Interim report
Page 1
Biocon Limited 20th KM, Hosur Road Electronic City Bangalore 560 100, India T 91 80 2808 2808 F 91 80 2852 3423 CIN : L24234KA1978PLC003417 E: co.secretary@biocon.com www.biocon.com BIO/SECL/TG/2026-27/79 November 04, 2026 To, The Secretary BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 To, The Secretary National Stock Exchange of India Limited Corporate Communication Department Exchange Plaza, Bandra Kurla Complex Mumbai – 400 051 Scrip Code – 532523 Scrip Symbol – BIOCON Dear Sir/Madam, Subject: Outcome of the Board Meeting Pursuant to Regulations 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), we wish to inform you that the Board of Directors at its meeting held today, i.e. Wednesday, November 04, 2026, inter alia, has: (i) Financial results: Approved the unaudited financial results (standalone and consolidated) of the Company prepared as per Indian Accounting Standards (Ind-AS) for the quarter and half-year ended September 30, 2026. A copy of the aforesaid unaudited financial results along with the limited review report of the statutory auditors is enclosed herewith. (ii) Changes in Senior Management Personnel: (a) Noted the resignation of Dr. Mandar Shrikant Ghatnekar as the Chief Technology Officer (Senior Management Personnel) of the Company w.e.f. close of business hours of December 31, 2026. A copy of his letter of resignation is enclosed herewith. (b) Based on the recommendation of the Nomination and Remuneration Committee, approved the appointment of Mr. Mukesh Rathi as the Chief Technology Officer (Senior Management Personnel) of the Company w.e.f. January 01, 2027. The details as required under Regulation 30 of SEBI Listing Regulations read with SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, with reference to the aforesaid changes are given as “Annexure I”.
Page 2
The above information will also be available on the website of the Company at www.biocon.com. Further, the Board Meeting commenced at 11:20 A.M. and concluded at 01:10 P.M. Kindly take the above information on record and acknowledge. Thanking You. Yours faithfully, For Biocon Limited Rajesh U. Shanoy Company Secretary and Compliance officer ICSI Membership Number: A16328 Encl: As above
Page 3
ANNEXURE I Details under Regulation 30 of the SEBI Listing Regulations read along with SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 Sl. No. Particulars Details 1. Name Mandar Shrikant Ghatnekar Mukesh Rathi 2. Reason for change viz. appointment, re-appointment, resignation, removal, death or otherwise Resignation as the Chief Technology Officer (Senior Management Personnel) Appointment as the Chief Technology Officer (Senior Management Personnel) 3. Date of appointment/re-appointment/cessation (as applicable) & term of appointment/re-appointment With effect from close of business hours of December 31, 2026 With effect from January 01, 2027 4. Brief profile (in case of appointment) Not Applicable Enclosed as Annexure A 5. Disclosure of relationships between directors (in case of appointment of a director) Not Applicable Not Applicable
Page 4
ANNEXURE A BRIEF PROFILE - MUKESH RATHI Mukesh Rathi brings over 27 years of leadership experience across digital transformation, AI-led innovation, process excellence, and technology management. Prior to joining us, he served as Group Chief Digital Officer at Hinduja Group, where he spearheaded the Group’s enterprise-wide digital and AI strategy. Before that, he spent over a decade at Dr. Reddy’s Laboratories in senior leadership roles, including Global Chief Digital and Information Officer, driving enterprise-wide transformation, strengthening process excellence, and leveraging technology to accelerate business performance and innovation. Earlier in his career, Mukesh held leadership and consulting roles at Hewlett Packard, SAP, and Unilever, building a strong foundation in technology, business transformation, and operational excellence.
Page 5
Date:23rd October 2026 To Biocon limited 20th KM, Hosur Road, Electronic City. Bangalore, India ~ 560100 Subject: Stepping down as Chief Technology Officer Dear Sir/Madam. This is to inform that I hereby tender my resignation as the Chief Technology Officer of Biocon limited effective from the dose of business hours on December 31, 2026 to take up opportunities outside the organisation. I express my sincere gratitude to the Board for the opportunity, trust and support extended to me during my tenure. I hereby consent to use this letter for the purpose of making disclosures. under SEBI {Listing Obligations and Disciosure Requirements) Regulations, 2015 and relevant filings with the appropriate authorities/regulators as may be required. Thanking You, Ma dar Shrikant Ghatnekar
Page 6
BIOCON LIMITED CIN: L24234KA1978PLC003417 Website: www.biocon.com Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100 STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 (Rs. in Million, except per equity share data) 3 months ended 3 months ended 3 months ended 6 months ended 6 months ended Previous year ended SI. No. Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income Revenue from operations 6,305 6,245 5,833 12,550 11,204 23,464 Other income 907 648 1,338 1,555 1,951 3,197 Total income 7,212 6,893 7,171 14,105 13,155 26,661 2 Expenses a) Cost of materials consumed 2,995 2,619 3,207 5,614 6,087 11,424 b) Purchases of stock-in-trade 65 241 65 452 452 c) Changes in inventories of finished goods, work-in-progress and (190) 182 (784) (8) (1,327) (1,187) stock-in-trade d) Employee benefits expense 1,171 1,331 1,262 2,502 2,519 4,672 e) Finance costs 219 173 672 392 1,234 1,424 f) Depreciation and amortisation expense 382 384 338 766 671 1,373 g) Other expenses 1,437 1,440 1,378 2,877 2,744 5,848 6,014 6,194 6,314 12,208 12,380 24,006 Less: Recovery of cost from co-development partners (net) (6) (6) Total expenses 6,014 6,194 6,314 12,208 12,374 24,000 3 Profit before tax and exceptional items (1-2) 1,198 699 857 1,897 781 2,661 4 Exceptional items (net) [refer note 16] (2,151) 5 Profit before tax (3 + 4) 1,198 699 857 1,897 781 510 6 Tax expense [refer note 16] Current tax charge 253 167 32 420 43 120 Deferred tax charge 28 10 116 38 112 18 7 Profit for the period/ year (5-6) 917 522 709 1,439 626 372 8 Other comprehensive income/ (loss) A (i) Items that will not be reclassified to profit or loss (131) 98 63 (33) (27) 48 (ii) Income tax relating to items that will not be reclassified to profit or loss 20 (12) (9) 8 10 (3) B (i) Items that will be reclassified to profit or loss 67 40 (61) 107 (54) (317) (ii) Income tax relating to items that will be reclassified to profit or loss (17) (10) 16 (27) 14 80 Total other comprehensive income/ (loss), net of taxes (61) 116 9 55 (57) (192) 9 Total comprehensive income for the period/ year (7+8) 856 638 718 1,494 569 180 10 Paid-up equity share capital (Face value of Rs. 5 each) 8,148 8,148 6,685 8,148 6,685 8,105 11 Reserves i.e. Other equity 2,62,693 12 Earnings per share (Face value of Rs. 5 each) (not annualised) (not annualised) (not annualised) (not annualised) (not annualised) (annualised) (a) Basic 0.56 0.32 0.55 0.88 0.49 0.27 (b) Diluted 0.56 0.32 0.55 0.88 0.48 0.27 See accompanying notes to the financial results
