Dear Members,
The Board is pleased to present its report on comprehensive review of
performance of the Company along with the audited standalone and consolidated financial
statements for the financial year ended 31st March, 2026.
Financial Summary and State of Affairs
(H in crore)
Particulars |
Year ended 31st March, 2026 |
Year ended 31st March, 2025 |
|
Standalone |
Standalone |
Consolidated |
Consolidated |
| Gross total revenue |
18,979.95 |
19,044.85 |
27,547.62 |
28,162.59 |
| Profit before tax and exceptional item |
4,880.31 |
6,174.16 |
6,820.81 |
5,499.54 |
| Profit after tax attributable to shareholders |
3,515.18 |
5,157.65 |
5,272.52 |
3,879.23 |
| Other comprehensive income not to be
reclassified to statement of Profit & Loss (P&L) |
(9.43) |
(12.58) |
(56.17) |
(186.86) |
| Other comprehensive income to be reclassified
to statement of P&L |
(136.87) |
2.60 |
274.83 |
874.60 |
| Surplus brought forward |
27,045.69 |
22,950.83 |
21,438.78 |
25,644.28 |
| Profit available for appropriation |
30,547.35 |
28,095.52 |
26,694.11 |
29,508.40 |
| Appropriations: |
|
|
|
|
| Dividend |
(1,292.40) |
(1,049.83) |
(1,049.83) |
(1,292.40) |
| Surplus carried forward |
29,254.95 |
27,045.69 |
25,644.28 |
28,216.00 |
The financial results and the results of operations, including major
developments and statement of affairs of the Company which are prepared on the basis of
the standalone and consolidated financial statements have been discussed in detail in the
Management Discussion and Analysis and the Financial Capital.
Share Capital
During the year, the Company issued and allotted 1,65,511 equity shares
of Rs. 2/- each to its employees under the Employee Stock Option Scheme 2013-A and Cipla
Employee Stock Appreciation Rights Scheme 2021. As a result, the issued, subscribed and
paid-up share Capital of the Company increased from Rs. 1,61,52,34,240/- (divided into
80,76,17,120 equity shares of Rs. 2/- each) as on 31st March, 2025 to Rs. 1,61,55,65,262
/- (divided into 80,77,82,631 equity shares of Rs. 2 each) as on 31st March, 2026. The
equity shares issued under the Employee Stock Option Scheme 2013-A and Cipla Employee
Stock Appreciation Rights Scheme 2021 rank pari- passu with the existing equity shares of
the Company.
Apart from the above, there were no other changes in the equity share
capital during the year.
Dividend
The Board recommends a final dividend of Rs. 13/-
per equity share for the members for FY 2025-26. The divided as recommend by the Board is
in line with the Dividend Distribution Policy of the Company as applicable. The payment of
dividend is subject to the approval of members at the ensuing Annual General Meeting
("AGM") and deduction of income tax at source. Upon approval at the AGM, the
dividend will be paid to those members whose names will appear in the Register of Members
/ Beneficial Owners as on 5th June, 2026 i.e. Record Date.
The total dividend pay-out will be approximately Rs. 1,050.12 crores,
resulting in a payout of 29.87% of the Standalone profits after tax of the Company.
The Dividend Distribution Policy of the Company is available on the
website of the Company in the investor section and can be accessed at
https://www.cipla.com/sites/default/files/2023-05/ Dividend-Distribution-Policy.pdf.
Management Discussion and Analysis Section
Pursuant to Regulation 34 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing
Regulations"), the Management Discussion and Analysis Section has been presented in a
separate section on page no. 132.
Corporate Social Responsibility ("CSR")
A detailed report on the CSR initiatives of the Company has been
provided in the Social Capital section of the Integrated Annual Report on page no. 102.
Pursuant to the provisions of Section 135 of the Companies Act, 2013
("the Act") and the Rules made thereunder, the Annual Report on the CSR
initiatives of the Company, including, requisite details is annexed as Annexure I to this
report on page no. 151. The details pertaining to the terms of reference of the Committee
have been provided in the Corporate Governance report on page no. 214.
Integrated Annual Report
In compliance with Securities and Exchange Board of India
("SEBI") circular dated 6th February, 2017, the Company has voluntarily
published the Integrated Annual Report, which includes both financial and non-financial
information and is based on the International Integrated Reporting <IR> Framework.
