Interim report
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October 26, 2026 BSE Limited P J Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 543904 National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Symbol: MANKIND Dear Sir/ Madam, Subject: Outcome of Board Meeting Ref.: Regulation 30, 33, 51 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) With reference to captioned subject, we wish to inform you that the Board of Directors of the Company at their meeting held today i.e. Monday, October 26, 2026 have inter alia transacted the following business items: 1. Financial Results: Approved the unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended on September 30, 2026. The copy of the said financial results along with Limited Review Report issued by M/s. S. R. Batliboi & Co. LLP, Chartered Accountants and M/s. Bhagi Bhardwaj Gaur & Co., Chartered Accountants, Joint Statutory Auditors of the Company, is enclosed herewith as Annexure-I; 2. Scheme of Amalgamation: i. Considered and approved the Scheme of Arrangement for amalgamation of Prolijune Lifesciences Private Limited (“Transferor Company 1”) and Pavi Buildwell Private Limited (“Transferor Company 2”), both being wholly owned subsidiaries of the Company, with and into Mankind Pharma Limited (“Transferee Company”/ “Company”) and their respective shareholders and creditors (“Scheme 1”/ “Scheme of Arrangement”), pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, read with the rules made thereunder. The Appointed Date for the Scheme of Arrangement is as defined therein i.e. April 01, 2027. In terms of Regulation 37(6) of the Listing Regulations read with SEBI Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023 and Joint Standard Operating Procedure (SOP) dated July 31, 2025 for application filed under regulation 59A of Listing Regulations, the Scheme 1, being an amalgamation of wholly owned subsidiaries with their holding company, is exempt from the requirement of obtaining a No-Objection Letter from the Stock Exchanges. However, as per requirement laid down in above provisions, the Company will file the Scheme of Arrangement with the Stock Exchanges for disclosure purposes. Further, the Scheme of Arrangement is subject to the necessary statutory and regulatory approvals including from the (i) shareholders and creditors (as may be required and/or to the extent not dispensed with by the relevant authorities); (ii) Hon’ble National Company Law Tribunal having jurisdiction over both the Transferor Companies and Transferee Company; and (iii) any other approvals, as may be required. ii. Considered and took note of the Scheme of Arrangement for amalgamation of Upakarma Ayurveda Private Limited (“Transferor Company” / “UAPL”) with and into Mankind Consumer Products ~ Mankind/II,._ MANKIND PHARMA LIMITED Regd. Office : 208, Okhla Ind. Estate, Phase - 3, New Delhi-110020 •Ph.: 011-46846700, 47476600 CIN No. L74899DL 1991 PLC044843 •E-mail: contact@mankindpharma.com • www.mankindpharma.com
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Private Limited (“Transferee Company” / “MCPPL”) (“Scheme 2”), as approved by the respective Boards of Directors of UAPL and MCPPL at their meetings held earlier today, as communicated by the said wholly owned subsidiaries to the Company today, i.e., October 26, 2026. MCPPL is a wholly owned subsidiary of the Company, while UAPL is a wholly owned subsidiary of MCPPL and accordingly, a step down wholly owned subsidiary of the Company. The proposed Scheme 2 is subject to receipt of requisite statutory, regulatory and other approvals, as may be applicable. The detailed disclosure for item Nos. 2(i) and 2(ii) as required under Regulation 30 of the Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated 30th January, 2026 is enclosed herewith as Annexure-II. Further, a certificate from the Joint Statutory Auditors of the Company pursuant to Regulation 54 read with Regulation 56(1)(d) of the Listing Regulations, 2015, and the applicable provisions of the SEBI Master Circular dated July 11, 2025, as amended from time to time, for the period ended September 30, 2026, is enclosed herewith as Annexure-III. The meeting of Board of the Company commenced at 01:45 p.m. (IST) and concluded at 02 :45 p.m. (IST). You are requested to kindly take the above information on your records. Thanking You, Yours Faithfully, For Mankind Pharma Limited Hitesh Kumar Jain Company Secretary & Compliance Officer Encl.: A/a ~ Mankindl//lJJ,,. MANKIND PHARMA LIMITED Regd. Office : 208, Okhla Ind. Estate, Phase - 3, New Delhi-110020 •Ph.: 011-46846700, 47476600 CIN No. L74899DL 1991 PLC044843 •E-mail : contact@mankindpharma.com • www.mankindpharma.com
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Annexure-I S.R. Batliboi & Co. LLP Chartered Accountants 67, Institutional Area, Sector 44, Gurugram - 122003, Haryana, India. Bhagi Bhardwaj Gaur & Co. Chartered Accountants 2952-53/2, Sangatrashan D.B. Gupta Road, Paharganj, New Delhi, India Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Finan cial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended Review Report to The Board of Directors Mankind Pharma Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of Mankind Pharma Limited (the "Company") for the quaiier ended September 30, 2026 and year to date from April 0 1, 2026 to September 30, 2026 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Rep01iing" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. 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) 2410, " Review of Interim Financial Infom1ation Performed by the Independent Auditor of the Entity" issued by the Institute of Chaiiered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 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 opm10n. 4. Based on our review conducted as above and based on the consideration of the review reports of respective auditors of 8 pa1inership foms refe1Ted to in paragraph 6 (a) below, 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 Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the inf01mation required to be disclosed in ten11S of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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5. Emphasis of Matter a. We draw attention to Note 5 of the unaudited standalone financial results which describes unce1iainty regarding income tax proceedings initiated against the Company by the Income tax Depariment pursuant to search conducted in an earlier year under Section 132 oflncome Tax Act, 1961, appeal against which is cuffently pending with the appellate tax authorities. b. The comparative unaudited standalone financial results and other financial infom1ation, for the quarier ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025 have been restated to give effect to adjustments arising from business combination accounted for during the year ended March 31, 2026, 111 accordance with the requirements of Ind AS 103 "Business Combinations" as explained in Note 11 of the unaudited standalone financial results. Our conclusion is not modified in respect of the above matters. 6. Other matters a. The accompanying statement of unaudited interim standalone financial results includes Company's share of net profit of Rs. 1.55 crores and Rs. 3.26 crores for the quarier ended September 30, 2026 and year to date from April 01 , 2026 to September 30, 2026 respectively for 4 partnership firms whose unaudited interim financial results and other financial information for the quarier ended September 30, 2026 and year to date April 01, 2026 to September 30, 2026 as considered in the statement have been reviewed by other auditors. The accompanying Statement of unaudited interim standalone financial results also includes Company's share of net profit/(loss) of Rs. (1.13) crores and Rs. 0.71 crores for the quarier ended September 30, 2026 and year to date from April 01 , 2026 to September 30, 2026 respectively for 4 parinership fin11S whose unaudited interim fmancial results and other financial information for the quarier ended September 30, 2026 and year to date April O 1, 2026 to September 30, 2026 have not been jointly reviewed by us and have been reviewed individually by one of the joint auditors of the Company. These unaudited interim financial results and other financial infonnation of the said partnership finns have been furnished to us by the Management and our conclusion on the Statement, in so far it relates to the amounts and disclosures included in respect of these partnership finns, is solely based on repo1i of such auditors. Our conclusion on the Statement is not modified in respect of these matters. b. The accompanying statement of unaudited interim standalone financial results for the qua1ier ended September 30, 2025 and year to date from Ap1il 01, 2025 to September 30, 2025 included in these unaudited interim standalone financial results, have been restated pursuant to the acquisition of the business unde1iaking of Bharat Sernms and Vaccines Limited ("BSV"), a wholly owned subsidiary of the Company, on a going-concern basis, as disclosed in Note 11 to these unaudited interim standalone financial results. The unaudited interim financial results and other financial infonnation of the said unde1iaking, as considered in the Statement, which fom1ed pari of BSV have not been jointly reviewed by us and have been reviewed individually by one of the joint auditors of the Company.