Page 7
BIOCON LIMITED CIN: L24234KA1978PLC003417 Website: www.biocon.com Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE· S60100 STANDALONE BALANCE SHEET A ASSETS 1 Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Investment property (d) Right-of-use asset (e) Other intangible assets (f) Intangible assets under development (g) Financial assets Investments Other financial assets (h) Income tax asset (net) (i) Other non-current assets Total non-current assets 2 Current assets (a) Inventories (b) Financial assets Investments Trade receivables Cash and cash equivalents Other bank balances Other financial assets (c) Other current assets Total current assets TOT AL ASSETS B EQUITY AND LIABILITIES 1 Equity (a) Equity share capital (b) Other equity Total Equity 2 Non-current liabilities (a) Financial liabilities Borrowings Lease liabilities Other financial liabilities (b) Provisions (c) Deferred tax liability (net) (d) Other non-current liabilities Total non-current liabilities 3 Current liabilities (a) Financial liabilities Borrowings Lease liabilities Trade payables - Total outstanding dues of micro enterprises and small enterprises; and - Total outstanding dues of creditors other than micro enterprises and small enterprises Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (net) Total current liabilities TOTAL EQUITY AND LIABILITIES As at SeQtember 30, 2026 (Unaudited) 12,104 5,633 480 391 92 179 2,53,229 204 1,836 611 2,74,759 10,130 11,298 481 486 688 864 23,947 2,98,706 8,148 2,65,697 2,73,845 6 47 622 126 488 1,289 13,249 19 550 6,517 1,203 256 275 1,503 23,572 2,98,706 (Rs. in Million) As at March 31, 2026 (Audited) 12,809 5,232 500 396 106 179 2,48,056 210 1,699 639 2,69,826 8,751 1,721 10,031 914 3 454 1,006 22,880 2,92,706 8,105 2,62,693 2,70,798 935 7 94 602 69 547 2,254 10,568 23 340 5,548 1,370 285 404 1,116 19,654 2,92,706
Page 8
BIOCON LIMITED CIN: L24234KA1978PLC003417 Website: www.biocon.com Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100 STANDALONE STATEMENT OF CASH FLOWS Six months ended Particulars September 30, 2026 September 30, 2025 (Unaudited) (Unaudited) I Cash flows from operating activities Profit for the period/ year 1,439 626 Adjustments for: Depreciation and amortisation expense 766 671 Unrealised foreign exchange loss/ (gain) (net) 58 (33) Share based compensation expense 29 194 Provision for/ (reversal of) doubtful debts, (net) 52 (43) Interest expense 392 1,234 Interest income (3) Net gain on financial instruments measured at fair value through profit or loss (1,251) (1,231) Net gain on derivative liability measured at fair value through profit or loss Loss on property, plant and equipment sold, (net) 10 Net gain on sale of investments (5) (334) Dividend income (264) (264) Exceptional items (non cash), (net) Preferential allotment expenses Tax expense 458 155 Operating profit before changes in operating assets and liabilities 1,681 975 Movement in operating assets and liabilities Increase in inventories (1,379) (981) Decrease/(increase) in trade receivables (1,419) 953 Decrease in other assets 1 118 lncrease/(decrease) in trade payable, other liabilities and provisions 1,193 395 Cash generated from/ (used in) operations 77 1,460 Income taxes paid (net of refunds) (170) (110) Net cash flow generated from/ (used in) operating activities (93) 1,350 II Cash flows from investing activities Purchase of property, plant and equipment (net) (797) (1,080) Purchase of other intangible assets (10) (8) Loan given to subsidiaries (906) Purchase of current investments (3,945) (79,675) Proceeds from sale of current investments 5,671 71,650 Investments in subsidiaries (572) Purchase of debentures of subsidiary (16,980) Preferential allotment expenses Investments made in other companies (55) Investment in bank deposits and inter corporate deposits (486) (370) Redemption/maturity of bank deposits and inter corporate deposits 3 1,142 Interest received 3 67 Dividend received 264 264 Net cash flow generated from/ (used in) investing activities 76 (25,896) Ill Cash flows from financing activities Proceeds from issuance of share capital, (net) 44,390 Repayment of long-term borrowings (835) (538) Purchase of treasury shares (996) (26) Proceeds from exercise of share options 4 49 Proceeds from/ (repayment of) short-term borrowings, (net) 2,540 (3,878) Payment of lease liabilities, (net) (7) (15) Interest paid (320) (430) Dividend paid (815) (668) Net cash flow generated from/ (used in) financing activities (429) 38,884 IV Net increase/ (decrease) in cash and cash equivalents (I+ II + Ill) (446) 14,338 V Effect of exchange differences on cash and cash equivalents held in foreign currency 13 11 VI Cash and cash equivalents at the beginning of the period/ year 914 2,495 VII Cash and cash equivalents at the end of the period/year (IV+ V + VI) 481 16,844 Reconciliation of cash and cash equivalents as per statement of cash flow Cash and cash equivalents Balances with banks - on current accounts 476 16,840 - on unpaid dividend accounts 5 4 481 16,844 Balao.c.e as per standalone statement of cash flows 481 16,844 <., 0 n Lil)J, ;fo~o- * * <9. v ~n,.,, .... h\"- (Rs. in Million) Year ended March 31, 2026 (Audited) 372 1,373 (107) 218 (1) 1,424 (191) (1,878) (8) (632) (264) 506 1,036 138 1,986 (388) (1,566) 392 (2,011) (1,587) (214) (1,801) (2,830) (55) (4,032) (1,68,291) 1,67,235 (36,197) (21,715) (1,036) (52) (370) 1,182 80 264 (65,817) 85,311 (22,723) (26) 727 3,715 (24) (292) (668) 66,020 (1,598) 17 2,495 914 909 5 914 914
Page 9
