Value in use is generally calculated as the net present value of the projected post-tax cash flows plus a terminal value of the cash generating unit to which the goodwill is allocated. Initially a post-tax discount rate is applied to calculate the net present value of the post-tax cash flows.

The key assumptions used in the estimation of the recoverable amount are set out below.

The values assigned to the key assumptions represent managements assessment of future trends in the relevant industries and have been based on historical data from both external and internal sources and future projections.

The cash flow projections included specic estimates for eight years developed using internal forecasts and a terminal growth rate thereafter. Management has considered the projection of eight years, basis the ongoing business environment and Companys visibility of business demand. Further the growth rate considered for the eighth year is in line and consistent with the terminal growth rate. The planning horizon reects the assumptions for short-to-mid term market developments.

The Group has used 3% long term growth rate for value in use calculation.

Discount rate reects the current market assessment of the risks specic to a CGU or group of CGUs. The discount rate is estimated based on the weighted average cost of capital for respective CGU or group of CGUs. Post-tax discount rates used was 9.5% (Previous year - 9.5%). The management believes that any reasonably possible change in the key assumptions on which a recoverable amount is based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the cash-generating unit.

CP Pharmaceuticals Limited

CP Pharmaceuticals Limited (CP Pharmaceuticals), incorporated in UK, is a step down Subsidiary of the Company.

For the purposes of impairment testing, carrying amount of goodwill has been allocated to the following Cash Generating Units (CGUs).

Particulars	As at	As at
	March 31, 2026	March 31, 2025
	in crore	in crore
CP Pharmaceuticals	67	60
	67	60

The recoverable amounts of the above CGUs have been assessed using a value-in-use model. Value in use is generally calculated as the net present value of the projected post-tax cash flows plus a terminal value of the cash generating unit to which the goodwill is allocated. Initially a post-tax discount rate is applied to calculate the net present value of the post-tax cash flows.

The key assumptions used in the estimation of the recoverable amount are set out below.

The values assigned to the key assumptions represent managements assessment of future trends in the relevant industries and have been based on historical data from both external and internal sources and future projections.

The cash flow projections included specic estimates for ve years developed using internal forecasts and a terminal growth rate thereafter. The planning horizon reects the assumptions for short-to-mid term market developments.

The Group has used 3% long term growth rate for value in use calculation.

Discount rate reects the current market assessment of the risks specic to a CGU or group of CGUs. The discount rate is estimated based on the weighted average cost of capital for respective CGU or group of CGUs. Post-tax discount rates used was 9.5% (Previous year - 9.5%). The management believes that any reasonably possible change in the key assumptions on which a recoverable amount is based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the cash- generating unit.

Morton Grove Pharmaceuticals Inc.

Morton Grove Pharmaceuticals Inc. (Morton Grove), incorporated in USA, is a step down Subsidiary of the Company.

Particulars	As at	As at
	March 31, 2026	March 31, 2025
	in crore	in crore
Morton Grove*	0	97
	0	97

* Refer note no 40(iii)

Other Intangible Assets		Gross Block (At Cost)					Accumulated Amortisation					Net Block
	As at April 01, 2025 in crore	Additions/ Adjustments in crore	Deductions/ Adjustments in crore	Exchange Gain/(Loss) in crore	As at March 31, 2026 in crore	As at April 01, 2025 in crore	Charge for the year in crore	Deductions/ Adjustments in crore	Exchange Gain/(Loss) in crore	As at March 31, 2026 in crore	As at March 31, 2026 in crore	As at March 31, 2026 USD in million Supplementary information- convenience translation (See Note 2(C))	As at March 31, 2025 in crore	As at March 31, 2025 USD in million Supplementary information- convenience translation (See Note
														2(C))
Brands/Trademarks/Technical know-how	409	118	(34)	60	553	378	26	(34)	46	416	137	14	31	4
Computer software	114	1	(16)	4	103	104	3	(16)	4	95	8	1	10	1
Total	523	119	(50)	64	656	482	29	(50)	50	511	145	15	41	5
Intangible assets under Development	1,520	216	(105)	77	1,708						1,708	182	1,520	178

Other Intangible Assets		Gross Block (At Cost)					Accumulated Amortisation					Net Block
1	As at April 01, 2024 in crore	Additions/ Adjustments in crore	Deductions/ Adjustments in crore	Exchange Gain/(Loss) in crore	As at March 31, 2025 in crore	As at April 01, 2024 in crore	Charge for the year in crore	Deductions/ Adjustments in crore	Exchange Gain/(Loss) in crore	As at March 31, 2025 in crore	As at March 31, 2025 in crore	As at March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))	As at March 31, 2024 in crore	As at March 31, 2024 USD in million Supplementary information- convenience translation (See Note
														2(C))
Brands/Trademarks/Technical know-how	404	\u2013	(6)	11	409	364	8	(3)	9	378	31	4	40	5
Computer software	113	\u2013	\u2013	1	114	100	3	\u2013	1	104	10	1	13	2
Total	517	\u2013	(6)	12	523	464	11	(3)	10	482	41	5	53	6
Intangible assets under Development	1,288	220	(8)	20	1,520						1,520	178	1,288	155

Note:

Intangible assets under development ageing schedule.

Particulars		As at March 31, 2026					As at March 31, 2025
	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
	in crore	in crore	in crore	in crore	in crore	in crore	in crore	in crore	in crore	in crore
Project in progress	219	227	169	1,093	1,708	222	159	123	1,016	1,520
Total	219	227	169	1,093	1,708	222	159	123	1,016	1,520

The Group expects to capitalise NCEs, i.e. NCE 5222 amounting 1055 crore (previous year 848 crore) by FY 2027-28, NCE 4873 amounting 201 crore (previous year 272 crore) by FY 2029-30 and NCE 4282 amounting 350 crore (previous year 312 crore) by FY 2029-30.

7. NONCURRENT FINANCIAL ASSETS INVESTMENTS

Particulars	As at	As at	As at	As at
	March 31, 2026	March 31, 2026	March 31, 2025	March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Investments carried at fair value through prot or loss
Unquoted Equity Shares:
443,482 (Previous year: 443,482) Equity Shares of Narmada Clean Tech Limited (formerly	0	0	0	0
known as Bharuch Eco-Aqua Infrastructure Limited) of 10 each fully paid up*
* 0.44 crore (Previous year- 0.44 crore)
6,300 (Previous year: 6,300) Equity Shares of Bharuch Enviro Infrastructure Limited of
10 each fully paid up*	0	0	0	0
* 0.01 crore (Previous year- 0.01 crore)
Total	0	0	0	0
Aggregate book value of unquoted investments*
* 0.45 crore (Previous year- 0.45 crore)	0	0	0	0

8. NONCURRENT FINANCIAL ASSETS OTHERS

(Unsecured, considered good unless otherwise stated)

	As at	As at	As at	As at
Particulars	March 31, 2026	March 31, 2026	March 31, 2025	March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Margin money (under lien)	20	2	2	0
Security Deposits	52	6	51	6
(Includes deposits with Related parties 52 crore; Previous year- 48 crore) -
Alsorefer Note 41
Total	72	8	53	6

9. INCOME TAX

Tax recognised in statement of prot and loss

Particulars	For the year ended	For the year ended
	March 31, 2026	March 31, 2025
	in crore	in crore
Current tax charge	18	7
Deferred tax charge/ (credit), net
Origination and reversal of temporary dierences including Minimum Alternate Tax (MAT) credit entitlement	21	34
Deferred tax charge/ (credit)	21	34
Tax charge/ (credit) for the year	39	41

Tax expense recognised in other comprehensive income

Particulars	For the year ended	For the year ended
	March 31, 2026	March 31, 2025
	in crore	in crore
Items that will not be reclassied to prot or loss
Re-measurement of the dened benet plans -(charge)/ credit	\u2013	1
Total	\u2013	1

Reconciliation of eective tax rate
Particulars	For the year ended	For the year ended
	March 31, 2026	March 31, 2025
	in crore	in crore
Prot/(Loss) before tax (a)	238	(16)
Tax using the Company\u2019s domestic tax rate (Current year - 34.944% and Previous year - 34.944%)	83	(6)
Dierences in tax rates of foreign jurisdictions/ tax status and intercompany adjustments	57	(10)
Current tax charge pertaining to earlier years	0	7
Impact of changes in tax rates/ tax laws	\u2013	4
Non-deductible tax expenses	8	2
Tax deductible expenses	2	1
Eect of Group Relief	\u2013	2
Tax losses utilised for which no deferred tax asset created	(118)	\u2013
Deferred tax assets not recognised on loss	\u2013	28
Valuation Allowance	\u2013	11
Income not taxable for tax purposes	\u2013	(2)
Reversal of MAT/DTA credit entitlement	8	2
Other	(1)	2
Tax expense as per statement of prot and loss (b)	39	41
Eective average tax rate for the year (b)/(a)	16.34%	(256.25)%

Deferred tax assets and liabilities are attributable to the followings

Particulars	Deferred tax assets		Deferred tax liabilities
	As at March 31, 2026 in crore	As at March 31, 2025 in crore	As at March 31, 2026 in crore	As at March 31, 2025 in crore
Property, Plant and Equipment	(239)	(238)	(46)	(48)
Unabsorbed losses	277	282	\u2013	\u2013
Unrealised prot on inventory/ assets	153	152	\u2013	\u2013
Employee benets	14	13	\u2013	\u2013
Income/ expenses deferred for tax	\u2013	60	\u2013	\u2013
Additional tax benet due to change in tax laws	36	32	\u2013	\u2013
Allowance for credit loss	19	21	\u2013	\u2013
Lease arrangement	16	29	\u2013	\u2013
Loans and Borrowings	3	\u2013	\u2013	\u2013
Other items	2	2	\u2013	\u2013
Deferred tax assets/ (liabilities)	281	353	(46)	(48)
MAT credit entitlement	196	196	9	13
Net deferred tax assets/ (liabilities)	477	549	(37)	(35)
Net deferred tax assets/ (liabilities) (USD in million)	51	64	(4)	(4)
Supplementary information- convenience translation (See Note 2(C))

Movement in deferred tax assets and liabilities

Particulars	Net balance	Recognised in	Foreign	Business	MAT Credit	March 31, 2026
	April 01, 2025	prot or loss	Currency Transalation Reserve	Combinations (Refer note 40(iii)	utilised	Net Deferred tax asset/ (liability)	Deferred tax asset	Deferred tax liability
	in crore	in crore	in crore	in crore	in crore	in crore	in crore	in crore
Deferred tax asset/ (liabilities)
Property, Plant and Equipment	(286)	16	(15)	\u2013	\u2013	(285)	\u2013	(285)
Unabsorbed losses	282	(24)	19	\u2013	\u2013	277	277	\u2013
Unrealised prot on inventory/ assets	152	1	\u2013	\u2013	\u2013	153	153	\u2013
Employee benets	13	1	\u2013	\u2013	\u2013	14	14	\u2013
Income/ expenses deferred for tax	60	(2)	\u2013	(58)	\u2013	\u2013	\u2013	\u2013
Additional tax benet due to change in tax laws	32	1	3	\u2013	\u2013	36	36	\u2013
Allowance for credit loss	21	(2)	\u2013	\u2013	\u2013	19	19	\u2013
Lease arrangement	29	(13)	\u2013	\u2013	\u2013	16	16	\u2013
Loans and Borrowings	\u2013	3	\u2013	\u2013	\u2013	3	3	\u2013
Other items	2	(2)	2	\u2013	\u2013	2	2	\u2013
Deferred tax assets/ (liabilities)	305	(21)	9	(58)	\u2013	235	520	(285)

Particulars	Net balance	Recognised in	Foreign	Business	MAT Credit	March 31, 2026
	April 01, 2025	prot or loss	Currency Transalation Reserve	Combinations (Refer note 40(iii)	utilised	Net Deferred tax asset/ (liability)	Deferred tax asset	Deferred tax liability
	in crore	in crore	in crore	in crore	in crore	in crore	in crore	in crore
MAT credit entitlement	209	\u2013	\u2013	\u2013	(4)	205	205	\u2013
Net deferred tax assets/ (Liabilities)	514	(21)	9	(58)	(4)	440	725	(285)
Net deferred tax assets/ (Liabilities) (USD in	55	(2)	1	(6)	(0)	47	77	(30)
million)
Supplementary information- convenience translation
(See Note 2(C))

Particulars	Net balance	Recognised in	Foreign	Business	MAT Credit		March 31, 2025
	April 01, 2024	prot or loss	Currency Transalation Reserve	Combinations (Refer note 40(iii)	utilised	Net Deferred tax asset/ (liability)	Deferred tax asset	Deferred tax liability
	in crore	in crore	in crore	in crore	in crore	in crore	in crore	in crore
Deferred tax asset/(liabilities)
Property, Plant and Equipment	(349)	66	(3)	\u2013	\u2013	(286)	\u2013	(286)
Unabsorbed depreciation/ losses	405	(130)	7	\u2013	\u2013	282	282	\u2013
Unrealised prot on inventory/ assets	136	16	\u2013	\u2013	\u2013	152	152	\u2013
Employee benets	12	1	\u2013	\u2013	\u2013	13	13	\u2013
Income/ expenses deferred for tax	59	(1)	2	\u2013	\u2013	60	60	\u2013
Additional tax benet due to change in tax laws	32	\u2013	\u2013	\u2013	\u2013	32	32	\u2013
Allowance for credit loss	17	4	\u2013	\u2013	\u2013	21	21	\u2013
Lease arrangement	20	9	\u2013	\u2013	\u2013	29	29	\u2013
Loans and Borrowings	(2)	2	\u2013	\u2013	\u2013	\u2013	\u2013	\u2013
Other items	3	(1)	\u2013	\u2013	\u2013	2	2	\u2013
Deferred tax assets/ (Liabilities)	333	(34)	6	\u2013	\u2013	305	591	(286)
MAT credit entitlement	211	\u2013	\u2013	\u2013	(2)	209	209	\u2013
Net deferred tax assets/ (Liabilities)	544	(34)	6	\u2013	(2)	514	800	(286)
Net deferred tax assets/ (Liabilities)	65	(4)	0	\u2013	(0)	61	94	(33)
(USD in million)
Supplementary information- convenience
translation (See Note 2(C))

Notes: i) The company osets tax assets and liabilities if and only if it has a legally enforceable right to set o current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority. MAT credit balance as on March 31, 2026 amounts to 205 crore (Previous year: 209 crore). Based on current business prospects and actions taken to implement the Groups business strategies including expected monetisation of assets, it is probable that the said MAT credit and business loss will be utilised in future years against the normal tax expected to be paid in those years. ii) Signicant management judgement is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income by each jurisdiction in which the relevant entity operates and the period over which deferred income tax assets will be recovered. iii) Deferred tax liabilities have not been recognised for taxable temporary dierences arising on investments in subsidiaries where the Group is able to control the reversal of the temporary dierence and it is probable that the temporary dierence will not reverse in the foreseeable future. iv) The Companys aggregate temporary dierence and carried forward tax losses/ unabsorbed depreciation for which no deferred tax has been created amounted to 274 crore (Previous year - 731 crore). These tax losses are available for set o against future taxable prots over next 8 years. v) Carried forward tax losses Tax losses for which the Company has not recognised deferred tax asset will expire as follows:

		March 31, 2026			March 31, 2025
Particulars ( in crore)	Expiring within 5 years	Expiring within 6-8 years	Total	Expiring within 5 years	Expiring within 6-8 years	Total
Losses for which no deferred tax is recognised	\u2013	\u2013	\u2013	278	453	731

vii) Aggregate temporary dierences and carried forward tax losses for which Wockhardt Holding Corp. (WHC), a subsidiary of the Group, has not created any deferred tax amount (Previous year - 591 crore).

viii) Carried forward tax losses

Tax losses for which Wockhardt Holding Corp. (WHC), a subsidiary of the Group, has not recognised deferred tax asset will expire as follows (Refer note no 40(iii)):

		March 31, 2026			March 31, 2025
Particulars ( in crore)	Never Expire	Expiring between 2025-2036	Total	Never Expire	Expiring between 2025-2036	Total
Losses for which no deferred tax is recognised	\u2013	\u2013	\u2013	513	78	591

10. OTHER NON-CURRENT ASSETS

Particulars	As at March 31, 2026 in crore	As at March 31, 2026 USD in million Supplementary information- convenience translation (See Note 2(C))	As at March 31, 2025 in crore	As at March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))
Capital Advances	13	1	10	1
Security Deposits (Refer note 10.1 below)	23	3	21	3
Other advances (Refer note 10.2 below)	78	8	80	9
Total	114	12	111	13

The above amounts are net of provision amounting 8 crore (Previous year - 8 crore) Note 10.1

Includes balances with Government and Semi-Government authorities amounting 20 crore (Previous year - 19 crore) Note 10.2

Includes balances with Government authorities amounting 75 crore (Previous year - 76 crore)

11. INVENTORIES

Particulars	As at	As at	As at	As at
	March 31, 2026	March 31, 2026	March 31, 2025	March 31, 2025
	in crore	USD in million	in crore	USD in million
		Supplementary information- convenience translation (See Note 2(C))		Supplementary information- convenience translation (See Note 2(C))
Raw Materials, packing materials and components	194	20	169	20
Goods-in-transit	7	1	8	1
	201	21	177	21
Work-in-progress	103	11	54	6
Stock-in-trade	146	16	118	14
Finished goods	259	28	208	24
Stores and spares	178	19	168	20
Total	887	94	725	85

Notes: a) Inventories are valued at cost or net realizable value, whichever is lower. b) Reversal for provision of slow moving and non moving items for the year 85 crore (Previous year - charge 30 crore). These have been recognised as an reversal of expense during the year and are included in cost of materials consumed or changes in inventory of finished goods, work-in-progress and stock-in-trade. This reversal is on account of reversal of provision created earlier on certain inventories considered as non-moving/slow moving, which has been destroyed during the year c) Raw material inventory includes certain inventory of 30 crore ( Previous year - 30 crore) (net), expiring during May 2026 - March 2029, the shelf life of which can be extended based on retest. The Company is condent of using this inventory in new products scheduled to be launched in future. Accordingly no provision has been made for the same.