M/s DNV Business Assurance India Private Limited was appointed as an
independent assurance partner to issue the assurance report on the non-financial
information in the Integrated Annual Report for FY 2025-26.
Business Responsibility & Sustainability
Report (BRSR)
In compliance with Regulation 34(2)(f) of SEBI Listing Regulations,
read with SEBI Master Circular HO/49/14/14(7)2025-CFD- POD2/I/3762/2026 dated 30th
January, 2026, the Business Responsibility & Sustainability Report ("BRSR"),
for FY 2025-26 has been presented in a separate section on page no. 167
Corporate Governance
In compliance with Regulation 34 read with Schedule V of the SEBI
Listing Regulations, the Corporate Governance Report for FY 2025- 26, has been presented
in a separate section on page no. 197.
A certificate from M/s BNP & Associates, Company Secretaries,
confirming compliance with corporate governance requirements under the SEBI Listing
Regulations, is annexed as Annexure II to this report.
Directors' Responsibility Statement
Pursuant to Section 134(3)(c) of the Act, it is confirmed that the
directors have:
i. in the preparation of the annual accounts for the year ended 31st
March, 2026, followed the applicable accounting standards and there are no material
departures from the same;
ii. selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company as of 31st March, 2026 and of the profit of
the Company for the year ended on that date;
iii. taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act, for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
iv. prepared the annual accounts on a going concern basis;
v. laid down internal financial controls to be followed by the Company
and that such internal financial controls are adequate and were operating effectively; and
vi. devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
Details of Energy Conservation, Technology Absorption and Foreign
Exchange Earnings and Outgo as required under Section 134(3)(m) of the Act, read with Rule
8(3) of the Companies (Accounts) Rules, 2014 is annexed as Annexure III to this report.
Share-based incentive schemes
The Company has the following share-based incentive schemes in force:
• Employee Stock Option Scheme 2013-A ("ESOS 2013 - A")
• Cipla Employee Stock Appreciation Rights Scheme 2021 ("ESAR
Scheme 2021")
The Nomination and Remuneration Committee ("NRC") administers
the ESOS 2013 - A and the ESAR Scheme 2021 (collectively referred to as
"Schemes"). The Schemes are compliant with Section 62 of the Act and the
Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021 ("SEBI SBEB Regulations"). The details of the Schemes have
been provided in note no. 43 of the standalone financial statements. The disclosure as
required under the SEBI SBEB Regulations is available on the Company's website at
https://www.cipla.com/investors/ annual-reports.
In compliance with the requirements of the SEBI SBEB Regulations, a
Certificate from the Secretarial Auditors is obtained, confirming that the Schemes have
been implemented in accordance with the SEBI SBEB Regulations and Shareholders resolution
and is uploaded on the website of the Company at https://www.cipla.com/investors/
annual-reports. The Certificate will also be available for electronic inspection by the
members during the AGM of the Company.
Human Resources
The information required under Section 197(12) of the Act read with
Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is provided in Annexure IV to this report.
Further, the information required under Section 197(12) of the Act read
with Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is provided in a separate exhibit forming part of this report and
is available on the website of the Company at https://www.cipla.com/investors/
annual-reports.
Particulars of Loans, Guarantees and Investments
Particulars of loans, guarantees and investments under Section 186 of
the Act have been provided in note no. 45 of the standalone financial statements.
Annual Return
In compliance with the provisions of Section 92(3) read with Section
134(3)(a) of the Act, the Annual Return of the Company i.e. Form MGT-7 for FY 2025-26 has
been uploaded on the website of the Company at
https://www.cipla.com/investors/annual-reports.
Vigil Mechanism
The Company has a Whistle Blower Policy, which lays down the process to
convey genuine concerns and seek resolution towards the same without fear of retaliation.
The weblink of the Whistle Blower Policy, details on the functioning of the Policy and
status of complaints has been provided in the Corporate Governance Report, on page no. 216
and 217.
Prevention of Sexual Harassment of Women at
Workplace
The Company is committed to fostering a safe, respectful and inclusive
work environment for all employees and stakeholders. In line with this commitment, the
Company has implemented a comprehensive Policy on Prevention of Sexual Harassment
("POSH") at the Workplace, which outlines the principles, procedures and
mechanisms for prevention, prohibition and redressal of sexual harassment. This policy is
accessible on the Company's website at https://www.cipla.
com/sites/default/files/2026-03/Policy-on-prevention-of-Sexual-
Harassment-at-the-Workplace.pdf.