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The report of such auditor on the unaudited interim standalone financial result and other financial information and unaudited interim financial results of BSV as mentioned above have been furnished to us by the management, and our conclusion on the unaudited interim standalone financial results, insofar as it relates to the amounts and disclosures included in respect of the business unde1iaking, is based solely on the rep01i of such auditor. Our conclusion is not modified in respect of above matter. For S.R. Batliboi & Co. LLP Chaiiered Accountants ICAI Firm Registration Number: 301003E/E300005 I ~/ Per Pankaj Chadha Partner Membership Number: 091813 UDIN: 26091813LTUNOJ9660 Place: New Delhi Date: October 26, 2026 For Bhagi Bhardwaj Gaur &Co Chaiiered Accountants ICAI Firm Registration Number: 0078~ per Mohit Gupta Partner Membership Number: 528337 UDIN: 26528337CQPUSB3648 Place: New Delhi Date: October 26, 2026
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Mankind Pharma Limit ed Registered Office: 208, Okhla Industrial Estate, Phase- ti!, New Delhi- 110020 Corporate Office: 262, Okhla Industrial Estate, Phase- Ill, New Delhi- 110020 CIN - L74899DL1991PLC044843 Statement of unaudited standalone financial results for the quarter and six months ended Sept ember 30, 2026 s. No. Particulars 30.09.2026 Unaudited I Income Revenue from operations 3,145.22 Other income 58.83 Total income (I) 3,2 04.05 II Expenses Cost of raw materials and components consumed 246.45 Purchases of stock-in-trade 566.31 Changes in inventories of finished goods, work-in-progress and stock-in-tra de 3.19 Employee benefit,; expense 718.46 Finance costs 87.74 Depreciation and amortisati on expense 120.19 Other expenses 678.12 Total expenses (II) 2;420.46 III Profit before exceptional items and tax (HI) 783 .59 IV Exceptional items (refer note 11) V Profit before tax (IH-IV) 783.59 VI Tax expense: Current tax 148.74 Deferre d tax expense/ (credit) 52.90 Total tax expense (VI) 201.64 VII Profit for the period/year (V-VI) 581 .95 VIII Other comprehensive income/(loss): Items that will not be reclassified to profit or loss: a. (i) Remeasureme nt gains/(losses) on defined benefit plan 6.65 (ii) Income tax relating to above item (1.68) b. (i) Change in the fair value of equity investments at FVTOCI 2.04 · (ii) Income tax relating to above item (0.29) Total other comprehensive income/floss) for the period /yea r (net of tax) (VIH) 6.72 IX Total comprehensive income for the period /year (net of tax) (Vll+VIII) . 588.67 X Paid-up equity share capital (face value of '{ 1 per share) 41.30 XI Other equity XII Earnings per equity share (EPS) of face value oft 1 each Basic EPS (in 'f) 14.09 Diluted EPS (in '<) 14.07 (Not annualised) Quarter ended 30.0 6.2026 Unaudited 2,964.05 33.96 2,998.01 257.42 560.44 (90.62) 683.56 94.95 11 1.02 624.67 2,241.44 756.57 756 .57 165.34 32.74 198 .08 558 .49 (8.22) 2.07 0.18 (0.03) (6.00) 552 .49 41.30 13.53 13.51 {Not ann ualised) (l Crores) Six months ended Year ended 30.09.2025 30 .09.2026 30.09.2025 31. 03.2026 Unaudited Unaudited Unaudited Audited 2,636.95 6,109.27 5,206.68 10,421.18 77.67 92.79 142.88 326.10 2,714.62 6,202 .06 5,349.56 10,747.28 230.71 503.87 455.80 860.52 440.52 1,126 .75 856.96 1,729.28 44.66 (87.43) 77.21 35.37 606.71 1,402.02 1,198.86 2,367.04 149.22 182.69 298.56 562.21 106.82 231.21 211.45 428.57 610.45 1,302.79 1,229.02 2,343.05 2,189.09 4,661 .90 4,327 .86 8,326. 04 525.53 1,540.16 1,021.70 2,421 .24 106.24 525.53 1,540.16 1,021.70 2,315.00 97.54 314.08 189.68 473 .22 (31 .81) 85.64 (43.05) (195.78) 65.7 3 399.72 146.63 277 .44 459 .80 1,140.44 875.07 2,037.56 6.56 (1 .57) 0.56 0.95 (2.30) 0.39 (0.20 ) (0.24) 13.49 2.22 19.30 32.66 (1.96) (0.32) (2.81) (4.76) 15.79 0.72 16.85 28.61 475.59 1,141 .16 891.92 2,066.17 41.28 41.30 41.28 41.28 16,355.66 11.15 27.62 21.21 49.37 11.12 27.58 21.17 49.30 (Not annualised) (Not annua lised) (Not annualised)
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Mankind Pharma Limited Registered Office: 208, Okhla Industrial Estate, Phase- Ill, New Delhi- 110020 Corporate Office: 262, Okhla Industrial Estate, Phase- lll, New Delhi-110020 CIN - L74899D L1991PLC044843 Statement of unaudited standalone assets and liabilities as at September 30, 2026 s. No. Particulars ASSETS I Non-current assets Property, plant and equipm ent Capital work -in-progress Goodwill Other intangible assets Intangibl e assets under development Right-of-use assets Financial assets (i) Investments (ii] Loans (iii] Other financia l asse ts Incom e tax assets (net) Deferred tax assets (net) Other non-current assets Total non-current assets II Current assets Invento ries Financial assets (i] Investm ents (ii] Trad e receivables (iii] Cash and cash equivalents (iv] Bank balances other than (iii) above (v) Loans (vi] Other financia l assets Other current assets Assets classified as held for sale Total current assets Total assets EQUITY AND LIABILITIES Equity Equity share cap ital Other equit y Total equity Liabilities I Non-cur rent liabilities Financial liabilities (i) Borrowings (ii) Lease liabiliti es Provisions Other non-current liabilities Total non -current liabilities II Current liabilities Financial liabilities (i) Borrowings (ii] Lease liabiliti es (iii) Trad e payab les (a] total outstanding dues of micro and sma ll enterprises; and (b) total outstanding dues of credito rs othe r than micro and small enterprises (iv] Other financial liabilities Other current liabilities Provisions Current tax liabilities (net] Total current liabilities Total liabilities Total equity and liabilities (t Crores) As at As at 30.09 .2026 31. 03.2026 Unaudited Audited 1,902.08 1,798.97 303.47 387.27 95.31 95.31 1,785.59 1,891.65 18.71 32.77 163.74 139.88 15,633.07 15,472.01 3.81 28.46 42.07 75.84 104.85 87.89 173.46 355 .09 297.43 20,449.25 20,439.48 1,201.08 1,087 .84 572.5 0 1,051.14 1,592 .16 1,163.63 828.56 87.66 0.48 71.56 6.62 9.90 40.47 173.78 480 .31 537.62 4,722.18 4,183.13 2.70 2.70 4,724.88 4,185.83 25,174.13 24,625.31 41.30 41.28 17,522.98 16,355.66 17,564.28 16,396 .94 2,649 .41 2,470.56 80.67 58.65 224.24 211.73 15.22 14.24 2,969 .54 2,755.18 1,840.68 3,017.70 30.16 23.87 129.72 91.88 720 .58 589.37 1,030 .84 945 .81 74.49 99.60 745.32 702.55 68.52 2.41 4,640.31 5,473.19 7,609.85 8,228 .37 25,174 .13 24,625.31
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Mankind Pharma Limited Registe red Office: 208, Okhla Industrial Estate , Phase- Ill, New Delhi- 110020 Corporate Office: 262, Okhla Industrial Estate, Phase- Ill, New Delhi- 110020 CIN - L74899DL1991PLC044843 Unaudited standalone statement of cash flows for the six months ended September 30, 2026 Particulars A. Cash flow from operating activities Profit before tax Adjustments to reconcile profit before tax to net cash flows: Depreciation and amortisa tion expense Unrealised foreign exchange (gain}/ loss [net) Loss on disposal of property, plant and equipment [net) Property, plant and equipment and other intangible assets written off Gain on sale of investment of subsidiary Government grant income Interest income Finance costs Unrealised gain on current investments measured at FVTPL (net} Realised gain on curren t investments measured at FVTPL (net} Liabilities written back Employee stock option plan expenses Trade and other receivables written off Share in [profit)/loss of partnership/limited liability partnership firms [net) Working capital adjustments: (Increase }/ Decrease in trade receivables (Increase}/ Decrease in inventories (Increase}/ Decrease in other financial assets (Increase}/ Decrease in other assets Increase/ (Decrease} in provisions Increase/ [Decrease) in trade payable Increase/ (Decrease} in other financial liabilities Increase/ (Decrease} in other liabilities Cash generated from operations Income tax paid [net) Net cash inflow from operating activities B. Cash flow from investing activities Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment Purchase of other intangible assets Proceeds from sale of investment in mutual funds Proceeds from sale of investment of subsidiary Redemption of preference shares Purchase of investment in mutual funds Investment in subs idiaries, associates and joint ventures Purchase of investment measured at FVTOCI Loans rep aid by related parties Loan to emp loyees Investment in/ [withdrawal from) fixed deposits with banks [net) Interest received Net cash inflow /(outflow) from investing activities C. Cash flow from financing activities Proceeds from issue of shares Interest paid Proceeds from current borrowings Proceeds from non-current borrowings Repayment of current borrowings Repayment of non-current borrowings Payment of principal portion of lease liabilities Payment of interest portion on lease liabilities Dividends paid Net cash inflow /(outflow) from financing activities Net increase/[decrease) in cash and cash equivalents [A+B+C) Cash and cash equivalents at the beginning of the period Exchange difference on translation of foreign currency cash and cash equivalents Cash and cash equivalents at the end of the period Components of cash and cash equivalents for the purpose of statement of cash flows: Balances with banks - In current account - In deposit account with original maturity of less than 3 months Cash on hand Total cash and cash equivalents The above standalone statement of cash flows has been prepa red under Indirect method as set out in Ind AS-7 "Statemen t of Cash Flows". n Crores) Six months ended Six months ended 30.09.2026 30.09.2025 Unaudited Unaudited 1,540.16 1,021.70 231.21 211.45 8.58 (7.74) 0.89 0.81 1.69 (15.91) (20.93) (30.94) (12.40) (22.26) 182.69 298.56 (4.06) (49.10) [3.75) [4.80) [0.05) 3.74 4.59 4.62 2.11 (4.42) [10.22) [442.98) [215.21) [113.24) 75.57 147.75 52.17 42.61 4.89 51.56 26.83 171.74 143.28 102.91 83.50 [29.99) (65.88) 1,842.47 1,519.26 [218.96) [171.56) 1,623.51 1,347.70 4.78 1.79 (165.35) [160.84} [1.40) [13.48) 1,886.38 1,635.32 43.42 15.00 [1,399.93) [2,325.32) [166.58) [121.43) [17.07) [29.50) 6.06 3.99 0.21 O.G4 71.08 [75.98) 11.82 21.71 288.42 (1,063.70) 19.23 15.48 (210.67 ) [236.37) 1,703.40 994.41 219.56 [1,637.00) [1,089.65) [1,250.00) [23.43) [10.13) [3.74) (4.00) [0.52) [41.27) (1,169.61) (385 .09) 742.32 [101.09) 87.66 200.68 [1.42} [1.33) 828.56 98 .26 283.45 34.93 545.08 63.16 0.03 0.17 828.56 98.26
