Interim report
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Emcure Ref: EPL/CS/SE/0094/2026 Date: November 03, 2026 To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 Script Symbol: EMCURE BSE Limited P J Towers, Dalal Street, Mumbai- 400 001 Scrip Code/Symbol: 544210/ EMCURE Dear Sir/Madam, Subject: Outcome of Board Meeting held on November 03, 2026. In continuation to our letter dated October 14, 2026, and pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), read with Schedule III of aforesaid Regulations and SEBI Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, we wish to inform you that the Board of Directors of the Company at its meeting held today i.e. Tuesday, November 03, 2026, has inter-alia transacted and approved Unaudited Financial Results (Standalone and Consolidated) for the quarter and half-year ended September 30, 2026, as reviewed and recommended by the Audit Committee. Pursuant to Regulation 33 of the SEBI Listing Regulations, we are enclosing herewith the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half-year ended September 30, 2026, along with the Limited Review Reports on the aforesaid Results as issued by M/s. B S R & Co. LLP, Chartered Accountants, Statutory Auditors of the Company, enclosed as Annexure A. Press Release outlining key updates on the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half-year ended September 30, 2026, is also enclosed herewith as Annexure B. The meeting of the Board of Directors of the Company commenced at 12:48 p.m. (IST) and concluded at 13:30 p.m. (IST). You are requested to take the above information on your records. Thanking you, For Emcure Pharmaceuticals Limited Amruta Yangalwar Company Secretary & Compliance Officer ICSI Membership No.: A25687 Encl: As above Emcure Pharmaceuticals Limited Registered Office: Plot No. P-1 & P-2, IT-BT Park, Phase-II, M.I.D.C., Hinjawadi, Pune - 411057, Maharashtra, India Phone Nos.: +91 20 – 35070033/ 35070000 Fax No.: +91 20 3507 0060 E-mail: corporate@emcure.com Website: www.emcure.com CIN: L24231PN1981PLC024251
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BS R & Co. LLP Chartered Accountants 8th Floor, Unit 802, Godrej Koregaon Park North Main Road, Mundhwa Pune, Maharashtra, 411001 Telephone: +91 (20) 4061 2200 Limited Review Report on unaudited consolidated financial results of Emcure Pharmaceuticals Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Emcure Pharmaceuticals Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Emcure Pharmaceuticals Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting'' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 241 O "Review of Interim Financial Information Performed by the Independent Auditor of the Entity'', issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I to the Statement. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The Statement includes the interim financial information of 18 Subsidiaries which have not been reviewed, whose interim financial information reflects total assets (before consolidated adjustments) of INR 13,653 million as at 30 September 2026 and total revenues (before consolidated adjustments) of INR 2,633 million and INR 5,479 million, total net profit after tax (net) (before consolidated adjustments) of INR 19 million and INR 112 million and total comprehensive income (nett(-before consolidated adjustments) of INR 29 million and INR 172 million, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash inflows (net) (before consolidation adjustments) of Rs 136 million for the period from 1 April 2026 to 30 Saal'lft'!1rm,,-.._ 2026 as considered in the Statement. According to the information and explanations • ~ t the Parent's management, these interim financial information are not material to the BS R & Co. (a partne,ship fim, with Registration No. BA61223) converted into BS R & Co. LLP (a Limited Uahitty Partnership wilh Ll.P Registration No. AAB-8181) with effect from OdDber 14, 2013 QJ Registered Office: l~lh Flnor. C,enlta! B WJnv and onh C 'Mli! ~ ~ Cenler, W""1em ElClifess Hlghv,-ay, G<,n,go Annexure - A
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8 S R&Co. LLP Limited Review Report (Continued) Emcure Pharmaceuticals Limited Our conclusion is not modified in respect of this matter. Pune 03 November 2026 For B S R & Co. LLP Chartered Accountants Finn's Registration No.:101248W/W-100022 ~ Partner Membership No.: 062343 UDIN:26062343AMLWQR6900 Page 2 of4
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BS R & Co. LLP Limited Review Report (Continued) Emcure Pharmaceuticals Limited Annexure I List of entities included in unaudited consolidated financial results: Sr. No Name of component Relationship 1 Emcure Pharmaceuticals Limited ("EPL~) Parenti Holding Company 2 Zuventus Healthcare Limited Subsidiary of EPL 3 Gennova Biopharmaceuticals Limited Subsidiary of EPL 4 Emcure Pharmaceuticals Pty Ltd Subsidiary of EPL 5 Emcure Nigeria Limited Subsidiary of EPL 6 Emcure Pharmaceuticals Mena FZ LLC Subsidiary of EPL 7 Emcure Pharmaceuticals South Africa (Pty) Limited Subsidiary of EPL 8 Emcure Brasil Farmaceutica Ltda Subsidiary of EPL 9 Emcure Pharma UK Ltd ("EPUK") Subsidiary of EPL 10 Emcure Pharma Peru S.A.C. Subsidiary of EPL 11 Emcure Pharma Mexico S.A. DE C.V. Subsidiary of EPL 12 Marean Pharmaceuticals Inc. ("MPI") Subsidiary of EPL 13 Emcure Pharma Chile SpA Subsidiary of EPL 14 Lazor Pharmaceuticals Limited Subsidiary of EPL 15 Emcure Pharma Philippines Inc. Subsidiary of EPL 16 Emcure Pharmaceuticals Dominicana S.A.S Subsidiary of EPL 17 Emcutix Biopharmaceuticals Limited Subsidiary of EPL 18 Emcure Lifesciences Private Limited Subsidiary of EPL 19 Emcure Wellness Private Limited Subsidiary of EPL g & - Co C,,/ ~ • < 20 Tillomed Laboratories Ltd Subsidiary of EPUK (((J ~~ ! ~i>n <'1j I * lilftn! ~ Road. ) * p ,\.,Q ~i. I ~nd!I PIile, C'.I) 8 ~<>1 ,.. ___ _,411001. ~ ~E> ~'li rea Acco~~