The policy is applicable to all employees as well as individuals
associated with the Company, including consultants, trainees, volunteers, third-party
personnel and visitors across all business units, functions, subsidiaries, affiliates and
group companies. The Company regularly conducts awareness programmes, workshops and
sensitisation sessions across the organisation to promote a culture of dignity, mutual
respect and zero tolerance towards any form of sexual harassment.
In compliance with the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has constituted
an Internal Complaints Committee ("ICC") at its workplaces in accordance with
the statutory requirements regarding composition and governance. The ICC is responsible
for addressing complaints related to sexual harassment in a fair and timely manner. The
status of such complaints is periodically reviewed by the Audit Committee to ensure
appropriate oversight and effective redressal mechanisms.
Details of complaints received/disposed during FY 2025-26 have been
provided in the Corporate Governance report on page no. 221.
Scheme of Amalgamation of Inzpera Healthsciences Limited with the
Company
During the year, the Board approved a Scheme of Amalgamation of Inzpera
Healthsciences Limited, a wholly owned subsidiary of the Company ("Inzpera"),
with the Company. The appointed date of the amalgamation is 1st April, 2026. The Scheme is
subject to the approvals required under the Companies Act, 2013, including approval of the
Hon'ble National Company Law Tribunal, Mumbai Bench. The proposed amalgamation is not
expected to have any material impact on the financials of the Company. The amalgamation
would result in a simplified group structure, eliminate redundant administrative
overheads, improve operational efficiencies, and generate business synergies.
Related Party Transactions
All contracts, arrangements and transactions entered by the Company
with related parties during FY2025-26 were in the ordinary course of business and on an
arm's length basis. The Company did not enter any transaction, contract or arrangement
with related parties, that could be considered material in accordance with the Act, the
SEBI Listing Regulations and the Company's Policy on Related Party Transactions ("RPT
Policy"). Accordingly, the disclosure of related party transactions in Form AOC-2 is
not applicable. The details of the related party transactions as per IND AS 24 have been
provided in note no. 42 of the standalone financial statements on page no. 297 and in note
no. 47 of the consolidated financial statements on page no. 411.
During the year, the RPT policy of the Company was amended to align
with the amendments in SEBI Listing Regulations. A detailed note on procedure adopted by
the Company in dealing with transactions with related parties and weblink of the RPT
policy has been provided in the Corporate Governance report on page no. 218.
Internal Financial Controls and their adequacy
The Company has established an adequate and effective system of
Internal Financial Controls ("IFC") to ensure orderly and efficient conduct of
business operations. These controls ensure adequacy with reference to the Financial
Statements, compliance with policies, safeguarding of assets, prevention and detection of
frauds & errors and maintenance of accurate accounting records. The IFC framework is
aligned with applicable statutory requirements and based on a globally recognised risk-
based framework.
Further, the Statutory Auditors and the Internal Auditors have
confirmed that there were no material weaknesses in the Company's internal financial
controls during the year. The adequacy and effectiveness of the internal controls
framework have also been discussed in detail in the Management Discussion and Analysis
section of this Annual Report.
Risk Management
The Investment and Risk Management Committee ("IRMC") of the
Board oversees the Company's Enterprise Risk Management ("ERM") framework and
process. Updates on the ERM framework, including key risk exposures and mitigation
measures, are presented to and deliberated upon by the IRMC during its meetings and are
periodically placed before the Board for review, at least once in a year.
The Audit Committee provides additional oversight with respect to
financial risks, internal controls, and related governance mechanisms. The major risks
identified across various business units and functional areas are systematically monitored
and addressed through appropriate mitigation plans, which are implemented and reviewed on
an ongoing basis.
In accordance with the provisions of Section 134 of the Act, a separate
section on Enterprise Risk Management has been included in this Annual Report on page no.
48. There is no element of risk which in opinion of the Board threatens the existence of
the Company.
Board Evaluation
A detailed disclosure on the performance evaluation criteria and the
process of Board evaluation as well as the outcome has been provided in the Corporate
Governance Report on page no. 201.
Subsidiaries, Associates and Joint Ventures
The changes during the year were as follows:
1. Jay Precision Pharmaceuticals Private Limited, subsidiary of the
Company acquired 26% stake in AMPIN Energy C&I Eighteen Private Limited on 28th May,
2025, making it an associate of the Company.
