Interim report
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Ref: ADL/SE/2026-27/57 November 3, 2026 To, Listing/ Compliance Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 BSE CODE: 524348 To, Listing/ Compliance Department National Stock Exchange of India Limited, “Exchange Plaza”, Plot No. C/1, G Block Bandra - Kurla Complex, Bandra (East), Mumbai – 400051 NSE SYMBOL: AARTIDRUGS Dear Sir/Madam, Ref: Regulation 33 of SEBI ( Listing Obligations and Disclosure Requirements) Regulations, 2015. Sub: Audited Standalone and Consolid ated Financial Results for the Quarter and half year ended September 30, 2026. We wish to inform you that t he Board of Directors of the Company at its Meeting held today i.e. Tuesday, November 3, 2026 , inter-alia, considered and approved the Audited Standalone and Consolid ated Financial Results for the Q uarter and half year ended September 30, 2026, in this regards we enclose:- i. Statement showing the Financial Results, ii. Statement of Assets and Liabilities, iii. Cash Flow Statement, iv. Auditor’s Report on the Financial Results, Further, please note that the Company has already made necessary arrangement to publish the financial results in the Newspapers as required under Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Meeting of the Board of Directors commenced at 2:30 PM and concluded at 4:20 PM. Kindly take the same on record. Thanking you Yours faithfully, FOR AARTI DRUGS LIMITED RUSHIKESH DEOLE COMPANY SECRETARY & COMPLIANCE OFFICER ICSI M. No.: F12932
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=D ll= Corporate Office : Mahendra Industrial Estate, Ground Floor, Plot No. 109-D, Road No. 29, Sion (East), Mumbai - 400 O2Z. (India) Tel.:022-2407 2249 I 24OL 9025 (30 Lines) Fax.:022-2407 3462 I 2407 0144 Email : admin@aartidrugs,com website : www.aartidrugs.com CIN No. : 137060MH 1984PLC055433 Aarti Drugs Limited Manufacturers of : Bulk Drugs & Chemicals Totallncome(l+ll (a) Cost of materials consumod (b) Purchas€ of stock-in-trad8 (c) Changes in inventori8s of finished goods, work-in-progress and stock-in-tradB (d) Employee benefits oxpense (e) Finan@ @sts (0 Depreciation and amortisation oxpense (g) Other expenses belore ex6ptional items and tax (lll - lV) Profit before tax (V - Vl) Tax Expenses ; Provision for taxation - Curent - Earlier Year Provision lor deferred taxation Total tax expenses Profit / (Loss) for the Year ( Vll - Vlll ) Other Complehensive lncom€ Item that wlll not to bo Bclassifled to statsmont of Proflt and Lo88 air valug changes on lnvestments, currency translation reserye tax rel;ting to itoms that will not be reclassifled to profit or loss Fair valu€ changes on Investments, I Other Comprehsnslve lncom,net Comprehensive lncome for the Year (lX+X) lrerag" numoer ot "quity shares used lor @mputing 6arning per sharo Non- Controllino lnterest Total Compr€hensive lnome attributable to : Owner o, the ComPanY Non- Controlling lnter€st 13 247 17,169 9,127 16,922 1 7,169 400 1,061 9,042 . : 9,042 9,127 ",y, e'0:2 14,666 249 14,458 3,350 255 3,605 10,853 (31 ) 4 ,0,826 9,',t27 10,853 1 0,826 6,994 209 6,785 1,600 '100 1,700 5,085 5,08s 9,127 5,185 5,0-85 5,578 6 578 '1,200 200 1,400 4,178 4,178 s,127 4'1:8 4r:8 Notes 3 Company has only one business segment i.s pharmaceuti€ls' 4 Statutory Auditoc have eried out iudit ol the above financial results for the quarter ended 3oth September,2o26 and have exprossed unmodified audit opinion' 5 Figures lor the previous Quartsr have be€n rsgrouped or r8arrangad wher€ver necessary' 6 f,f"ii*"il-t""f, g*nange ot tnOia Limited ffi.nseindia.com for the b8nefit of the shareholders and investors' FOTAARTI DRUGS LIMITED Plac Mumbai Date: 3rd Novembei 2026 ffi Regd. Office : Plot No. N-198, MIDC, Tarapur, Tal-Palghar, Dist.Palghar - 401 506,(MH) AARTI DRUGS LIMITED iEF Eil6E6 5oif, 3;FiEilEEi: i6tE -TEt'irENT oF AUolrED FiNANcIAL REsuLTs FoR THE QUAR I ? in lakhs Gxcept for EPS - T E4e4_4eg_______l @zslI lA,,ditadl I lAuditedl I lAudlteol I Year Er llst lvtn Particulargir. I VIII IX x IAudltedl / i^ oc \ /^^r .^^r rrli.adl Total exp€nses (lV) 70,628 62,745 2n 57,895 1,33,373 1,09,991 2,26,039 (743, 2,e83 1,571 12 RIR 44,858 1,22? 43,456 1,245 (5,766) 2,634 695 1,521 it onq (498 2,474 601 '1,355 36,1 49 984 (6,509 5,317 1,476 3,0s2 88,314 2,467 69,530 2,105 4,803 1,283 2.582 1,40,1 85 4,551 662 9,627 2,638 s,564 ss 771 7,673 7,673 1,750 155 1,905 5,768 :,, 4 l27l 5,741 9,127 5,768 u,rl, 334 1u, 18,131 I Ie,rrr I 3 850 t"rli' 1,208 16,922 5.57 ,t.t.89 I 9.91