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Mankin d Pha rma Limited Registered Office: 208, Okhla Industrial Estate, Phase· Ill, New Delhi· 110020 Corporate Office: 262, Okhla Industrial Estate, Phase- Ill, New Delhi- 110020 CIN - L 74899DL1991PLC044843 Explanatory notes to the state ment of unaudi ted standa lone fi nancial resu lts fo r the quarter and six months ended September 30, 2026 : 1 These unaudited sta ndalone financial results of the Company have been prepared in accordance with the recognition· and measurement principles laid down in Indian Accounting Standards ("Jnd AS") prescribed under section 133 of the Companies Act, 2013, as amended, read with relevant rules thereunder and in terms of Regulation 33 and 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 ("the Regulations"), as amended. These unaudited standalo ne financial results for the quarte r and six months ended September 30, 2026 have been reviewed by the Audit Committee and are approved by Board of Directors at their respective meet ings held on October 26, 2026. These unaudited standalone financial results have been subjected to limited review by the joint stahitory auditors of the Company in accordance with Regulation 33 and 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 ("the Regulations") as amended. The joint stat utory auditors have issued an unmodified conclusion on these unaudited sta ndalone financial results. 3 Additional disclosur e as per Regulation 52(4) and 54(3) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Reg"ulations, 2015. Quarter ended Six months en ded Partic ulars Ratios: (i) Debt equity ratio (times) (ii) Debt service coverage ratio (times) (iii) Interest service coverage ratio (times) (iv) Debenhire redempti on reserve (v) Net worth(' Crores) (vi) Current ratio (times) (vii) Long term debt to working capital (times) (viii) Bad debts to trade receivable ratio (ti mes) (ix) Current liability ratio (times) (x) Total debts to tot al assets (times) {xi) Debtors turnover (no. of days)* (xii) Inventory turn over (no. of days)* (xiii) Operating margin (%) (xiv) Net profit margin( %) • on trailing twelve month s (ITM) basis ••Networking capital is negative Formulae for computat ion of ratios are as follows: (i) Debt equity ratio: Total debt (including lease liabilities)/ Total equity 30.09.2026 Una udi ted 0.26 0.54 9.26 17,564.28 1.02 51.30 .. 0.00 0.61 0.18 44.41 150.35 30 19 ,; 30.06.2026 30.09.2025 30.09.2026 Unaudited Unau dite d Unaud ited 0.25 0.40 0.26 0.59 1.53 0.56 8.61 4.00 8.92 Not Applicable being a Listed entity 16,967.03 15,271.95 17,564.28 0.84 0.88 1.02 .. 51.30 0.00 0.00 0.61 0.62 0.61 0.17 0.29 0.18 45.06 38.16 44.41 155.64 148.29 150.35 31 27 30 19 17 19 (ii) Debt service coverage ratio: Net profit after tax+ Non-cash operating expenses/ (Interest payments+ principal repayments of borr owings and lec1se liabilities) (iii) Interest service coverage ratio: Earnings before interest and tax (EBJT) / Finance costs EBIT: Profit before tax+ Finance costs· Other income (v) Net worth: Total equity (Equity share capital + Other equity) (vi) Current ratio: Current assets/ Current liabilities 30.09.2025 Unaud ited 0.48 1.02 3.94 15,271.95 0.88 .. 0.00 0.62 0.29 38.16 148.29 27 17 Year ended 31.03.2026 Audited 0.34 0.52 4.54 16,396.94 0.76 .. 0.01 0.67 0.23 36.29 151.95 29 20 (vii) Long term debt to working cc1pital : Non-current borrowings (including lease liabilities) (including current maturities of non-current borr owings and current portion of lease liabilities) / [Current assets • Current liabilities] (viii) Bad debts to trade receivable ratio: Trade and other receivables written off / Average of opening and closing trade receivable (ix) Current liability ratio : Current liabilities / Total liabilities (x) Total debts to total assets: Total debt (including lease liabilities)/ Total assets (xi) Debtors turnover: Average of opening and closing trade receivable/ Revenue from operations*365 (xii) Inventory turnov er; Average of opening and closing inventories/ (Cost of raw materials and components consumed+ Purchases of stock-in-a·ade+ Changes in inventories of finished goods, work-in-progress and stock in-trade)*365 (xiii) Operating margin(%): Ec1rnings before interes t, tax, depreciat ion and amortisation (EBITDA) / Revenue from operations "'100 EBITDA: EBIT + Depreciation and amorti sation expense (xiv) Net profit mar gin(%) : Net profit after tax/ Revenue from operations *100 4 The Company is engaged in manufacturing and trading of pharmaceuticals and healthcare products. Accordingly, the Company has only one reportable segmen t 'Phar maceuticals' and disclosures as per Ind AS 108 "Operating Segments" are not applicable. 5 Pursuant to a search conducted in FY 2023-24 under Section 132 of the Income-tax Act, 1961, the Company received assess ment orders for certa in assessment years, resulting in aggregate additions on 1,868.89 crores, comprising disallowance of certain expendit ures on 1,573.69 crores under section 37(1) of the Act, partial disallowance of deductions under Sections 80-IC/80-JE on 257.13 crores, and other addit ions on 38.07 crorcs under other miscellaneous sections. The Company has filed appeals against these orders before the Commissioner of Income Tax (Appeals). Subsequent to the qua rter ended June 30, 2026, the Commissioner of Income Tax (Appeals) passed orders in favour of the Company for certa in years comprising FY 2013-14 to FY 2016-17 on technical grounds resulting in deletion of aggregate disallowances amounting to =l: 369.44 crores under sect ion 37(1) of the Act. The Income-tax authorit ies retains the statutory right to challenge these orders before higher judicial forums. Based on the facts and preva iling legal position, manc1gement continues to believe that the dem.:inds raised arc not sustainable for rest of the years. The Board of Directors of the Company, in its meeting held on October 26, 2026, approved the Scheme of Amalgamation between the Company (Transferee Company) and its two wholly owned subsidia ries, Prolijune Lifescienccs Private Limited and Pavi Buildwell Private Limited (Transferor Companies), by way of and in accordance with a scheme of amalgamation ("'the Scheme/Scheme"') as per the provisions of Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (hereinafter referred to as the "Scheme"). Further, the Scheme is subject to the necessary stahltory and regulatory approva ls including from the (i) shareholders and cred itors (as may be required and/o r to the extent not dispensed with by the relevant authori ties); (ii) Hon'ble National Company Law Tribunal having jurisdiction over both the Transferor Companies and Transferee Company; and (iii) any other approvals, as may be required. The Board of Directors of the Company at its meeting held on July 11, 2026 approved incorporation of a wholly owned subsidiary company in Netherlands ("WOS") to act as a Special Purpose Vehicle for holding investm ents in R&D assets and business development activities focused on treatment of niche therap ies. Further, The Board of Directors of the Company, in its meeting held on October 15, 2026, considered and approved an additional investment of up to EUR 45Mn in Mankind Pharma (Netherlands) B.V. ("Mankind Netherlands"), a wholly owned subsidia ry of the Company in Netherlands, in one or more tranches, thereby increasing the aggregate investment limit to EUR 50Mn, inclusive of the previously approved investme nt limit of EUR SMn and the acquisition of a majority stake (i.e., 70%) in Armed Cell Therapeutics B.V. ("ACTx") thro ugh Mankind Netherlands. ACTx is a Belgium-incorporated biotechnology compa ny engaged in the development of next-generation chimeric antige n recept or T-cell ("CAR-T") therapies for cancer. During the quart er and six months ended September 30, 2026, the Company has made the following investme nts in its subs idiary companies: (f Crores) Name of company Na lure of investments Quarter ended Six monts ended 30.09.2026 30.09.2026 Mankind Pharma LLC Equity shares/S hare application money 17.11 Mankind Pharma (Netherlands) B.V. Equity shares 0.22 0.22 Mankind Life Sciences Private Limited 0.01 % Optionally Convertib le Non-Cumulative Redeemable 8.00 800 Preference Shares Mankind Petcare Private Limited 0.01 % Optionally Convertible Non-Cumulative Redeemable 10.00 10.00 Preference Shares Mankind Medicare Private Limited 0.01 % Optionally Convertible Non-Cumulative Redeemable 90.00 140.00 Preference Shares During the quarter and six months ended September 30, 2026, the Company has granted Nil and 93,750 no. of stock options to the eligible employees of the Company and subsid iary companies and has allotted 49,112 and 2,16,762 equity shares of face value of =l: 1 each to eligible employees of the Company and subsidiary compc1nies, under Mankind Employees Stock Option Plan 2022 ("ESOP-2022"). =