12. CURRENT FINANCIAL ASSETSINVESTMENT

Particulars	As at March 31, 2026 in crore	As at March 31, 2026 USD in million Supplementary information- convenience translation (See Note 2(C))	As at March 31, 2025 in crore	As at March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))
Investments carried at fair value through prot or loss:
Quoted Mutual funds	412	44	422	49
Total	412	44	422	49

13. CURRENT FINANCIAL ASSETSTRADE RECEIVABLES

Particulars	As at March 31, 2026 in crore	As at March 31, 2026 USD in million Supplementary information- convenience translation (See Note 2(C))	As at March 31, 2025 in crore	As at March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))
Unsecured, considered good	609	65	676	79
Less: Allowance for expected credit loss	(21)	(2)	(15)	(2)
Total	588	63	661	77
Unsecured credit impaired	101	11	181	21
Less: Allowance for expected credit loss	(101)	(11)	(181)	(21)
Total	\u2013	\u2013	\u2013	\u2013
Total	588	63	661	77

Notes:

13.1 The above balance includes dues from private companies in which any director is a director or a member Nil (Previous year: 1 crore). [Also refer Note 44 for information about credit risk and market risk of trade receivables].

13.2 The Group sold with recourse trade receivables to a bank for cash proceeds. These trade receivables have not been derecognised from the balance sheet, because the Group retains substantially all of the risks and rewards – primarily credit risk. The amount received on transfer has been recognised as a secured bank borrowings (Refer Note 22). The arrangement with the bank is such that the customers remit cash directly to the Group and the Group transfers the collected amounts to the bank.

13.3 Trade Receivables ageing schedule.

Particulars			As at March 31, 2026
	Not Due	Less than 6 months	6 Months- 1 year	1-2 years	2-3 years	More than 3 years	Total
	in crore	in crore	in crore	in crore	in crore	in crore	in crore
(i) Undisputed Trade receivables \u2013 considered good	412	153	15	10	4	15	609
(ii) Undisputed Trade Receivables \u2013 credit impaired	\u2013	\u2013	\u2013	\u2013	3	98	101
	412	153	15	10	7	113	710
Less: Allowance for credit loss	(4)	(5)	(6)	(3)	(6)	(98)	(122)
Total	408	148	9	7	1	15	588

Particulars			As at March 31, 2025
	Not Due	Less than 6 months	6 Months- 1 year	1-2 years	2-3 years	More than 3 years	Total
	in crore	in crore	in crore	in crore	in crore	in crore	in crore
(i) Undisputed Trade receivables \u2013 considered good	415	120	40	39	35	27	676
(ii) Undisputed Trade Receivables \u2013 credit impaired	\u2013	\u2013	\u2013	\u2013	62	119	181
	415	120	40	39	97	146	857
Less: Allowance for credit loss	(1)	(2)	(1)	(5)	(68)	(119)	(196)
Total	414	118	39	34	29	27	661

14.1 CURRENT FINANCIAL ASSETSCASH AND CASH EQUIVALENTS
Particulars	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	in crore	USD in million Supplementary information- convenience translation	in crore	USD in million Supplementary information- convenience translation
		(See Note 2(C))		(See Note 2(C))
Bank balances
In current accounts	217	23	112	13
	217	23	112	13

14.2 CURRENT FINANCIAL ASSETSOTHER BANK BALANCES
Particulars	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Current Financial Assets-Other bank balances
Deposits with original maturity of more than 3 months but less than 12 months	\u2013	\u2013	37	4
(under lien)
Margin money (under lien)	33	4	42	5
Total	33	4	79	9

15. CURRENT FINANCIAL ASSETSOTHERS
(Unsecured, considered good unless otherwise stated)
Particulars	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Deposits and other receivables (Refer Note 41)	51	5	54	6
Total	51	5	54	6

16. OTHER CURRENT ASSETS
(Unsecured, considered good unless otherwise stated)
Particulars	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Advances to suppliers	47	5	98	11
Balances with / receivable from statutory / government authorities	250	27	240	28
Inventory of Saleable returns	3	0	4	1
Other advances	48	5	70	8
Receivable from Pension Fund	70	7	\u2013	\u2013
Total	418	44	412	48

Note 16

Further the above balances are net of provisions amounting 23 crore (Previous year- 23 crore).

17. EQUITY SHARE CAPITAL

(a) Authorised share capital
Particulars	As at March 31, 2026		As at March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
250,000,000 (Previous Year - 250,000,000) Equity shares of 5/- each	125	13	125	15
2,000,000,000 (Previous year - 2,000,000,000) Preference shares of 5/- each.	1,000	106	1,000	117
(Therearenopreference shares outstanding as of the balance sheet date.)
	1,125	119	1,125	132

(b) Issued, Subscribed and Paid up

Particulars	As at March 31, 2026				As at March 31, 2025
	No. of Shares	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	No. of Shares	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Equity :
Outstanding as at the beginning of the year	162,485,569	81	9	153,400,936	77	9
Add: Shares issued during the year pursuant to	\u2013	\u2013	0	9,049,773	4	0
Qualied Institutional Placement
Add: Shares issued during the year pursuant to ESOS*	6,600	\u2013	0	34,860	0	0
* 0.003 crore (Previous year- 0.02 crore)
Outstanding as at the end of the year	162,492,169	81	9	162,485,569	81	9

a) During the previous year, in accordance with provisions of the Companies Act, 2013 and other related laws, the Company has allotted 9,049,773 Equity Shares of face value of 5 per Equity Share at price of 1,105 per Equity Share, aggregating to 1,000 crores through Qualied Institutional Placement (QIP). The Company had also similarly allotted 9,285,163 equity shares, each with a face value of 5, at an issue price of 517 per share, aggregating to 480.04 crore during FY 2023-24.

Details of the utilization of proceeds from QIP:

Purpose of Utilization	Current year in crore	Previous year in crore
Loan repayment	84	516
Payment of QIP related expenses	\u2013	22
Other payments (Capital, R&D and other general expenses)	184	485
	268	1023
Amount parked in bank account/FDs/MFs as on the balance sheet date	162	434
Amount retained towards QIP issue expenses	\u2013	4
Net unutilised balance	162	430

one vote per share held and is entitled to dividend, if declared at the Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. c) Shares reserved for issue under options: 229,220 (Previous year - 185,595) equity shares of face value 5 each have been reserved for issue under Wockhardt Stock Option Scheme -2011. d) Details of equity shares held by each shareholders holding more than 5% of total equity shares:

Name of the shareholder	As at March 31, 2026		As at March 31, 2025
	No. of Shares	% of Holding	No. of Shares	% of Holding
Themisto Trustee Company Private Limited which holds these shares in its capacity as
the trustee of Habil Khorakiwala Trust which in turn holds these shares in its capacity as
the partner of the partnership rm Humuza Consultants.*	65,244,744	40.15%	65,244,744	40.15%

* includes 15,010,472 Equity Shares (Previous year - 14,546,882) pledged e) Details of equity shares held by Promoters:

Name of the Promoter	As at March 31, 2026		As at March 31, 2025		% Change during
	No. of Shares	% of Holding	No. of Shares	% of Holding	the year
Habil F Khorakiwala	595,486	0.37%	595,486	0.37%	\u2013
Themisto Trustee Company Private Limited on behalf of Humuza Consultants	65,244,744	40.15%	65,244,744	40.15%	\u2013
Themisto Trustee Company Private Limited on behalf of Habil Khorakiwala Trust	130,000	0.08%	130,000	0.08%	\u2013
Murtaza Habil Khorakiwala	294,060	0.18%	294,060	0.18%	\u2013
Huzaifa Habil Khorakiwala	280,800	0.17%	280,800	0.17%	\u2013
Nasa Habil Khorakiwala	5,565	0.003%	5,565	0.003%	\u2013
Miqdad H Khorakiwala	2,340	0.001%	2,340	0.001%	\u2013
Muayyad H Khorakiwala	1,800	0.001%	\u2013	0.000%	100%
Callirhoe Trustee Company Private Limited on behalf of Lysithea Discretionary Trust	936,751	0.58%	936,751	0.58%	\u2013
Callirhoe Trustee Company Private Limited on behalf of Lysithea Consultants	3,112,079	1.92%	3,112,079	1.92%	\u2013
Pasithee Trustee Company Private Limited on behalf of HNZ Discretionary Trust	650,000	0.40%	650,000	0.40%	\u2013
Pasithee Trustee Company Private Limited on behalf of HNZ Consultants	4,420,000	2.72%	4,420,000	2.72%	\u2013
Ananke Trustee Company Private Limited on behalf of Amalthea Discretionary
Trust	274,530	0.17%	274,530	0.17%	\u2013
Ananke Trustee Company Private Limited on behalf of Amalthea Consultants	3,810,693	2.35%	3,810,693	2.35%	\u2013
	79,758,848	49.09%	79,757,048	49.09%

Name of the Promoters	As at March 31, 2025		As at March 31, 2024		% Change during
	No. of Shares	% of Holding	No. of Shares	% of Holding	the year
Habil Khorakiwala	595,486	0.37%	597,286	0.39%	-0.30%
Themisto Trustee Company Private Limited on behalf of Humuza Consultants	65,244,744	40.15%	65,244,744	42.53%	\u2013
Themisto Trustee Company Private Limited on behalf of Habil Khorakiwala Trust	130,000	0.08%	130,000	0.08%	\u2013
Murtaza Habil Khorakiwala	294,060	0.18%	294,060	0.19%	\u2013
Huzaifa Habil Khorakiwala	280,800	0.17%	280,800	0.18%	\u2013
Nasa Habil Khorakiwala	5,565	0.003%	5,565	0.004%	\u2013
Miqdad H Khorakiwala	2,340	0.001%	2,340	0.002%	\u2013
Muayyad H Khorakiwala	1,800	0.001%	\u2013	0.000%	100%
Callirhoe Trustee Company Private Limited on behalf of Lysithea Discretionary
Trust	936,751	0.58%	936,751	0.61%	\u2013
Callirhoe Trustee Company Private Limited on behalf of Lysithea Consultants	3,112,079	1.92%	2,660,000	1.73%	17.00%
Pasithee Trustee Company Private Limited on behalf of HNZ Discretionary Trust	650,000	0.40%	650,000	0.42%	\u2013
Pasithee Trustee Company Private Limited on behalf of HNZ Consultants	4,420,000	2.72%	4,420,000	2.88%	\u2013
Ananke Trustee Company Private Limited on behalf of Amalthea Discretionary
Trust	274,530	0.17%	274,530	0.18%	\u2013
Ananke Trustee Company Private Limited on behalf of Amalthea Consultants	3,810,693	2.35%	3,660,000	2.39%	4.12%
	79,757,048	49.09%	79,156,076	51.60%

18. NONCURRENT FINANCIAL LIABILITYBORROWINGS

Particulars	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Secured
Term loans
From banks / financial institutions (Refer Note 18.1 below)	769	82	274	32
	769	82	274	32
Unsecured
Loans from Department of Science and Technology, Government of India [\u2018GOI\u2019]	1	0	1	0
(Refer note 18.2 below)
Loan from related parties (Refer note 18.3 below)	748	79	936	110
Total	1,518	161	1,211	142

Note 18.1 a) Loan from State Bank of India (SBI) taken during the year amounting to 50 crore* outstanding as on the balance sheet date, with interest rate 9.85% is secured by way of hypothecation and first paripassu charge over the Companys entire current assets both present and future with other consortium member banks, and also collateral coverage of first paripassu/ exclusive charge on factory land and building and plant and machinery owned by the company. The Company is in the process of getting charge created against the immoveable properties. The above loan is repayable in 54 equal monthly installments commencing 6 months after the first disbursement of the loan. b) Term Loan availed by Pinewood Laboratories Limited of Euro 25.6 million (Previous year: Euro 28 million) equivalent to 276 crore (Previous year: 258 crore) is secured by: (i) First Ranking xed and floating charge over all the present and future assets and undertakings of Pinewood Laboratories Limited.

(ii) First Ranking charge over ordinary shares of Pinewood Laboratories Limited and other investments held by Wockpharma Ireland Limited. The loan carries interest of EURIBOR01 + Cash Margin 8% p.a (EURIBOR01 floor of 2%).

The repayment schedule is as follows:

(i) In the current year Pinewood have paid the quarterly installment of Euro 0.8 Mn from September 30, 2025 to March 31, 2026 valuing Euro 2.4 Mn.

(ii) Euro 9 million is repayable in quarterly installment of Euro 1 Mn from June 30, 2026 to June 30, 2028 and balance Euro 16.6 Mn payable in July 2028. c) Loan from STCI Finance Limited amounting to 50 crore* outstanding as on the balance sheet date, with interest rate of 11.50% (Previous year- 12.40 %) is secured by way of first paripassu charge on present and future movable xed assets of the Company and, pledge of shares of Company.

The above loan (after prepayment of 75 crore during the year) shall be repaid at the end of 36 months with a call/put option every 6 months, and has been shown under Current maturities of long term debt d) Loan taken from Axis Finance Limited during the year and amounting to 182 crore* outstanding as on the balance sheet date, with interest rate of 11.25% is also secured by a primary security in the form of first charge on specied movable and immovable Fixed Assets of the Company, and a collateral security in the form of pledge of unencumbered shares of the Company. The above loan is repayable in 20 quarterly instalments in 5 years.

Further new loan taken from Tata Capital Limited during the year and amounting to 334 crore* outstanding as on the balance sheet date with interest rate of 10.55% is secured by way of first paripassu charge on Companys specied moveable and immovable xed assets located in Aurangabad, and also pledge of unencumbered shares of the Company. The above loan is repayable in quarterly equal instalments of 5% of the disbursed loan in first year, 10% of the disbursed loan in second year, and 28.33% each in third, fourth and fth year.

The Company is in the process of creating charge on the immoveable properties for the loans taken from Axis Finance Limited and Tata Capital Limited.

The unencumbered shares pledged to lenders as mentioned above against loans taken are held by Themisto Trustee Company Private Limited which holds these shares in its capacity as the trustee of Habil Khorakiwala Trust, which in turn holds these shares in its capacity as the partner of the Partnership rm Humuza Consultants. e) Term loan availed by CP Pharmaceuticals Limited from Natwest with an outstanding balance of GBP 3.70 million* (Equivalent to 46.00 crore) [Previous Year: GBP 3.90 million* (Equivalent to 43.00 crore)]. The loan is secured by a charge over property and land. It carries interest at the Bank of England Base Rate plus 2.40% per annum and is repayable in monthly installments in 15 years.