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=I Il= Aarti Drugs Limited Manufacturers of : Bulk Drugs & Chemicals Corporate Office : Mahendra Industrial Estate, Ground Floor, Plot No. 109-D, Road No. 29, Sion (East), Mumbai - 4OO 022. (India) Tel.:022-2407 2249 I 24Ot 9025 (30 Lines) Fax.:022-2407 3462 I 2407 0t44 Email : admin@aartidrugs.com website: www.aartidrugs.com CIN No. :137060MH1984P1C055433 AARTI DRUGS LIMITED STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDEO 3oth SEPTEMBER'2026 ( a ln lakhs excoptfor EPS) Consolidated Quarter Ended Period End€d Year Ended tr. PailcularE 30th Sept 2026 3oth Jun 2026 30th Sept 2025 3oth Sept 2026 30th Sept 2025 31st Mar 2026 lAudiledl {Audited} (Audited) lAudiled) (Audited) vI vilt xl xI IX xilt Revenue from opomtions Other in@mo Expensss : (a) Cost of materials @nsum€d (b) Purchase of stock-in-trade (c) Changss in invontori6s of finished goods, work-in-progress and stock]n-trado (d) Employee bBn8lits Expenso (o) Financ costs (0 D8precialion 8nd amortisation expense (g) Other oxp€nsos Profit beforo oxcptional ilems and tax (lll - lV) Excptional items Profit beforB tax (V - Vl) Tax Exp8nsos : Provision for taxation - Curent - Earlier Yoar Provision tor dofered taxation Totallncome(l+ll) Total expsnses (lV) Total tax expenses (Vlll) Profit / (Loss) for the Year ( Vll - Vlll ) Other Comprehensive lncome Itsm that wlll not to be Ecla3siflod to statement of Prollt and Lo88 Fair value chanoes on lnvestments, Remeasurement ot defined ben€fit Liabiliy/Assets, Foreign cursncy translation reserue lncome tax relatlng io ltems that wlll not be Bclasslflod to proflt or losE Fair value changes on lnvestmonts, R€moasuremBnt of d€fined bsnefit Liabiliy/Assets, Total Othor Comprehsnalve lncomo,not Total Comprehensive lncome lor the Year (lX+X) Weighted averege number ol equity shares used for omputing earning per share (ra6 value of Rs.10 €ech) Profit attributabl8 to : Own6r of tha Compsny Non- Controlling lntBr€st Total Comprehonsive ln@me attributable to : Owner ot thB Company Non- Controlling lnterest Eamino oer oouitv share ( in Rs.) (not annualised) 82,624 "q 70,278 81 65,279 1,52,903 336 1,24,330 2,56,531 82_879 70.359 65.288 1,53,238 '1,24, 2.56.770 47,7s? 3,313 (1,141. 3.713 963 1,900 46,935 2,138 (6,313) 3,651 1,846 14.047 38,506 3,064 (741 3,307 770 1,626 12.714 94,609 5.452 17,454 7,364 1,885 3,746 29 516 74,231 5,926 (1,98e) 6,387 1,627 3,098 23 S3S 1,50,401 1 1,508 (37) 12,932 3,371 6,697 63,226 59.247 1,35.'t 1,'13,218 2,35,680 10,928 1 0,928 2,488 163 2,651 8,277 (31 ) Qa) 4 t47t 8,230 9,127 8,248 (18) 8,294 (17) 7,132 209 6,924 1,806 105 '!,91 1 5,013 6 6 5,019 9,127 5,O17 (4.42\ 5,023 (4.12) 6,041 6,041 1,362 163 1,s25 4,516 n,i* s,127 4,528 (11.911 4,528 (1 1.911 (14) 4 't8)061 209 17,852 4,294 268 4,562 I 3,290 !'' , {41 ) 13,249 s,127 '13,311 121.57J 13,271 \22.29], 11,162 11,162 2,397 (1,489) 331 1,239 9,9'13 11 9,924 9,127 9,919 (s.68) 9,929 (5.11) (48 13 320 19,814 9,127 19,492 2.03 1 9,809 4.63 21,090 21,090 4,455 (3 127" 269 1,596 't9,494 334 132. 5.49 4,9 14.56 't0.86 21.36 Dilut6d 9.07 5.49 4.95 ,t4. '10.86 21.36 Notes z subsrdrary namely Phama Go SpA., Triphama Chile SpA 4 Company has only one business segm€nt i.e. pharmaceutiels. 5 Statutory Auditors have caried out audit of th6 abovo financial results for the quarter ended 30th September,2026 and have expressed unmodified audit opinion. 6 Figures for the previous Quarter have b€€n regrouped or rearanged wher€ver necessary. / National Stock Exchange of lndia Limitod ww.nseindaa.com for the benefit of the shareholders and investors. ' , ' Ple€: Mumbai Dato: 3rd Nov€mbef 2026 FoTAARTI DRUGS LIMITED Regd. Office : Plot No. N-198, MIDC, Tarapun Tal-PalqhaL Dist.Palqhar - 401 505.(MH)