BIOCON LIMITED CIN: l24234KA1978PLC003417 Website: www.biocon.com Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 {Rs. in Million, except per equity share data) 3 months ended 3 months ended 3 months ended 6 months ended 6 months ended Previous year ended SI. No. Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 {Unaudited) {Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income Revenue from operations Sale of products 35,312 35,721 33,848 71,033 64,518 1,31,453 Sale of services 8,138 7,197 8,777 15,335 17,208 36,346 other operating revenue 439 442 330 881 648 1,471 43,889 43,360 42,955 87,249 82,374 1,69,270 other income 345 545 930 890 1,727 3,425 Total income 44,234 43,905 43,885 88,139 84,101 1,72,695 2 Expenses a) Cost of materials consumed 16,690 14,241 13,675 30,931 25,915 52,776 b) Purchases of stock-in-trade 3,112 3,819 1,350 6,931 9,721 13,626 c) Changes in inventories of finished goods, work-in-progress and (4,588) (3,384) 445 (7,972) (6,115) (9,495) stock-in-trade d) Employee benefits expense 8,919 9,281 8,982 18,200 17,408 35,521 e) Finance costs 2,401 2,132 2,722 4,533 5,489 9,903 f) Depreciation and amortisation expense 5,638 5,474 4,730 11,112 9,280 19,567 g) Other expenses 11,892 10,947 10,281 22,839 19,908 43,426 44,064 42,510 42,185 86,574 81,606 1,65,324 Less: Recovery of cost from co-development partners (net) (445) (16) (132) (461) (478) (1,137) Total expenses 43,619 42,494 42,053 86,113 81,128 1,64,187 3 Profit before share of profit of joint venture and associate, exceptional items and 615 1,411 1,832 2,026 2,973 8,508 tax (1-2) 4 Share of loss of joint venture and associate (net) 5 Profit before exceptional items and tax {3+4) 615 1,411 1,832 2,026 2,973 8,508 6 Exceptional items (net) [refer note 16] (67) (135) (119) (202) (291) (4,029) 7 Profit before tax (5 + 6) 548 1,276 1,713 1,824 2,682 4,479 8 Tax expense [refer note 16] Current tax charge 308 1,158 593 1,466 1,260 4,436 Deferred tax charge (327) (1,250) (208) (1,577) (798) (3,645) 9 Profit for the period/year (7 - 8) 567 1,368 1,328 1,935 2,220 3,688 10 Other comprehensive income/ (loss) A (i) Items that will not be reclassified to profit or loss (6,012) 5,425 3,501 (587) 1,663 4,267 (ii) Income tax relating to items that will not be reclassified to profit or loss 279 (292) (215) (13) (120) (223) B (i) Items that will be reclassified to profit or loss 3,781 3,001 5,872 6,782 5,286 15,487 (ii) Income tax relating to items that will be reclassified to profit or loss 3 (246) 540 (243) 814 912 Total other comprehensive income/ (loss), net of taxes {1,949) 7,888 9,698 5,939 7,643 20,443 11 Total comprehensive income/ (loss) for the period/ year {9 + 10) (1,382) 9,256 11,026 7,874 9,863 24,131 Profit/ (loss) attributable to: Shareholders of the Company 413 1,411 845 1,824 1,159 3,856 Non-controlling interest 154 (43) 483 111 1,061 (168) Profit for the period/ year 567 1,368 1,328 1,935 2,220 3,688 Other comprehensive income/ (loss) attributable to: Shareholders of the Company (1,999) 7,719 8,784 5,720 6,735 19,137 Non-controlling interest so 169 914 219 908 1,306 Other comprehensive income/ (loss) for the period/ year {1,949) 7,888 9,698 5,939 7,643 20,443 Total comprehensive income/ (loss) attributable to: Shareholders of the Company (1,586) 9,130 9,629 7,544 7,894 22,993 Non-controlling interest 204 126 1,397 330 1,969 1,138 Total comprehensive income/ (loss) for the period/ year (1,382) 9,256 11,026 7,874 9,863 24,131 12 Paid-up equity share capital (Face value of Rs . 5 each) 8,148 8,148 6,685 8,148 6,685 8,105 13 Reserves i.e. Other equity 3,32,213 14 Earnings per share (Face value of Rs. 5 each) (not annualised) (not annualised) (not annualised) (not annualised) (not annualised) (annualised) (a) Basic 0.25 0.87 0.66 1.12 0.90 2.82 (b) Diluted 0.25 0.87 0.65 1.12 0.90 2.82 See accompanying notes to the financial results
Page 10
BIOCON LIMITED CIN: L24234KA1978PLC003417 Website: www.biocon.com Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100 CONSOLIDATED BALANCE SHEET A ASSETS 1 Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Right-of-use assets (d) Goodwill (e) Other intangible assets (f) Intangible assets under development (g) Financial assets Investments Derivative assets Other financial assets (h) Deferred tax asset (net) (i) Income tax asset (net) U) Other non-current assets Non-current assets 2 Current assets (a) Inventories (b) Financial assets Investments Trade receivables Cash and cash equivalents Other bank balances Derivative assets Other financial assets (c) Other current assets Current assets TOTAL ASSETS B EQUITY AND LIABILITIES 1 Equity (a) Equity share capital (b) Other equity Equity attributable to owners of the Company Non-controlling interests Total Equity 2 Non-current liabilities (a) Financial liabilities Borrowings Lease liabilities Derivative liabilities Other financial liabilities (b) Provisions (c) Deferred tax liability (net) (b) Other non-current liabilities Non-current liabilities 3 Current liabilities (a) Financial liabilities Borrowings Lease liabilities Trade payables - Total outstanding dues of micro enterprises and small enterprises; and - Total outstanding dues of creditors other than micro enterprises and small enterprises Derivative liabilities Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (net) Current liabilities TOTAL EQUITY AND LIABILITIES As at September 30. 2026 (Unaudited) 97,659 45,677 5,431 1,88,659 78,181 26,960 10,592 361 3,833 7,335 4,852 3,155 4,72,695 71,452 2,643 60,592 22,039 2,185 405 9,444 11,340 1,80,100 6,52,795 8,148 3,40,280 3,48,428 23,132 3,71,560 1,10,269 5,431 244 6,978 3,672 2,849 4,486 1,33,929 40,832 446 1,773 76,940 1,651 10,780 9,990 1,927 2,967 1,47,306 6,52,795 (Rs. in Million) As at March 31 2026 (Audited) 94,728 46,127 5,780 1,83,775 80,576 23,740 10,893 430 5,988 5,556 4,117 2,860 4,64,570 60,857 6,898 59,868 24,165 3,748 218 7,142 8,895 1,71,791 6,36,361 8,105 3,32,213 3,40,318 25,897 3,66,215 1,07,463 5,688 683 5,550 3,303 2,417 4,813 1,29,917 40,784 406 1,351 65,704 2,478 10,343 12,627 2,555 3,981 1,40,229 6,36,361
Page 11