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Mankind Pharma limited Registered Office: 208, Okhla Industrial Estate, Phase- Ill, New Delhi- 110020 Corporate Office: 262, Okhla Industrial Estate, Phase- Ill, New Delhi- 110020 CIN - L74899DL1991PLC044B43 Explanatory notes to the sta tem en t of unaudited standa lone financial res~lts for the quarter and six months ended September 30, 2026: 10 The Company had acquired the Branded Generic Business relating to the Women's Health Portfolio ("Business Undertaking") of Bharat Serums and Vaccines Limited (BSV), a wholly owned subsidiary, for a consideration of :t: 797 crores, with effect from Novembe1· 1, 2025. The transaction has been accounted as a common control business combination in accordance with Appendix C to Ind AS 103, Business Combinations. Accordingly, the unaudited !>tandalone financial results and other fimmcial information for the comparable unaudite d standa lone financial results and other financial information for the quarter and six months ended September 30, 2026 have also been restated . As per Ind AS 103, the assets and liabilities of the acquired business have been recorded in the books of the Company at their existing carrying amounts, and the difference between the consideration paid and the net assets acquired has been adjusted against retain ed earnings as prescribed under Appendix C to Ind AS 103. Key financial information of business undertaking: Particulars Revenue from operations Profit after tax/ Total comprehensive income Particu lars Total assets 11 Exceptional items of it 106.24 crores in the year ended March 31, 2026 comprise of: Quarter ended 30.09.2025 29.28 0.90 Six months ended 30.09 .2025 491 .. 28 (if Crores) Six months ended 30.09.2025 58.89 3.41 (a) On November 21, 2025, the Government of India notified four Labour Codes- the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020- consolidating 29 existing labour laws. The Ministry of Labour & Employment published Central Rules and FAQs to enable assess ment of the financial impact due to changes in regulations. The Company had assessed and disclosed the incremental impact of these changes on the basis of the best understanding of the new regulations. Considering the materiality and regulatmy-drivcn, non-recurring natur e of this impact, the Company had presented such incrementa l impact as exceptional item in the unaudit ed standalone financial results for the year ended March 31, 2026. The incremental impact comprised gratuity of at. 73.90 crores and long-term compensat ed absences on 13.32 crorcs for the year ended March 31, 2026. (b) Pursuant to acquisition of business undertaking as referr ed in Note 10 above, stamp duty amounting to :t: 19.02 crorcs paid in relation to the intellectual property (IP) assignment agreement signed between the Company and BSV for the assignment of all rights, titles, interests and benefits for the assigned trademarks and copyrights as described in the said agreement has been considered as exceptional item. 12 The Board of director s of Company at its meeting held on July 11, 2026 approved the sale of entir e stake held by the Company in Broadway Hospitality Services Private Limited (H Broadway"), a wholly owned subsidiary company to AKRK Projects LLP and its Partne rs. The Company had completed the execution of Share Purchase Agreement on July 27, 2025 for sale of 100% stake in Broadway. For and on be ha lf of Mankind Pharma Limited Ramesh Juneja Executive Chairman DIN · 00283399 Place: New Delhi Date: October 26, 2026 L
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S.R. Batliboi & Co. LLP Chartered Accountants 67, Institutional Area, Sector 44, Gurugram - 122003, Haryana, India. Bhagi Bhardwaj Gaur & Co. Chartered Accountants 2952-53/2, Sangatrashan D.B. Gupta Road, Paharganj, New Delhi, India Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Mankind Pharma Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Mankind Pharma Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together refened to as "the Group"), its associates and joint ventmes for the qumier ended 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 the requirements 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 in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Repo1iing" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rnles issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors . 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) 2410, "Review of Interim Financial Infonnation Perfonned by the Independent Auditor of the Entity" issued by the Institute of Chmiered Accountants of India. This standard requires that we plan and perf01n1 the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial inf01n1ation consists of making inqui1ies, primm·ily 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 perfonned procedures in accordance with the Master 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 1. 5. Based on our review conducted and procedures perfom1ed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors refe1Ted to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with rel . jl~ issued thereunder and other acco~ ~U"l5.J • ciples generally accepted in India, has e infonnation required to be di ed in '1(,,. s of the Listing Regulations, includin which it is to be disclosed, o aNE¼rrem1t " s any material t, * misstatement. e1 f ~ '"t:-,"f s:e:1rf0Acco-J
Page 12
6. Emphasis of Matter: Income tax proceedings We draw attention to Note 4 to the unaudited interim consolidated financial results which describes uncertainty regarding income tax proceedings initiated against the Holding Company and few of its group entities by the Income tax Depaiiment pursuant to search conducted in an earlier year under Section 132 of Income Tax Act, 1961, appeal against which is cmTently pending with the appellate tax authorities. Our conclusion is not modified in respect ofthis matter. 7. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: • 10 subsidiaries, whose unaudited interim financial results and other financial information include total assets of Rs. 1,137.46 crores as at September 30, 2026, total revenues of Rs. 395.44 crores and Rs. 761.08 crores, total net profit after tax of Rs. 34.11 crores and Rs. 56.71 crores, total comprehensive income of Rs. 36.90 crores and Rs. 58.97 crores, for the quarter ended September 30, 2026 and the pe1iod ended on that date respectively, and net cash inflows of Rs. 4.72 crores for the period from April 01, 2026 to September 30, 2026, as considered in the Statement which have been reviewed by their respective independent auditors. • 24 subsidiaries, whose unaudited interim financial results and other financial info1111ation include total assets of Rs. 9,848.25 crores as at September 30, 2026, total revenues of Rs. 1,515.32 crores and Rs. 2,976.37 crores, total net profit after tax of Rs. 192.14 crores and Rs. 292.65 crores, total comprehensive income of Rs. 190.67 crores and Rs. 283.36 crores, for the quarter ended September 30, 2026 and the period ended on that date respectively, and net cash outflows of Rs. 32.24 crores for the period from April 01, 2026 to September 30, 2026, as considered in the Statement which have been individually reviewed by one of the joint auditors of the Company. • 4 associates and 3 joint ventures, whose unaudited inte1im financial results and other financial information includes Group's share of net profit of Rs. 3.81 crores and Rs. 7.83 crores and Group's share of total comprehensive income of Rs. 3.83 crores and Rs. 7.89 crores for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026 respectively, as considered in the Statement whose inteiim financial results and other financial information have been reviewed by their respective independent auditors. • 1 associate, whose unaudited inteiim financial results and other financial infonnation includes Group's share of net loss of Rs. 0.09 crores and Rs. 0.07 crores and Group's shai·e of total comprehensive loss of Rs. 0.09 crores and Rs. 0.07 crores for the qumier ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026 respectively, as considered in the Statement whose interim financial results and other financial info1111ation have been reviewed by one of the joint auditors of the Company. The independent auditor's repo1is on interim financial inf01mation/ financial results of these entities have 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 these subsidiaiies, joint ventures and associates is based solely on the rep01i of such auditors and procedures performed by us as stated in paragraph 3 above. 8. The accompanying Statement includes unaudited interim financial results and other unaudited financial infonnation in respect of 6 subsidiaries, whose interim financial results and other financial information reflect total assets of Rs. 17.27 crores as at September 30, 2026, and total revenues of Rs. 1.60 crores and Rs. 3.86 crores, total net loss after tax of Rs. 3.44 crores and Rs. 7.24 crores, total comprehensive loss of Rs. 4.00 crores and Rs. 10.29 crores, for the qumier ended September 30, 2026 and the period e respectively and net cash ii ~~~~ 9 crores for the period from April 01 , ~-- er 30, 2026.