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BS R& Co. LLP 21 Tillomed Pharma GmbH 22 Laboratories Tillomed Spain SLU 23 Tillomed Italia S.R.L. 24 Tillomed France SAS 25 Tillomed Malta Ltd. 26 Mantra Pharma Inc. Limited Review Report (Continued) Emcure Pharmaceuticals Limited Subsidiary of EPUK Subsidiary of EPUK Subsidiary of EPUK Subsidiary of EPUK Subsidiary of EPUK Subsidiary of MPI Page4 of4
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Emcure Emcure Pharmaceuticals Limited Statement of Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2026 .f In million (unless otherwise stated) Particulars Quarter ended Half vear ended Year ended 30-Sep-26 3~un-26 30-5ep..25 30-Sep-26 30-Sep-25 31-Mar-26 Unaudited Unaudited Unaudited Unaudited Unaud ited Audited Incom e: Revenue fi'om operations 28,204 71 25,804 47 22,698 22 54,00918 43,703 59 92,035.40 Other Income 32-54 20 71 31 23 53,25 68.19 126.64 Total rnccme 28.237.25 25,825.18 22,729.45 54,062.43 43.771.78 92,162.04 Expenses: Cost of materials consumed 6.421 28 4,811.36 4,20461 11 ,232.64 8,52963 16,927 74 Purchases of stock-in-trade 6,25414 5,55119 6,251 70 11 ,805 33 11 ,75653 23,972 51 Changes in inventories of finished goods , worl<-in-progress and stock-in-trade (1,251 67) 368 99 (1,561 03) (882 68) (3,370 74) (4,329 63) Employee benefrt expenses 4,34710 4,094 ,95 3,846 21 8,4420S- 7,780 92 15,521 98 Depreciation and amortisation expense 1,096 63 1,095.05 1,046 43 2,191 68 2,040.99 4,15046 Finance costs 355 76 315 36 325 42 671 12 592.97 1,436 73 Other expenses 6,686 31 5,898 01 5,565 48 12,584 32 10,577 10 22,056 73 Net (gain)/ loss on foreign currency transactions (13082) (228 93) (363.54) (359 75) (492.37) (1 ,188 04) Changes in fair value of contingent consideration (refer note 5) - (1606) - (1606) 428 64 Total expenses 23.778.73 21 ,889.92 19,315.28 45,668.65 37.415.03 78,977.12 Profit before exceptional items and tax 4,458.52 3,935.26 3,414.17 8,393.78 6,356.75 13,184.92 Exceptional items (refer note 3(a) & 3(b)) - 35.00 313 49 Profit before tax 4,458.52 3.935.26 3 414.17 8,393.78 6.321.75 12.871.43 Tax expense Current tax 1,222 35 1,152,33 930 21 2,374 68 1,790 39 3,925 63 Deferred tax (14 51) (14200) 129 74) 1156 51 } (130.27) (466 89) Total tax expenses 1,:t07.84 1.010.33 900.47 2,218.17 1,660.12 3,458.74 Profit for the period/year 3.250 .68 2.924.93 2.513.70 6.175.61 4.661 .63 9.412.69 Other comprehensive income (a) Other comprehensive income/ (loss) not to be reclassified to profit or (2.16) (2.19) (4.50) (4.35) (12.23) 11.95 loss • Income tax on above 0.56 0.39 1.32 0.95 3.37 (3.40) (bl Other comprehensive income/(loss) to be reclassified to profit or loss 143.98 208.51 284.19 352.49 1,085.61 1,652 .67 Other comprehensive lr,come/(los s) for the pertod/year 142.38 206.71 281 .01 349.09 1,076.75 1,661 .22 Total comprehensive income for the period/year 3.393.06 3 131.64 2,794.71 6.524.70 5.738.38 11 .. 073.91 Profit attributable to: Owners of the Holding company 3,255 65 2,939 80 2.434 64 6,19545 4,504.17 9,243 61 Non-controlling interests (4 97) (14.87) 79 06 (19 84) 157 46 169 08 Other comprehensive income attributable to: Owners of the Holding company 142 38 206.72 28113 34910 1,077 48 1,661.40 Non-controlling interests - (001) (0 12) (0.01) (0.73) (0.18) Total comprehensive income attributable to: Owners of the Holding company 3,398 03 3,14652 2.715 77 6,544 55 5,581 65 10,905 01 Non-controllinQ interests (4.97) 114 88) 78 94 119 85) 156 73 168 90 Earnings per share (not annualised for the quarter and half year ended): Basic 1716 15_50 12 85 32.67 23.77 48 77 Diluted 1714 15 50 12 85 32 63 23 77 48 77 Paid up eQUity share caprtal [Face value per share: f 1 OJ _ 1,89711 1,896.82 1,895 65 1,897 11 1,895 65 1,895 90 Other eQuity ~ N\AC€~ -~,., 47,604 42 ff~r_: \~ y )~ ~ ()..., ~ • *PUN~* Emcure Pharmaceuticals Limited Registered Office: Plot No. P-1 & P-2, IT-BT Park, Phase-II, M.I.D.C., Hinjawadi, Pune - 411057, Maharashtra, India Phone Nos.: +91 20 - 35070033/ 35070000 Fax No.: +91 20 3507 0060 E-mail:corporate@emcure.com Website: www.emcure.com CIN: L24231PN1981PLC024251