Another term loan availed by CP Pharmaceuticals Limited from Lombard with an outstanding balance of GBP 1.30 million* (Equivalent to 16.00 crore) [Previous Year: GBP 1.80 million* (Equivalent to 18.00 crore)]. The loan is secured by specic xed assets as detailed in the Additional Chattel List 89537. It carries a xed interest rate of 6.62% per annum and is repayable in monthly installments in 5 years.

* represents outstanding borrowings before adjusting loan issue cost.

Note 18.2

Loans from GOI carry interest rate of 3% p.a. Loan amounting to 1 crore (Previous year- 2 crore) is repayable in equal annual instalments by March 2029.

Note 18.3

Borrowings from related parties amounting 748 crore (Previous year- 936 crore) are repayable by June 20,2027 with an option to the Company to further renew the loan basis Companys assessment of the cash flows and liquidity position on that date.

Loans from related parties carry interest rate in the range of 5.92 % p.a to 12.3 % p a.

Note 18.4

Current maturities of the above borrowings have been disclosed under Note 22.

19. NONCURRENT FINANCIAL LIABILITYOTHERS
Particulars	As at	As at	As at	As at
	March 31, 2026	March 31, 2026	March 31, 2025	March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Other liabilities	15	2	\u2013	\u2013
Total	15	2	\u2013	\u2013
20. NONCURRENT LIABILITYOTHERS
Particulars	As at	As at	As at	As at
	March 31, 2026	March 31, 2026	March 31, 2025	March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Deferred revenue	64	7	66	8
Total	64	7	66	8
21. PROVISIONS NONCURRENT
Particulars	As at	As at	As at	As at
	March 31, 2026	March 31, 2026	March 31, 2025	March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Provision for employee benets (Refer note 38)
Compensated Absences (unfunded)	12	1	9	1
Gratuity (unfunded)	28	3	20	2
Total	40	4	29	3
22. CURRENT FINANCIAL LIABILITY BORROWINGS
Particulars	As at	As at	As at	As at
	March 31, 2026	March 31, 2026	March 31, 2025	March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
(a) Secured
Working capital facilities from banks (Refer Note 22.1 below)	171	18	217	25
Purchase financing (Refer Note 22.2 below)	\u2013	\u2013	4	0
Trade Receivables financing (Refer Note 22.3 below)	58	6	31	4
(b) Unsecured
Loan from related parties (Refer Note 41)	209	22	244	29
(c) Current maturities of long-term debt (Refer note 18)	169	18	152	18
Total	607	64	648	76

Note 22.1

Working capital facilities from Banks availed by The Company are secured by way of:

(i) First charge on pari passu basis on present and future stock of raw materials, consumables, spares, semi-nished goods, finished goods, book debts and other current assets.

(ii) Second charge on pari passu basis on immovable properties and movable xed assets, both present and future, located at all locations (other than units at Kadaiya in Daman). Note 22.2

Purchase financing from financial institution which was secured against unconditional and irrevocable Bank Guarantees that stood as guarantee under that facility during the current year is Nil.

Note 22.3

Trade receivable financing is secured against the book debts of Wockhardt UK Limited, present and future. Note 22.4

Refer note 13 to 15 for carrying amount of current financial assets on which charge has been created.

23. CURRENT FINANCIAL LIABILITYTRADE PAYABLES

Particulars	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Trade payables
Total outstanding dues of micro enterprises and small enterprises	85	9	47	5
Trade payables	478	51	545	64
Total	563	60	592	69

The carrying amount of trade payables as at reporting date approximates fair value

Note:

Trade Payables ageing schedule

Particulars			As at March 31, 2026
	Not due**	Less than 1 Year	1-2 Years	2-3 Years	More than 3 Years	Total
	in crore	in crore	in crore	in crore	in crore	in crore
(i) Undisputed outstanding dues of micro enterprises and small enterprises	39	42	1	2	1	85
(ii) Undisputed outstanding dues of creditors other than micro enterprises and	296	88	29	23	42	478
small enterprises
Total	335	130	30	25	43	563

** Trade payables includes accrued expenses.
Particulars			As at March 31, 2025
	Not due**	Less than 1 Year	1-2 Years	2-3 Years	More than 3 Years	Total
	in crore	in crore	in crore	in crore	in crore	in crore
(i) Undisputed outstanding dues of micro enterprises and small enterprises	28	16	2	1	\u2013	47
(ii) Undisputed outstanding dues of creditors other than micro enterprises and	250	187	37	34	37	545
small enterprises
Total	278	203	39	35	37	592

** Trade payables includes accrued expenses.

24. CURRENT FINANCIAL LIABILITYOTHERS
Particulars	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Other payables
Security deposits	13	1	13	2
Employee liabilities	41	4	28	3
Payable for capital goods	40	4	39	4
Other liabilities (includes interest under MSMED Act referred in Note 23)	115	12	349	41
Total	209	22	429	50

25. OTHER CURRENT LIABILITIES
Particulars	As at	As at	As at	As at
	March 31, 2026	March 31, 2026	March 31, 2025	March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Payable for statutory dues	50	5	53	6
Advance received from customers against supplies	75	8	178	21
Deferred revenue	8	1	7	1
Total	133	14	238	28
26. PROVISIONS CURRENT
Particulars	As at	As at	As at	As at
	March 31, 2026	March 31, 2026	March 31, 2025	March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Provision for employee benets (Refer note 38)
Compensated Absences (unfunded)	6	1	4	0
Gratuity (unfunded)/ Pension and other benets	10	1	7	1
	16	2	11	1
Other provisions
Provision for sales return (Refer note 26.1 below)	18	2	38	5
Provision for medicaid rebates (Refer note 26.2 below)	\u2013	\u2013	4	0
	18	2	42	5
Total	34	4	53	6
Note 26.1
Movement of provision for sales return
Opening Balance	38	4	23	3
Recognised during the year	3	0	23	3
Utilised during the year	(4)	(0)	(8)	(1)
Reversed during the year*	(19)	(2)	\u2013	\u2013
Closing Balance	18	2	38	5

Provision has been recognised for expected sales return on date expiry of products sold during 2-3 years.

Particulars	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Note 26.2
Movement of provision for Medicaid rebates
Opening Balance	4	0	5	0
Recognised during the year	\u2013	\u2013	17	2
Utilised during the year	\u2013	\u2013	(18)	(2)
Reversed during the year*	(4)	(0)	\u2013	\u2013
Closing Balance	\u2013	\u2013	4	0
*Refer note no 40(iii)
27. REVENUE FROM OPERATIONS REFER NOTE 34
Particulars	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Sale of products	3,262	346	2,835	333
Sale of services*	\u2013	\u2013	0	0
* Current year- Nil (Previous year- 0.06 crore)
Sale of intellectual property	55	6	80	9
Other operating income - export incentives/ cost recovery	56	6	97	11
Total	3,373	359	3,012	353

28. OTHER INCOME
Particulars	For the year ended	For the year ended	For the year ended	For the year ended
	March 31, 2026 in crore	March 31, 2026 USD in million Supplementary information- convenience translation (See Note 2(C))	March 31, 2025 in crore	March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))
Interest income	7	1	9	1
Dividend received*	0	0	0	0
* Current year Nil (Previous year- 0.0017 crore)
Other non-operating income (Refer note below)	104	11	53	6
Total	111	12	62	7

Note:

Other non-operating income includes:

(a) Liabilities no longer required written back of 15 crore (Previous year : 23 crore). (b) Prot on sale of xed assets/assets held-for-sale 55 crore (Previous year- 3 crore).

29. CHANGE IN INVENTORIES OF FINISHED GOODS, WORKINPROGRESS AND STOCKINTRADE

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Opening Inventories
Finished goods	207	22	168	20
Stock in trade	118	13	111	13
Work-in-progress	54	6	49	6
Add: Inventory for Saleable Returns	4	0	2	0
Total	383	41	330	39
Closing Inventories
Finished goods	259	28	207	24
Stock in trade	146	16	118	14
Work-in-progress	103	11	54	7
Add: Inventory for Saleable Returns	3	0	4	0
Total	511	55	383	45
Increase in Inventories	(128)	(14)	(53)	(6)

30. EMPLOYEE BENEFITS EXPENSE

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Salaries and wages (Refer note 38)	626	67	574	67
Contribution to provident and other funds (Refer note 38)	59	6	48	6
Share based payments to employees (Refer note 39)	4	0	1	0
Sta welfare expenses	36	4	28	3
Total	725	77	651	76

31. FINANCE COSTS
Particulars	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Interest expense
Interest expense on financial liabilities measured at	189	20	204	24
amortised cost
On lease liabilities	11	1	16	2
Others	8	1	31	4
Other borrowing costs	5	1	3	0
Net loss on foreign currency transactions and translation*	\u2013	\u2013	0	0
* Nil (Previous year - 0.14 crore)
Total	213	23	254	30

32. OTHER EXPENSES
Particulars	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Travelling and conveyance	49	5	35	4
Freight and forwarding charges	58	6	61	7
Sales promotion and other selling cost	60	6	48	6
Commission on sales	36	4	28	3
Power and fuel	120	13	113	14
Stores and spare parts consumed	81	9	71	8
Chemicals	30	3	22	3
Rent and amenity charges (Refer note 36)	36	4	34	4
Rates and taxes	10	1	8	1
Repairs to buildings	8	1	4	0
Repairs to Plant and machinery	23	2	24	3
Repairs and Maintenance - others	54	6	49	6
Insurance	23	2	22	3
Legal and professional fees	98	10	95	11
Directors sitting fees (Refer note 41)	1	0	1	0
Material for test batches	8	1	1	0
Provision for doubtful advances	1	\u2013	3	0
Allowance for credit loss and Bad debts (net of reversals/recovery)	(4)	(0)	4	0
Miscellaneous expenses	194	22	209	24
Total	886	94	832	98

33. EARNINGS PER SHARE

The calculations of Earnings per share (EPS) (basic and diluted) are based on the earnings and number of shares as computed below:

Reconciliation of earnings

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Prot/ (Loss) attributable to equity holders of the Company	213	22	(47)	(6)

Reconciliation of number of equity shares
Particulars	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
Weighted average number of shares in calculating Basic EPS	162,489,601		156,909,209
Add: Weighted average number of shares under ESOS	155,869		194,577
Weighted average number of equity shares adjusted for Diluted EPS	162,645,470		157,103,785
Earnings per share (face value 5/- each)
Earnings per share - Basic in / USD	13.12	0.14	(3.02)	(0.04)
Earnings per share - Diluted in / USD	13.10	0.14	(3.02)	(0.04)

34. REVENUE : a) As per Ind AS 115: Revenue from Contracts with Customers, the Group has classied its Revenue as :

- Sale of products and services: Revenue is recognised when a contractual promise to a customer (performance obligation) has been fullled by transferring control over the promised goods and/or services to the customer. This transfer of control is generally at a point of time of shipment to or receipt of products by the customer or when the services are performed. The amount of Revenue to be recognised is based on the consideration the Group expects to receive in exchange for its goods/services. If the contract contains more than one obligation, the consideration is allocated based on the standalone selling price of each performance obligation.

Rebates, discounts, commissions, chargeback and bonuses (including cash discounts oered to customers for prompt payment) are provisioned and recorded as deduction from revenue at the time the related revenue is recorded. These rebates are calculated based on the historical experience and the specic terms in individual agreements. Sales returns are recognised and recorded as deductions based on historical experience of customer returns and such other relevant factors.

- Sale of intellectual property, Assignment of New Chemical Entity: Revenue is recognised when a contractual promise to a customer (performance obligation) has been fullled by transferring control to the customer taking into consideration the specic terms of the agreement and when the risk of reversal of revenue recognition is remote.

There is no signicant financing component as the credit period provided by the Group is not signicant.

Variable components such as discounts, chargeback, sales returns etc. continues to be recognised as deductions from revenue in compliance with Ind AS 115. b) Disaggregation of Revenue from operations:

Particulars (For details refer note 27)	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Total revenue from Customers	3,317	353	2,915	342
Other Operating income	56	6	97	11
Total	3,373	359	3,012	353

Reconciliation of revenue from operations as per contract price and as recognised in statement of prot and loss:

Particulars	For the year ended	For the year ended	For the year ended	For the year ended
	March 31, 2026 in crore	March 31, 2026 USD in million Supplementary information- convenience translation (See Note 2(C))	March 31, 2025 in crore	March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))
Total Gross revenue, net of estimated returns	3,824	407	3,770	442
Less: Discounts, rebates, chargeback and other adjustments	(507)	(54)	(855)	(100)
Revenue from contract with customers	3,317	353	2,915	342
Other Operating income	56	6	97	11
Total	3,373	359	3,012	353

c) Movement in contract liabilities:

The contract liabilities consists advance received from customers for goods/services to be supplied and deferred revenue. Revenue shall be recognised on transfer of control of goods /services rendered.

Movement in advance received from customer against supplies

Particulars	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Opening balances	99	10	48	6
Add: Advances received during the year	373	40	327	38
Less: Income booked during the year	(435)	(46)	(276)	(32)
Foreign currency translation*	0	0	\u2013	\u2013
* 0.42 Crore (previous year 0.14 Crore)
Closing balance	37	4	99	12
Expected revenue recognition from remaining performance obligations :
- with in one year	37	4	99	12
- more than one year	\u2013	\u2013	\u2013	\u2013
Movement in deferred revenue

Particulars	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Opening balances	73	8	79	9
Add: cash received during the year	\u2013	\u2013	\u2013	\u2013
Less: revenue recognised during the year	(8)	(1)	(7)	(1)
Foreign currency translation	7	1	1	0
Closing balance	72	8	73	8
Expected revenue recognition from remaining performance obligations :
-with in one year	8	1	7	1
-more than one year	64	7	66	7

35. SEGMENT REPORTING

The Group is primarily engaged in pharmaceutical business which is considered as the only reportable business segment.

The Chief operating decision makers monitor the operating results of its pharmaceutical business as a whole for the purpose of making decisions about resource allocation and performance assessment.

Information about reportable segments:

Particulars	For the year ended March 31, 2026 in crore	For the year ended March 31, 2026 USD in million Supplementary information- convenience translation (See Note 2(C))	For the year ended March 31, 2025 in crore	For the year ended March 31, 2025 USD in million Supplementary information- convenience translation (See Note 2(C))
External revenue in the above reportable business segment	3,373	359	3,012	353

Information about geographical areas: a) Revenue from external customers:

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
India	740	79	671	79
USA	1	0	88	10
Europe	1,674	178	1,543	181
Rest of the world	958	102	710	83
Total	3,373	359	3,012	353

Revenue in dierent geographical areas is based on ultimate location of customer b) Non current assets excluding assets classied as held for sale (other than financial instruments, deferred tax assets and non-current tax assets)

	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
India	2,353	250	2,308	270
USA	\u2013	\u2013	98	11
Europe	2,539	270	2,159	253
Rest of the world	392	42	315	37
Total	5,284	562	4,880	571

c) Information about major customer:

There are no major customers contributing to more than 10% of the total revenue.

36. LEASES

Lease liability as on the balance sheet date is as follows:

	For the year ended March 31, 2026	For the year ended March 31, 2025
	in crore	in crore
Non-current portion	38	95
Current	70	67
Total	108	162

The weighted average incremental borrowing rate used for discounting is in the range of 3.78% to 9.65%. Refer Note 31 for interest on lease liabilities.

Also refer Note 4 for details of Right-of-Use Assets and Depreciation there on. The summary of practical expedients elected on initial application are as follows

The Group has availed the exemption of not recognising right-of-use assets and liabilities for leases with less than 12 months of lease term on the date of initial application.

The Groups lease asset classes primarily consist of leases for land and buildings. The leases for land/buildings are generally for a period ranging 10 years to 99 years. These leases can be extended for further 10 years to 99 years by mutual consent. Oce premises are generally for a period not exceeding ve years and are in most cases renewable by mutual consent, on mutually agreeable terms. There are no restrictions imposed by lease arrangements or contingent rent payable. Certain portion of the land has been subleased.

In case of land that have been leased out for 95 years to 99 years, there are no material annual payments for the aforesaid leases.

Rental expenses on leases for a period of less than 12 months amounting to 3.25 crore (Previous year : 2.36 crore) and rent for low value assets amounting to 0.01 crore (Previous year : 0.01 crore) have been included under Note 32-Other expenses under Rent and amenitycharges.

Further, Refer Note 43 for maturity prole of lease liabilities.