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=D ll- Aarti Drugs Limited Manufacturerc of : Bulk Drugs & Chemicals Corporate Office : Mahendra Industrial Estate, Ground Floor, Plot No. 109-D, Road No. 29, Sion (East), Mumbai - 4OO 022. (India) Tel.:022-2407 2249 I 2401 9025 (30 Lines) Fax.:022-2407 3462 I 2407 Ol44 Email : admin@aartidrugs.com website: www.aartidrugs.com CIN No. : 137060MH 1984P1C055433 - BALANCE SHEET AS AT 3oth S|EPTEMBER'202 ( t in lakhs) Particulars 30th Seot 2026 3'lst Mar 2026 30th Seot 2026 31st Mar 2026 1 2 ASSETS Non - Current Assets Property, Plant and Equipment Right of use Assets Capital work - in - progress lnvestments Property Other lntangible assets Financial Assets lnvestments Other Non- Current Assets Total Non- Current Assets Current Assets lnventories Financial Assets (i) Trade receivable (ii) Cash and cash equivalents (iii) Bank Balances other than (ii)above (iv) Loan (v) Other Current Financial Assets Other current assets Current Tax Assets (Net) Total Current Assets Non current Asset held for sale 99,637 40 9,825 20 o 7,253 1,773 1,18,556 49,607 80,071 372 114 z3 1,523 5,142 1,36,852 97,010 OE 10,620 21 o 7,230 'l ,910 1,1 6,893 40,535 73,241 357 113 -17 1,545 5,459 1,21,267 1,09,586 93 23,554 20 1,624 2,755 2,001 1,39,633 60,312 90,505 848 147 123 1,581 12,223 1,65,739 1,06,807 170 21,381 21 1,643 2,731 2,006 1,34,758 49,078. 82,987 727 154 70 1,547 12,205 1,46,768 TOTAL ASSETS 2,55,408 2,38,{60 3,05,372 2,81,5 1 3 2 EQUITY AND LIABILITIES EQUITY Share Capital Other Equity Total Equity Attributable to Equity Holders of the Company Non- Controlling lnterests Total Equity LIABILITIES Non-current liabilities Financial Liabilities (i) Borrowings (ii) Lease Liability (iii) Other financial liability Provrsions Deferred tax liabilities (Net) Total of Non current liabilities Current liabilities I Financial Liabilities l(i) Borrowings l(ii) Lease Liability I (iii) Other Financial Liabilities l(iv) Traoe payables I Totat outstanding dues of micro and small enterprises I fot"t outstanding dues of other than micro and small enterpris lOther current liabilities lProvisions lCunent Tax Liabilities (Net) Itotat ot current liabilities 9,127 1,42,178 1,51,305 1,51,305 15,544 10 4 aE2 8,096 24,007 29,388 JZ 1 ,161 2,684 40,423 4,561 152 1,694 80,096 9,127 1,31,352 1,40,47_9 1,40,479 18,170 48 1 353 7,846 26,417 23,827 52 '1,643 2,354 38,977 3,564 27s 571 71,263 I.127 1,59,029 1,68,'l s6 14.89 1,68,171 23,950 24 25 455 8,390 32,845 37,911 77 1,323 2,996 46,8s0 11,706 1,342 z,lcz 1,04,356 9,127 1,45,759 1,54,886 Jb.40 't,54,923 25,687 86 aa 455 8,127 34,378 31,796 95 2,280 2,409 45,379 8,740 812 / t3 92,226 TAL EQUITY ANO LIABILITIES 2,55,408 2.38.160 3,05,372 2,81,526 For AARTI DRUGS LIMITED ( Managing ffi& Place: Mumbai Date: 3rd November'2026 Regd. Office : Plot No. N=198, MIDC, Tarapur, Tal-Palghar, Dist.Palghar - 401 506.(MH) )ne
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=D ll- Aarti Drugs Limited Manufacturers of : Bulk Drugs & Chemicals Corporate Office : Mahendra Industrial Estate, Ground Floor, Plot No. 109-D, Road No. 29, Sion (East), Mumbai - 400 022. (India) Tel.:022-2407 2249 I 24Ot 9025 (30 Lines) Fax.:022-2407 3462 I 2407 OL44 Email : admin@aartidr,ugs.com website: www.aartidrugs.com CIN No. : 137060MH 1984P1C055433 cASH FLow srereMerur as AT 3oth SEPTEMBER'2026 ( t in lakhs) Standalone 30th Sept 2026 30th Sept 2025 30th Sept 2026 30th Sept 2025 A" Cash Flow from Operating Activities Net Profit before Tax and Exceptional ltems ADJUSTMENT FOR: Depreciation & Amortisation Provision for Doubtful debts /Bad debts Unrealised Foreign Exchange (Gain)iloss (Net) Provision for employee benefits lnterest Paid lnterest Received (Gain)/Loss on Sale of Mutual fund Dividend Received Capex w/off lnvestment Woff /back Profit on Sale of Assets Operating Profit before Working Capital Changes Movement in Working CaPital: Adjustment for (lncrease) / Decrease in Working Capital: lnventories Trade receivables Other financial assets lother assets leapstment for (tncrease) / Decrease in Working Capitat: lTrade paybles lother fi nancial liabiliies lProvision for employee beneflts lother liabilities lCash generated from oPeration I Direct Taxes Paid/Refund Received/(Net) lNet Castr Flow from Operating Activities I lCash Flow from lnvesting Activities lPurchase of Property,Plant & Equipment lncluding CWIP lsate of PPE Itnvestments in Subsidiaries llnvestments in others l{o.in)lt-o.t on Sale of Mutual fund llnterest Received loividend Received IHet Cash Flow from lnvesting Activities I lCash Flow from Financing Activities IProceeds from Long Term Borrowings lRepayment of Long Term Borrowings lProceeds/(Repayment) from Short Term Borrowings(Net) loivioend Paid llnterest Paid IHet casn Flow from Financing Activities I lNet lncrease in Cash and Cash Equivalents (A+B+C) IOpening Cash and Cash Equivalents lClosinq Cash and Cash Equivalents ":,iil '1l1 (46)l ,',''.. I 1O,OzZ1l (6,994) 22 317 1,751 (518) 123 997 5,620 (2,227) 3,393 (4,e30) (8) 2 (4,936) rz,oos; 5,540 (1, (1,319, 't,558 15 357 372 1:1?Zl tr,ozgll (5,359)l taootl zal aoz I 14,824l 168 14,gg2 (2,661) (4,956) 0 (1 ,1 06) (8,723) (111) 328 217 (5,399) 5 (1,000) 1"r 26 0 (6,380) ,r au, I ,ruI riiil1 (o)l asr I (48)l ol zs,asa I (11,234) (1.76e) (21) (37) (3,414) (ee3) 123 3,31 1 9,404 \2,832) 6,572 (s,022) o (B) 4 0 (9,018) 1,894 (3,347', 5,748 (1, (1,728 2,567 121 727 848 11,152 3,098 200 68 1,627 (32) (1 16,1 10 289 I szosl 33e21 ,u ,ro,l ,rrr?l tgoztl rs,zts I 211 15,236 (e,431) A !,,, 32 U (9,406) 2,229 (3,224) (3,161) 0 (1,467) (s,6221 207 458 665 For AARTI DRUGS LIMITED Adhish P.Patil ( Managing Director ) DtN 2629496 ffi Place: Mumbai Date: 3rd November' 2026 Regd. Office : Plot No. N-198, MIDC, Tarapur, Tal-Palghar, Dist.Palghar - 401 506.(MH)
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IND gokhale f/ sathe LLP dranered ac@untants (formerly known as gokhale f/ sathe) 3o4l308/3O9/l 1 I ,udyog mandir no.1. f -c, bhago!i keer marg,mahim, mumbai - 400 0l6,maharashtra,india' Independent Auditors' Report on Audit of Standalone Financial Results To Board of Directors of AartiDrugs Limited Report on Audit of Standalone Financial Results Opinion We have audited the accompanying standalone financial results of Aarti Drugs Limited ("the Company") for quarter ended 30 September 2026 and the year-to-date results for the period from I April 2026 to 30 September 2026 ("the financial results") attached herewith being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). In our opinion and to the best of our information and according to the explanations given to us these financial results: 1. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and 2. give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "lnterim Financial Reporting" ("Ind AS-34") prescribed under section 133 of the Companies Act 2013 read with relevant rules thereunder and other accounting principles generally accepted in India of the net profit and total other comprehensive loss, and other financial information of the Company for quarter ended 30 September 2026 as well as the year-to-date results for the period from 1 April2026 to 30 September 2026. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results 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 financial results under the provisions of the Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone fi nancial results. Management's Responsibilities for the Standalone Financial Results These quarterly and year-to-date standalone financial results have been prepared on the basis ofthe interim financial statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit and other comprehensive loss and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34,'Interim Financial Reporting'prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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 inegularities; 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 effectively for ensuring the accuracy Tel.(off). : +g1 022 4yi8 4242 I Email : office@gokhalesathe.in I website : www.gokhalesathe.com
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IND gokhale f/ sathe LLP dranered accountants (formerly known as gokhale I sathe) and completeness of the accounting records, relevant to the preparation and presentation of the financial results that give a true and fair view-and are free from material misstatement, whether due to fraud or enor' In preparing the standalone financial results, the Management and_the Board of Directors are responsiblefor assessing the Company's ability to continue as a goinfconcem' disclosing, as applicable' matters related to going cJnce- *a using the going concem basil of-accounting unless the management and the Board of Directors either intends io tiquloatJthe company or to cease opirations, or has no realistic altemative but to do so. The Board of Directors is also responsible for overseeing the financial reporting process of the Company' Auditor's Responsibilities for the Audit of the standalone Financial Results Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 arways detJct a material misstatement when it exists' Misstatements can arise from fraud or error and are consiiered material if, individually or in the aggregate' they could reasonably be expected to influence the economic decisions ofusers taken on the basis ofthese standalone financial results. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: o Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or ...or, d"rign 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 ,.rriti.tg hom fraud is higher than for one risulting from error, as fraud may involve collusion, forgery, intJntional omissions,"misrepresentations, or the override of internal control' o Obtain an understanding ofinternal control relevant to the audit in order to design audit procedures that are appropriate in thJ circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's intemal control' o Evaluate the appropriateness of accounting policies ,._.q un! the reasonableness of accounting estimates and related disclosures made by the manigement and the Board of Directors in terms of requirements specified under regulation 33 of the Listing Regulations' o Conclude on the appropriateness of the Board of Directors' use of the going concem 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 Company's ability to continue as a going concern' If we conclude that a materialu;rcertainty exists, we are iequired to draw attention in our auditor's report to the related disclosures in the standalone financial .etults 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 auditor,s report. However, future events or conditions may cause the Company to cease to continue as a going concern. o Evaluate the overall presentation, structure and content ofthe standalone financial results, including the disclosures, and whfther the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation' o obtain sufficient appropriate audit evidence regarding the standalone financial results of the company toexpressanopiniononthestandalonefinancialresults. Materiality is the magnitude of misstatements in the standalone financial results that, individually or in aggregate, makes it probable that the ..ono.i. decisions of a reasonably knowledgeable user of the