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Emcure Pharmaceuticals Limited Consolidated Balance Sheet as at September 30, 2026 i!' in million Particulars 30-Sep-26 31-Mar-26 Unaudited Audited A.ASSETS (1) Non-<:urrent assets Property. plant and equipment 19,856 54 19,599.28 Capital work-in-progress 3,281.68 1.720 57 Right-of-use assets 3,208.95 3,588 37 Goodwill 4,278 40 4,142 59 Other Intangible assets 5.243 80 5,861 94 Intangible assets under development 1.130 13 1,006 47 Financial assets i) Investments 198 33 197 03 ii) Other non current financial assets 370.37 412 39 Deferred tax assets (net) 1.438 55 1,393 73 Income lax assets (net) 1,152 66 969 27 Other non-current assets 1,202 50 1.112 14 Total non- current assets 41 361.91 40,003.78 (2) Current assets Inventories 25,046 33 23,978 74 Financial assets i) Trade receivables 27,314 48 25,626 64 ii) Cash and cash equivalents 1.365 89 1,366 58 iii) Bank balances other than (iii) above 107 54 108 63 iv) Other current financial assets 698 49 687 38 Other current assets 5.743 18 4.353 06 I Total current assets 60.275.91 56,121.03 TOTAL ASSETS 1.01.637 .82 96.124.81 B. EQUITY AND LIABILITIES Equity Equity share capital 1.897 11 1,895 90 Other equity 51 ,543 30 47,604 42 Equity attributable to owners of the Holding company 53,440.41 49,500.32 Non-<:ontrolling interest - 26641 Total equity 53.440.41 49,766.73 C. LIABILITIES (1) Non-<:urrent liabilities Financial liabilities i) Borrowings 5,372.34 2,522 11 ii) Lease Liabilities 2.391 .05 2,622.80 iii) Other non current financial liabilities 654 02 611 71 Provisions 392 98 426 01 Deferred tax liabilities (net) 858 34 980 00 Other non-<:urrent liabilities 139 37 73 04 Total non-<:urrent liabilities 9 808,10 7,235.67 (2) Current liabilities Financial liabilities i) Borrowings 9,300 61 9,518 72 ii) Lease Liabilities 504.29 548 78 iii) Trade payables Total outstanding dues of micro and small enterprises 84345 916 28 Total outstanding dues lo others 19,420 08 17,161 38 iv) Other current financial liabilities 5.193 83 7.859 36 Other current liabilities 1,212 86 965 29 Provisions 814 62 722 64 Current tax liabilities (net) 1,099 57 1,429 96 Total current liabilities 38,389.31 39,122.41 ~ tliAC~~ Total liabilities ~(\ 48 197.41 46,358.08 TOTAL EQUITY AND LIABILITIES ·, , ,~ 1 01 ,637.82 96. 124.81 D:'."I l C/1 \~_.J ~ * * PUN~
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Emcure Pharmaceuticals Limited Consolidated Cash Flow Statement for the half year ended September 30, 2026 fin million Particulars Half year ended Half year ended 30-Sep-26 30-Sep-25 Unaudited Unaudited A. Cash flows from operating activities: Profit before tax 8,393.78 6,321.75 Adjustment for: Depreciation and amortisation expense 2.191 68 2,040 99 Finance costs 671 12 592 97 Employee share-based expense 41 00 15 12 Interest income from banks and others (3 54) (8 51) (Profit) I Loss on sale of property. plant and equipment (14.91) 4 38 Gain on termination of leases (1646) (0 16) Profit on sale of investment (0 17) (20 54) Changes in fair value of contingent consideration (16 06) - Effect of exchanoe rate changes 66 83 (29381 ) 11,313.27 8,652.19 Working capital adjustments: - (Increase)/ decrease in inventories (902.48) (3,194 77) - (Increase)/ decrease in trade receivables (1,660 99) (2,148 79) - (Increase)/ decrease in other financial assets 21 04 (443 20) - (Increase)/ decrease in other assets (1 ,130 43) (563 41) - Increase/ (decrease) in trade payables 1,991 36 2,133 52 - Increase/ (decrease) in other financial liabilities (297 21) (5864) - Increase/ (decrease) in other liabilities 300 13 (77 32) - Increase/ (decrease) in provisions 74 61 100 83 (1,603.97) (4,251.78) Cash generated from operating activities 9,709.30 4,400.41 Income tax oaid /net of refunds) (2.886 91) (1 ,838 31) Net cash generated from operating activities (A) 6,822 .39 2,562.10 B. Cash flows from investing activities Purchase of property, plant and equipment . capital work-in-progress and Leasehold land rights (2,452 60) (1,287 23) Purchase of intangible assets and intangible assets under development (1,264 94) (602 98) Proceeds from sale of property, plant and equipment and transfer of Leasehold land rights 23 23 32 22 Investment in financial instruments (1116) (3 86) Investment in mutual funds and non convertible debentures (900 00) (4,837 77) Proceeds from sale of mutual funds and redemption of non convertible debenture 900 17 5,393 59 Consideration paid on acquisition of Subsidiary, net of cash acquired (3,144 44) (2,804 18) Proceeds from sale of business undertaking 1,177 32 - Interest received from banks and others 3 54 8 61 Term deposit placed (7 23) (6 57) Term deposit matured 7 23 - Net cash used in investing activities (BJ (5,668.88) i4,108.17) C. Cash flows from financing activities Proceeds from issue of shares (net of offer expenses) 115 21 45 85 Repayment of long-term borrowings (954 93) (333 12) Proceeds from long-term borrowings 3,868.21 2,500 00 Proceeds from / (repayments) of short-term borrowings (net) (669 83) 5,310 27 Interest paid (543 95) (361 68) Repayment of lease liabilities (342.27) (302 20) Payment for acquisition of non-controlling interests (2,323 37) Dividend paid by holding company (682.92) (568 53) Net cash generated from financing activities (C) (1,533.85) 6,290.59 Net increase in cash and cash equivalents (A+B+C) (380.34) 4,744 52 Cash and cash equivalent as at the beginning of the period 977 65 (143 11) Effect of exchange rate fluctuations on cash and cash eQuivalent 15 28 101 53 Cash and cash equivalent as at period end 612.59 4,702.94 Components of cash and cash equivalent: Cash on hand 1 00 0 86 Balances with bank in current accounts 1,298 29 4,639 18 Balances with bank in cash credit accounts 3.47 70_57 Demand deposits (with original maturity of less than 3 months)~N\AC~ 63 13 11 90 Bank overdrafts used for cash manaoement ouroose . b.: U.,. 1753 30) (19.57) Total cash and cash equivalent• Fhi' / "4-'\, 612.59 4,702.94 • Cash and cash equivalent includes bank overdrafts that are ref '~fan demand andl~;,' ::, " fl) integral part of the Group's cash management ~~~ * PUN'c. * -