BIOCON LIMITED CIN: L24234KA1978PLC003417 Website: www .biocon.com Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE· 560 100 CONSOLIDATED STATEMENT OF CASH FLOWS Six months ended Particulars September 30, 2026 September 30, 2025 (Unaudited) (Unaudited) I Cash flows from operating activities Profit for the period/ year 1,935 2,220 Adjustments for: Depreciation and amortisation expense 11,112 9,280 Tax expense (111) 462 Unrealised foreign exchange gain (553) (2,081) Share-based compensation expense 54 891 Provision for doubtful debts, (net) 129 22 Bad debts written off 278 Provision for doubtful advances to supplier (7) Interest expense 4,533 5,489 Interest income (552) (519) Preferential allotment expenses Net loss/ (gain) on financial assets measured at fair value through profit or loss 16 (666) Net gain on sale of current investments (97) (439) loss on sale of property, plant and equipment , (net) 17 66 Interest on income tax refund (51) Other non-cash items 351 Exceptional items (non cash), (net) Operating profit before changes in operating assets and liabilities 16,425 15,354 Movement in operating assets and liabilities Increase in inventories (9,912) (7,503) Decrease in trade receivables 437 3,411 (Increase)/ decrease in other assets (1,786) 985 Increase/ (decrease) in trade payable, other liabilit ies and provisions 5,739 (3,238) Cash generated from operations 10,903 9,009 Income taxes paid (net of refunds) (3,213) (975) Net cash flow generated from operating activities 7,690 8,034 II cash flows from investing activities Purchase of property, plant and equipment (6,879) (8,609) Purchase of intangible assets (1,511) (586) Purchase of non-current investments (80) Purchase of current investments (15,955) (1,12,317) Proceeds from sale of current investments 20,139 1,02,632 Investment in bank deposit s and inter corporate depo sits (2,795) (1,064) Redemption/ maturity of bank deposits and inter corporate deposits 3,735 6,988 Interest received 486 197 Net cash flow generated used in investing activities (2,860) (12,759) Ill Cash flows from financing activities Proceeds from issuance of share capital, (net) 44,390 Purchase of equity shares of subsidiary (183) Purchase of debentures of subsidiary (16,980) Preferential allotment expenses Proceeds from exercise of share options 17 53 Purchase of treasury shares (996) (26) Proceeds from long-term borrowings 2,383 1,720 Repayment of long-term borrowings (4,653) (5,512) Proceeds from/(repayment of) Non-recourse factor ing arrangement 1,650 Proceeds from / (repayment of) short-term borrowings (net) 1,653 (4,857) Dividend paid on equity shares (including to NCI) (1,056) (908) Payment of lease liabilities, (net) (487) (785) Interest paid (4,224) (4,714) Net cash flow generated from/ (used in) financing activities (7,546) 14,031 IV Net increase/ (decrease) in cash and cash equivalents (I + II + Ill) (2,716) 9,306 V Effect of exchange differences on cash and cash equivalents held in foreign currency 399 1,166 VI Cash and cash equivalents at the beginning of the period/ year 21,115 29,238 VII Cash and cash equivalents at the end of the period/ year (IV+ V + VI) 18,798 39,710 Reconciliation of cash and cash equivalents as per consolidated statement of cash flows Cash and cash equivalents Balances with banks - on current accounts 17,506 25,676 - on unpaid dividend accounts 4 4 Deposits with original maturity of less than 3 months 4,529 17,067 22,039 42,747 Cash credits (3,241) (3,037) Balance as per consolidated statement of cash flows 18,798 39,710 -~□ 0 n Lil/i/1,, 4) 0- * * & ~ e>nga\'0-' (Rs. in Million) Year ended March 31, 2026 (Audited) 3,688 19,567 791 (397) 1,639 251 278 9,903 (1,005) 1,036 (795) (837) 158 (149) 112 (552) 33,688 (9,178) 6,244 (6,471) (1,917) 22,366 (2,426) 19,940 (17,979) (1,138) (112) (2,21,048) 2,20,026 (14,198) 12,148 1,480 (20,821) 85,311 (36,287) {21,715) (1,036) 704 (26) 2,664 (27,079) (1,650) 349 (908) (909) (8,654) (9,236) (10,117) 1,994 29,238 21,115 11,049 5 13,111 24,165 (3,050) 21,115
Page 12
BIOCON LIMITED CIN: L24234KA1978PLC003417 Website: www.biocon.com Registered office: 20TH KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100 SEGMENT DETAILS OF UNAUDITED CONSOLIDATED RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 (Rs. in Million) Particulars 3 months ended 3 months ended 3 months ended 6 months ended 6 months ended Previous Year ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Segment revenue Biopharmaceuticals - Biosimilars 28,086 28,556 27,211 56,642 51,789 1,04,312 -Generics 7,744 7,597 7,013 15,341 13,315 28,754 Services 8,327 7,360 9,106 15,687 17,851 37,387 Total 44,157 43,513 43,330 87,670 82,955 1,70,453 Less: Inter-segment/Unallocable revenue (268) (153) (375) (421) (581) (1,183) Net sales/ Income from continuing operations 43,889 43,360 42,955 87,249 82,374 1,69,270 Segment results Profit before tax from each segment Biopharmaceuticals - Biosimilars 325 1,714 1,672 2,039 3,339 6,701 -Generics (304) (309) (692) (613) (1,708) (2,803) Services 537 (57) 852 480 1,865 4,875 Total 558 1,348 1,832 1,906 3,496 8,773 Less: Unallocable expenditure/ (income) net (57) (63) (120) 523 265 Profit before tax and exceptional items 615 1,411 1,832 2,026 2,973 8,508 Segment assets Biopharmac euticals - Biosimilars 4,96,768 4,86,533 4,61,061 4,96,768 4,61,061 4,78,881 - Generics 91,305 93,865 84,147 91,305 84,147 88,148 Services 66,639 67,452 65,421 66,639 65,421 70,404 6,54,712 6,47,850 6,10,629 6,54,712 6,10,629 6,37,433 Unallocable (1,917) (895) 16,969 (1,917) 16,969 (1,072) Total segment assets 6,52,795 6,46,955 6,27,598 6,52,795 6,27,598 6,36,361 Segment liabilities Biopharmaceuticals - Biosimilars 2,21,615 2,14,894 2,29,269 2,21,615 2,29,269 2,11,789 - Generics 45,050 38,658 32,857 45,050 32,857 36,883 Services 18,033 18,791 18,072 18,033 18,072 22,002 2,84,698 2,72,343 2,80,198 2,84,698 2,80,198 2,70,674 Unallocable (3,463) (849) 16,848 (3,463) 16,848 (528) Total segment liabilities 2,81,235 2,71,494 2,97,046 2,81,235 2,97,046 2,70,146 Capital employed Biopharmaceuticals - Biosimilar s 2, 75,153 2,71,639 2,31,792 2,75,153 2,31,792 2,67,092 - Generics 46,255 55,207 51,290 46,255 51,290 51,265 Services 48,606 48,661 47,349 48,606 47,349 48,402 3,70,014 3,75,507 3,30,431 3,70,014 3,30,431 3,66, 759 Unallocable 1,546 (46) 121 1,546 121 (544) Total capital employed 3,71,560 3,75,461 3,30,552 3,71,560 3,30,552 3,66,215 Refer Note 11 for Segment related updates -~ool\ LilJJ/~ l..'l:) 0- * * \ ~ ,_). ~/Jga\u '
Page 13