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IND gokhale I sathe LLP drartered aocountants (formerly known as gokhale I sathe) standalone financial results may be influenced. we consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the .ff.it of *y i-Oentified misstatements in the standalone financial results' we communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the auoii ano signlficant uu-oit nroings, iicluding any significant deficiencies in intemal control that we identify during our audit. we also provide those charged with govemance with a statement that we have complied with relevant ethical requirements r.g.oiig indepeidence, 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. For Gokhale & Sathe LLP, Chartered Accountants, (Formerly lcrtown as Gokhale & Salhe), FRN.: 103264WW101312 Ravindra More Partner Membership No. 153666 UDIN: 26 1 53666PGNUAP4050 Date: 03 November 2026 Place: Mumbai
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CKINDIA gokhale I sathe LLP ctrartered acrountants (formerly known as gokhale f/ sathe) 304/308/309/3 I 1 ,udyog mandir no l ' 7-c, bhagoii keer marg'mahim, mumbai - 400 0l6,maharashtra,india' Independent Auditors' Report on Audit of consolidated Financial Results To Board of Directors of Aarti Drugs Limited Report on Audit of Consolidated Financial Results Opinion we have audited the accompanying consolidated financial results of Aarti Drugs Limited ("the Holding Company,,) and its ,rUriJi*i.. (the frolding a;;p"ry and.its ^subsidiaries together refeygd as "the Group") for quarter ended 30 September zoia anathe yiar-to-date results for the period fiom I Aptil2o26 to 30 September 2026 (,,thefinancial results) attached here*ith beini submitted by the Company pursuant to the requirement of Regulation 33 of the ierii'tiir,irg obligations ani Disclosure iequire."ntsjri"grlations, 2015, as amended ("Listing Regulations"). 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 uuiito.r on ,.puruti financial itatements / financial information of subsidiaries (refer to other matter paras), the Statement: l. include the results of the following subsidiaries: i. Pinnacle Life Science Private Limited ii. Aarti Specialty Chemical Limited iii. pinnacle chile SpA (includes pharma Go SpA [w.e.f.27 Novemb er 2024] & Tripharma chile SpA [w.e.f. Zl eiiiar. ZOZ1l,wholly owned subiidiaries of Pinnacle Chille SpA) 2. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and 3. give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accountirf-stanoara 34 ,,Interim Financial Relorting" ("Ind AS-34") prescribed under section 133 of the companies-Act 2013 read with relevant rules thereundei and other accounting principles generally accepted in India of the consolidated r.i p.ont and_consolidated total other comprehensive loss and other financial information of the Group for quarter ended 30 September 2026 as well as the year-to-date results for the period from 1 Aptil2026 to 30 September 2026' Basis for OPinion we conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 (,,the Act")..Our responsibilities.undei those SAs are further described in the Auditor,s Responsiuilities for it " Ruait of the consolidated Financial Results section of our report' we are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants or maia tog[itrer with the ethical requirements tha] are relevant to our audit of the consolidated financial results urO..-ifr. provisions of ttre Companies Act,-2013 and the Rules thereunder' and we have fulfilled our other Jhi";i ..'rp"nsibilities in accordance with these requirements and the code of Ethics' we believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "other Matters,, paragraph u.to*, is sufficient and appropriate to provide a basis for our opinion. Tel.(off). : +g10224348 4242 I Email : ofiice@gokhalesathe.in lwebsite : www.gokhalesathe.com