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Emcure Pharmaceuticals Limited Statement of Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2026 Notes: 1. These unaudited consolidated financial results of the Holding Company have been prepared In accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act, 2013. as amended read with relevant rules thereunder and In terms of Regulation 33 of the SEBI (listi ng Obligation and Disclosure Requirements) Regulations 2015 ("the Regulations"). The said unaudited consolidated financial results represent the results of Emcure Pharmaceut ical Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter and half year ended September 30, 2026 2. The above unaudited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the Holding Company at their respective meetings held on November 3, 2026. The results are subjected to Limited Review by the statutory auditors of the Holding Company in terms o Regulation 33 of The Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (LODR), as amended. The statutory auditors have expressed an unqualified conclusion on above unaudited consolidated financial results. 3. Exceptional items 3(a). Exceptional items mainly include payments toward one-time legal settlements and consultancy fees related to the Canada Drug Pricing matter. 3(b). On 21 November 2025. the Government of India notified the four Labour Codes - the Code on Wages . 2019 During the previous year considering the materiality and regulatory-driven, non-recurring nature of this impact, the Group had presented an incremental impact on Employee Benefit Obligations un·cter "Exceptional items" in the Consolidated Statement of Profit and Loss for the year ended 31 March 2026. 4. The Group is primarily engaged in manufacturing and trading of pharmaceuticals products Accordingly , the Group has only one reportable segmen t 'Pharmaceuticals ' and disclosures as per Ind AS 108 "Operating Segments" are not applicable. 5. The former shareholders of Mantra Pharma Inc. exercised their redemption option based on FY 2026 performance The contingent consideration was remeasured from CAD 44.22 million (i!:2,689.90 million) to CAD 50.23 million (t3 ,357.69 million), resulting in an Incremental true-up cost of CAD 6.70 mlll1on (t428.64 million) recognized during the year ended March 31 2026 The preferred shares were redeemed on July 3, 2026, at an actual consideration of CAD 50 00 million (~3.357.93 million) 6. On April 1, 2026, Mantra Pharma Inc., a subsidiary of Marean Pharmaceuticals Inc., acquired 100% of Cutimed Inc. for consideration of up to CAD 5.05 mlll1on (t337.54 million), strengthening the Group's dermatology and cosmetic portfolio in Canada. The acquisition has been accounted for In accordance with Ind AS 103, "Business Combinations", based on the final purchase price allocation 7 The Holding Company's Board of Directors approved the acquisition of shares held by the minority shareholders of Gennova Biopharmaceuticals Limited ('Gennova"). one of its subsidiaries. The Holding Company completed the acquisition of these shares on July 21 2026, thereby IncreasIng its shareholding in Gennova from 87.95% to 100% and making Gennova a wholly owned subsidiary. The excess of the consideration paid amounting to ~ 2,076.81 million over the carrying amount of the non-controlling interest acquired has been adjusted to retained earnings. 8. Gen nova Biopharmaceuticals Limited, a subsidiary of the Holding Company, executed a Business Transfer Agreement on July 10, 2026 for the transfer of its mRNA business undertaking on a slump sale basis for a cash consideration of i!:1,395 million. The assets and liabilities relating to the transferred business undertaking were derecognized upon completion of the transaction For and on behalf of the Board of Directors Emcure Pharmaceuticals Limited I' • L24231PN1981PLC024251 Place: Pune Date: 03 November 2026
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BS R & Co. LLP Chartered Accountants 8th Floor, Unit 802, Godrej Koregaon Park North Main Road, Mundhwa Pune, Maharashtra, 411001 Telephone: +91 (20) 4061 2200 Limited Review Report on unaudited standalone financial results of Emcure Pharmaceuticals Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026. pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Emcure Pharmaceuticals Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Emcure Pharmaceuticals Limited (hereinafter referred to as "the Company'') for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 (''the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Pune 03 November 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Partner Membership No.: 062343 UDIN:26062343EEPEHW7248 Registered Office: BS R & Co. (a par1ne,ship firm with Registration No. BA61223] converted into BS R & Co. L.LP {a Limited l..iabilty Partnership wi1h L.LP Registration No. AAB-11181) with effecllrom October 14. 2013 14th Floor, Central B Wing and Noith C Wing, Nesco IT Par1< 4, Nesco Center, Western Express Highway, Goregaoo (East), l\lumbai - 400063 Page 1 of 1