2. Incorporation of CiplaRna GmbH in Germany as wholly owned subsidiary
of Cipla (EU) Limited, UK, wholly owned subsidiary of the Company w.e.f. 28th May, 2025.
3. Acquired 20% voting rights in iCaltech Innovations Private Limited
on 26th August, 2025.
4. Acquired 100% stake in Inzpera Healthsciences Limited
("Inzpera") making it a wholly owned subsidiary of the Company w.e.f 4th
December, 2025.
5. Incorporation of Cipla Middle East Company in Saudi Arabia as wholly
owned subsidiary of Cipla (EU) Limited, UK, wholly owned subsidiary of the Company w.e.f.
1st March, 2026.
6. The Company and Kemwell Biopharma Private Limited incorporated a new
joint venture company named Aspergen Limited in India, with effect from 5th May, 2026 with
a shareholding structure of 60% by the Company and 40% by Kemwell Biopharma Private
Limited.
Details of these subsidiaries and associates are set out on page no.
331. Pursuant to Section 129(3) of the Act read with Rule 5 of the Companies (Accounts)
Rules, 2014, a statement containing the salient features of the financial statements of
the subsidiary and associate companies in Form AOC-1 has been presented on page no. 421.
The statement provides details of the performance, the financial position of each of the
subsidiaries and associates and their contribution to the overall performance of the
company during the period under report. The consolidated financial statements presented in
this annual report include financial results of the subsidiary and associate companies.
Copies of the financial statements of the subsidiary companies are
available on the website of the Company in the investor section and can be accessed at
https://www.cipla.com/investors/ annual-reports.
Nomination, Remuneration and Board Diversity Policy
The Company has in place a Nomination and Remuneration and Board
Diversity ("NRC Policy") which provides the process for selection, appointment
and remuneration of directors, key managerial personnel and senior management employees
including other matters as provided under Section 178(3) of the Act.
The salient features of the NRC Policy are as follows:
• Criteria and terms & conditions with regard to identifying
persons who are qualified to become Directors (Executive and Non-executive including
Independent Directors), Key Managerial Personnel and persons who may be appointed in
senior management positions.
• Framework for remuneration of the Directors, Key Managerial
Personnel & Senior Management Personnel and align with the Company's business
strategies, values, key priorities and goals.
• Rewards linked directly to the effort, performance, dedication
and achievement of Company's targets by the employees.
• Approach for board diversity.
During the year, the Policy of the Company was amended to update the
age criteria for the appointment of Independent Director. The Policy is available on the
Company's website at https://www.cipla.
com/sites/default/files/2026-02/Nomination-Remuneration-and- Board-Diversity-Policy 1.pdf.
Directors and Key Managerial Personnel
During the year, the Company's Board underwent the following changes:
• Mr Umang Vohra (DIN: 02296740) was appointed as Director of the
Company liable to retire by rotation at the 89th AGM.
• Mr Umang Vohra (DIN: 02296740) had expressed his intention to
not seek re-appointment as Managing Director and Global Chief Executive Officer
("MD&GCEO") of the Company upon completion of his second term as the
MD&GCEO on 31st March, 2026. He also resigned as a Director of the Company w.e.f. 1st
April, 2026.
• Mr Achin Gupta (DIN: 09491674), Global Chief Operating Officer
was appointed as a Director and the MD&GCEO of the Company for a term of 5 (five)
years with effect from 1st April, 2026 till 31st March, 2031, liable to retire by
rotation.
• Mr P R Ramesh (DIN: 01915274) was re-appointed as an Independent
Director of the Company for a second term of five (5) consecutive years, commencing from
1st July, 2026 up to 30th June, 2031 (both days inclusive) and also to continue as an
Independent Director of the Company upon his attaining the age of 75 years.
• Mr Robert Stewart (DIN: 03515778) had expressed his intention to
not seek re-appointment as an Independent Director upon completion of his first term on
13th May, 2026 and accordingly ceased to be an Independent Director of the Company.
The Board placed on record its sincere appreciation to the outgoing
directors viz, Mr Umang Vohra and Mr Robert Stewart for their guidance and invaluable
contributions made over the years.