37. EXPENDITURE ON RESEARCH AND DEVELOPMENT

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))	in crore	USD in million Supplementary information- convenience translation (See Note 2(C))
Capital*	209	22	222	26
Revenue	121	13	119	14
	330	35	341	40

* Including intangible assets under development and excluding foreign currency translation reserve on intangible assets under development.

38. EMPLOYEE BENEFITS

Dened benet plans -

Gratuity liability is provided in accordance with the provisions of Indian law based on actuarial valuation. The plan provides a lump sum gratuity payment to eligible employee at retirement, termination of their employment or death of the Employee. The amounts are based on the respective employees last drawn salary and the years of employment with the Company.

The most recent actuarial valuation of the dened benet obligation was carried out at the balance sheet date. The present value of the dened benet obligations and the related current service cost and past service cost were measured using the Projected Unit Credit Method. Based on the actuarial valuation obtained in this respect, the following table sets out the details of the employee benet obligation as at balance sheet date:

(A) Particulars	As at	As at
	March 31, 2026	March 31, 2025
	Gratuity	Gratuity
	(Non-funded)	(Non-funded)
	in crore	in crore
I. Expenses recognised in Prot or Loss:
1. Current Service Cost	3	2
2. Interest cost	2	2
3. Past service cost (refer note 40 (ii))	10
Total Expenses	15	4
II. Expenses recognised in Other Comprehensive income:
1. Actuarial changes arising from changes in demographic assumptions	\u2013	\u2013
2. Actuarial changes arising from changes in financial assumptions*	(0)	1
* 0.39 crore in the current year
3. Actuarial changes arising from changes in experience adjustments**	0	0
** 0.31 crore in current year (Previous year - 0.36 crore)
Total Expenses	(0)	1
III. Net Asset /(Liability) recognised as at balance sheet date:
1. Present value of dened benet obligation	38	27
Net Asset /(Liability)	(38)	(27)
IV. Reconciliation of Net Asset / (Liability) recognised as at balance sheet date:
1. Net Asset/(Liability) at the beginning of year	(27)	(26)
2. Expense as per (I) & (II) above	(15)	(5)
3. Benet paid	4	4
4. Net liability at the end of the year	(38)	(27)
V. Maturity prole of dened benet obligation
1. Within the next 12 months (next annual reporting period)	10	7
2. Between 2 and 5 years	20	14
3. Between 6 and 10 years	13	9
4. Weighted average duration (years)	5	5
VI. Quantitative sensitivity analysis for signicant assumptions is as below:
1. Increase/(decrease) on present value of dened benet obligation at the end of the year
(i) 0.5 percent point increase in discount rate	(1)	(1)

(A) Particulars	As at March 31, 2026	As at March 31, 2025
	Gratuity	Gratuity
	(Non-funded)	(Non-funded)
	in crore	in crore
(ii) 0.5 percent point decrease in discount rate	1	1
(iii) 0.5 percent point increase in rate of salary increase	1	1
(iv) 0.5 percent point decrease in rate of salary increase	(1)	(1)
(v) 10 percent point increase in attrition rate	0.30	0.15
(vi) 10 percent point decrease in attrition rate	(0.17)	(0.17)
2. Sensitivity analysis method
Sensitivity analysis is determined based on the expected movement in liability by varying a single parameter
while keeping all the other parameters unchanged.
VII. Actuarial Assumptions:
1. Discount rate (p.a.)	6.90%	6.65%
2. Expected rate of salary increase (p.a.)	3.00%	3%
3. Attrition rate	40% at lower service	40% at lower service
	reducing to 10% at	reducing to 10% at
	higher service	higher service
4. Mortality	Age 20 years- 0.09%;	Age 20 years- 0.09%;
	Age 30 years- 0.10%;	Age 30 years- 0.10%;
	Age 40 years- 0.17%	Age 40 years- 0.17%
	Age 50 years- 0.44%	Age 50 years- 0.44%
	Age 60 years- 1.12%	Age 60 years- 1.12%
5. Weighted average duration as on the balance sheet date - 4.99 years ( Previous year - 4.99 years)

Notes:

(a) Amount recognised as an expense in the Statement of Prot and Loss and included in Note 30 under Salaries and wages: Gratuity 5 Crore (Previous year - 4 crore) and Leave encashment 7 crore (Previous year - 4 crore) The above amount includes amount pertaining to Key Managerial personnel 0.44 crore (Previous year- 1 crore) (b) The plan above is typically exposed to actuarial risk such as Mortality risk, withdrawal rate risk and salary risk

- Mortality risk: The present value of the Dened benet plan liability is calculated by reference to the best estimate of the mortality plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plans liability.

- Withdrawal rate risk: The plan faces the withdrawal rate risk. If the actual withdrawal rate is higher, the benets would be paid earlier than expected.

- Salary risk: The present value of the dened benet plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plans liability.

(c) Expected Employers contribution for the next year is Nil

The contributions payable to these plans by the Company are at rates specied in the rules of the schemes.

(B) Dened contribution plan -

The Company makes contributions towards provident fund and superannuation fund which are in the nature of dened contribution post-employment benet plans. Under the plan, the Company is required to contribute a specied percentage of payroll cost to fund the benets.

Amount recognised as an expense in the Statement of Prot and Loss - included in Note 30 - Contribution to provident and other funds :

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025
	in crore	in crore
Provident fund	11	10
Others (Employee State insurance and other funds)*	2	2
Total	13	12
*The above amount includes amount pertaining to Key Managerial personnel	1	1

(II) Dened contribution plans (In respect of CP Pharmaceuticals Limited, Wockhardt UK Limited and Pinewood Laboratories Limited)

During the year, the Group operated a dened contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to 17 crore (Previous year : 15 crore). The outstanding pensions creditor is 2 crore (Previous year : 2 crore).

Dened benet plans of CP Pharmaceuticals Limited:

The company operates a funded dened pension scheme. The assets of the scheme are held separately from those of the company. The scheme closed to new entrants at the end of February 2004 and all pension accruals ceased on that date. The current service costs will increase as members approach retirement. The trustees of the pension schemes are required by law to act in the interest of the fund and of all relevant stakeholders in the scheme and are responsible for the investment policy with regard to the assets of the schemes and all other governance matters. The board of trustees must be composed 50% representatives of the Company and plan participants in accordance with the plans regulations. Through its dened benet plans, the company is exposed to equity price risks, changes in bond yields, ination risks and risks arising due to changes in life expectancy.

The Balance Sheet net dened benet liability is determined as follows:

Particulars	As at	As at
	March 31, 2026	March 31, 2025
	in crore	in crore
Present value of dened benet obligations	(68)	(306)
Fair value of plan assets	161	395
	93	89
Less: Restriction to the amount that can be recognised	\u2013	(89)
Dened benet asset/(liability) before tax	93	\u2013
Dened benet asset/(liability) recognised in balance sheet after Tax	70	\u2013

Changes in the present value of the dened benet obligations are as follows:

Particulars	As at	As at
	March 31, 2026	March 31, 2025
	in crore	in crore
Dened benet obligation, beginning of the year	306	333
Interest expense	18	16
Benets paid	(18)	(17)
Re-measurements: Actuarial (gains) and losses	(5)	(43)
Past service costs including curtailments	\u2013	\u2013
Foreign currency translation	27	17
Eect of settlements	(260)	\u2013
Dened benet obligation, end of the year	68	306
Changes in the fair value of plan assets are as follows:
Particulars	As at	As at
	March 31, 2026	March 31, 2025
	in crore	in crore
Fair value of plan assets, beginning of the year	395	421
Interest income	18	20
Benets paid	(18)	(17)
Contributions by employer	\u2013	\u2013
Re-measurements: Actuarial gains and losses	(12)	(51)
Foreign currency translation	38	22
Eect of settlements	(260)	\u2013
Fair value of plan assets, end of the year	161	395
The total costs for the year in relation to dened benet plans are as follows:
Particulars	For the year ended	For the year ended
	March 31, 2026	March 31, 2025
	in crore	in crore
Recognised in prot or loss:
Net interest/ (income) expense	\u2013	(4)
	\u2013	(4)
Recognised in other comprehensive income:
Re-measurements actuarial gains and losses on fair value of plan asset	12	51
Re-measurements actuarial gains and losses on dene benet obligation	(5)	(43)
Re-measurements gains and losses- changes to the restriction on the amount that can be recognised.	(100)	(3)
Re-measurement of the net dened benet plan before tax	(93)	5
Re-measurement of the net dened benet plan after tax	(70)	\u2013
The breakup of major categories of plan assets are as follows:
Particulars	As at	As at
	March 31, 2026	March 31, 2025
	%	%
Annuity policy	42.00	77.40
Cash (Including Bank account)	58.00	22.60
Total	100.00	100.00
The return on plan assets are as follows:
Particulars	For the year ended	For the year ended
	March 31, 2026	March 31, 2025
	in crore	in crore
Interest income	18	20
Re-measurements: Actuarial gains and losses	(12)	(51)
Return on assets of benet plan	6	(31)
The principal actuarial assumptions as at Balance Sheet date were:
Particulars	As at	As at
	March 31, 2026	March 31, 2025
	%	%
Discount rate	5.65	5.70
Expected rate of increase in salary	3.50	3.25
Ination rate	2.70	2.65
Future increase in deferred pension	2.70	2.65
Mortality rates
Current pensioners at 65 - male	21.30	21.00
Current pensioners at 65 - female	23.80	23.70
Future pensioners at 45 - male	22.30	22.00
Future pensioners at 45 - female	24.90	24.80
Particulars	For the year ended	For the year ended
	March 31, 2026	March 31, 2025
	in crore	in crore
Quantitative sensitivity analysis for signicant assumptions is as below:
(Increase)/decrease on net dened benet obligation at the end of the year
(i) One percent point increase in discount rate*	\u2013	0.34
(ii) One percent point decrease in discount rate	\u2013	(0.40)
(iii) One percent point increase in ination rate	\u2013	(0.31)
(iv) One percent point decrease in ination rate	\u2013	0.29

Sensitivity analysis method

Sensitivity analysis is determined based on the expected movement in liability if the assumptions were not proved to be true on dierent count.

Note: Closure of Dened Benet Plan

During the year, the CP Pharmas dened benet pension scheme have been formally entered into wind-up process following the substantial completion of the buy-out process with members and benets secured through insurance arrangements. At 31 March 2026, the Scheme was in a surplus position of approximately £7.1 million (before the tax payable by the Scheme on repayment of the surplus to the Company). Based on the progress made in the wind-up and statutory surplus repayment process, management reassessed the availability of the Scheme surplus under Ind AS 19 and Appendix B and concluded that the Group has a substantive right to receive the net surplus remaining after settlement of liabilities, wind-up costs and applicable taxes. Accordingly, the Group has recognised a dened benet asset in respect of the Scheme surplus, with a corresponding actuarial gain of £5.6 million (net of tax) equivalant to 70 Crores in Other Comprehensive Income during the year ended March 31, 2026.

39. SHARE BASED PAYMENTS TO EMPLOYEES

The ESOS Compensation Committee of the Board of Directors has, under Wockhardt Stock Option Scheme -2011 (the Scheme or ESOS) granted options to the selected employees of the Company and its subsidiaries, in accordance with the provisions of Securities and Exchange Board of India (Share Based Employee Benets and Sweat Equity) Regulations, 2021. The method of settlement is by issue of equity shares to the selected employees who have exercised the options. The scheme shall be administered by the compensation committee of Board of directors.

The options issued vests in periods ranging 1 year to 10 years 1 month from the date of grant, and can be exercised during such period not exceeding 7 years.

Employee stock option activity under Scheme 2011 is as follows:

Particulars	For the year ended	For the year ended
	March 31, 2026	March 31, 2025
a) Outstanding at beginning of the year	1,85,595	2,20,455
b) Granted during the year	70,000	\u2013
c) Lapsed during the year (re-issuable) *	19,775	\u2013
d) Exercised during the year (and shares allotted)*	6,600	34,860
e) Outstanding at the end of the year:	2,29,220	1,85,595
of which	1,04,720	1,29,695
Options vested and exercisable at the end of the year
* weighted average exercise price 5 per share
Range of weighted average share price on the date of exercise per share	1,492 - 1,750	917- 1,649
Weighted average share price for the year	1,434	1,037
Range of weighted average fair value of options on the date of grant per share	264 - 1,727	264 - 967
No option have been forfeited during the year or in the previous year.
Fair value of the options have been computed as per the Black Scholes Pricing Model
Particulars	For the year ended	For the year ended
	March 31, 2026	March 31, 2025
The key assumptions used to estimate the fair value of options are :
Range of stock price at the time of option grant ( Per share)	269 - 1730	269 - 971
Range of expected life	1 year - 8 years	1 year - 8 years
Range of risk free interest rate	5% -9%	5% - 9%
Range of Volatility	46% - 88%	46% - 88%
Range of weighted average exercise price ( Per share)	5	5
Range of Weighted average remaining contractual life	1 year - 10 years	1 year - 10 years

Expected Volatility has been computed using the annualised standard deviation of daily closing prices of the Companys equity shares over a period aligned with the expected life of the options. Dividend has been considered as Nil.

40. EXCEPTIONAL ITEMS

Exceptional items for the financial year ended March 31, 2026, amount to a net charge of 85 Crores. This comprises the following: i) Settlement of Legal Dispute (Dr. Reddys Laboratories) : The Company had previously concluded a Business Transfer Agreement (BTA) with Dr. Reddys Laboratories Limited (Purchaser) on February 12, 2020, with further amendments thereto, for the transfer of a portion of its Domestic Branded Division. Out of the total consideration of 1,850 Crores, an amount of 300 Crores was designated as a Holdback Amount to be released contingent upon the Business Undertaking achieving specic revenue benchmarks.

The Company entered into a settlement agreement with Purchaser towards full and nal settlement of all claims and disputes under BTA and legal proceedings eective March 31, 2026 and recognized net gain of 35 crore under Exceptional Items during the year.

41. RELATED PARTY DISCLOSURES

As per Ind AS 24, the list of Related Parties and disclosure of transactions with these parties are given below: a) Parties exercising control

Humuza Consultants *

* Themisto Trustee Company Private Limited holds shares in the Company in its capacity as the trustee of Habil Khorakiwala Trust which in turn holds these shares in its capacity as the partner of the partnership rm Humuza Consultants.

Habil Khorakiwala Trust **

** Themisto Trustee Company Private Limited holds shares in the Company in its capacity as the trustee of Habil Khorakiwala Trust. b) Related party where transactions have taken place during the year Enterprises over which Key Managerial Personnel exercise signicant inuence/control:

Palanpur Holdings and Investments Private Limited Khorakiwala Holdings and Investments Private Limited Wockhardt Hospitals Limited Merind Limited Wockhardt Foundation Carol Info Services Limited

Dr. Habil Khorakiwala Education and Health Foundation (Trust)-[Wockhardt Global School] ii) Impact of New Labour Codes

Eective November 21, 2025, the Government of India has consolidated multiple existing labour legislations into a unied framework comprising four Labour Codes (Code). All set of rules under the Code are yet to be notied.

The Group has assessed and accounted the incremental impact of the new Code based on the best available information and actuarial valuation amounting to 10 Crores as Exceptional item. The Group continues to monitor the nalisation of Central / State Rules and clarications from the Government on other aspects of the Labour Code and would provide appropriate accounting eect on the basis of such developments as needed. iii) Deconsolidation of US Subsidiaries During the year, the Group has taken decision to exit the US generic pharmaceutical business. Accordingly, Wockhardt had led for voluntary liquidation on July 11, 2025 under Chapter 7 of the US Bankruptcy Code for its US step down subsidiaries, Morton Grove Pharmaceuticals Inc. and Wockhardt USA LLC, both incorporated in Delaware. Upon the courts appointment of a Chapter 7 Trustee to oversee the winding-up process, the Group ceased to exercise power or have control over the relevant activities of these entities. Consequently, in accordance with Ind AS 110 (Consolidated Financial Statements), these subsidiaries were deconsolidated eective July 11, 2025. Further, the Group has executed settlement agreement with chapter 7 trustee for the bankruptcy estate.

The net impact of the deconsolidation and settlement has been recognized as an Exceptional Item in the Consolidated Statement of Prot and Loss for the year ended March 31, 2026, amounting to 110 Crores.