Biocon Limited Unaudited financial results for the quarter and half year ended September 30, 2026 Notes: 1. The unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026 in respect of Biocon Limited ('the Company') have been reviewed by the Audit Committee at their meeting held on November 03, 2026 and approved by the Board of Directors of the Company at their meeting held on November 04, 2026. The above results have been subjected to limited review by the statutory auditors of the Company. The reports of the statutory auditors are unqualified. 2. These financial results have been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 3. The consolidated financial results include the financial results of the Company and its subsidiaries as follows: i. Syngene International Limited ('Syngene') ii. Biocon Biologics Limited ('BBL') iii. Biocon Pharma Limited ('BPL') iv. Biocon Academy v. Biocon SA vi. Biocon SON. BHD vii. Biocon FZ LLC viii. Biocon Biologics International Limited (formerly known as Biocon Biologics UK Limited) ix. Biocon Pharma Inc. x. Biocon Biologics Healthcare Malaysia SON. BHD xi. Biocon Pharma Ireland Limited xii. Biocon Pharma UK Limited xiii. Biocon Biosphere Limited xiv. Biocon Biologics Inc. xv. Biocon Biologics Do Brasil LTDA xvi. Biocon Biologics FZ-LLC xvii. Biocon Pharma Malta Limited xviii. Biocon Pharma Malta I Limited xix. Syngene USA Inc. xx. Syngene Manufacturing Solutions Limited (In the process of liquidation w.e.f 15 June 2026) xxi. Syngene Scientific Solutions Limited xxii. Biocon Biologics Ireland Limited (formerly known as Biosimilar Collaborations Ireland Limited) xxiii. Biocon Biologics UK PLC (formerly known as Biosimilars Newco Limited) xxiv. Biocon Biologics Canada Inc. xxv. Biocon Biologics Germany GmbH xxvi. Biocon Biologics France S.A.S xxvii. Biocon Biologics Spain, S.L.U xxviii. Biocon Biologics Switzerland AG xxix. Biocon Biologics Belgium BV xxx. Biocon Biologics Finland OY xxxi. Biocon Generics Inc. xxxii. Biocon Biologics Morocco S.A.R.L.A.U xxxiii. Biocon Biologics Greece Single Members P.C. xxxiv. Biocon Biologics South Africa (PTY) Ltd xxxv. Biocon Biologics (Thailand) Co. Ltd xxxvi. Biocon Biologics Philippines Inc xxxvii. Biocon Biologics Italy S.R.L xxxviii. Biocon Biologics Croatia LLC xxxix. Biocon Biologics Global PLC
Page 14
Biocon Limited Unaudited financial results for the quarter and half year ended September 30, 2026 Biocon Limited and its subsidiaries are collectively referred to as 'the Group'. In addition to the above, the consolidated financial results also include the financial results in respect of Biocon India Limited Employee Welfare Trust, Biocon Limited Employees Welfare Trust, Biocon Biologics Employees Welfare Trust and Syngene Employees Welfare Trust. The Company has also accounted for its share of interest in the joint venture i.e. NeoBiocon FZ-LLC ('JV') and share of investment in the associate i.e. latrica Inc., under the equity method. 4. During the quarter ended June 30, 2025, the Company raised funds by way of allotment of 136,363,635 Equity Shares of face value Rs. 5 each at a price of Rs. 330 per Equity Share under 'Qualified Institutional Placement' for an aggregate amount of Rs. 45,000 million, to meet certain financial commitments and/ or debt obligations of the Company and its subsidiary, BBL and/ or for other purposes as mentioned in the Placement Document ('PD'). Out of these proceeds and cash balances: (a) The Company acquired 1,125 outstanding Optionally Convertible Debentures ('OCDs') issued by BBL from Goldman Sachs India AIF Scheme- 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme - 2 for an aggregate value of Rs. 16,980 million with a right to convert into equity shares or redeem at maturity. Further, the Company has issued a commitment letter effective July 1, 2025, committing to exercise its right to convert OCDs on maturity as per the terms of Subscription Agreement, subsequently the Company exercised the right to conversion on May 07, 2026 and OCD were converted. (b) During the year ended March 31, 2026, the Company settled Commercial paper ('CP') for an aggregate value of Rs. 5,988 million; and (c) During the year ended March 31, 2026, the Company made early and full redemption of the 107,000 unlisted, secured, rated, redeemable, Non-convertible Debentures that were issued to Kotak Special Situations Fund for an aggregate value to Rs. 15,390 million. (d) During the quarter ended March 31, 2026, the Company made early and full redemption of the 50,000 unlisted, secured, rated, redeemable Non-Convertible Debentures of face value Rs. 100,000 each for an aggregate value of Rs. 6,795 million, issued and allotted by the Company on May 19, 2023. 5. During the quarter ended March 31, 2026, the Company raised funds by way of allotment of 112,664,585 Equity Shares of face value Rs. 5 each at a price of Rs. 368.35 per Equity Share under 'Qualified Institutional Placement' for an aggregate amount of Rs. 41,500 million, to acquire BBL equity shares from Mylan Inc., acquisition of Compulsorily Convertible Debentures ('CCDs') of BBL from Edelweiss and general corporate purposes. 6. On November 11, 2025, the Company entered into Debenture Purchase Agreement ('DPA') with ESOF Ill Investment Fund and EAAA India Alternatives Limited (collectively referred to as 'Edelweiss') for acquisition of 10,686,044 unlisted, secured, CCD of BBL for an aggregate value of Rs. 4,735 million against the gross obligation of Rs. 3,915 million. Resultant loss of Rs. 820 million is accounted under 'other equity' in line with accounting policy choice elected at time of initial recognition. The consideration towards the acquisition of these CCDs was paid during the quarter ended March 31, 2026 by the Company. The holder of CCD had the option to either redeem or convert the debentures into equity shares of BBL. Pursuant to acquisition of these CCD's by the Company from Edelweiss, the Company has exercise the right to convert CCDs into equity shares on May 07, 2026 and CCD's were converted. 7. Pursuant to the Board approval, the Company issued and allotted the Commercial Paper of Rs. 18,000 million on December 22, 2025 and of Rs. 2,000 million on January 02, 2026. The Company made early and full redemption of the Commercial Paper during the quarter ended March 31, 2026 from the funds raised through Qualified Institutional Placement on January 14, 2026. 8. During the year ended March 31, 2026, the Company entered into Share Swap Agreement ('SSA') with Tata Capital Growth Fund II and Activ Pine LLP for purchase of 33,957,771 equity shares in BBL against 23,863,769 equity shares of the Company on a preferential basis for consideration other than cash, aggregating up to Rs. 9,683 million against the gross obligation of Rs. 10,493 million. Resultant gain of Rs. 810 million is accounted under "other equity" in line with accounting policy choice at time of initial recognition. The preferential allotment of these shares were made on January 05, 2026 by the Company.