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Emcure Emcure Pharmaceuticals Limited Statement of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026 f in million unless otherwise state d) Particulars Quarter ended Half year ended 30-Sep-26 30-Jun-26 30-Sep-25 30-Sep-26 Unaudited Unaudited Unaudited Unaudited Income: Revenue from operations 16,679.84 14,509.31 12,606.04 31,189.15 Other income 335.38 250.32 227.53 585.70 Total income 17,015.22 14,759.63 12,833.57 31 ,774.85 Expenses: Cost of materials consumed 5,300.94 4,197.11 3,741 .76 9,498.05 Purchases of stock-in-trade 2,723.70 2,503.81 2,598,62 5,227.51 Changes in inventories of finished goods, work-in-progress (1 ,055.05) (368.15) (674.62) (1,423.20) and stock in trade Employee benefit expenses 2,314.84 2,104.02 2,026.78 4,418.86 Depreciation and amortisation expense 650.10 631 .66 617.39 1,281.76 Finance costs 324.20 327.76 277.14 651.96 Other expenses 3,636.23 2,951 .99 2,961.45 6,588.22 Net gain on foreign currency transactions (203.50 (275.30) (293.86) (478.80) Total expenses 13,691.46 12,072.90 11,254.66 25,764.36 Profit before exceptional items and tax 3,323.76 2,686.73 1,578.91 6,010.49 Exceptional items (refer note 3(a) & 3(b)) - - - - Profit before tax 3,323.76 2,686.73 1,578.91 6,010.49 Tax expense Current tax 869.30 703.47 459.82 1,572.77 Deferred tax (29.82) (17.82) (57.13) (47.64' Total tax expenses 839.48 685.65 402.69 1,525.13 Profit for the period / year 2,484.28 2,001.08 1,176.22 4,485.36 Other comprehensive income Items that will not be reclassified to profit or loss (1.50) (1 .50) (3.00) (3.00) Income tax on above 0.38 0.37 0.75 0.75 Other comprehensive income/ (loss) for the period/ year (1.12) (1 .13) (2.25) (2.25) Total comprehensive income for the period/ year 2,483.16 1,999.95 1,173.97 4,483.11 Earnings per share (not annualised for the quarter): Basic 13.10 10,55 6.21 23.65 Diluted 13.08 10.55 6.21 23.62 Paid-up equity share capital (Face value per share: ~10) 1,897 11 1,896.80 1,895.65 1,897.11 Other equity Emcure Pharmaceuticals Limited Registered Office: Plot No. P-1 & P-2, IT-BT Park, Phase-II, 1v1.I.D.C., Hinjawadi, Pune - 411 30-Sep-25 Unaudited 23,571 .77 442.77 24,014.54 7,288.04 4,200.37 (1 ,740.80) 4,130.97 1,215.56 482.52 5,528.35 (361.07) 20,743.94 3,270.60 35.00 3,235.60 899.85 (68.36' 831.49 2,404.11 (6.00) 1.51 (4.49) 2,399.62 12 69 12.69 1,895.65 Year ended 31-Mar-26 Audited 52,431.88 2,095.16 54,527.04 14,751 .84 8,945.78 (1 ,309.43) 8,211 .20 2,467.33 1,182.71 11 ,606.38 (1,021.39} 44,834.42 9,692.62 250.71 9,441.91 2,337.41 (225.09' 2.112.32 7,329.59 8.69 (2.19) 6.50 7,336.09 38.67 38.67 1,895.90 35,210.05 Phone Nos.: +91 20 - 35070033/ 35070000 Fax No.: +91 20 3507 00 PUN~ E-mail:corporate@emcure .com Website: www.emcure .com CIN: L24231PN1981 PLC02 o1
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Emcure Pharmaceuticals Limited Standalone Balance Sheet as at September 30, 2026 fin million Particulars As at As at 30-Sep-26 31-Mar-26 Unaudited Audited A.ASSETS Non-current assets Property, plant and equipment 14,873.77 14,447.05 Capital work-in-progress 1,826.35 1,102 39 Right-of-use assets 2,709.73 2,871.53 Intangible assets 184.78 226.43 Intangible assets under development 113.89 113.89 Financial assets i) Investments 16,577 34 14,243.00 ii) Loans 3,521.94 4,195 36 iii) Other non-current financial assets 212.05 222.25 Deferred tax assets (net) 7 20 - Income tax assets (net) 472.85 478.30 Other non-current assets 634.45 829 56 Total non-current assets 41,134.35 38,729.76 Current assets Inventories 13,898.96 12,066.96 Financial assets i) Trade receivables 17,239 60 15,348.66 ii) Cash and cash equivalents 163.93 112.45 iii) Bank balances other than (ii) above 55.03 56.32 iv) Loans 20.46 . iv) Other current financial assets 960 53 1,030 01 Other current assets 1,993.46 1,796.28 Total current assets 34,331.97 30,410 .68 TOTAL ASSETS 75,466.32 69,140.44 B. EQUITY AND LIABILITIES Equity Equity share capital 1,897 11 1,895.90 Other equity 39,165 52 35,210.05 Total equity 41,062.63 37,105 .95 C. LIABILITIES Non-current liabilities Financial liabilities i) Borrowings 7,198.38 6,648.41 ii) Lease Liabilities 1,917.07 2,028.51 iii) Other non-current financial liabilities 382 45 381.46 Provisions 283.94 260.71 Deferred tax liabilities (net) . 41 .19 Total non-current liabilities 9,781.84 9,360.28 Current liabilities Financial liabilities i) Borrowings 7,114.80 7,014.31 ii) Lease Liabilities 307.25 276.90 iii) Trade payables (a) Total outstanding dues of micro and small enterprises; a 522.40 638.69 (b) Total outstanding dues other than (iii)(a) above 12,151.26 10,764.76 iv) Other current financial liabilities 2,592 15 2,310 .28 Other current liabilities 634.30 249.22 Provisions 549.27 483.27 Income tax liabilities (net) 750.42 936.78 Total current liabilities 24,621.85 22,674.21 Total liabilities 34,403.69 32,034.49 TOTAL EQUITY AND LIABILITIES 75,466.32 69,140 .44