The breakdown of the net assets derecognized and the resulting impact of deconsolidation is as follows:

Particulars	Amount
	( in Crores)
Assets Derecognized:
Inventories	6
Trade Receivables	106
Cash and bank	4
Goodwill	97
Deferred Tax	58
Loans and advances	27
Liabilities Derecognized:
Current Liabilities	(224)
Provisions	(7)
Net Assets Derecognized (A)	67
Other Adjustments / Deconsolidation Charges:
Foreign Currency Translation Reserve (FCTR) reclassied to P&L	22
Liquidation Settlement with Chapter 7 Trustee	21
Total Adjustments (B)	43
Total Net Impact of Deconsolidation recognized in P&L (A + B)	110

Wockhardt Regenerative Private Limited Denarius Estate Development Private Limited Banneret Trading Private Limited Dartmour Holding Private Limited Amadou Estate Development Private Limited Shravan Constructions Private Limited Holmdene Constructions

Sharanya Chemicals and Pharmaceuticals Private Limited Khorakiwala Foundation Themisto Trustee Company Private Limited Amalthea Consultants Genista Trading and Services Private Limited Ananke Trustee Company Private Limited Callirhoe Trustee Company Private Limited HNZ Consultants HNZ Discretionary trust Amalthea Discretionary trust Lysithea Consultants Lysithea Discretionary trust Adrastea Trading and Services LLP

HZ Trading and Services LLP HNZ Trading and Services LLP

Pasithee Trustee Company Private Limited Megaclite Trading Private Limited Impala Advisory Services Private Limited Sinope Advisory Services Private Limited Step Forward Advisory Services Private Limited Kendo Advisory Services Private Limited Lysithea Trading and Services LLP

Helike Trading and Services LLP Amalthea Trading and Services LLP

Dr. Habil Khorakiwala Education and Health Foundation [Section 8 Company] Enersynk Private Limited The Peace Mission Private Limited

Key managerial personnel

H.F. Khorakiwala- Chairman

Vinesh Kumar Jairath - Non-Executive Independent Director Akhilesh Gupta - Non-Executive Independent Director Huzaifa Khorakiwala - Executive Director Murtaza Khorakiwala - Managing Director Zahabiya Khorakiwala - Non-Executive Non- Independent Director Amelia Fernandes - Non-Executive Independent Director Ahmad Javed - Non-Executive Independent Director (w.e.f May 28, 2024)

Om Prakash Bhatt - Non-Executive Independent Director (w.e.f November 03, 2025) Tasneem Mehta - Non-Executive Independent Director (upto September 29, 2024)

Relatives of Key managerial personnel

Miqdad H. Khorakiwala c) Transactions with related parties during the year :

(All the amounts mentioned below for the disclosure are the contractual amounts based on the arrangement with respective parties)

	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	incrore	USD in million Supplementary information- convenience translation (See Note 2(C))	incrore	USD in million Supplementary information- convenience translation (See Note 2(C))
Key managerial personnel
Remuneration [Chairman 5 crore (Previous year - 4 crore), Managing Director 3 crore	11	1	9	1
(Previous year - 3 crore), Executive Director 3 crore (Previous year - 3 crore)]
Contribution to Provident fund [Chairman 0.42 crore (Previous year - 0.42 crore),	1	0	1	0
Managing Director 0.36 crore (Previous year - 0.36 crore), Executive Director 0.36 crore
(Previous year - 0.36 crore)]
Contribution towards gratuity and compensated absences [Chairman 0.42 crore (Previous	0	0	0	0
year - Nil ), Managing Director 0.01 crore (Previous year - 0.02 crore), Executive
Director 0.01 crore (Previous year - 0.02 crore)]
Director sitting fee paid [Akhilesh Gupta 0.12 crore (Previous year - 0.11 crore), Vinesh	1	0	1	0
Kumar Jairath 0.14 crore (Previous year - 0.14 crore), Zahabiya Khorakiwala 0.04 crore
(Previous year- 0.03 crore),Tasneem Mehta Nil (Previous year - 0.06 crore), Amelia
Fernandes 0.11 crore (Previous year - 0.12 crore), Ahmad Javed 0.14 crore (Previous
year- 0.10 crore), Om Prakash Bhatt 0.05 crore (Previous year- Nil) ]
Reimbursement of travel cost to Zahabiya Khorakiwala*	0	0	\u2013	\u2013
*current year 0.03 crore
Employee cost paid to Miqdad H Khorakiwala*	0	0	\u2013	\u2013
*current year 0.03 crore
Related party where transactions have taken place during the
year
Rent paid [Palanpur Holdings and Investments Private Limited 1 crore (Previous	93	10	88	10
year - 1 crore), Carol Info Services Limited 92 crore (Previous year - 87 crore)]*
* rent paid has been disclosed as Right of use assets and Lease liabilities in accordance
with Ind AS 116
Donation given to Wockhardt Foundation	1	0	\u2013	\u2013
Reimbursement of Expenses [Carol Info Services Limited 1 crore (Previous year- 3 crore),	1	0	3	0
The Peace Mission Private Limited 0.16 crore (Previous year- Nil)]
Consultancy paid to Enersynk Private Limited*	\u2013	\u2013	0	0
* previous year 0.24 crore
Purchase of traded goods from Wockhardt Regenerative Private Limited	13	0	\u2013	\u2013
Sale of Fixed assets to Wockhardt Regenerative Private Limited*	\u2013	\u2013	0	0
* Previous year 0.01 crore
Rent and other miscellaneous income [Dr. Habil Khorakiwala Education and Health	0	0	0	0
Foundation (Trust) Nil (Previous year - 0.0006 crore), Wockhardt Regenerative Private
Limited 0.001 crore (Previous year - 0.0003 crore) ]
Salary paid to the teaching sta of Wockhardt Global School	\u2013	\u2013	3	0
Recovery of Employee Cost from Wockhardt Global School	4	0	\u2013	\u2013
Recovery of Utility/infrastructure Fees from Wockhardt Global School	1	0	4	0

	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	incrore	USD in million Supplementary information- convenience translation (See Note 2(C))	incrore	USD in million Supplementary information- convenience translation (See Note 2(C))
The Company has given school premises on lease to Wockhardt Global School without rent
Loan taken from [Khorakiwala Holdings and Investments Private Limited 12 crore	137	15	380	44
(Previous year - 185 crore), Merind Limited Nil (Previous year - 1 crore), Ananke Trustee
Company Private Limited 108 crore (Previous year - 41 crore), Callirhoe Trustee Company
Private Limited Nil (Previous year - 5 crore), Palanpur Holdings and Investments Private
Limited 17 crore (Previous year - 73 crore), Themisto Trustee Company Private Ltd Nil
(Previous year- 75 crore) ]
Interest on loan taken [Khorakiwala Holdings and Investments Private Limited 22 crore	78	8	93	11
(Previous year - 20 crore), Merind Limited 9 crore (Previous year - 9 crore), Themisto
Trustee Company Private Limited 2 crore (Previous year - 4 crore), Ananke Trustee
Company Private Limited 21 crore (Previous year - 25 crore), Callirhoe Trustee Company
Private Limited 8 crore (Previous year - 16 crore), Palanpur Holdings and Investments
Private Limited 16 crore (Previous year - 18 crore)]
Accrued interest paid [Khorakiwala Holdings and Investments Private Limited 33 crore	64	7	\u2013	\u2013
(Previous year - Nil), Merind Limited 6 crore (Previous year - Nil), Ananke Trustee
Company Private Limited 12 crore (Previous year - Nil), Callirhoe Trustee Company
Private Limited 10 crore (Previous year - Nil), Palanpur Holdings and Investments
Private Limited 3 crore (Previous year - Nil)]
Loan repaid [Khorakiwala Holdings and Investments Private Limited 115 crore (Previous	365	39	379	44
year - 137 crore), Merind Limited 0.05 crore (Previous year - 1 crore), Ananke Trustee
Company Private Limited 138 crore (Previous year - 41 crore ), Callirhoe Trustee Company
Private Limited 76 crore (Previous year - 71 crore), Palanpur Holdings and Investments
Private Limited 17 crore (Previous year - 73 crore), Themisto Trustee Company Private
Ltd 19 crore (Previous year- 56 crore)]
Lease rent income [Khorakiwala Holdings and Investments Private Limited 0.13 crore	0	0	0	0
(Previous year - 0.13 crore )
Recovery of Support Service Cost [Khorakiwala Holdings and Investments Private	1	0	1	0
Limited 0.13 crore (Previous year - 0.13 crore), Merind Limited 0.13 crore
(Previous year - 0.13 crore), Carol Info Services Limited 0.40 crore (Previous
year- 0.40 crore), Palanpur Holdings and Investments Private Limited 0.13 crore
(Previous year - 0.13 crore)]
Expenses recovery from Holmdene Constructions [Current year- 0.01 crore (Previous year	0	0	0	0
- 0.01 crore)]
Sale of finished goods [Merind Limited 0.01 crore (Previous year- Nil), Wockhardt	0	0	\u2013	\u2013
Hospitals Limited 0.01 crore (Previous year- Nil)]

d) Related party balances

(All the amounts mentioned below for the disclosure are the contractual amounts based on the arrangement with respective parties. Where such amounts are dierent from carrying amounts as per Ind AS financial statements, their carrying values have been separately disclosed in brackets.).

	For the year ended March 31, 2026	For the year ended March 31, 2026	For the year ended March 31, 2025	For the year ended March 31, 2025
	incrore	USD in million Supplementary information- convenience translation (See Note 2(C))	incrore	USD in million Supplementary information- convenience translation (See Note 2(C))
Enterprise over which Key Managerial Personnel exercise signicant
inuence/Control
Trade receivables [Wockhardt Hospitals Limited 0.27 crore (Previous year - 0.26 crore),	1	0	1	0
Wockhardt Regenerative Private Limited 1 crore (Previous year- 1 crore), Merind Limited
( 0.02 crore (Previous year- Nil)]
Trade Payables [Wockhardt Hospitals Limited Nil (Previous year - 1 crore), Carol Info Services Limited	11	1	9	1
2 crore (Previous year - 2 crore), Palanpur Holdings and Investments Private Limited 8 crore (Previous
year - 6 crore), Merind Limited 0.01 crore (Previous year - 0.01 crore), Wockhardt Regenerative Private
Limited 1 crore (Previous year- Nil)]
Loan taken including interest [Merind Limited 168 crore (Previous year - 165 crore), Khorakiwala	958	102	1,180	138
Holdings and Investments Private Limited 236 crore (Previous year- 352 crore), Ananke Trustee
Company Private Limited 244 crore (Previous year - 266 crore), Callirhoe Trustee Company
Private Limited 122 crore (Previous year - 201 crore), Palanpur Holdings and Investments
Private Limited 188 crore (Previous year- 176 crore), Themisto Trustee Private Limited Nil
(Previous year- 19 crore) ]
Security deposit given to Carol Info Services Limited - Transaction value	56	6	56	7
[Carrying amount 48 crore (Previous year - 44 crore)]
Security deposit given to Palanpur Holdings and Investments Private Limited	3	0	3	0
Other receivables [Khorakiwala Holdings and Investments Private Limited 2 crore (Previous year - 2 crore),	18	2	14	2
Merind Limited 1 crore (Previous year - 1 crore ), Amalthea Consultants 0.10 crore (Previous year -
0.10 crore ), Themisto Trustee Company Private Limited 0.10 crore (Previous year - 0.10 crore ), Ananke
Trustee Company Private Limited 0.10 crore (Previous year - 0.10 crore ), Callirhoe Trustee Company Private
Limited 0.10 crore (Previous year - 0.10 crore), Denarius Estate Development Private Limited 0.10 crore
(Previous year - 0.10 crore), Adrastea Trading and Services LLP 0.10 crore (Previous year - 0.10 crore),
Lysithea Consultants 0.10 crore (Previous year - 0.10 crore), Lysithea Discretionary Trust 0.10 crore
(Previous year - 0.10 crore), Banneret Trading Private Limited 0.10 crore (Previous year - 0.10 crore),
HZ Trading and Services LLP 0.10 crore (Previous year - 0.10 crore), HNZ Discretionary Trust 0.10 crore
(Previous year - 0.10 crore), Dartmour Holdings Private Limited 0.10 crore (Previous year - 0.10 crore),
Carol Info Services Limited 1 crore ( Previous year - 1 crore)
Amadou Estate Development Private Limited 0.10 crore (Previous year - 0.10 crore), Shravan
Constructions Private Limited 0.10 crore (Previous year - 0.10 crore), Sharanya Chemicals and
Pharmaceuticals Private Limited 0.10 crore (Previous year - 0.10 crore), HNZ Trading Services LLP
0.10 crore (Previous year - 0.10 crore), HNZ Consultants 0.10 crore (Previous year - 0.10 crore),
Khorakiwala Foundation 0.10 crore (Previous year - 0.10 crore), Pasithee Trustee Company Private
Limited 0.10 crore (Previous year - 0.10 crore), Megaclite Trading Private Limited 0.10 crore
(Previous year - 0.10 crore), Genista Trading and Services Private Limited 0.10 crore (Previous year -
0.10 crore), Impala Advisory Services Private Limited 0.10 crore (Previous year - 0.10 crore), Sinope
Advisory Services Private Limited 0.10 crore (Previous year - 0.10 crore), Step Forward Advisory
Services Private Limited 0.10 crore (Previous year - 0.10 crore), Kendo Advisory Services Private
Limited 0.10 crore (Previous year - 0.10 crore)
Lysithea Trading and Services LLP 0.10 crore (Previous year - 0.10 crore), Helike Trading and Services
LLP 0.10 crore (Previous year - 0.10 crore), Amalthea Trading and Services LLP 0.10 crore (Previous
year - 0.10 crore), Amalthea Discretionary Trust 0.10 crore (Previous year - 0.10 crore), Wockhardt
Hospitals Limited 0.10 crore ( Previous year- 0.10 crore), Wockhardt Regenerative Private Limited
0.02 crore (Previous year- 0.02 crore ), Holmdene Constructions 0.18 crore (Previous year- 0.17
crore), Palanpur Holdings and Investments Private Limited 1 crore (Previous year- 1 crore), Dr. Habil
Khorakiwala Education and Health Foundation 0.10 crore (Previous year- 0.10 crore), Dr. Habil
Khorakiwala Education and Health Foundation ( Trust) 10 crore (Previous year- 6 crore), Wockhardt
Foundation 0.01 crore (Previous year- Nil)]
Other parties exercising control
Other Receivables [Humuza Consultants 0.10 crore (Previous year- 0.10 crore ), Habil Khorakiwala	0	0	0	0
Trust 0.10 crore (Previous year- 0.10 crore ) ]
Payable to Key Managerial Personnel
Remuneration payable [Chairman 2 crore (Previous year- 1 crore), Managing Director 1 crore	4	0	3	0
(Previous year- 1 crore), Executive Director 1 crore (Previous year- 1 crore)]

42. NONCONTROLLING INTERESTS

The following table summarises the consolidated financial information relating to the Groups subsidiary that has material non-controlling interests:

Name	Country of incorporation	As at March 31, 2026	As at March 31, 2025
Wockhardt Bio AG	Switzerland	14.15%	14.15%

	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	incrore	USD in million Supplementary information- convenience translation (See Note 2(C))	incrore	USD in million Supplementary information- convenience translation (See Note 2(C))
Revenue from operations	2031	216	1872	219
Prot / (Loss) for the year	(97)	(10)	(71)	(8)
Prot / (Loss) allocated to Non - Controlling Interests	(14)	(1)	(10)	(1)
Total comprehensive income / (loss) allocated to Non - Controlling Interests	37	4	1	0
	As at	As at	As at	As at
	March 31, 2026	March 31, 2026	March 31, 2025	March 31, 2025
	incrore	USD in million	incrore	USD in million
		Supplementary		Supplementary
		information-		information-
		convenience		convenience
		translation		translation
		(See Note 2(C))		(See Note 2(C))
Non current asset and current asset	4,015	427	3,661	428
Non current liabilities and current liabilities	1,602	170	1,515	177
Net assets	2,413	257	2,146	251
Net assets attributable to Non - Controlling Interests	341	36	304	36

	As at March 31, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2025
	incrore	USD in million Supplementary information- convenience translation (See Note 2(C))	incrore	USD in million Supplementary information- convenience translation (See Note 2(C))
Cash flows from operating activities	60	7	29	4
Cash flows from/ (used in) investing activities	48	5	44	5
Cash flows used in financing activities	(55)	(6)	(39)	(5)
FCTR	3	0	(2)	(0)
Net increase/ (decrease) in cash and cash equivalents	56	6	33	4

The Group has control of 85.85% in the Wockhardt Bio AG and its subsidiaries.