Page 13
The unaudited interim financial result and other unaudited financial information of these subsidiaries have not been reviewed by their auditor and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results and other financial information are not material to the Group. Our conclusion on the Statement in respect of matters stated in para 7 and 8 above is not modified with respect to our reliance on the work done and the repo1is of the other auditors and the financial results and other financial information ce1iified by the Management. For S.R. Batliboi & Co. LLP Chaiiered Accom1tants ICAI Fim1 Registration Number: 301003E/E300005 t \."~Jr!" \ ©"" per Pankaj Chadha Paiiner Membership Nmnber: 091813 UDIN: 26091813DEPBBA6938 Place: New Delhi Date: October 26, 2026 For Bhagi Bhardwaj Gaur & Co Chartered Accountants ICAI Firm Registration Number: 0078~ per Mohit Gupta Paiiner Membership Number: 528337 UDIN: 26528337PKAFBN1719 Place: New Delhi Date: October 26, 2026
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Annexure 1 Hold ing Company : I Mankind Pharn1a Limited Subsidiaries: 1 Proliiune Lifesciences Private Limited 2 Pavi Buildwell Private Limited 3 Medipack Im1ovations Private Limited 4 Lifestar Pharn1a LLC 5 Mankind Phanna Pte Limited 6 Mankind Specialities (paiinership firn1) 7 Appian Properties Private Limited 8 Relax Pharn1aceuticals Private Limited 9 Copmed Phannac euticals Private Limited 10 Mediforce Healthcare Private Limited 11 Penta Latex LLP 12 Superba Warehousing LLP 13 North East Pharma Pack (paiinership finn) 14 Lifestar Phannaceuticals Private Limited 15 Mankind Prime Labs P1ivate Limited 16 Mankind Life Sciences P1ivate Limited 17 Appify Infotech LLP 18 Mankind Petcare Private Limited (Fonnerly known as Mankind Consumer Healthcare Private Limited) 19 Mankind Pharn1a FZ LLC 20 Mankind Agritech Private Limited 21 Packtime Im1ovations Private Limited 22 Mankind Phanna LLC, Russia 23 Mankind Pharma Lanka (Private) Limited* * 24 Kindcare Foundation 25 Upakanna A yurved a Private Limited* 26 Qualitek Starch Private Limited* 27 Mediforce Research Private Limited* 28 Vetbesta Labs (partnership finn) * 29 Phanna Force Labs (paiinership finn) * 30 Phannaforce Medex Private Limited (Fonnerly known as Pharn1aforce Excipients Private Limited)* 31 Mankind Medicare Private Limited 32 Mankind Consumer Products Private Limited 33 Bharat Serums and Vacines Limited ** 34 BSV Bioscience Gmbh* 35 BSV Bioscience Philippines , Inc* 36 BSV Bioscience Malaysia Sdn. Bhd. * 37 Genomicks Sdn. Bhd. * 38 BSV Bioscience Inc* 39 Mankind Phanna (Netherlands) B.V. 40 Broadway Hospit ality Services P1ivate Limited *** * Represents Step-down Subsidiaries ();js~\\bo; ~ 0 ~ ~ ~'DWAJoA/tz ** Represents company under liquidation i[ewoeu, •1, ***Cease to be subsidiary w.ef August 31, 2026 lci. ~~k~ ,J\ ?> ~ f: * 1rSJAcCO~~
Page 15
Associates: 1 ANM Phanna P1ivate Limited 2 Sirmour Remedies Private Limited 3 J. K. Print Packs (pminership firm) 4 A. S. Packers (pminership firn1) 5 N. S. Industries (pminership fim1) Joint Ventures: 1 Superba Buildwe ll (pminership firn1) 2 Superba Developers (partnership firm) 3 Superba Buildwe ll (South) (pminership firm)
Page 16
Mankind Pharma Limit ed Registered Office: 208, Okhla Indus tria l Estate, Phase-Ill, New Delhi- 110020 Corporate Office: 262, Okhla Industria l Estate, Phase Ill, New Delhi- 110020 CIN • L74899DL1991PLC044843 Sta tem ent of una udit ed consolid ated financia l resu lts for the qua rte r and six month s ended September 30, 2026 s. No. Par ticula rs 30.09.2 026 Unaudit ed I Inco me Revenue from operations 4,337.86 Other income 94.85 Total incom e (I) 4,4 32 .71 II Expenses Cost of raw materials and components consumed 674.81 Purchases of stock-in-trade 547.73 Changes in invent ories of finished goods, work-in-progress and stock-in-trade (18.32) Employee benefits expense 948.9 4 Finance costs 104.94 Deprecia tion and amortisation expense 235.73 Other expenses 1,013.45 Tota l expen ses (11) 3,507.28 Ill Profit befor e sha re of net profit of associa tes and joint ventu res, exceptio nal 925.43 item s and tax (I - II) IV Share of net profit of ass ocia tes and joi nt ven tures (net of tax) 3.68 V Profit before exceptio nal item and tax (IU+[V) 929 .11 VI Exceptiona l items (refer note 10) VII Profit before tax (V-VI) 929 .11 VIII Tax expense: Current tax 181.93 Deferred tax expense/ (credit) 31.06 Tota l tax expe nse (VIII) 2 12.99 IX Pro fit for the period / year (VII-VIII) 716.12 X Other compreh e nsive incom e/ (loss): Ite ms that will not be reclass ified to profit or loss: a. (i) Remeasurementgai ns/(losses) on defined benefit plans 5.88 (ii) Income tax relating to above item (1.47) b. (i) Share of other comprehens ive income/(loss) of associates and joint ventures 0.05 (ii) Income tax relati ng to above item (0.02) c. (i) Change in the fair value of equity investments at FVTOCI 2.04 (ii) Income tax re lating to above item (0.29) d. (i) Impairment on investment measured at FVTOCI Ite ms that will be reclas sifi ed to profit or loss: Exchange differences in translating the financial statements of foreign opera tions (7.04) Total oth er comp reh ensive income/ (loss) for th e period/yea r (net of tax) (X) [0.85) XI Tota l compreh ensiv e incom e for th e period / year (net of tax) {IX+X) 715.27 Profit for the period/ yea r attribu ta bl e to: - Equity holders of the parent 711.48 - Non-controlling interests 4.64 Other compr ehens ive incom e/ (loss ) for the period /yea r attr ibu ta ble to: - Equity holders of the pare nt (0.82) - Non-control ling interests (0.03) Tota l comprehensiv e incom e fo r th e period /yea r attr ibutab le to: - Equity holders of the parent 710.66 - Non-controlling interests 4.61 XII Paid-up equity share capita l (face value l 1 per share) 41.30 XIII Other equity XIV Ea rning s per equity share (EPS) of face value on: 1 each Basic EPS (in l) 17.23 Diluted EPS (in ") 17.20 (Not annualised ) Quarter e nded 30.06.2 026 Unaudited 4,030.59 45.00 4,0 75 .59 684.85 547.28 (133.86) 913.50 109.98 225.70 962 .63 3,3 10.08 765 .51 3.94 7 69.45 769 .4 5 210.62 (15.26) 19 5.3 6 574.09 (8.40) 2.10 0.03 (0.01 ) 0.18 (0.03) (14.18) (2 0.3 1) 553.78 568.06 6.03 (20.43) 0.12 547.63 6.15 41.30 13.76 13.74 (Not annua lised) {'t Crores) Six month s ended Year end ed 3 0.09.2 025 3 0.0 9.2 026 30.09.2 025 31. 03.2 026 Unaud ited Unaudited Unaudit ed Audi ted 3,697.16 8,368.45 7,267.51 14,277.E4 91.87 139.85 171.75 358.79 3,7 8 9. 03 8,5 08. 30 7 ,439.2 6 14, 6 36.43 594.36 1,359.66 1,180.04 2,288.03 412 .97 1,095.01 817.94 1,727.97 54.84 (152.18) 117.78 36.12 825.18 1,862.44 1,608.59 3,183.90 169.68 214.92 340.33 639.28 221.82 461.43 440.50 886.18 888.48 1,976.08 1,775.06 3,424.21 3,1 6 7.33 6,817 .36 6,2 80 .24 12,18 5.69 621.7 0 1,69 0.94 1,15 9.02 2,450.74 2.32 7.62 5.49 11.69 624. 0 2 1,69 8 .56 1, 164.51 2,462.43 129.75 624. 0 2 1,69 8.56 1,1 64.5 1 2,332 .68 125.19 392.55 236.13 582.89 (21.35) IS.BO (36.42) (188.3 1) 103.84 4 08.35 199 .71 394.5 8 520. 18 1,290 .21 964. 8 0 1,93 8 .10 8.10 (2.52 ) 1.03 5.47 (2.72) 0.63 (0.35) (1.43) (0.00) 0.08 (0.00) 0.00 0.00 (0.03) 0.00 (0.00) 13.49 2.22 19.30 32.66 (1.96) (0.32) (2.81) (4.76) (6.20) (6.20) 6.00 (21.22) 11.18 31.30 22.91 (2 1.16) 22.15 57.04 543. 09 1,269 .05 986.95 1,995.14 511.5 1 1,279.54 949.83 1,912.93 8.67 10.67 14.97 25.17 22.75 (21.25) 22.03 56.57 0.16 0.09 0.12 0.47 534.26 1,258.29 971.86 1,969 .50 8.83 10.76 15.09 25.64 41.28 41.30 41.28 41.28 16,259.06 12.39 30.99 23.01 46.35 12.38 30.94 22.98 46.28 (Not annualised) (Not annualised) (Not annualised)
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Mankind Pharma Limited Registered Office: 208, Okhla Industrial Estate, Phase- Ill, New Delhi- 110020 Corporate Office: 262, Okhla Industria l Estate, Phase Ill, New Delhi- 110020 CIN - L74899DL1991PLC04484 3 Statement of unaudited consolidated assets and liabilities as at September 30, 2026 s. No. Particulars ASSETS I Non-current assets Property, plant and equipment Capital work-in-progress Investment propertie s Goodwill Other intangible assets Intangible assets under development Right-of-use assets Investments accounted for using equity method Financial assets [i) Investment s [ii) Other financial assets Income tax assets (net) Deferred tax assets [net) Other non-current assets Total non-current assets II Current assets Inventories Financial assets [i) Investments [ii) Trade receivable s [iii) Cash and cash equ ivalents (iv) Bank balances other than (iii) above [v] Loans [vi) Other financial assets Other current assets Assets classified as held for sale Total current assets Total assets EQUITY AND LIABILITIES Equity Equity share capita l Other equity Equity attributable to equity holders of the parent Non controlling interest Total equity Liabilities I Non-current liabilities Financial liabilit ies (i) Borrowings [ii) Lease liabilities Provisions Deferred tax liabilities (net) Other non-current liabilities Total non-current liabilities II Current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilitie s [iii) Trade payables [a) total outstanding dues of micro and sma ll enterprises; and [b) total outstanding dues of creditors other than micro and sma ll enterprises (iv) Other financial liabilities Other current liabilities Provisions Current tax liabilities [net] Total current liabilities Total liabilities Total equity and liabilities (l Crores) As at Asat 30.09.2026 31.03.2026 Unaudited Audited 2,762.79 2,713.51 751.70 654.78 0.05 0.05 6,487.17 6,492.63 8,882.62 9,168.26 446.97 472.85 274.52 246.05 204.17 199.84 272.10 248.03 54.04 64.48 115.30 188.19 289 .32 324.70 457.34 351.96 20,998.09 21,125.33 2,345.11 2,144.48 1,432.78 1,537.31 2,179.31 1,729.51 1,113.82 391.69 23.25 91.08 2.67 4.31 90.35 247.87 766.28 805.25 7,953,57 6,951.50 2.70 2.70 7,956 .27 6,954.20 28,954.36 28,079.53 41.30 41.28 17,540.92 16,259.06 17,582.22 16,300.34 273.02 260.71 17,855.24 16,561.05 3,002.69 2,821.23 98.57 71.43 264.41 248.65 1,818.74 1,839.98 29.92 29.94 5,214.33 5,011.23 2,277.41 3,383 .11 43.01 35.77 216.07 148.69 1,414.91 1,192.64 848 .92 749.48 121.02 172.91 869.49 813.74 93.96 10.91 5,884.79 6,507.25 11,099.12 11,518.48 28,954.36 28,079.53