Page 15
Biocon Limited Unaudited financial results for the quarter and half year ended September 30, 2026 9. During the year ended March 31 2026, the Company acquired 112,860,496 equity shares of BBL from Serum Institute Life Sciences Private Limited, Tata Capital Growth Fund II and Activ Pine LLP and issued 79,312,534 equity shares of the Company on a preferential basis for consideration other than cash, aggregating up to Rs. 32,183 million subsequent to the approval by its Board of Directors in their meeting held on December 06, 2025 and shareholders meeting at the Extraordinary General Meeting ("EGM") held on December 31, 2025. The Group recorded a loss on acquisition of equity shares in its subsidiary within other equity in the consolidated financial results. 10. During the quarter and half year ended September 30, 2025, Syngene has written off Rs. 277 million as unrecoverable balances in receivables due to cumulative changes in foreign exchange rates. Consequent tax impact of Rs. 75 million is included within tax expense for the period. 11. In accordance with Ind AS 108, the Chief Operating Decision Maker (CODM) evaluates the Group's performance based on an analysis of various performance indicators by business segments. The group has three reportable segments - Biosimilars, Generics and Services (earlier known as Contract Research, Development, and Manufacturing organization (CRDMO)). For segment reporting purposes, the Biosimilar and Generic businesses are presented as separate reportable segments within the Group's Biopharmaceuticals business. The results of the Group, including related assets and liabilities pertaining to corporate activities undertaken by the Group, are included within "Unallocable" in the segment disclosures. Until March 31, 2026, the Group included corporate activities relating to cross charge of common utilities within "Generics" segment. During the quarter ended June 30, 2026, the CODM has started assessing the business performance of the Generics segment excluding the effect of such cross charges of common utilities and accordingly, the revenue, segment results and the corresponding assets and liabilities are included within "Unallocable" in the segment disclosure . The figures for the comparable periods have been restated to that effect. Until December 31, 2025, the Group included interest expenses relating to Optionally Convertible Debentures (OCDs) issued by BBL and held by the Company within 'Biosimilars' segment. During the quarter ended March 31, 2026, the CODM assessed the performance of 'Biosimilars' segment excluding the effect of inter-segment interest expenses and hence, the interest on such OCDs is included under 'Unallocable expenditure/(income)'. The Group has restated segment information for the historical periods presented herein to conform to the current presentation. 12. During the quarter ended June 30, 2026, the Company acquired 1,15,36,956 equity shares of BBL, a material subsidiary of the Company, from selling shareholders through a share swap transaction. The acquisition was undertaken pursuant to the approval of the shareholders of the Company received through postal ballot on June 07, 2026, for a preferential issue of equity shares. Accordingly, on June 29, 2026, the Company allotted 87,86,362 equity shares of Rs. 5 each, fully paid-up, at an issue price of Rs. 376.41 per share on a preferential basis as consideration for the acquisition. Pursuant to this acquisition, BBL has become wholly owned subsidiary of the company w.e.f. June 29, 2026. The group recorded acquisition of equity shares in its subsidiary as an equity transaction. 13. On April 29, 2026, the Board of Directors of Syngene recommended a final dividend of Rs. 1.25 per equity share of Rs. 10/-. This was approved by the shareholders of Syngene in the Annual General Meeting dated July 29, 2026, and has been distributed to the shareholders of Syngene during the quarter and half year ended September 30, 2026. 14. On May 07, 2026, the Board of Directors of the Company recommended a final dividend of Rs. 0.50 per equity share of Rs. 5/-. This was approved by the shareholders of Company in the Annual General Meeting dated August 06, 2026, and has been distributed to the shareholders of the Company during the quarter and half year ended September 30, 2026. 15. During the quarter ended June 30, 2026, the Board of Directors of Syngene International Limited approved the voluntary liquidation of its wholly owned subsidiary, Syngene Manufacturing Limited (SMSL), pursuant to a Board Resolution dated May 18, 2026. Subsequently, the shareholders approved the proposal for liquidation on June 15, 2026. As at September 30, 2026, the liquidation process is ongoing and is subject to the completion of l licable statutory, regulatory and legal formalities. ·$J□on '/)J/~ Q:) 0- * * <9. ~ f::>nga\v.'