43. FINANCIAL INSTRUMENTS FAIR VALUES A. Accounting classication and fair values

Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are presented below.

It does not include the fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

As at March 31, 2026		Carrying Value		Total Fair value
	Amortised Cost incrore	Fair value through prot or loss incrore	Total incrore	Signicant observable inputs (Level 1)	Signicant observable inputs (Level 2) incrore
Financial Assets
Investments*	\u2013	412	412	412	0
* Fair value through prot or loss 0.45 crore
Other Non-Current Financial Assets	72	\u2013	72	\u2013	72
Trade receivables	588	\u2013	588	\u2013	\u2013
Cash and cash equivalents	217	\u2013	217	\u2013	\u2013
Bank balance (other than above)	33	\u2013	33	\u2013	\u2013
Other Current Financial Assets	51	\u2013	51	\u2013	\u2013
Total	961	412	1,373	412	72
Total (USD in million)	103	44	146	44	8
Supplementary information- convenience
translation (See Note 2(C))
Financial Liabilities
Borrowings	2,125	\u2013	2,125	\u2013	\u2013
Other Non- Current Financial Liabilities	15	\u2013	15	\u2013	\u2013
Trade payables	563	\u2013	563	\u2013	\u2013
Lease Liabilities	108	\u2013	108	\u2013	111
Other Current Financial Liabilities	209	\u2013	209	\u2013	\u2013
Total	3,020	\u2013	3,020	\u2013	111
Total (USD in million)	321	\u2013	321	\u2013	12
Supplementary information- convenience
translation (See Note 2(C))

As at March 31, 2025		Carrying Value		Total Fair value
	Amortised Cost incrore	Fair value through prot or loss incrore	Total incrore	Signicant observable inputs (Level 1)	Signicant observable inputs (Level 2) incrore
Financial Assets
Investments*	\u2013	422	422	422	0
* Fair value through prot or loss 0.45 crore
Other Non-Current Financial Assets	53	\u2013	53	\u2013	53
Trade receivables	661	\u2013	661	\u2013	\u2013
Cash and cash equivalents	112	\u2013	112	\u2013	\u2013
Bank balance (other than above)	79	\u2013	79	\u2013	\u2013
Other Current Financial Assets	54	\u2013	54	\u2013	\u2013
Total	959	422	1,381	422	53
Total (USD in million)	112	49	161	49	6
Supplementary information- convenience
translation (See Note 2(C))
Financial Liabilities
Borrowings	1,859	\u2013	1,859	\u2013	\u2013
Other Non- Current Financial Liabilities
Trade payables	592	\u2013	592	\u2013	\u2013
Lease Liabilities	162	\u2013	162	\u2013	165
Other Current Financial Liabilities	429	\u2013	429	\u2013	\u2013
Total	3,042	\u2013	3,042	\u2013	165
Total (USD in million)	356	\u2013	356	\u2013	19
Supplementary information- convenience translation
(See Note 2(C))

B. Measurement of fair values:

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

– The fair values of the loans taken from banks and other parties are estimated by discounting cash flows using rates currently available for debt/instruments on similar terms, credit risks and remaining maturities. Management regularly assesses a range of reasonably possible alternatives for those signicant observable inputs and determines their impact on the total fair value.

– The change in the unobservable inputs for unquoted Investment of Narmada Clean Tech Limited (formerly known as Bharuch Eco-Aqua Infrastructure Limited) and Bharuch Enviro Infrastructure Limited do not have a signicant impact in its value.

The following tables show the valuation techniques used in measuring Level 2 fair values, as well as the signicant inputs used.

Financial instruments measured at fair value

Type	Valuation technique
Security deposits against lease and lease	Discounted cash ows: The valuation model considers the present value of expected receipt/payment discounted using
laibilities	appropriate discounting rates.

44. FINANCIAL RISK MANAGEMENT

The Group has exposure to the following risks arising from financial instruments:

• Credit risk ;

• Liquidity risk ; and

• Market risk

Risk management framework

The Companys Board of Directors has overall responsibility for the establishment and oversight of the Companys risk management framework.

The Companys Risk Management Framework encompasses practices relating to the identication, analysis, evaluation, treatment, mitigation and monitoring of the strategic, external and operational controls risks in achieving key business objectives. The Company has laid down the procedure for risk assessment and their mitigation through a Internal Risk Committee. Key risks and their mitigation arising out of periodic reviews by the Committee are assessed and reported to the Board of Directors, on a periodic basis. The Companys risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to policies and procedures.

The Company has a co-sourced model of independent Internal Audit and assurance function. There is a practice of reviewing various key select risks and report to Audit Committee from time to time. The co-sourced internal audit function carry out internal audit reviews in accordance with the approved internal audit plan and reviews the status of implementation of internal audit and assurance recommendations. Summary of Critical observations, if any, and recommendations under implementation are reported to the Audit Committee. i. Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Groups receivables from customers and investment securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Group grants credit terms in the normal course of business. The Group establishes an allowance for doubtful debts and impairment that represents its estimate of incurred and expected losses in respect of trade and other receivables.

Trade and other receivables

The Groups exposure to credit risk is inuenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an inuence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Group grants credit terms in the normal course of business.

As at March 31, 2026 and March 31, 2025, the Group did not have any signicant concentration of credit risk with any external customers.

Expected credit loss assessment for customers as at 31 March 2026 and 31 March 2025

The Group allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of loss (e.g. timeliness of payments, available information etc.) and applying experienced credit judgement.

Exposures to customers outstanding at the end of each reporting period are reviewed by the Group to determine incurred and expected credit losses. Given that the macro economic indicators aecting customers of the Group have not undergone any substantial change, the Group expects the historical trend of minimal credit losses to continue.

Particulars		As at March 31, 2026				As at March 31, 2025
	Gross carrying amount incrore	Less: Expected credit losses incrore	Net carrying amount incrore	Weighted average loss rate	Gross carrying amount incrore	Less: Expected credit losses incrore	Net carrying amount incrore	Weighted average loss rate
Not due	412	(4)	408	1.0%	415	(1)	414	0.2%
Past due 1-180 days	153	(5)	148	3%	120	(2)	118	2%
Past due 181-360 days	15	(6)	9	40%	40	(1)	39	3%
More than 360 days	130	(107)	23	82%	282	(192)	90	68%
Total	710	(122)	588		857	(196)	661
Total USD in million	75	(13)	63		100	(23)	77
Supplementary information- convenience
translation (See Note 2(C))

The movement in the loss allowance in respect of trade and other receivables during the year was as follows:

	As at	As at
	March 31, 2026	March 31, 2025
	incrore	incrore
Opening balance	196	158
Impairment loss provided/ reversed/ utilized, net (including exchange fluctuation)	(74)	38
Closing balance	122	196
Closing balance (USD in million)	13	23
Supplementary information- convenience translation (See Note 2(C))

The Management believes that the unimpaired amounts that are past due by more than 180 days are still collectible in full, based on historical payment behaviour and analysis of customer credit risk.

Cash and bank balances

The Group held cash and bank balances of 250 crore (Previous year - 191 crore). These balances are held with bank and financial institution counterparties with good credit rating.

Others

Other than trade receivables reported above, the Group has no other financial assets that is past due but not impaired. ii. Liquidity risk

Liquidity risk is the risk that the Group will encounter diculty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Groups approach to managing liquidity is to ensure that it will have sucient liquidity to meet its liabilities. The Group monitors the net liquidity position through forecasts on the basis of expected cash flows.

The Group has obtained fund and non-fund based working capital lines from various banks. Furthermore, the Group has access to funds from debt markets to manage short of current assets to current liabilities. The Group invests its surplus funds in bank xed deposit.

Borrowings from related parties amounting 748 crore are repayable by June 20, 2027 with an option to the Company to further renew the loan basis Companys assessment of the cash flows and liquidity position on that date The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

( incrore)

As at March 31, 2026			Contractual cash ows
	Carrying amount	Total	0-12 months	1-5 years	More than 5years
Non-derivative financial liabilities
Borrowings (other than loan from related party)*	1,168	1,362	462	867	33
Loan from related party**	957	1,025	208	817	\u2013
Lease Liabilities	108	125	75	38	12
Trade payables and other financial liabilities	787	787	772	15	\u2013
Total	3,020	3,299	1,517	1,737	45

As at March 31, 2025			Contractual cash ows
	Carrying amount	Total	0-12 months	1-5 years	More than 5years
Non-derivative financial liabilities
Borrowings (other than loan from related party)*	679	709	416	263	30
Loan from related party	1,180	1,355	244	1,111	\u2013
Lease Liabilities	162	187	72	104	11
Trade payables and other financial liabilities	1,021	1,021	1,021	\u2013	\u2013
Total	3,042	3,272	1,753	1,478	41

* It includes contractual interest payment over the tenure of the Borrowings. These floating-interest borrowings are based on interest rate prevailing as at the reporting date.

** It includes contractual interest payment over the tenure of the Borrowings. iii. Market risk

Market risk is the risk that changes in market prices – such as foreign exchange rates, interest rates and other prices such as equity price. These will aect the Groupss income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. Financial instruments aected by market risk include loans, borrowings and deposits. The Market risk the Group is exposed can be classied as Currency risk and Interest rate risk.

(a) Currency risk:

The Group is exposed to currency risk on account of its operations in other countries. The functional currency of the Group is Indian Rupee. The Foreign currency exchange rate exposure is balanced through natural hedge. The Group evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies.

Exposure to currency risk

The currency prole of financial assets and financial liabilities (including intercompany receivables and payables) as at March 31, 2026 and March 31, 2025 are as below:

Particulars	Currency	As at March 31, 2026		As at March 31, 2025
		Amount in Foreign Currency (in million)	incrore	Amount in Foreign Currency (in million)	incrore
Loan Availed	USD	0.59	6	1.51	13
Trade Receivables	AUD*	0.22	1	0.02	0
	EUR	14	152	3	29
	GBP	33	411	24	269
	USD	45	428	23	198
	RUB	195	23	52	5
	MXN	69	36	78	33
Other Receivables	EUR	3	29	3	23
	USD	7	62	8	65
	CHF*	0.02	0	0.02	0
	GBP	2	30	3	31
	AED*	0.16	0	1.47	3
Trade payables and Other Liabilities	ACU*	0.002	0	0.001	0
	AUD	0.51	3	0.64	3
	EUR	16	170	16	148
	GBP	65	813	60	664
	MXN	3	1	3	1
	USD	22	207	13	115
	JPY	\u2013	\u2013	0.27	2
	CHF	1.82	21	2	17
	AED	0.51	1	0.63	1

Particulars	Currency	As at March 31, 2026		As at March 31, 2025
		Amount in Foreign Currency (in million)	incrore	Amount in Foreign Currency (in million)	incrore
	SEK*	0.23	0	0.20	0
	CAD*	\u2013	\u2013	0.004	0
	RUB	131	15	106	11
Bank	GBP	2.07	26	0.98	11
	EUR	0.87	9	0.26	2
	USD	0.20	2	0.25	2
	AED*	0.02	0	0.01	0
	CHF	0.09	1	0.06	1
	AUD*	0.002	0	0.002	0
Derivatives (Forward Contracts- sell)	USD	\u2013	\u2013	14	120
	GBP	\u2013	\u2013	14	158
Net exposure Receivables/ (Payables)	USD	30	279	1.98	16
	AUD	(0.29)	(2)	(0.62)	(3)
	AED	(0.34)	(1)	0.86	2
	EUR	2	20	(10)	(93)
	GBP	(28)	(346)	(46)	(512)
	RUB	64	7	(54)	(6)
	CHF	(2)	(20)	(1.68)	(16)
	MXN	67	35	75	32
	ACU*	(0.002)	(0)	(0.001)	(0)
	JPY	\u2013	\u2013	(0.27)	(2)
	CAD*	\u2013	\u2013	(0.00)	(0)
	SEK*	(0.23)	(0)	(0.20)	(0)

* less than 0.50 crore

Sensitivity analysis

A reasonably possible strengthening (weakening) of the Indian Rupee against foreign currency at March 31 would have aected the measurement of financial instruments denominated in that foreign currency and aected equity and prot or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

( incrore)

	Prot or loss before tax		Equity, gross of tax Increase/
Eect in March 31, 2026	Gain/(Loss) Strengthening in crore	Weakening in crore	(Decrease) Strengthening in crore	Weakening in crore
5% movement
USD	14	(14)	14	(14)
GBP	(17)	17	(17)	17
EUR	1	(1)	1	(1)
RUB*	0	(0)	0	(0)
* 0.37 crore, (0.37) crore, 0.37 crore, (0.37) crore, respectively
MXN	2	(2)	2	(2)
Others	(1)	1	(1)	1
Total	(1)	1	(1)	1

Eect in	Prot or loss before tax Gain/(Loss)		Equity, gross of tax Increase/(Decrease)
	Strengthening	Weakening	Strengthening	Weakening
March 31, 2025	in crore	in crore	in crore	in crore
5 % movement
USD	1	(1)	1	(1)
GBP	(26)	26	(26)	26
EUR*	(5)	5	(5)	5
RUB*	(0)	0	(0)	0
* (0.28) crore, 0.28 crore, (0.28) crore, 0.28 crore respectively
MXN	2	(2)	2	(2)
Others	(1)	1	(1)	1
Total	(29)	29	(29)	29

The Company has other overdue receivables from Wockhardt Bio AG amounting to 207 crore (Previous year- 231 crore), including 41 crore (Previous year- 41 crore ) for guarantee fees receivable. Also the Company has outstanding payable and advances amounting to 53 crore (Previous year- 74 crore) and 17 crore (Previous year- 17 crore) respectively, beyond the period permitted under Master circular issued by Reserve bank of India. The Company is in the process of regularising these overdue balances. b) Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of xed interest bearing instruments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing instruments will uctuate because of fluctuations in the interest rates.

Exposure to interest rate risk

The interest rate prole of the Groups interest-bearing financial instruments as reported to the management of the Company is as follows: ( incrore)

	Nominal amount	Nominal amount
Particulars	As at March 31, 2026	As at March 31, 2025
Variable-rate instruments
Financial liabilities	1,059	518
	1,059	518
Fixed-rate instruments
Financial liabilities	1,066	1,341
	1,066	1,341

Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased/(decreased) equity and prot or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.

( incrore)

Variable-rate instruments	Impact on Prot/(loss)- Increase/(Decrease) in Prot (before tax)
Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025
100 bp increase	(11)	(5)
100 bp decrease	11	5

45. CAPITAL MANAGEMENT

The Groups capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Group.

The Group determines the amount of capital required on the basis of annual and long-term strategic plans. The Groups policy is aimed at combination of short-term and long-term borrowings.

The Group monitors the capital structure on the basis of adjusted net debt to adjusted equity. For this purpose adjusted net debt is dened as total liabilities comprising interest bearing loans and borrowings excluding lease liabilities under Ind AS 116, less cash and cash equivalents, Bank balance and current investments. Adjusted equity comprises Total equity.

The following table summarises the capital of the Group:
		( incrore)
	As at	As at
	March 31, 2026	March 31, 2025
Total Borrowings	2,125	1,859
Less : Cash and cash equivalent, other bank balances and current investments	662	613
Adjusted net debt	1,463	1,246
Total equity	5,281	4,657
Adjusted equity	5,281	4,657
Adjusted net debt to adjusted equity ratio	0.28	0.27

46. a) The Groups New Chemical Entity (NCE) research program continued to progress in their Clinical Trials during the Financial Year 2025-26. Development Expenses incurred during the year 206 crore (Previous Year : 220 crore) has been capitalised and included under Intangible assets under development as at March 31, 2026. b) Certain manufacturing facilities, having net book value of 312 crore (Previous year - 332 crore) and capital work-in-progress amounting to 395 crore (Previous year - 362 crore ), of the Company are having low utilisation of assets and the Company is evaluating various alternate purposes of these assets. c) (i) The Company or its subsidiary companies incorporated in India has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities with the understanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons or entities identied in any manner whatsoever (Ultimate Beneciaries) by or on behalf of the Company or its subsidiary companies incorporated in India or (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneciaries.