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Mankind Pharma Limited Registe red Office: 208, Okhla Indu str ial Estate, Phase -Ill, New Delh i-110020 Corporate Office: 262, Okhla Industrial Estate, Phase Ill, New Delhi- 110020 CIN • L74899DL1991PLC04484 3 Unaudited conso lidated statement of cash flows for the six months ended Septembe r 30, 2026 Particulars A. Cash flow from operating activ ities Profit befor e tax Adjustment s to recon cil e profit before tax to net cash flows: Share of (profit)/ loss of associates and joint vent ure s (ne t) Depreciation and amort isation expense Realised gain on current investments measured at FVTPL (net) Unrealised gain on current investments measu red at FVTPL (net) Gain on sale of investment of subsidiary Government grant income Unrealised foreign exchange (gain)/ loss (net) Loss on dispo sal of property, plant and equ ipment (net] Proper ty, plant and equipment and other intangible assets wri tten off Trade and other receivable balances written off Liabilities writt en back Allowance for expected credit loss on trad e receivables Employee stock option plan expenses Interest income Interest expense and other finance costs Impairment allowance for other non-current and current assets Operating profit before working capital changes Working capital adjustm ents: (Increase)/ Decrease in trad e rece ivables (Increase)/ Decrease in inventorie s (Increase) / Decrease in other fi nancial assets (Increase)/ Decrease in oth er assets Increase/ (Decrease) in provisions Increase/ (Decrease) in trade payables Increase/ (Decrease) in other financial liabilities Increase/ (Decrease) in other liabilities Cash generated from operations Income tax paid (net] Net cash inflow generated from operating activities B. Cash flow from investing activities Proceeds from sale of property, plant and equipment Purchas e of property , plant and equipment Purchase of other intangible assets Purchase of investmen t in mutual funds Proceeds from sale of investment in mutual funds Sale of investme nts of subsid iary Purchase of investments Loan to employees Invest ment in/ (withdrawal from) fixed depos its with banks (net) (Investmen t into) / withdrawal from investments in associates and joint ventures Interest received Net cash inflow/(outflow) from investing activities C. Cash flow from financing activities Proceeds from issue of share s Interest paid Proceeds from curre nt borr owings Proceeds from non-curren t borr owings Repayment of current borrowing s Repayment of non-curr ent borro wings Payment of principal portion of lease liabilities Payment of interest portion of lease liabilities Dividend paid Net cash outflow from financing act ivities Net increase/ (decrease] in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Exchange difference on translation of foreign currency cash and cash equivalents Cash and cash equivalents at the end of the period Components of cash and cash equivalents for the purpos e of statement of cash flows : Balances with banks - In current account - In deposit account with or iginal maturity of less than 3 months Cash on hand Total cash and cash equivalents Six months ended 30 .09.2026 Unaudit ed 1,698.56 (7.62) 461.43 (6.69) (21.53) (9.55 ) (28.99) (30.99 ) 1.50 1.69 2.99 (0.76) 22.73 6.95 (31.52) 214.9 2 11.96 2,285.08 (474.6 1) (200 .63) (1.47) 41.91 66.21 292.87 105.14 (58.81) 2,055.69 (237.19) 1,818.50 6.87 (409.32) (2.71) (2,176.41) 2,298.1 6 42.92 (21.85) 1.64 248.26 3.33 31.52 22.41 19.23 (23 1.11) 2,19 1.73 24 1.82 (2,02 4.54) (1,296.24) (14.72) (4.95) (1,118.78) 722.13 39 1.69 1,113.82 485.40 627.37 1.05 1,113.82 The above consolidated stateme nt of cash flows has been prepared under Indirect method as set out in Ind AS-7 "Statement of Cash Flows". (t Crores) Six months ended 30.09 .2025 Una udited 1,164.51 (5.49) 440.50 (6.47) (54.06) (37.58) (4.37) 0.97 2.37 (1.38) 5.00 7.51 (30.08) 340.33 1,821.76 (363. 01) 121.95 44.87 (17.28) 44.11 166.5 6 101.5 8 (67.86) 1,852.68 (2 15.98) 1,636.70 1.96 (271 .14) (19.20) (2,532.41) 1,738.42 (35.70) 0.29 (84.37) 3.89 30.08 (1,168.18) 15.48 (268.16) 1,721.53 0.14 (1,837.48) (128.4 9) (9.66) (1.40) (41.27) (549.31) (80 .79) 403.88 4.68 327.77 198.12 128.88 0.77 327.77
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Man kin d Pharma Lim ited Registered Office: 208, Okhla Industria l Estate, Phase-Ill, New Delhi- 110020 Corporate Office: 262, Okhla Indust rial Estate, Phase III, New Delhi- 110020 CIN - L74899DL1991P LC044843 Explanatory no tes to t he sta tement of unaudi ted cons olid ated fina ncial res ul ts for the quarter and six months ended Septe mh er 30, 2026: 1 These unaudited consolidated financial results of the Holding Company have been prepared in accordance wit h the recognition and measurement principles laid down in Indian Accounting Standards ("Ind AS") prescribed unde r 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) Regulatio ns 2015 ("the Regulations"] , as amended. The said unaud ited consolidated financial resu lts represent the results of Mankind Pharma Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associates and joint ventures for the quarter and six months ended Septembe r 30, 2026 . 2 These unaudited consolidated financial results for the quarter and six mont hs ended September 30, 2026 have been reviewed by the Audit Committee and are approved by Board of Directors at their respect ive meetings held on October 26, 2026. These unaudited conso lidated financial results have been subjected to limited review by the joint statutory auditors of the Holding Company in accorda nce with Regulatio n 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 ("the Regulations"] as amended. The joint statutory aud itors have issued an unmodi fi ed conclusion on these unaudited consolidated financial results. 3 The Group is pri mar ily engaged in manufacturing and trad ing of pharmaceut icals and healthcare products. Accordingly, the Group has only one reportab le segment 'Pharmaceutica ls' and disclosures as per Ind AS 108 "Operating Segments" are not applicable. 4 Pursuant to a search conducted in FY 2023-24 under Section 132 of the Income-tax Act, 1961, the Holding Company and such group entities received assessment orders for certain assessment years, resulti ng in aggregate additions of~ 1,908.66 crores, compr ising disallowance of certain expenditures of ~ 1,608.60 crores under section 37(1) of the Act, partial disallowance of deductions unde r Sections 80-IC/80- IE an 257.13 crores , and~ 42.93 crores unde r other miscellaneous sections. The Holding Company and such group entities has filed appeals against these orders before the Commissioner of Income Tax (Appeals]. Subsequent to the quarter ended June 30, 2026 , the Commissioner of Income Tax (Appeals] passed orders in favour of the Holding Company for certain years compris ing FY 2013-14 to FY 2016-17 on tec hnical gro unds resu lting in deletion of aggregate disallowances amounting to ~ 369.44 crores under section 37(1) of the Act. The Income-tax aut horities retains the statutory right to challenge these orders before higher jud icial forums. Based on the facts and prevaili ng legal position, management continues to believe that the demands raised are not sustainable for rest of the years. 5 Duri ng the quarter an d six mo nths ended Septembe r 30, 2026, the Holding Company has grante d Nil and 93,750 no. of stock options to the eligible employees of the Group and has all otted 49,112 and 2,16,762 equity shares of face value an 1 each to eligible emp loyees of the Group under Mankind Employees Stock Option Plan 2022 ("ESOP-2022"). 6 The Holding Company had acquired the Branded Generic Business relat ing to the Women's Health Portfol io of Bharat Serums and Vaccines Limited (BSV), a wholly owned subs idiary, for a consideration of ~ 797 crores, wit h effect from Novembe r 01, 2025. The transaction has been accounted as a common control business combination in accordance with Append ix C to Ind AS 103, Business Combinat ions. This transaction does not impact these unaudited consolidated financial results. 7 The Board of Directors of the Holding Company, in its meeting held on October 26, 2026, approved the Scheme of Amalgamation between the Holding Company (Transferee Company) and its two w holly owned subsidiaries, Prolijune Lifesciences Private Limited and Pavi Buildwe ll Private Limited (T ransferor Companies), by way of and in accordance with a scheme of amalgamation ("the Scheme/Sc heme") as per the provisions of Sections 230 to 232 and other app licable provisio ns of the Companies Act, 2013 (hereinafter referred to as the "Scheme"). Further , the Scheme is sub ject to the necessa ry statutory and regulatory appr ovals includ ing from the (i) shareholders and creditors (as may be required and/or to the extent not dispensed wit h by the relevant aut horities); (ii) Hon'b le National Company Law Tribuna l having jur isdiction over both the Transferor Companies and Transferee Company; and (iii) any other approva ls, as may be requ ired. 8 The Board of Directors of the Holding Company, in its meet ing held on October 26, 2026, cons idered and took note of the Scheme of Arrangement for Amalgamation of Upakarma Ayurveda Private Limited ("Transfe ror Company" / "UAPL") wit h and into Mankind Consumer Products Private Limited ("Transferee Company" / "MCPPL") ("Scheme"], as approved by the respective Boards of Directo rs of UAPL and MCPPL at their meet ings held on October 26, 2026 9 The Board of Directors of the Holding Company at its meet ing held on July 11, 2026 ap proved incorporation of a wholly owned subsidiary company in Netherlands ("WOS") to act as a Special Purpose Vehicle fo r holding investments in R&D assets and business development activities focused on treatment of niche therapies. Further, The Board of Directors of the Holding Company, in its meeting held on October 15, 2026, considered and ap proved an add itio nal investment ofup to EUR 45Mn in Mankind Pharma (Netherlands) B.V. ("Mankind Netherlands"], a wholly owned subsidiary of the Company in Nether lands, in one or more tranches, thereby increasing the aggregate investment limit to EUR SO Mn, inclusive of the prev iously approved investment limit of EU R 5Mn and the acqu isition of a majority stake (i.e., 70%) in Armed Cell Therapeut ics B.V. ("ACTx"J through Mankind Netherlands. ACTx is a Belgium-incorporated biotechnology company engaged in the deve lopment of next-gene ration chimeric ant igen receptor T-cell ("CAR-T") the rapies for cancer. 