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Emcure Pharmaceuticals Limited Standalone Cash Flow Statement for the half year ended September 30, 2026 fin million Particulars Half year ended 30-Sep-26 30-Sep-25 Unaudited Unaudited A. Cash flows from operating activities: Profit before tax 6,010.49 3,235.60 Adjustment for: Deprecia on and amortisation expense 1,281.76 1,215 56 Finance costs 651 96 482 52 Foreign exchange differences 0 98 (13 67) Employee share-based expense 31 55 315 Interest income (147 75) (136.55) (Gain)/ loss on disposal of property , plant and equipment (6.88) 4 47 Net gain on financial instruments (0,17) (586) Gain on termination of leases (1 .51) (0 12) Dividend received from subsidiary (80.22) - 7,740.21 4,785.10 Working capital adjustments: - (Increase)/ decrease in inventories (1,832.00) (2,041 46) - (Increase)/ decrease in trade receivables (1,890 94) (70417) - (Increase) / decrease in other financial assets 80 97 (180 69) - (Increase) / decrease in other assets (195.85) (333.31) - Increase / (decrease) in trade payables 1,270,21 392.26 - Increase/ (decrease) in other financial liabilities 92,66 5.79 - Increase I (decrease) in other liabilities 385.08 434 08 - Increase / (decrease) in provisions 86.23 88 71 (2,003.64) (2,338.79) Cash generated from operating activities 5,736.57 2,446.31 Income tax paid (net of refunds) (1,753.68) (1 ,059.31) Net cash generated from operating activities (A) 3,982.89 1,387.00 B. Cash flows from investing activities Purchase of property, plant and equipment, Leasehold Land and capital work-in-progress (1,755.20) (996.71) Purchase of intangible assets and Intangible assets under development (12.62) (22.01) Proceeds from sale of property, plant and equipment 14.15 31.83 Investment in Financial Instruments (2,334.52) (3,008.17) Investment in mutual funds (900 00) (3,395.92) Proceeds from sale of mutual funds 900.17 3,401.78 lntercorporate loans given to subsidiaries (1,489 .30) (1,482.51) Repayment of intercorporate loans by subsidiaries 2,165.50 1,350.88 Interest received on loans to subsidiaries 124 79 160,89 Interest received from banks and others 0 45 1,97 Dividend received 80.22 - Term deposit placed (7.23) (2 03) Term deposit matured 7.23 - Net cash used in investing activities (BJ (3,206.36) (3,960.00) C. Cash flows from financing activities Proceeds from long-term borrowings - 2,500,00 Repayment of long-term borrowings (437.41) (133,72) lntercorporate deposits taken from subsidiary 2,700 30 2,120.00 Repayment of intercorporate deposits taken from subsidiary (1,719.80) (834.00) Proceeds from / (repayment) of short-term borrowings (net) 301 92 3,854.12 Repayment of Lease Liabilities (238 46) (187.94) Proceeds from issue of shares (net of offer expenses) 115 20 45.85 Interest paid (499.50) (354.22) Dividend paid on equity shares (682.92) (568.53) Net cash generated from/ (used in) financing activities (C) (460.67) 6,441.56 Net increase in cash and cash equivalents (A+B+C) 315.86 3,868.56 Cash and cash equivalent as at beginning of the year (150.21) (175.27) Effect of exchanoe rate fluctuations on cash and cash equivalent (1.72) (2.29} Cash and cash equivalent as at year end 163.93 3,691.00 fin million Components of cash and cash equivalent: Asat As at 30-Sep-26 30-Sep-25 Cash on hand 0.17 017 Balances with bank in current accounts 163.76 3,690 83 Bank overdrafts used for cash management purpose - Total cash and cash equivalent* 163.93 3,691.00 • Cash and cash equivalent includes bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
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Emcure Pharmaceuticals limited Statement of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026 Notes: 1 These unaudited standalone financial results of the Company have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 ("the Regulations") . 2 The above unaudited standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on November 3, 2026 The results are subjected to Limited review by lhe statutory auditors of the Company in terms of Regulation 33 of The Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR), as amended The statutory auditors have expressed an unqualified conclusion on above unaudited standalone financial results 3. Exceptional items: 3(a) Exceptional item for the half year ended September 30, 2025 and year ended March 31 , 2026, included t 35 00 million towards one-time settlement of a legal dispute 3(b) On 21 November 2025, the Government of India notified the four Labour Codes - the Code on Wages , 2019 During the previous year, considering the materiality and regulatory-driven, non-recurring nature of this impact, the Company had presented an incremental impact on Employee Benefit Obligations under "Exceptional items" in the Statement of Profit and Loss for the year ended 31 March 2026 4 In accordance with Ind AS 108 "Operating Segments", segment information has been provided in the consolidated financial results of the Group and therefore no separate disclosure on segment information is given in these standalone financial results 5 The Company's Board of Directors approved acquisition of shares from the minority shareholders of Gennova Biopharmaceuticals Limited ('Gennova'), one of its subsidiaries The Company has acquired the shares, thereby making Gennova a wholly owned subsidiary of the Company effective July 21, 2026 6. On October 12, 2026, the Board approved the amalgamation of wholly owned subsidiaries Zuventus Healthcare Limited and Emcutix Biopharmaceuticals Limited with the Company, subject to requisite approvals, including NCL T sanction, without consideration or issuance of shares Upon becoming effective, the Scheme will be accounted for from the appointed date sanctioned by the NCL T under applicable Ind AS. including comparative restatement where required Place: Pune behalf of the Board of Directors naging Director & CEO , Date: 03 November 2026