Page 16
Biocon Limited Unaudited financial results for the quarter and half year ended September 30, 2026 16. Exceptional items: a. During the year ended March 31, 2026, quarter ended June 30, 2026, and September 30, 2026 termination benefits amounting to Rs. 303 million, Rs 135 million and Rs 67 million respectively were extended to employees in accordance with the approved policy. Considering the nature, significance and frequency of these benefits, these are disclosed as "Exceptional Items" in the consolidated financial results. b. On November 21, 2025, the Government of India notified the four Labour Codes consolidating 29 existing labour laws. The Group assessed and disclosed the incremental impact of these changes on gratuity and compensated absences, particularly relating to the definition of "wages" considering the salary structure existing on the date of notification of Labor Code. During the year ended March 31, 2026, the net expense recognised under "Exceptional Items" amounted to Rs. 223 million and Rs. 965 million in the standalone and consolidated financial results, respectively. The associated tax impact of Rs. 37 million and Rs. 112 million was included in the standalone and consolidated financial results respectively in the tax expense. c. On December 6, 2025, the Company entered into Share Swap and Share Purchase Agreement with Mylan Inc for purchase of 292,726,366 equity shares in BBL for consideration of Rs. 73,560 million (USD 815 million). Pursuant to above, the Company remeasured the derivative liability recorded earlier in relation to investment in BBL by Mylan Inc and recorded a gain of Rs. 1,842 million as an "exceptional item" in the consolidated financial results for the year ended March 31, 2026. The Company obtained shareholders' approval at the EGM held on December 31, 2025, and accordingly (i) issued 91,967,019 equity shares on a preferential basis at a consideration other than cash aggregating to Rs. 37,318 million (USO 415 million) to acquire 149,056,984 equity shares of BBL on January 05, 2026; and (ii) paid cash consideration of Rs. 18,053 million (USO 200 million) and Rs. 18,189 million (USD 200 million) on January 05, 2026 and January 21, 2026 respectively to acquire 143,669,382 equity shares of BBL. The Group recorded a loss on acquisition of equity shares in its subsidiary within other equity in the consolidated financial results. d. In connection with various transactions referred to note 6 to note 9 above, the Company has incurred expenses towards advisory and legal consultancy services, premium paid on hedges taken for settlement of foreign currency payments, bridge financing cost in respect of commercial papers, additional finance cost towards settlement of certain lenders and settlement against outstanding receivables from Mylan Inc, aggregating Rs. 1,341 million and Rs. 2,102 million as an "exceptional item" in the standalone and consolidated financial results respectively for the year ended March 31, 2026. The associated tax impact of Rs. 222 million and Rs. 329 million was included in the tax expense for the year in the standalone and consolidated financial results. e. On December 6, 2025, the Company and BBL announced a strategic corporate action to fully integrate BBL as a wholly owned subsidiary into Biocon Limited. Pursuant to this, the Company and BBL accounted for expenses towards severance payments for certain employees, consultants fee for integration of businesses, employee stock option cost towards acceleration of vesting of ESOPs/ RSUs aggregating Rs 563 million and Rs 1,372 million in the standalone and consolidated financial results. Considering the nature, significance, and non-recurring nature of these benefits, the related expenses were disclosed as exceptional items. The associated tax impact of Rs. 142 million and Rs. 387 million was included in the tax expense for the period in the standalone and consolidated financial results. f. During the year ended March 31, 2026, BBL has recorded an exceptional provision of Rs 762 million for inventories in respect of certain molecules in line with its assessment to liquidate these inventories. The provision recorded on these inventories, being high value and non-recurring, same is classified as an exceptional item. The associated tax impact of Rs. 107 million was included in the tax expense for the year. g. During the year ended March 31, 2026, the Group additionally invested Rs. 75 million in the equity shares issued by Indian Foundation for Quality Management ('IFQM') a Company incorporated under section 8 of the Companies Act, 2013. As at March 31, 2026, the Group has fair valued such investment and has recorded fair value charge of Rs. 75 million in the consolidated financial results and Rs. 25 million in the standalone financial results.
Page 17
Biocon Limited Unaudited financial results for the quarter and half year ended September 30, 2026 h. During the quarter ended September 30, 2025, one of the subsidiaries of BBL reached a settlement on a litigation matter with one of its customers for a settlement amount of Rs. 119 million, which has been disclosed under "Exceptional Items". The associated tax impact of Rs. 30 million included in the tax expense for the period. For the half year ended September 30, 2025, the total settlement amount aggregated to Rs. 291 million, with an associated tax impact of Rs. 73 million included in the tax expense for the period. Bangalore, November 04, 2026 0 n L, . oc..; ~ * \ ~ C-· For and on behalf of the Board of Directors of Biocon Limited Kl RAN Digitally signed by KIRAN MAZUMDAR MAZUMDA SHAW R SHAW Date:2026.11.04 11 :42:09 +05'30' Kiran Mazumdar-Shaw Executive Chairperson DIN: 00347229
Page 18
Chartered Accountants Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited StandaloneFinancial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015, as amendedReview Report toThe Board of DirectorsBiocon Limited1. We have reviewed the accompanying statement of unaudited standalone financial results ofBiocon Limited (the “Company”) for the quarter ended September 30, 2026 and year to datefrom April 01, 2026 to September 30, 2026 (the “Statement”) attached herewith, beingsubmitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015, as amended (the “ListingRegulations”).2. The Company’s Management is responsible for the preparation of the Statement in accordancewith the recognition and measurement principles laid down in Indian Accounting Standard 34,(Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act,2013 as amended, read with relevant rules issued thereunder and other accounting principlesgenerally accepted in India and in compliance with Regulation 33 of the Listing Regulations.The Statement has been approved by the Company’s Board of Directors. Our responsibility isto express a conclusion on the Statement based on our review.3. We conducted our review of the Statement in accordance with theStandard on ReviewEngagements (SRE) 2410, “Review of Interim Financial Information Performed by theIndependent Auditor of the Entity” issued by the Institute of Chartered Accountants of India.This standard requires that we plan and perform the review to obtain moderate assurance as towhether the Statement is free of material misstatement. A review of interim financialinformation consists of making inquiries, primarily of persons responsible for financial andaccounting matters, and applying analytical and other review procedures. A review issubstantially less in scope than an audit conducted in accordance with Standards on Auditingand consequently does not enable us to obtain assurance that we would become aware of allsignificant matters that might be identified in an audit. Accordingly, we do not express an auditopinion.4. Based on our review conducted as above, nothing has come to our attention that causes us tobelieve that the accompanying Statement, prepared in accordance with the recognition andmeasurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’)specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rulesissued thereunder and other accounting principles generally accepted in India, has not disclosedthe information required to be disclosed in terms of the Listing Regulations, including themanner in which it is to be disclosed, or that it contains any material misstatement.