10 Exceptiona l items on 129.75 crores in the year ended March 31, 2026 comprise of: (a] On November 21, 2025, the Government of India notified four Labour Codes- the Code on Wages, 2019, the Industr ial Relations Code, 2020, the Code on Social Security, 2020, and the Occupatio nal Safety, Health and Working Conditions Code, 2020- consolidating 29 existing labour laws. The Ministry of Labour & Employment published Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Group had assessed and disclosed the incrementa l impact of these changes on the basis of the best understanding of the new regulations. Considering the materia lity and regulatory-dr iven, non-recurring nature of this impact, the Group had presented such incremental impact as exceptional item in the unaudited conso lidated financial resu lts for the yea r ended March 31, 2026. The incremental impact comprised gratuity of~ 81.06 crores and long-term compensated absences on 16.23 crores for the year ended March 31, 2026. (b) Pursuant to acquisition of bus iness underta king as refer red in Note 6 above, stamp duty amounting to~ 19.02 crores paid in relat ion to the intellectua l prope rty (IP) assignmen t agreemen t signed betwee n the Holding Company and BSV for the assignment of all rights, titles, interests and benefits for the ass igned trademarks and copyrights as descr ibed in the said agreement has been considered as exceptional item. (c] The subs idiary com pany, BSV had undertaken a greenfield project in Hyderabad for sett ing up a pha rmaceut ical man ufacturing facility and had incurred an expenditure towards land acquisition and related development activities aggregating to ~ 24.37 crores, which were capitalised under capital work-in-progress and property, plant and equipment. Subsequent to the acquisition of the BSV by Holding Company, the management of the Holding Company carried out a strategic review of ongoing capital projects and decided to suspend furthe r development of the Hyderabad project. As no definitive timelines or futu re course of action has been finalised, recoverability of the related assets were reassessed in accordance with Ind AS 36, Impairment of assets and the Group recognised an impairment loss amounting to ~ 13.44 crores, representing the wr ite-down of the carrying value to the recoverable amount, which has been considered as exceptional item. 11 The Board of directors .of Holding Company at its meet ing held on July 11, 2026 approved the sale of enti re sta ke held by the Holding Company in Broadway Hospitality Services Private Limited ("Broadway") , a wholly owned subsid iary company to AKRK Projects LLP and its Partners. The Holding Company had completed the execut ion of Share Purchase Agreement on July 27, 2025 for sale of 100% stake in Broadway. For and on behalf of Mankind Pharma Li mited Ramesh Juneja Executive Chairman DIN - 00283399 Place: New Delhi Date: October 26, 2026
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Annexure-II The detailed disclosure as required pursuant to Regulation 30 of the Listing Regulations and SEBI Master Circular: Sr. No. Details of event that needs to be provided Information related to item No. 2(i) Information related to item No. 2(ii) a. Name of the entity (ies) forming a part of the amalgamation/merger, details in brief such as, size, turnover etc 1. Prolijune Lifesciences Private Limited (“Transferor Company 1”/ “PLPL”) 2. Pavi Buildwell Private Limited (“Transferor Company 2” / “PBPL”) 3. Mankind Pharma Limited (“Transferee Company”/ “MPL”) Paid-up share capital, Turnover and Net worth of the companies involved in the Scheme 1 for the year ended March 31, 2026: (Amount in Cr.) Name of the Company Paid-up share capital Turnover Net Worth PLPL 0.49 1.78 20.62 PBPL 2.01 - (17.96) MPL 41.30 10,421.18 16,396.94 1. Upakarma Ayurveda Private Limited (“Transferor Company”/ “UAPL”) 2. Mankind Consumer Products Private Limited (“Transferee Company”/ “MCPPL”) Paid-up share capital, Turnover and Net worth of the companies involved in the Scheme 2 for the year ended March 31, 2026: (Amount in Cr.) Name of the Company Paid-up share capital Turnover Net Worth UAPL 1.80 18.02 (9.69) MCPPL 129.24 901.06 311.46 b. Whether the transaction would fall within related party transactions? and if yes, whether the same is done at “arm’s length”? This transaction is a related party transaction as both the Transferor Companies are the wholly- owned subsidiaries of the Transferee Company. However, Ministry of Corporate Affairs has clarified vide its General Circular No. 30/2014 dated July 17, 2014 that transactions arising out of compromise, arrangements and amalgamations dealt under specific provisions of the Companies Act, 2013, will not fall within the purview of related party transaction in terms of Section 188 of the Companies Act, 2013. Further, pursuant to Regulation 23(5)(b) of the Listing Regulations, the provisions relating to related party transactions are not applicable to transactions entered into between a holding company and its wholly-owned subsidiary. This transaction is a related party transaction for the reason being that the scheme is between a holding company and its wholly owned subsidiary. However, Ministry of Corporate Affairs has clarified vide its General Circular No. 30/2014 dated July 17, 2014 that transactions arising out of compromise, arrangements and amalgamations dealt under specific provisions of the Companies Act, 2013, will not fall within the purview of related party transaction in terms of Section 188 of the Companies Act, 2013. c. Area of Business of the Entities PLPL PLPL is engaged in the business of leasing and providing on lease all types of buildings and real estate for industrial, commercial or residential purposes. PBPL PBPL is engaged in the business of real estate development. UAPL Manufacturing, processing, trading, marketing, selling, distribution, branding and promotion of Ayurvedic products, health supplements, nutraceuticals, cosmetic products, personal care products and sexual wellness products, including skin care, hair care and related products, ~ Mankind/II,._ I I I MANKIND PHARMA LIMITED Regd. Office : 208, Okhla Ind. Estate, Phase - 3, New Delhi-110020 •Ph.: 011-46846700, 47476600 CIN No. L74899DL 1991 PLC044843 •E-mail: contact@mankindpharma.com • www.mankindpharma.com I I
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MPL MPL is engaged in the business of research, development, manufacturing, marketing and distribution of pharmaceutical formulations across various acute and chronic therapeutic segments. It also has a portfolio of specialty and super-specialty pharmaceutical products, supported by its manufacturing and research and development capabilities. both on a retail and wholesale basis, across offline and online channels. MCPPL Marketing, distribution and sale of over- the-counter (OTC) healthcare, wellness and consumer products, including products relating to sexual wellness, reproductive health, digestive health, skincare, pain management, health and wellness, and rapid diagnostic test kits. d. Rationale for amalgamation/merger: The Transferor Companies are wholly owned subsidiaries of the Transferee Company, a listed company, and thus part of same Group. The proposed Scheme of Amalgamation aims to simplify and rationalise the existing group structure by amalgamating the Transferor Companies with and into the Transferee Company, thereby reducing the number of legal entities within the Group and creating a more streamlined and efficient corporate structure. The amalgamation is expected to facilitate effective management, optimum utilisation of resources, and administrative and operational efficiencies. It will also enable better consolidation and allocation of financial resources, achieve managerial and financial synergies, and enhance overall organisational efficiency, thereby contributing to long-term value creation for the stakeholders. This proposed amalgamation will enable the consolidation of business operations leading to greater operational integration, efficient management, optimum utilisation of resources and elimination of duplication of costs. This will strengthen D2C capabilities and unlock growth opportunities for MCCPL through faster product launches, portfolio expansion, and cross-selling initiatives. e. In case of cash consideration- amount or otherwise share exchange ratio: Pursuant to the Scheme of Arrangement, no new equity shares shall be issued, nor shall any consideration be paid in cash or otherwise by the Transferee Company, since both the Transferor Company 1 and Transferor Company 2 are the wholly-owned subsidiaries of the Transferee Company. Considering the Scheme does not envisage the issuance of any fresh shares or payment of any consideration to the shareholders of either Transferor Company 1 or Transferor Company 2, the requirement for determination of a Share Exchange Ratio and preparation of a Valuation Report for such purpose is not applicable in the present Scheme. Pursuant to the Scheme of Arrangement, no new equity shares shall be issued, nor shall any consideration be paid in cash or otherwise by the Transferee Company, as the Transferor Company is a wholly-owned subsidiary of the Transferee Company. Considering the Scheme does not envisage the issuance of any fresh shares or payment of any consideration to the shareholders of the Transferor Company, the requirement for determination of a Share Exchange Ratio and preparation of a Valuation Report for such purpose is not applicable. f. Brief details of change in shareholding pattern (if any) of listed entity: There will be no change in the shareholding pattern of the Company as no shares are being issued pursuant to the Scheme 1. Not Applicable, as the Company is not a party to Scheme 2 and the shareholding pattern of the Company remains unchanged. ~ Mankind/II,._ MANKIND PHARMA LIMITED Regd. Office : 208, Okhla Ind. Estate, Phase - 3, New Delhi-110020 •Ph.: 011-46846700, 47476600 CIN No. L74899DL 1991 PLC044843 •E-mail: contact@mankindpharma.com • www.mankindpharma.com