In accordance with the provisions of the Act and the Articles of
Association of the Company, Mr Adil Zainulbhai, is liable to retire by rotation at the
ensuing 90th AGM and being eligible, has offered himself for re-appointment. On the
recommendation of the Nomination and Remuneration Committee and based on the performance
evaluation, the Board of Directors recommends his re- appointment as a Director, liable to
retire by rotation. The detailed proposal for re-appointment forms part of Notice of 90th
AGM.
Further details including date of appointment/retirement/ resignation
of directorship & committee membership etc. have been mentioned in the Corporate
Governance Report on page no. 228.
In the opinion of the Board, all directors including the directors
appointed / re-appointed during the year possess requisite qualifications, experience and
expertise and hold high standards of integrity.
The list of key skills, expertise and core competencies of the Board
has been provided in the Corporate Governance Report on page no. 199.
As on the date of this report, the Company has the following Key
Managerial Persons as per Section 2(51) and Section 203 of the Act:
Sr. No |
Name of the Key Managerial Persons |
Designation |
| 1 |
Mr Achin Gupta |
Managing Director & Global Chief
Executive Officer |
| 2 |
Mr Ashish Adukia |
Global Chief Financial Officer |
| 3 |
Mr Rajendra Chopra |
Company Secretary & Compliance officer |
During the year, no other directors received any remuneration or
sitting fees from any subsidiary of the Company, except Mr Umang Vohra and Mr Robert
Stewart.
Declaration by Independent Directors
All Independent Directors have submitted requisite declarations
confirming that they (i) continue to meet the criteria of independence as prescribed under
Section 149(6) of the Act and Regulation 16(1)(b) and 25 of the SEBI Listing Regulations,
and are independent of the management; and (ii) continue to comply with the Code of
Conduct laid down under Schedule IV of the Act. The Directors have further confirmed that
they are not debarred from holding the office of director under any SEBI order or under
the order of any such authority.
The Board has taken on record the declarations and confirmations
submitted by the Independent Directors after undertaking due assessment of the veracity of
the same. The Independent Directors of the Company have registered themselves with the
data bank maintained by Indian Institute of Corporate Affairs.
The details including the meetings of the independent directors, Lead
independent director, familiarisation programme etc. have been provided in the Corporate
Governance Report on page no. 203.
Board Committees and number of meetings of the Board and Board
Committees
As on the date of this report, the Board has the following committees:
i) Audit Committee
ii) Nomination and Remuneration Committee
iii) Corporate Social Responsibility Committee
iv) Stakeholders Relationship Committee
v) Investment and Risk Management Committee
vi) Operations and Administrative Committee
All the recommendations made by the Board Committees, including the
Audit Committee, were accepted by the Board.
Committee composition and meetings of the Board & the Board
Committees have been provided in the Corporate Governance report on page no. 206 and 229
respectively.
Statutory Auditors and their reports
M/s Walker Chandiok & Co LLP, Chartered Accountants, (Firm
Registration No 001076N/ N500013) would be completing their second term as Statutory
Auditors upon conclusion of the 90th AGM and will cease to be the Statutory Auditors of
the Company. The Board placed on record its sincere appreciation for their valued
association with the Company over the years.
Accordingly, the Board of Directors, based on the recommendation of the
Audit Committee, have recommended to the shareholders for the appointment of M/s B S R
& Co. LLP ("M/s B S R & Co.") (Firm Registration No. 101248W/W-100022)
as the Statutory Auditors of the Company for a term of five (5) consecutive years,
commencing from the conclusion of the 90th AGM until the conclusion of the 95th AGM, along
with their remuneration for FY 2026-27. The detailed proposal for their appointment and
remuneration along with their brief profile forms part of the Notice of 90th AGM.
M/s B S R & Co. have confirmed that they satisfy the criteria
provided under Section 141 of the Companies Act, 2013 and the appointment, if made, shall
be in accordance with the applicable provisions of the Companies Act, 2013 and rules
framed thereunder.
The Statutory Auditors' Report for the standalone and consolidated
financial statements does not contain any qualification, reservation, adverse remarks or
observation and has been presented separately on page no. 233 and 323 respectively.
Secretarial Auditor and their reports
M/s BNP & Associates, Company Secretaries (Firm Registration No
P2014MH037400) & Peer reviewed firm (No. 7353/2025) were appointed as the Secretarial
Auditors of the Company from the 89th AGM until the conclusion of the 94th AGM.