(ii) The Company or its subsidiary companies incorporated in India has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company or its subsidiary companies incorporated in India shall: (a) directly or indirectly lend or invest in other persons or entities identied in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneciaries) or (b) provide any guarantee, security or the like on behalf of the Ultimate Beneciaries.

47. CONTINGENT LIABILITIES (claims not acknowledged as debts) AND COMMITMENTS (to the extent not provided for)

(a) Demands by Central Excise authorities in respect of Classication/ Valuation/ Cenvat Credit related disputes; stay orders have been obtained by the Company in case of demands 45 crore (Previous year - 45 crore). (1) (b) Demand by Income tax authorities 345 crore (Previous year - 321 crore) disputed by the Company.

(c) Demand by Sales Tax (including GST) authorities 117 crore (Previous year - 116 crore) disputed by the Company. (1)

(d) Demand by Service tax authorities in respect of non-payment of Service Tax on Import of certain services disputed by the Company 5 crore (Previous year - 5 crore). (1) (e) Demand by Municipal Corporation, Local body Tax on inputs used for manufacture of exported goods 3 crore (Previous year: 3 crore) (f) Dierential custom duty for misclassication/ penalty disputed by the Company 0.26 crore (Previous year - 0.26 crore) (g) Dierential MEIS for misclassication disputed by the Company 9 crore (Previous year- 9 crore) (h) Others matters: - electricity expense 14 crore (Previous year - 13 crore) - remediation against the pollution of ground water 1 crore (Previous year - 1 crore) (i) Demand from National Pharmaceutical Pricing Authority (NPPA) in respect of overcharging of certain products disputed by the Company 136 crore (Previous year - 114 crore).

(j) Pursuant to a settlement agreement entered with the State of Texas on February 8, 2022 in regards to Civil Investigative Demand (CID) with respect to submission of price information and updates to Texas Medicaid programme in US, Wockhardt USA LLC (WUSA) and Company had agreed to pay USD 36 million and interest over nine instalments between 2022 and 2025 for the aforesaid matter relating to WUSA and Morton Grove Pharmaceuticals.

The entire amount has been paid by WUSA during previous year.

(k) The Group is involved in other disputes, lawsuits, claims, inquiries and proceedings including commercial matters that arise from time to time in the ordinary course of business. The Company believes that there are no such pending matters that are expected to have any material adverse eect on its financial statements in any given accounting period.

(i) Estimated amount of contracts remaining to be executed on capital account and not provided for 94 crore (Previous year - 143 crore) after deducting advance on capital account of 13 crore (Previous year - 3 crore).

(1) Note: Amounts mentioned excludes interest after the date of the order, if any.

48. RECONCILIATION OF THE OPENING AND CLOSING BALANCES OF LIABILITIES ARISING FROM FINANCING ACTIVITIES:

Particulars	As at	As at	Non cash changes		Reclassi-	Other items	Cash ows-
	March 31, 2026 incrore	April 01, 2025 incrore	Exchange uctuation incrore	Other non cash adjustments incrore	cation incrore	considered separately incrore	inow/ (Outow) incrore
Long-term borrowings (Net)	1,687	1,363	48	(5)	\u2013	\u2013	281
Short-term borrowings (Net)	438	496	5	\u2013	\u2013	6	(69)
Lease Liabilities	108	162	\u2013	17	\u2013	\u2013	(71)

Particulars	As at	As at	Non cash changes		Reclassi-	Other items	Cash ows-
	March 31, 2025 incrore	April 01, 2024 incrore	Exchange uctuation incrore	Other non cash adjustments incrore	cation incrore	considered separately incrore	inow/ (Outow) incrore
Long-term borrowings (Net)	1,363	1,246	7	\u2013	68	\u2013	42
Short-term borrowings (Net)	496	866	3	\u2013	(63)	71	(381)
Lease Liabilities	162	244	\u2013	4	\u2013	\u2013	(86)
Equity share capital and premium	2,320	1,338	\u2013	\u2013	\u2013	\u2013	982

49. ADDITIONAL INFORMATION, AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013, OF ENTERPRISES CONSOLIDATED AS SUBSIDIARIES

	Net Assets i.e. total assets minus total liabilities		Share in prot or (loss)		Share in other comprehensive income		Share in total comprehensive income
Name of the Entity	As % of consolidated net assets	incrore	As % of consolidated prot or (loss)	incrore	As % of consolidated other comprehensive income	incrore	As % of total comprehensive income	incrore
Parent
Wockhardt Limited	35.31	3,084	132.98	317	0.11	0	102.77	317
SUBSIDIARIES
Indian
1 Wockhardt Infrastructure Development	3.19	279	4.56	11	\u2013	\u2013	3.52	11
Limited
2 Wockhardt Medicines Limited #	(0.00)	(0)	(0.01)	(0)	\u2013	\u2013	(0.01)	(0)
3 Wockhardt Bioscience Limited [Formerly	(0.00)	(0)	(0.00)	(0)	\u2013	\u2013	(0.00)	(0)
Wockhardt Bionova Limited] #
Foreign
1 Z&Z Services GmbH	(0.03)	(2)	(0.05)	(0)	\u2013	\u2013	(0.04)	(0)
2 Wockhardt Europe Limited	0.14	12	\u2013	\u2013	\u2013	\u2013	\u2013	\u2013
3 Wockhardt Nigeria Limited	(0.00)	(0)	0.00	0	\u2013	\u2013	0.00	0
4 Wockhardt UK Holdings Limited	1.47	128	\u2013	\u2013	\u2013	\u2013	\u2013	\u2013
5 CP Pharmaceuticals Limited	7.51	656	7.54	18	99.89	70	28.54	88
6 CP Pharma (Schweiz) AG	0.01	1	\u2013	\u2013	\u2013	\u2013	\u2013	\u2013
7 Wallis Group Limited	0.41	36	\u2013	\u2013	\u2013	\u2013	\u2013	\u2013
8 The Wallis Laboratory Limited	(0.03)	(3)	(0.00)	(0)	\u2013	\u2013	(0.00)	(0)
9 Wockhardt Farmaceutica do Brasil Ltda	(0.03)	(2)	(0.06)	(0)	\u2013	\u2013	(0.04)	(0)
10 Wallis Licensing Limited	(0.16)	(14)	\u2013	\u2013	\u2013	\u2013	\u2013	\u2013
11 Wockhardt USA LLC (upto 11 July 2025)	\u2013	\u2013	(6.70)	(16)	\u2013	\u2013	(5.17)	(16)
12 Wockhardt Bio AG	28.52	2,491	(60.93)	(145)	\u2013	\u2013	(47.07)	(145)
13 Wockhardt UK Limited	3.34	292	15.21	36	\u2013	\u2013	11.75	36
14 Wockpharma Ireland Limited	11.71	1,023	(7.14)	(17)	\u2013	\u2013	(5.52)	(17)
15 Pinewood Laboratories Limited	5.11	446	10.50	25	\u2013	\u2013	8.11	25
16 Wockhardt Holding Corp	4.47	390	(0.01)	(0)	\u2013	\u2013	(0.00)	(0)
17 Morton Grove Pharmaceuticals Inc (upto	\u2013	\u2013	(0.08)	(0)	\u2013	\u2013	(0.06)	(0)
11 July 2025)
18 MGP Inc	(0.04)	(4)	(0.30)	(1)	\u2013	\u2013	(0.23)	(1)
19 Wockhardt Farmaceutica SA DE CV	(1.77)	(155)	\u2013	\u2013	\u2013	\u2013	\u2013	\u2013
20 Wockhardt Services SA DE CV	(0.01)	(1)	\u2013	\u2013	\u2013	\u2013	\u2013	\u2013

	Net Assets i.e. total assets minus total liabilities		Share in prot or (loss)		Share in other comprehensive income		Share in total comprehensive income
Name of the Entity	As % of consolidated net assets	incrore	As % of consolidated prot or (loss)	incrore	As % of consolidated other comprehensive income	incrore	As % of total comprehensive income	incrore
21 Pinewood Healthcare Limited	0.04	3	1.46	3	\u2013	\u2013	1.13	3
22 Wockhardt Bio (R) LLC	0.87	76	5.85	14	\u2013	\u2013	4.52	14
23 Wockhardt Bio Pty Ltd	0.04	4	0.02	0	\u2013	\u2013	0.02	0
24 Wockhardt Bio Ltd (Struck o)	\u2013	\u2013	\u2013	\u2013	\u2013	\u2013	\u2013	\u2013
25 Wockhardt Antibiotics (Ireland) Limited	(0.00)	(0)	(0.05)	(0)	\u2013	\u2013	(0.04)	(0)
26 Wockhardt Suisse AG	0.02	2	(0.00)	(0)	\u2013	\u2013	(0.00)	(0)
27 Wockhardt Suisse USA Holding Corporation	0.00	0	(0.01)	(0)	\u2013	\u2013	(0.01)	(0)
28 Wockhardt Suisse USA LLC	(0.07)	(7)	(2.78)	(7)	\u2013	\u2013	(2.15)	(7)
Sub Total	100	8,735	100	238	100	70	100	308
Add / (Less): Eect of Inter Company elimination/		(3,454)		(39)		349		310
adjustment
Non-controlling interests in all subsidiaries		(341)		14		(51)		(37)
Total	100	4,940	100	213	100	368	100	581

The above amount/percentage of net assets and net prot or (loss) in respect of Wockhardt Ltd and its subsidiaries are determined based on the amounts of the respective entities included in consolidated financial statements before intercompany eliminations/ consolidated adjustment.

# Wockhardt Bioscience Limited [Formerly Wockhardt Bionova Limited] and Wockhardt Medicines Limited is yet to commence the business.

0 represents less than 0.50 crore

50. There are no other signicant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

51. Previous year gures have been regrouped wherever necessary to conform to current year classication.

As per our attached report of even date	For and behalf of the Board of Directors of Wockhardt Limited
	Habil Khorakiwala
For M S K C & Associates LLP	Chairman
Chartered Accountants	DIN: 00045608
Firm\u2019s Registration No: 001595S/S000168
	Murtaza Khorakiwala
	Managing Director
	DIN: 00102650
Bhavik L. Shah
Partner	Deepak Madnani
Membership No. 122071	Chief Financial Ocer
Place : Mumbai	Rashmi Mamtura
Date : May 04, 2026	Company Secretary

#NACEnd#

#ARStart#

INDEPENDENT AUDITORS REPORT

To the Members of Wockhardt Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of Wockhardt Limited (the Company), which comprise the Balance Sheet as at March 31, 2026, and the Statement of Prot and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including material accounting policy information and other explanatory information (hereinafter referred to as the standalone financial statements).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended (Ind AS) and other accounting principles generally accepted in India, of the state of aairs of the Company as at March 31, 2026, and its prot (including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specied under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fullled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most signicance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Companys Annual Report, but does not include the standalone financial statements and our auditors report thereon. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Board of Directors for the Standalone Financial Statements

The Companys Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specied under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating eectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the standalone financial statements, the Board of Directors of the Company are responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inuence the economic decisions of users taken on the basis of these standalone financial statements. We give in Annexure A a detailed description of Auditors responsibilities for Audit of the Standalone Financial Statements.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (the Order), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in Annexure B a statement on the matters specied in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid standalone financial statements.

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid standalone financial statements have been kept by the Company so far as it appears from our examination of those books, except for the matters stated in the paragraph 2(h)(vi) below on reporting under Rule 11(g).

(c) The Balance Sheet, the Statement of Prot and Loss (including other comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the standalone financial statements.

(d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specied under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on April 1, 2026 taken on record by the Board of Directors, none of the directors are disqualied as on March 31, 2026 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating eectiveness of such controls, refer to our separate Report in Annexure C.

(g) The reservation relating to the maintenance of accounts and other matters connected therewith are stated in paragraph2(b) above on reporting under Section 143(3)(b) and paragraph 2(h)(vi) below on reporting under Rule 11(g). (h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements – Refer Note 45 to the standalone financial statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There are no amounts which are required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2026. iv. a. The Management has represented that, to the best of its knowledge and belief, as disclosed in the note 48 (b) to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entities, including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identied in any manner whatsoever by or on behalf of the Company (Ultimate Beneciaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneciaries. b. The Management has represented that, to the best of its knowledge and belief, as disclosed in the note 48 (b) to the standalone financial statements, no funds have been received by the Company from any person(s) or entities including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identied in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneciaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneciaries. c. Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and (b) above, contain any material mis-statement. v. The Company has neither declared nor paid any dividend during the year. vi. Based on our examination which included test checks, the Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility, except that no audit trail feature was enabled at the database level in respect of accounting software to log any direct data changes.

Further, where enabled, audit trail feature has been operated for all relevant transactions recorded in the accounting software. Also, during the course of our audit, we did not come across any instance of audit trail feature being tampered with in respect of such accounting software. Additionally, the audit trail of prior years has been preserved by the Company as per the statutory requirements for record retention to the extent it was enabled and recorded in respective year.

3. In our opinion, according to information, explanations given to us, the remuneration paid or provided by the Company to its directors is within the limits laid prescribed under Section 197 read with Schedule V of the Act.

For M S K C & Associates LLP

Chartered Accountants

ICAI Firm Registration No. 001595S/S000168

Bhavik L. Shah

Partner

Membership No.: 122071 UDIN: 26122071MPQFTS4260

Place: Mumbai Date: May 04, 2026

123

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF WOCKHARDT LIMITED

Auditors Responsibilities for the Audit of the Standalone Financial Statements

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sucient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to standalone financial statements in place and the operating eectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management and Board of Directors.

• Conclude on the appropriateness of Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signicant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signicant audit ndings, including any signicant deciencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most signicance in the audit of the standalone financial statements for the year ended March 31, 2026 and are therefore, the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benets of such communication.

For M S K C & Associates LLP

Chartered Accountants

ICAI Firm Registration Number – 001595S/S000168

Bhavik L. Shah

Partner

Membership No.: 122071 UDIN: 26122071MPQFTS4260

Place: Mumbai Date: May 04, 2026

ANNEXURE B TO INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF WOCKHARDT LIMITED FOR THE YEAR ENDED MARCH 31, 2026

[Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements in the Independent Auditors Report] i. (a) A The Company has maintained proper records showing full particulars including quantitative details and situation of property, plant and equipment and relevant details of right-of-use assets. i. (a) B The Company has maintained proper records showing full particulars of intangible assets. i. (b) Property, Plant and Equipment was physically veried by the management according to a phased programme designed to cover all items over a period of three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of Property, plant and equipment, have been physically veried by Management during the year. No material discrepancies were noticed on such verication. i. (c) According to the information and explanations given to us, the title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) as disclosed in the standalone financial statements are held in the name of the Company, except for the following which are not held in the name of the Company:

Sr. No.	Description of Property	Gross carrying value ( In Crores)	Held in the name of	Whether promoter, director or their relative or employee	Period held	Reason for not being held in name of Company
1	Freehold Land	0.31	Mr. Habil Khorakiwala	Promoter and Director	21 Years	The Company is in the process of transferring of assets in the name of the Company.

i. (d) According to the information and explanations given to us, the Company has not revalued its property, plant and Equipment including Right of Use assets and intangible assets during the year. Accordingly, the provisions stated under clause 3(i)(d) of the Order are not applicable to the Company. i. (e) According to the information and explanations given to us, no proceeding has been initiated or pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988, as amended and rules made thereunder. Accordingly, the provisions stated under clause 3(i)(e) of the Order are not applicable to the Company. ii. (a) The inventory (excluding stocks with third parties and stocks-in-transit) has been physically veried by the management during the year. In respect of inventory lying with third parties, these have substantially been conrmed by them and in respect of goods in transit, the goods have been received subsequent to the year end. No discrepancies were noticed in respect of such conrmations. In our opinion, the frequency, coverage and procedure of such verication is reasonable and appropriate, having regard to the size of the Company and the nature of its operations. The discrepancies noticed on physical verication of inventory as compared to book records were not 10% or more in aggregate for each class of inventory.

ANNEXURE B TO INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF WOCKHARDT LIMITED FOR THE YEAR ENDED MARCH 31, 2026 CONTINUED ii. (b) During any point of time of the year, the Company has been sanctioned working capital limits in excess of 5 crores in aggregate from Banks and financial institutions on the basis of security of current assets. Refer note 49 to the standalone financial statements.