Page 19
Chartered Accountants 5. The comparative financial information of the Company for the corresponding quarter and sixmonths period ended September 30, 2025 and preceding quarter ended June 30, 2026, includedin these standalone financial results, were reviewed by the predecessor auditor and the financialstatements of the Company for the year ended March 31, 2026, were audited by predecessorauditor who expressed an unmodified conclusion and unmodified opinion on those financialinformation and statements on November 11, 2025, August 05, 2026, and May 07, 2026,respectively.For S.R. BATLIBOI & ASSOCIATES LLPChartered AccountantsICAI Firm registration number: 101049W/E300004per Adarsh RankaPartnerMembership No.: 209567UDIN: 26209567CFGCWS3393BengaluruNovember 04, 2026
Page 20
Chartered Accountants Independent Auditor’s Review Report on the Quarterly and Year to Date UnauditedConsolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amendedReview Report toThe Board of DirectorsBiocon Limited1. We have reviewed the accompanying statement of unaudited consolidated financial results ofBiocon Limited (the “Holding Company”) and its subsidiaries (the Holding Company and itssubsidiaries together referred to as “the Group”), its joint venture and associate for the quarterended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026 (the“Statement”) attached herewith, being submitted by the Holding Company pursuant to therequirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended (the “Listing Regulations”).2. The Holding Company’s Management is responsible for the preparation of the Statement inaccordance with the recognition and measurement principles laid down in Indian AccountingStandard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of theCompanies Act, 2013 as amended, read with relevant rules issued thereunder and other accountingprinciples generally accepted in India and in compliance with Regulation 33 of the ListingRegulations. The Statement has been approved by the Holding Company’s Board of Directors . Ourresponsibility is to express a conclusion on the Statement based on our review.3. We conducted our review of the Statement in accordance with theStandard on ReviewEngagements (SRE) 2410, “Review of Interim Financial Information Performed by the IndependentAuditor of the Entity” issued by the Institute of Chartered Accountants of India. This standardrequires that we plan and perform the review to obtain moderate assurance as to whether theStatement is free of material misstatement. A review of interim financial information consists ofmaking inquiries, primarily of persons responsible for financial and accounting matters, andapplying analytical and other review procedures. A review is substantially less in scope than anaudit conducted in accordance with Standards on Auditing and consequently does not enable us toobtain assurance that we would become aware of all significant matters that might be identified inan audit. Accordingly, we do not express an audit opinion.We also performed procedures in accordance with the Master Circular issued by the Securities andExchange Board of India under Regulation 33(8) of the Listing Regulations, to the extentapplicable.4. The Statement includes the results of the following entities as mentioned in Annexure ‘A’ to thisreport.5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothinghas come to our attention that causes us to believe that the accompanying Statement, prepared inaccordance with recognition and measurement principles laid down in the aforesaid IndianAccounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, asamended, read with relevant rules issued thereunder and other accounting principles generallyaccepted in India, has not disclosed the information required to be disclosed in terms of the ListingRegulations, including the manner in which it is to be disclosed, or that it contains any materialmisstatement.
Page 21
Chartered Accountants 6. The accompanying Statement includes the unaudited interim financial results/statements and otherfinancial information, in respect of a subsidiary, whose unaudited interim financial results (beforeconsolidation adjustments) include total assets of Rs. 57,569 million as at September 30, 2026, totalrevenues of Rs. 5,609 million and Rs. 11,748 million, total net profit after tax of Rs. 855 millionand Rs. 2,079 million, total comprehensive income of Rs. 855 million and Rs. 2,079 million, forthe quarter ended September 30, 2026 and the half year ended on that date, respectively and netcash outflows of Rs. 90 million for the period from April 01, 2026 to September 30, 2026, asconsidered in the Statement which have been reviewed by its independent auditor.The independent auditor’s review report on interim financial information and financial results ofthis subsidiary has been furnished to us by the management and our conclusion on the Statement,in so far as it relates to the amounts and disclosures in respect of this subsidiary is based solely onthe report of such auditors and procedures performed by us as stated in paragraph 3 above.This subsidiary is located outside India whose financial results and other financial information hasbeen prepared in accordance with accounting principles generally accepted in their respectivecountries and which have been reviewed by other auditors under generally accepted auditingstandards applicable in their respective countries. The Holding Company’s management hasconverted the financial results of this subsidiary located outside India from accounting principlesgenerally accepted in their respective countries to accounting principles generally accepted in India.We have reviewed these conversion adjustments made by the Holding Company’s management.Our conclusion in so far as it relates to the balance and affairs of such subsidiary located outsideIndia is based on the report of other auditors and the conversion adjustments prepared by themanagement of the Holding Company and reviewed by us.7. The comparative financial information of the Group, its joint venture and associate for thecorresponding quarter and six month period ended September 30, 2025 and preceding quarter endedJune 30, 2026, included in these consolidated financial results, were reviewed by the predecessorauditor and the consolidated financial statements of the Group, its joint venture and associate forthe year ended March 31, 2026, were audited by predecessor auditor who expressed an unmodifiedconclusion and unmodified opinion on those consolidated financial information and statements onNovember 11, 2025, August 05, 2026 and May 07, 2026, respectively.For S.R. Batliboi & Associates LLPChartered AccountantsICAI Firm registration number: 101049W/E300004per Adarsh RankaPartnerMembership No.: 209567UDIN: 26209567EIQERK3749BengaluruNovember 04, 2026
Page 22
Chartered Accountants Annexure ASl. No. Name of the entity1Biocon Limited2 Biocon Academy3 Biocon Biologics (Thailand) Co. Ltd4 Biocon Biologics Belgium BV5 Biocon Biologics Canada Inc.6 Biocon Biologics Croatia LLC7 Biocon Biologics Do Brasil LTDA8 Biocon Biologics Finland OY9 Biocon Biologics France S.A.S10 Biocon Biologics FZ-LLC11 Biocon Biologics Germany GmbH12 Biocon Biologics Global PLC13 Biocon Biologics Greece Single Members P.C.14 Biocon Biologics Healthcare Malaysia SDN. BHD15 Biocon Biologics Inc.16Biocon Biologics International Limited (formerly known as BioconBiologics UK Limited)17Biocon Biologics Ireland Limited (formerly known as BiosimilarCollaborations Ireland Limited)18 Biocon Biologics Italy S.R.L19 Biocon Biologics Limited20 Biocon Biologics Morocco S.A.R.L.A.U21 Biocon Biologics Philippines Inc22 Biocon Biologics South Africa (PTY) Ltd23 Biocon Biologics Spain, S.L.U24 Biocon Biologics Switzerland AG25Biocon Biologics UK PLC (formerly known as Biosimilars NewcoLimited)26 Biocon Biosphere Limited27 Biocon FZ LLC28 Biocon Generics Inc.29 Biocon Pharma Inc.30 Biocon Pharma Ireland Limited31 Biocon Pharma Limited32 Biocon Pharma Malta I Limited33 Biocon Pharma Malta Limited34 Biocon Pharma UK Limited35 Biocon SA36 Biocon SDN. BHD37 Syngene International Limited38Syngene Manufacturing Solutions Limited (In the process of liquidationw.e.f 15 June 2026)
Page 23
Chartered Accountants Sl. No. Name of the entity39 Syngene Scientific Solutions Limited40 Syngene USA Inc.41 NeoBiocon FZ LLC, UAE42 IATRICa Inc.,43 Biocon India Limited Employee Welfare Trust44 Biocon Limited Employee Welfare Trust45 Biocon Biologics Employee Welfare Trust46 Syngene Employee Welfare Trust