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Page 1 of 4 Emcure delivers strong Q2 FY27; Revenue grows 24%, PAT increased by 29% Revenue at INR 28,205 Mn, up 24.3% YoY EBITDA grew 30.9% to INR 5,748 Mn Profit After Tax (PAT) increased 29.3% to INR 3,251 Mn Pune, November 03, 2026: Emcure Pharmaceuticals Ltd. (BSE:544210, NSE: EMCURE) today announced its consolidated financial results for the second quarter and half year ended September 30, 2026. DOMESTIC 12.0% YoY growth INTERNATIONAL 34.5% YoY growth EBITDA MARGIN 20.4% +103 bps YoY PAT MARGIN 11.5% +45 bps YoY Management Commentary Satish Mehta, Chairman, Managing Director and CEO, Emcure Pharmaceuticals Ltd., said, " Q2 was another strong quarter for Emcure, with broad-based growth in revenue, profitability and earnings. Revenue grew 24% year-on-year to INR 28,205 Mn, with India growing 12% and International 34.5%. EBITDA grew 31% to INR 5,748 Mn, with margin at 20.4%, an expansion of about 100 basis points, driven by productivity gains and operating leverage. PAT grew 29% to INR 3,251 Mn. We expect business momentum to sustain into H2FY27.” Q2 FY27 Consolidated Financial Highlights* • Revenue from operations at INR 28,205 Mn, growth of 24.3%; H1 FY27 revenue at INR 54,009 Mn, growth of 23.6% • EBITDA at INR 5,748 Mn, up 30.9%; EBITDA margin at 20.4%, +103 bps YoY • PAT at INR 3,251 Mn, up 29.3%; PAT margin at 11.5%, +45 bps YoY • Domestic business grew 12.0% to INR 11,553 Mn (H1 FY27: INR 22,506 Mn, up 11.1%) • International business grew 34.5% to INR 16,652 Mn (H1 FY27: INR 31,503 Mn, up 34.5%) • R&D investments at INR 1,110 Mn, about 4% of revenue • Net debt at INR 13,171 Mn as of September 30, 2026 * Growth measured vs same period last financial year Domestic Business • Domestic sales of INR 11,553 Mn, growth of 12.0%, accounting for 41.0% of consolidated revenue from operations • Growth was led by the Women’s Health franchise, Cardio-Metabolics and the CNS range, supported by improved traction in Poviztra. Zuventus performance improved sequentially, while consumer health brands Bitter Drops and Galact gained traction. Annexure - B
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Page 2 of 4 International Business • International sales of INR 16,652 Mn, growth of 34.5%, accounting for 59.0% of consolidated revenue from operations. Growth was broad-based across Europe, Canada and Rest of World, driven by continued expansion of the base business and new launches • Europe grew 36.0% to INR 6,043 Mn, supported by strong delivery across the UK and continental Europe and aided by the continued scale-up of Liposomal Amphotericin B • Canada grew 24.0% to INR 4,312 Mn, driven by continued growth in the base business and recent launches • Rest of World grew 41.1% to INR 6,297 Mn. The ARV business continued its strong performance, while non-ARV growth accelerated, supported by new launches and portfolio expansion across Latin America, CIS, Asia and Africa markets R&D and Pipeline • Received 20+ product approvals across developed and emerging markets o Lenacapavir injection for the PrEP indication received positive recommendation from SEC in India o Liposomal Amphotericin B approved in Brazil and Mexico o Bevacizumab approved for wet age-related macular degeneration indication in India • Filed Lenacapavir injection dossier with the WHO and US FDA Corporate Structure and Board Updates • On October 12, 2026, the Board approved the draft Composite Scheme of Amalgamation of wholly owned subsidiaries Zuventus Healthcare Limited and Emcutix Biopharmaceuticals Limited with Emcure Pharmaceuticals Limited. The scheme aims to simplify the group structure and improve efficiency, subject to statutory and regulatory approvals, including approval from the National Company Law Tribunal, Mumbai Bench • Following the Annual General Meeting held on September 21, 2026, Mr. Satish Mehta has taken over as Chairman of the Board, in addition to his role as Managing Director and CEO Revenue Break-up (INR Mn, except percentages) Particulars Q2 FY27 Q2 FY26 YoY % Q1 FY27 QoQ % H1 FY27 H1 FY26 H1 YoY % Revenue from operations 28,205 22,698 24.3% 25,804 9.3% 54,009 43,704 23.6% Domestic 11,553 10,314 12.0% 10,953 5.5% 22,506 20,261 11.1% International 16,652 12,383 34.5% 14,851 12.1% 31,503 23,443 34.5% RoW 6,297 4,463 41.1% 5,218 20.7% 11,515 8,064 42.8% EU 6,043 4,444 36.0% 5,367 12.6% 11,410 8,479 34.6% CA 4,312 3,476 24.0% 4,266 1.0% 8,578 6,900 24.3% Note: Figures may not sum due to rounding.