Based on the records examined by us in the normal course of audit of the standalone financial statements, quarterly returns / statements led with such Banks and financial institutions are in agreement with the books of accounts of the Company except below.

			books of account (INR in Crores)	reported in the quarterly return/ statement (INR in Crores)	dierence (INR in Crores)
Mar-26	-State Bank of India	Book Debts and other receivables	846	820	26
	-ICICI Bank Limited
	-Punjab National Bank
	-IDBI Bank Limited

iii. (a) According to the information explanation provided to us, the Company has not provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, rms, Limited Liability Partnerships or any other parties during the year. Accordingly, the provisions stated under clause 3(iii)(a),(c),(d),(e) and (f) of the Order are not applicable to the Company. iii. (b) According to the information and explanations given to us and based on the audit procedures performed by us, we are of the opinion that the investments made during the year are not prejudicial to the interest of the Company. iv. According to the information and explanations given to us, the Company has complied with the provisions of

Section185 and 186 of the Companies Act, 2013 (the Act), in respect of loans, investments, guarantees and security made, where applicable. v. According to the information and explanations given to us, the Company has neither accepted any deposits from the public nor any amounts which are deemed to be deposits, within the meaning of the provisions of Sections 73 to 76 of the Act and the rules framed there under. Accordingly, the requirement to report under clause 3(v) of the Order is not applicable to the Company. vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specied under Section 148(1) of the Act in respect of its products/ services. We have broadly reviewed the same, and are of the opinion that, prima facie , the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete. vii. (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value added tax during the year since eective 1 July 2017, these statutory dues has been subsumed into GST.

According to the information and explanations given to us and the records examined by us, in our opinion, undisputed statutory dues including Goods and Services tax, provident fund, employees state insurance, income-tax, duty of customs or cess and other statutory dues have generally been regularly deposited with the appropriate authorities during the year, though there has been a slight delay in a few cases.

No undisputed amounts payable in respect of these statutory dues were outstanding as at March 31, 2026, for a period of more than six months from the date they became payable. vii. (b) According to the information and explanation given to us and the records examined by us, dues relating to Income Tax, Sales Tax, Service Tax, Duty of Excise, Goods and Services Tax, Customs Duty and Value Added Tax which have not been deposited as on March 31, 2026, on account of dispute, are given in Annexure 1 to this report. viii. According to the information and explanations given to us, there are no transaction which are not recorded in the books of account which have been surrendered or disclosed as income during the year in Income-tax Assessment under the Income Tax Act, 1961. Accordingly, the requirement to report as stated under clause 3(viii) of the Order is not applicable to the Company.

ANNEXURE B TO INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF WOCKHARDT LIMITED FOR THE YEAR ENDED MARCH 31, 2026 CONTINUED ix. (a) In our opinion and according to the information and explanations given to us and the records of the Company examined by us, the Company has not defaulted in repayment of loans or borrowings or in payment of interest thereon to any lender. ix. (b) According to the information and explanations given to us and on the basis of our audit procedures, we report that the Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority. ix. (c) In our opinion and according to the information and explanations provided to us, money raised by way of term loans during the year, including the term loans for which the funds were disbursed at the end of the year have been applied for the purpose for which they were raised except for an amount of 232 Crore which is unutilised as on balance sheet date and parked in mutual funds. ix. (d) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the standalone financial statements of the Company, we report that no funds raised on short-term basis have been utilised for long-term purposes by the Company. ix. (e) According to the information explanation given to us and on an overall examination of the standalone financial statements of the Company, we report that the Company has not taken any funds from an any entity or person on account of or to meet the obligations of its subsidiaries. ix. (f) According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries. Accordingly, the requirement to report under Clause 3(ix)(f) of the Order is not applicable to the Company. x. (a) In our opinion and according to the information explanation given to us, the Company did not raise any money by way of initial public oer or further public oer (including debt instruments) during the year. Accordingly, the reporting requirement under clause 3(x)(a) of the Order is not applicable to the Company. x. (b) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partly, or optionally convertible) during the year. In our opinion, in respect of the private placement of equity shares made during the previous year, the Company has duly complied with the requirements of Section 42 and Section 62 of the Act. The net proceeds from issue of equity shares have been used for the purpose for which the funds were raised except for an amount of Rs. 162.33 Crore which is unutilised as on balance sheet date and parked in mutual funds and current / cash credit account of the Company (Refer Note 16 to the standalone financial statements). xi. (a) Based on our examination of the books and records of the Company and according to the information and explanations given to us, we report that no fraud by the Company or no fraud on the Company has been noticed or reported during the year in the course of our audit. xi. (b) During the year no report under Section 143(12) of the Act, has been led by cost auditor, secretarial auditor or by us in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government. xi. (c) As represented to us by the Management, there are no whistle-blower complaints received by the Company during the year. xii. The Company is not a Nidhi Company. Accordingly, the provisions stated under clause 3(xii)(a) to (c) of the Order are not applicable to the Company. xiii. According to the information and explanations given to us and based on our examination of the records of the

Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act, where applicable and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards. xiv. (a) In our opinion and based on our examination, the Company has an internal audit system commensurate with the size and nature of its business. xiv. (b) We have considered the internal audit reports of the Company issued till the date of our audit report, for the period under audit. xv. According to the information and explanations given to us, and based on our examination of the records of the

Company, in our opinion during the year the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and accordingly, the requirement to report on clause 3(xv) of the Order is not applicable to the Company.

ANNEXURE B TO INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF WOCKHARDT LIMITED FOR THE YEAR ENDED MARCH 31, 2026 CONTINUED xvi. (a) The Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934 (2 of 1934) and accordingly, the requirements to report under clause 3(xvi)(a) of the Order is not applicable to the Company. xvi. (b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities during the year and accordingly, the provisions stated under clause 3 (xvi)(b) of the Order are not applicable to the Company. xvi. (c) The Company is not a Core investment Company (CIC) as dened in the regulations made by Reserve Bank of India. Accordingly, the requirement to report under clause 3 (xvi)(c) of the Order is not applicable to the Company. xvi. (d) The Group (as dened in the Core Investment Companies (Reserve Bank) Directions, 2016) does not have any Core Investment Company (as part of its Group). Accordingly, the requirement to report under clause 3(xvi)(d) of the Order is not applicable to the Company. xvii. Based on the overall review of standalone financial statements, the Company has not incurred cash losses during the current financial year and in the immediately preceding financial year. Accordingly, the requirement to report under clause 3(xvii) of the Order is not applicable to the Company. xviii. There has been no resignation of the statutory auditors during the year. Accordingly, reporting under clause 3(xviii) of the Order is not applicable to the Company. xix. According to the information and explanations given to us and on the basis of the financial ratios (as disclosed in

Note 50 to the standalone financial statements), ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due. xx. In our opinion and according to the information and explanations given to us, there is no unspent amount under sub - section (5) of Section 135 of the Act pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable. xxi. The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements.

Accordingly, no comment in respect of the said Clause has been included in the report.

For M S K C & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 001595S/S000168

Bhavik L. Shah

Partner

Membership No.: 122071 UDIN: 26122071MPQFTS4260

Place: Mumbai Date: May 04, 2026

Name of the statute	Nature of dues	Amount* ( in crore)	Period to which the amount relates	Forum where dispute is pending
Income tax	Demand under	4.04	FY 2003-04	High Court
Act, 1961	Section143(3)
	Demand under	26.02	FY 2006-07	High Court
	Section143(3)
	Demand under	81.14	FY 2011-12	Income Tax Appellate Tribunal
	Section143(3)
	Demand under	0.90	FY 2013-14	Commissioner of Income Tax
	Section143(3)			(Appeals)
	TDS (TRACES)	0.55	FY 2023-24 to FY 2025-26	TDS ocers
	TDS Assessment order u/s	0.05	FY 2015-16	Commissioner of Income Tax
	201/201(A)			(Appeals) \u2013 TDS
Central Excise	Goods destroyed in re	4.44	April 2005 to March 2009	CESTAT, Ahmedabad
Act, 1944	accident.
	Demand, Interest and Penalty	21.22	May 2004 to March 2007	CESTAT, Mumbai
	towards exemption availed in
	EOU Unit.
	Demand, Interest and Penalty	18.96	November 2006 to	CESTAT, Mumbai
	for exempted goods cleared.		April 2013
	Education cess on Export	0.02	April 2005 to March 2006	Joint Commissioner
	Consignments
UP VAT/CST	Demand under Section28 &	0.25	April 2009 to March 2010	Addl. Commissioner Grade 2
	Section9(2)			(Appeals), U.P
	Sales Tax Due to under	0.08	2003-04 to 2005-06	Joint Commissioner (Appeals),
	Invoicing and late deposit			U.P
	of tax
	Demand under Section28 &	0.29	April 2008 to March 2009	Addl. Commissioner Grade 2
	Section9(2)			(Appeals) rst, Ghaziabad
WB VAT/CST	Demand under various	1.43	2007-08 to 2014-15	Commissioner (Appeals),
	Sections			WestBengal
Kerala VAT Act	Demand under Section21	0.16	April 2011 to March 2014	Commissioner (Appeals), Kerala
Gujarat VAT Act	Additional tax on Fuel	0.60	April 2010 to March 2013	Joint Commissioner (Appeals),
	consumption			Gujarat
Central Sales	Demand under CST and Goa	1.25	2006-2007	Addl. Commissioner of
Tax/ VAT Act	VAT Act			Commercial Tax, Goa
	Demand under MVAT Act	3.04	April 2009 to March 2010	Maharashtra Sales Tax Tribunal
	Demand and Penalty under	0.71	April 2009 to March 2010	Maharashtra Sales Tax Tribunal
	MVAT Act
	Demand and Penalty under	19.39	April 2010 to March 2011	Maharashtra Sales Tax Tribunal
	MVAT Act
	Demand and Penalty under	2.59	April 2010 to March 2011	Maharashtra Sales Tax Tribunal
	CST Act
	Demand under CST Act	6.28	April 2011 to March 2012	Maharashtra Sales Tax Tribunal
	Demand under MVAT Act	7.85	April 2011 to March 2012	Maharashtra Sales Tax Tribunal
	Demand and Penalty under	8.72	April 2012 to March 2013	Maharashtra Sales Tax Tribunal
	MVAT Act
	Demand under MVAT Act	4.16	April 2013 to March 2014	Maharashtra Sales Tax Tribunal
	Demand under CST Act	0.27	April 2013 to March 2014	Maharashtra Sales Tax Tribunal
	Demand under MVAT Act	14.03	April 2014 to March 2015	Joint Commissioner (Appeals)
	Demand under MVAT Act	4.09	April 2015 to March 2016	Deputy Commissioner
	Demand under CST Act	0.13	April 2015 to March 2016	Deputy Commissioner
	Demand under MVAT Act	3.91	April 2016 to March 2017	Joint Commissioner (Appeals)
	Demand under MVAT Act	0.79	April 2017 to March 2018	Joint Commissioner (Appeals)

ANNEXURE 1 TO ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT ON THE STANDALONE FINANCIAL STATEMENTS OF WOCKHARDT LIMITED FOR THE YEAR ENDED MARCH 31, 2026

Amount of dues of Income- Tax, Sales Tax, Service Tax, Duty of Excise, Goods and Service Tax, Customs Duty, Value Added tax which have not been deposited as at March 31, 2026 on account of dispute.

Name of the statute	Nature of dues	Amount* ( in crore)	Period to which the amount relates	Forum where dispute is pending
Goods and	Interest on late ling of	0.59	July 2017 to December	Commissioner of Appeals
Services Tax Act,	GST returns of Himachal		2017
2017	Pradesh for the period Jul17
	to Dec17 due to technical
	glitches on GST portal
	Recovery of excess refund	1.66	April 2018 to March 2019	Commissioner of Appeals
	issued on account of
	exports value was wrongly
	considered i.e. lower of
	statement-2 and FOB value.
Goods and	Authorities are challenging	2.06	April 2019 to March 2020	Additional Commissioner
Services Tax	the ITC credit towards ISD			(Appeals)
Act, 2017	credit distributed in 2019-20
(CONTINUED)	and refund is rejected to full
	extent
	Rejection of refund	0.84	August 2017 to March	Additional Commissioner
	application led u/s 54 of		2018	(Appeals)
	the Act
	Demand under GST Act	0.02	April 2017 to March 2018	Commissioner of Appeals
	Demand under GST Act	0.13	April 2018 to March 2019	Joint Commissioner of State Tax
	Demand under GST Act	9.94	July 2017 to October 2021	Commissioner of GST (Appeals)
	Demand under GST Act	0.80	April 2017 to March 2018	Commissioner of Commercial
				Tax (Appeals)
	Demand under GST Act	4.61	April 2017 to March 2018	Commissioner of Appeals
	Demand under GST Act	6.89	April 2018 to March 2021	High Court
	Demand under GST Act	1.94	April 2018 to March 2019	Commissioner of Appeals
	Demand under GST Act	0.32	April 2019 to March 2020	The Appellate Authority, State
				Tax (Appeals)
	Demand under GST Act	0.02	April 2019 to March 2020	Commissioner of Central Tax
	Demand under GST Act	0.12	April 2020 to March 2021	Commissioner of Appeals
	Demand under GST Act	0.56	April 2017 to March 2018	Appellate Authority
	Demand under GST Act	0.90	April 2019 to March 2020	Appellate Authority
	Demand under GST Act	0.24	April 2021 to March 2022	Appellate Authority
The Finance Act,	Interest and penalty on non-	0.81	April 2005 to March 2010	CESTAT, Mumbai
1994	payment of Service Tax on
(Service Tax)	Import of certain services
	Interest on non-payment	0.07	April 2011 to March 2012	CESTAT, Mumbai
	of Service Tax on Import of
	certain services
	Demand under Finance Act,	0.46	April 2016 to June 2017	Commissioner of (Appeals), GST
	1994
	CENVAT Credit	0.65	April 2010 to March 2011	CESTAT, Mumbai
	Penalty under provision of	3.01	April 2005 to March 2011	CESTAT, Mumbai
	Rule 15 of the CENVAT Credit
	Rules, 2004

Name of the statute	Nature of dues	Amount* ( in crore)	Period to which the amount relates	Forum where dispute is pending
Custom Act,	Customs Duty, Penalty and	0.25	January 2013 to March	CESTAT, Mumbai
1962	Interest		2015

Note 1: In respect of income tax, cases where net demand is outstanding as per department after adjusting refunds, have been considered for the above disclosure.

* Out of the above, amount paid/adjusted under protest by the Company for Excise, VAT, Service tax, Custom Duty, GST and Income Tax is 0.47 Crore, 44.08 Crores, 0.26 Crore, 0.22 Crore, 27.20 Crore and 85.14 Crores respectively.

Note 2: The aforesaid amounts under Income Tax Act, 1961 does not include demand against which favorable order has been received by the assessee but has been further appealed by tax authorities at higher level.

Financial Year	Amount	Forum where dispute is further appealed
	(in Crores)
2000-01	5.00	High Court
2004-05	7.06	High Court
2009-10	52.26	High Court
2010-11	36.66	High Court
2011-12	42.47	High Court
2012-13	43.51	High Court
2013-14	36.30	High Court

ANNEXURE C TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF WOCKHARDT LIMITED

Referred to in paragraph 2(f) under Report on Other Legal and Regulatory Requirements in the Independent Auditors Report of even date to the Members of Wockhardt Limited on the Standalone Financial Statements for the year ended March 31, 2026

Report on the Internal Financial Controls with reference to standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act) Opinion

We have audited the internal financial controls with reference to standalone financial statements of Wockhardt Limited (theCompany) as of March 31, 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

In our opinion, and to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls with reference to standalone financial statements and such internal financial controls with reference to standalone financial statements were operating eectively as at March 31, 2026, based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India (ICAI).

Managements and Board of Directors Responsibilities for Internal Financial Controls

The Companys Management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating eectively for ensuring the orderly and ecient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note issued by the ICAI and the Standards on Auditing prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial statements was established and maintained and if such controls operated eectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements and their operating eectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating eectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, is sucient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to standalone financial statements.

Meaning of Internal Financial Controls with Reference to Financial Statements

A companys internal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material eect on the financial statements.

ANNEXURE C TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF WOCKHARDT LIMITED CONTINUED

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For M S K C & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 001595S/S000168

Bhavik L. Shah

Partner

Membership No.: 122071 UDIN: 26122071MPQFTS4260

Place: Mumbai Date: May 04, 2026