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CKINDIA gokhale B sathe LLP chartered accountants (formerly known as gokhale I sathe) Management's Responsibilities for the Consolidated Financial Results These quarterly and year-to-date consolidated financial results have been prepared-on the basis ofthe interim financial statements. The Holding company's Board of Directors are responsible for the preparation of these consolidated financial results that-give i true and fair view of the net profit and other.comprehensive-loss and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard i4, 'Int.ri. Financial Reportin! prescribed under Section 133 of the Act and other accounting principles;;";;it accepted in India uia^in compliance with Regulation 33 of the Listing Regulations. This responsibility also include maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the droup and for preventing -and. detecting frauds and other irregularities; selectionanJ Ipplication of appropriate accounting poii.i.t; making judgments and estimates that are reasonable and prudent; and design, implemintation and .ainteranre of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness ofthe accounting records, relevant to the preparation and presentation of the.consolidated financial risults that give a true and fair view and are free from material misstatement, whether due to fraud or error' ln preparing the consolidated financial results, the respective management and the Board of Directors of the companies included in the Group are responsibl. fo, assessing the auility of the Group to continue as a going concem, disclosing, as applicable, matters related to going-concern and using the going concern basis of accounting unless the respective management and the go;ard 6f Directors either intends to liquidate the entity or to cease of,erations, or has no realistic altemative 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 the Group' Auditors' Responsibilities for the Audit of the Consolidated Financial Results our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ofassurance 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 il lndividually or in the aggregat., 1!:y could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results' As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: o Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or.oor, a"rig, and perform audit procedures responsive.to those risks, and obtain audit evidence that is sufficient una- ipp.op.iate to provid'e a basis for our opinion. The risk of not detecting a material misstatement ,.ruiing rrom fraud is higher than for one resulting from error' as fraud may involve collusion, forgery, intentional omissions, ilisrepresentations, or the override of internal control' o obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circrimstances, but nJ for the purpose of expressing an opinion on the effectiveness of the GrouP's internal control. o Evaluate the appropriateness of accounting policies ,t_"d. ""9 the reasonableness of accounting estimates and related disclosures made by trr. *anlg.rent and the Board of Directors in terms of requirements specified under regulation 33 of the Listing Regulations'
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CKINDIA gokhale B sathe LLP dnrtered accountants (formerly known as gokhale B sathe) . Conclude on the appropriateness of the Board of Directors' use of the going concem 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 Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, ifsuch disclosures are inadequate, to modiff our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern. o Evaluate the overall presentation, structure and content ofthe consolidated financial results, including the disclosures, and wheiher the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation. o Obtain sufficient appropriate audit evidence regarding the financial results / financial information of the entities within the droup, to express an opinion on the consolidated Financial Results. We are responsible for the direction, ,up.