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Page 3 of 4 Consolidated P&L Summary (INR Mn, except percentages) Particulars Q2 FY27 Q2 FY26 YoY % Q1 FY27 QoQ % H1 FY27 H1 FY26 H1 YoY % Revenue from operations 28,205 22,698 24.3% 25,804 9.3% 54,009 43,704 23.6% Material cost 11,424 8,895 28.4% 10,732 6.4% 22,156 16,915 31.0% Gross profit 16,781 13,803 21.6% 15,073 11.3% 31,854 26,788 18.9% Gross margin 59.5% 60.8% -131 bps 58.4% +108 bps 59.0% 61.3% -232 bps Employee costs 4,347 3,846 13.0% 4,095 6.2% 8,442 7,781 8.5% Other expenses 6,686 5,565 20.1% 5,898 13.4% 12,584 10,577 19.0% EBITDA 5,748 4,391 30.9% 5,080 13.1% 10,828 8,430 28.6% EBITDA margin 20.4% 19.3% +103 bps 19.7% +69 bps 20.0% 19.3% +79 bps Other income inc. Forex 164 395 -58.6% 250 -34.6% 413 561 -26.3% Depreciation & amortization 1,097 1,046 4.9% 1,095 0.1% 2,192 2,041 7.4% Finance costs 356 325 9.5% 315 12.8% 671 593 13.2% Exceptional items - - - -16 - -16 35 - Profit before tax (PBT) 4,459 3,414 30.6% 3,935 13.3% 8,394 6,322 32.8% Tax 1,208 900 34.2% 1,010 19.5% 2,218 1,660 33.6% Effective tax rate 27.1% 26.4% 25.7% 26.4% 26.3% Profit after tax (PAT) 3,251 2,514 29.3% 2,925 11.1% 6,176 4,662 32.5% PAT margin 11.5% 11.1% +45 bps 11.3% +20 bps 11.4% 10.7% +77 bps Adjusted PAT 3,251 2,514 29.3% 2,909 11.8% 6,160 4,688 31.4% PAT margin 11.5% 11.1% +45 bps 11.3% +25 bps 11.4% 10.7% +68 bps Note: EBITDA is stated excluding other income. Figures may not sum due to rounding. Effective tax rate is computed as tax expense divided by profit before tax. About Emcure Pharmaceuticals Limited Emcure Pharmaceuticals Ltd. (EPL) is a leading Indian pharma company headquartered in Pune engaged in developing, manufacturing and globally marketing a broad range of pharmaceutical products. Known for its commitment to innovation, quality, and patient-centricity, Emcure is an R&D driven company that develops and manufactures a wide range of differentiated pharmaceutical products designed to improve patient health and well-being across several major therapeutic areas. Established in 1981, EPL is ranked as the 13th largest pharma company in India in terms of Domestic Sales as per IQVIA MAT March 2026. Emcure is present in 80+ countries globally, including Europe and Canada. For More Information Media Analysts & Investors Naveen Soni corpcomm@emcure.com Saurabh Paliwal investor.relations@emcure.com Earnings Conference Call The management of Emcure Pharmaceuticals Limited will organize a conference call for analysts and investors to discuss the Company's performance and answer questions from participants. The call will be conducted via Zoom. Details of the earnings call are given below as well as on the Company website www.emcure.com
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Page 4 of 4 under Investors >> Financials >> Quarterly Results> FY 26-27, Q2>>Earnings Call Invite. Transcript of the conference call will be uploaded on the Company website in due course. Date Tuesday, 3 November 2026 Time 4:00 pm to 5:00 pm IST Registration Click here to register Disclaimer: Except for the historical information contained herein, statements in this release and the subsequent discussions may constitute “forward -looking statements.” These statements are based on Emcure Pharmaceuticals Limited’s current expectations, assumptions, and projections about future events. Forward -looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. Such statem ents may include, but are not limited to, references to Emcure’s business strategy, expansion plans, R&D pipeline, regulatory developments, financial performance, operational efficiencies, market conditions, and other future events. Words such as “expects, ” “anticipates,” “intends,” “plans,” “believes,” “may,” “will,” “should,” and similar expressions are intended to identify forward-looking statements. These risks and uncertainties include regulatory changes, competitive pressures, technology changes, supp ly chain challenges, currency fluctuations, ability to obtain or maintain approvals, product commercialization timelines, and other risks inherent to the pharmaceutical industry. This release is for general information only and does not constitute an offer , invitation, solicitation, or recommendation to buy, sell, or subscribe to any securities of Emcure Pharmaceuticals Limited. Product information, including molecules under development or awaiting approval, is for representation purposes only. Availability of products may vary by geography depending on regulatory approvals and patent status. This release is not intended to provide medical advice. The Company does not undertake to update or revise any forward-looking statements based on new information or future events.