M/s BNP & Associates, Company Secretaries, has issued the
Secretarial Audit Report for FY 2025-26 which is annexed as Annexure V to this report.
In compliance with Regulation 24A of the SEBI Listing Regulations, the
Annual Secretarial Compliance Report issued by the Secretarial Auditor was submitted to
the Stock Exchanges within the statutory timelines.
The Secretarial Audit Report and the Annual Secretarial Compliance
Report did not contain any qualification, reservation, adverse remarks or observation.
Cost Auditor and Cost Audit Report
The Cost Audit Report for FY 2024-25 was filed with the Central
Government within the statutory timelines. The report confirmed that the Company had
maintained proper cost records in accordance with the provisions of Section 148(1) of the
Act and did not contain any qualification, reservation, adverse remark, or observation.
Based on the recommendation of the Audit Committee, the Board at its
meeting held on 13th May, 2026 have approved the appointment of M/s Joshi Apte &
Associates - Cost Accountants (Firm Registration No. 000240), as the Cost Auditor to
conduct the cost audit for FY 2026-27 at a remuneration of Rs. 12,50,000 (Rupees Twelve
Lacs Fifty Thousand Only) plus applicable taxes and reimbursement of out-of-pocket
expenses at actuals, subject to approval of members of the Company.
In accordance with the provisions of Section 148 of the Act read with
the Companies (Audit and Auditors) Rules, 2014, since the remuneration to the Cost Auditor
for auditing the Cost records for FY 2026-27 is required to be ratified by the members,
the Board of Directors recommends the same for ratification at the ensuing 90th AGM. The
proposal forms a part of the Notice of 90th AGM.
M/s Joshi Apte & Associates - Cost Accountants confirmed their
eligibility and independence and had accepted the appointment upon approval. Brief profile
of the cost auditors is available on the website of the Company in the investor section
and can be accessed at https://www.cipla.com/sites/default/files/
SiqnedOutcomeofBoardMeetinq13thMav2026Siqned 2.pdf.
The Statutory, Secretarial and Cost Auditors did not report any
instance of fraud committed in the Company by its officers or employees under Section
143(12) of the Act, the details of which needs to be mentioned in the Board's report.
Other Disclosures
During the year:
• No amount was proposed to be transferred to the Reserves;
• There was no change in the nature of business of the Company;
• The Company has complied with the applicable Secretarial
Standards, i.e., SS-1 and SS-2, relating to 'Meetings of the Board of Directors' and
'General Meetings', respectively;
• There was no instance wherein the Company failed to implement
any corporate action within the statutory time limit;
• The Company did not accept any deposit within the meaning of
Sections 73 and 74 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014
and accordingly no amount on account of principal or interest on public deposits was
outstanding as on 31st March, 2026;
• No significant or material orders were passed by the regulators
or courts or tribunals which could impact the going concern status of the Company and its
future operations;
• The Company has complied with the provisions of the Maternity
Benefits Act, 1961;
• There were no material changes and commitments which occurred
after the close of the year till the date of this report, which may affect the financial
position of the Company;
• There are no amounts due and outstanding to be credited to
Investor Education and Protection Fund as on 31st March, 2026; and
• Other confirmations/disclosures as required under Section
43(a)(ii), 48, 54, 55, 61, 67, 72, 131 of the Act, Rule 8(5)(xi) and (xii) of the
Companies (Accounts) Rules, 2014, Rule 4 of Companies (Share Capital and Debentures)
Rules, 2014, Regulation 32(4), Regulation 32(7A) and Schedule V Part C point 9 (h) of the
SEBI Listing Regulations were not applicable to the Company.
Acknowledgements
We hereby express our profound gratitude to the governments of all the
countries in which the Company operates. We also wish to place on record our sincere
appreciation to the Ministry of Chemicals and Fertilisers, Government of India, as well as
to the Central and State Governments, National Pharmaceutical Pricing Authority,
regulatory bodies / authorities, financial institutions, business partners, shareholders,
healthcare professionals and all other stakeholders for the assistance, cooperation and
encouragement extended to the Company. We also wish to acknowledge our appreciation for
the dedication and relentless efforts of our employees.
|
On behalf of the Board of Directors |
|
Y K Hamied |
| Date: 13th May, 2026 |
Chairman |
| Place: Spain |
DIN: 00029049 |
|