-irion and performance of the audit of financial information of such entities included in the consblidated financial results of which we are the independent auditors. For the other entities included in the consolidated Financial Results, which have been audited / reviewed 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. Materiality is the magnitude of misstatements in the consolidated financial results that, individually or in aggregate, makes it irobable that the economic decisions of a reasonably knowledgeable user of the consolidated financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audlt work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial results. We communicate with those charged with governance 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 govemance with a statement that rve have complied with relevant ethical requirements regarding indJpendencel and to communicate with them all relationships and other matters that may reasonablyle tho-ught to bear on our independence, and where applicable, related safeguards' we also performed procedures in accordance with the circular issued by SEBI under regulation 33(8) of the listing regulations, as amended, to the extent applicable' Other Matters l) Financial Results of Subsidiaries not audited / reviewed by us. a) The consolidated financial results include the audited financial results of one of the subsidiaries, whose interim financial results / financial information reflect total asset of Rs. 53,753.74 Lakhs as at 30 September 2026 andtotal revenue from operations of Rs. 12,136.83lakhs and Rs. 20,225'81 lakhs and total net profit after tax of F(s. 2,251.i6 lakhs and Rs. 2,848.68 lakhs for the quarter ended 30 September ZOiA and year-to-date for the period I April 2026 to 30 September 2026 respectively, and cash outflowinO oi Rs. 80.32 lakhs for the period from 1 April 2026 to 30 September 2026 as considered in the consolidated financial ,.rultr, which have been audited by their respective independent auditor. The independent auditors' audit report on Interim Financial Results / Financial Information of these entities have been fumished to us and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these entity, is based solely on the audit report ofsuch auditor and the procedures performed by us are as stated in paragraph above'
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gokhale I sathe LLp chanered accountants (formerly known as gokhale g sathe) b) The consolidated financial results include the financial results of one of the foreign subsidiary(including its step-down subsidiaries), whose interim financial results / financial information reflecttotal assets of Rs. 10,155.38 lakhs as at 30 September 2026 andtotal revenue from operations of Rs.2'151'46lakhs and Rs. 4,183.94 lakhs and total net loss after tax of Rs. 342.g6 lakhs and Rs. 431.34lakhs for the -quarter ended 30 September 2026 and year-to-date for the period I April 2026 to 30September 2026 respectively, and cash inflows (neg of Rs. 177.97 lakhs for the period from 1 April2026 to 30 Septembe r 2026 as considered in the toniolidated financial results. These interim financialresults have been fumished to us by the Management and have not been reviewed / audited by theirindependent auditors. According to the information and explanations given to us by the Management,these interim financial results are not material to the Gioup. our ionclusion on the consolidatedfinancial results, in so far as it relates to the amounts and disclosures included in respect of theseentities, is based solely on such management-certified interim financial results and the proceduresperformed by us as stated in paragraph above. Our conclusion is not modified in respect of this matter. For Gokhale & Sathe LLP, Chartered Accountants, (Formerly lcnown as Gokhale & Sathe), FRN.: 103264WW101312 : -->Ravindra More Partner Membership No. 153666 UDIN: 26 I 53 666HOSWAB4400 Date: 03 November 2026 Place: Mumbai