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S.R. Batliboi & Co. LLP Chartered Accountants 67, Institutional Area, Sector 44, Gurugram - 122003, Haryana, India. Bhagi Bhardwaj Gaur & Co. Chartered Accountants 2952-53/2, Sangatrashan D.B. Gupta Road, Paharganj, New Delhi, India Independent Auditor's Report on Compliance with all Financial Covenants as at September 30, 2026 contained in the statement prepared pursuant to Regulation 56(l)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) and SEBI Circular dated May 19, 2022 and August 13, 2025, for submission to Catalyst Trusteeship Limited (the 'Debenture Trustee') To The Board of Directors Mankind Pharma Limited 262, Okhla Industrial Estate, Phase III, New Delhi, Delhi, India, 110020 1. This Report is issued in accordance with the terms of the service scope letter dated October 26, 2026 and master engagement agreement dated July 14, 2026 with Mankind Pharma Limited (hereinafter the "Company") . 2. We S.R. Batliboi & Co. LLP, Chartered Accountants and Bhagi Bhardwaj Gaur & Co., Chaiiered Accountants, are the Joint Statutory Auditors of the Company and have been requested by the Company to examine the accompanying Statement of compliance with financial covenants for the listed, rated, secured, redeemable, transferable non-convertible debentures as at September 30, 2026 (hereinafter the "Statement") which has been prepared by the Company from the Board approved unaudited consolidated financial results, underlying books of account and other relevant records and documents maintained by the Company as at and for the period ended September 30, 2026 pursuant to the requirements of the Regulation 56(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and SEBI Circular dated May 19, 2022 and August 13, 2025 on Revised format of security cover certificate, monitoring and revision in timelines (hereinafter the "SEBI Regulations and SEBI Circular"), and has been initialed by us for identification purpose only. This Report is required by the Company for the purpose of submission with Catalyst ·Trusteeship Limited (hereinafter the "Debenture Trustee") of the Company to ensure compliance with the SEBI Regulations and SEBI Circular in respect of its 3,75,000 (three lakhs and seventy five thousand) listed, rated, secured, redeemable, transferable non-convertible debentures having face value of INR 1,00,000 (Rupees one lakh only) aggregating to INR 3,750 crores (Rupees three thousand seven hundred fifty crores only) ("NCD"). The Company has entered into an agreement with the Debenture Trustee vide agreement dated October 10, 2024 as amended on July 28, 2026 in respect of such Debentures ("Debenture Trust Deed"). Management's Responsibility 3. The preparation of the Statement is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 4. The Management of the Company is responsible for ensuring that the Company complies with all the relevant requirements of the SEBI Regulations and SEBI Circular. The management is also responsible for providing all relevant information to the Debenture Trnstee and for complying with all the covenants as prescribed in the Debenture Trnst Deed. Annexure-III
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Auditor's Responsibility 5. It is our responsibility to provide a limited assurance and conclude as to whether the Company is in compliance with all the financial covenants as mentioned in the Debenture Trust Deed as on September 30, 2026. 6. We have performed a limited review of the unaudited consolidated financial results of the Company as at and for the period ended September 30, 2026, prepared by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and issued an unmodified conclusion dated October 26, 2026 with an emphasis of matter on income-tax proceedings. Our review of these financial results was conducted in accordance with the Standard on Review Engagements (SRE) 2410 , "Review oflnterim Financial Info1111ation Performed by the Independent Auditor of the Entity" , issued by the Institute of Chartered Accountants ofindia ("ICAI "). 7. We conducted our examination of the Statement in accordance with the Guidance Note on Reports or Certificates for Specia l Purposes issued by the lCAI (the "Guidance Note"). The Guidance Note requires that we comply with the ethical requirements of the Code of Eth ics issued by the ICAL 8. We have complied with the relevant applicab le requirements of the Standard on Quality Control (SQC) 1, Quality Contro l for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements . 9. Our scope of work did not involve us performing audit tests for the purpose of expressing an opinion on the fairness or accuracy of any of the financial informat ion or the financial results of the Company taken as a whole . We have not perfonned an audit, the objective of which would be the expression of an opinio n on the financial results, specified elements, accounts or items thereof, for the purpose of this report. Accordingly, we do not express such opinion. 10. A limited assurance engagement includes performing procedures to obtain sufficient appropriate evidence on the applicable criteria, mentioned in paragraph 5 above. The procedures performed vary in nature and timing from, and are less extent than for, a reasonable assurance. Consequently, the level of assurance obtained .is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly, our procedures included the following in relation to the Statement: a) Obtained and read the Debenture Trust Deed. b) Obtained the Board approved unaudited consolidated financial results of the Company as at and for the period ended September 30, 2026. c) Obtained a list of financial covenants applicable to the listed debt securities as per Debenture Trust Deed. d) Obtained and reviewed Consolidated Net debt for the computation of Net Debt to EBITDA ratio and Net Debt to_ Equity ratio from the unaudited consolidated financial results of the Company as at and for the period ended September 30, 2026 and underlying books of account and other relevant records and documents maintained by the Company for the period then ended. e) Obtained and reviewed Equity for the computation of Net Debt to Equity ratio from the unaudited consolidated financial results of the Company as at and for the period ended September 30, 2026 and underlying books of account and other relevant records and documents maintained by the Company for the period then ended. f) Obtained and reviewed the computation of earnings before interest , tax, depreciation and amo1iization for the computation of Net Debt to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and ISCR (Interest Service Coverage Ratio) from the unaudited consolidated financial results of the Company as at and for the period ended September 30, 2026 and underlying books of account and other relevant records and documents maintained by the Company for the period then ended. Fmiher, proforma adjustments considered for earnings before interest, tax, depreciation and amo1iization during the trailing twelve months period ended September 30, 2026 have been prepared by the management of the Company so as to comply with the requirements of the Debenture Trust Deed. We have relied on these workings and have not performed any procedures in this regard. 2
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g) Traced and agreed the non-current borrowings, current borrowings and cash and cash equivalents from the underlying books of account and other relevant records and documents maintained by the Company . h) Examined the arithmetical accuracy of the computation in the accompanying Statement. i) Performed necessary inquiries with the Management and obtained necessary representations. Conclusion 11 . Based on the procedures performed by us, as referred to in paragraph 10 above and according to the information and explanations rece ived and management representations obtained, nothing has come to our attention that causes us to believe that the Company is not in compliance with all the financial covenants as mentioned in the Debenture Trust Deed as on September 30, 2026 . Restriction on Use 12. The Repor t has been issued at the request of the Company, solely in connection with the purvose mentioned in paragraph 2 above and to be subm itted with the accompanying Statement to the Debenture Trustee and is not to be used or referred to for any other person. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this repo1i is shown or into whose hands it may come . We have no responsibility to update this Report for events and circumstances occurring after the date of this report. For S.R. Batliboi & Co. LLP Chartered Accountants JCAI Firm Registration Number: 301003E/E300005 ~ . ~ per Pankaj Chadha Partner Membership Number: 091813 UDIN: 26091813JXCFQE4998 Place of Signature: New Delhi Date: October 26, 2026 3 For Bhagi Bhardwaj Gaur & Co Chartered Accountants ICAI Firm Registration Number: 007895N per Mohit Gu a Paiiner Membership Number: 528337 UDIN: 26528337LSPJRU3669 Place of Signature: New Delhi Date: October 26, 2026
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Statement of Compl iance with Financial covenants for the listed, rated, senior, secured, redeemable, transferab le non-convertible debentures as at September 30, 2026 Computation of Consoliclatecl Net Debt to Ea rings before interest, tax and depreciation and amo rtization (EBITDA) as at September 30, 2026 Part icular Amount (lNR in crores) Consolidated Net Debt (Rerer table A) 2,700.78 EBJTDA (Refer table B) 3,960.83 Net Debt to EBITDA 0.68 2 Computation of Interest Service Coverage Ratio (ISCR) as at September 30, 2026 Particular Amount (lNR in crores) EDITDA reduce by tax expenses (Refer table B) 3,357.61 Finance cost (Refer table B) 513.87 ISCR 6.53 3 Computation of Net Debt to Equity as at September 30, 2026 Particular Amollllt (INR in crores) Consolidated Net Debt (Refer table A) 2,700.78 Equity (Refer table C) 17,527.81 Ne t Debt to Equit:,• 0.15 Table A- Computat ion of Consolidated Net Debt as at September 30, 2026 Particulars Amount (INR in crores) CuJTent borrowings 2,277.4 1 Non-cwTent boJTowings 3,002.69 Less: Cash and cash equivalents as per Debenture Trust Deed (2,579.32) Consolidated Net Debt 2,700.78 Table B- Computation of EBITDA as at September 30, 2026 Particulars Amount (JNR in crores) Profit after tax 2,?63.52 Less: Other income (326.89) Add: Finance cost 513.87 Tax expenses 603.22 Depreciati on, amo11isation, and impainnent 907.1 1 EBITDA 3,960.83 Table C- Computation of Equity as at September 30, 2026 Particulars Amo1mt (INR in crores) Paid up share capital 41.30 Free reser ves 14,409.94 Securities premium 3,076.57 EQUITY 17,527.81 Notes: 1 The Statement has been prepared based on the basis of unaudited consolidated financial results for the period ended September 30, 2026 prepared in accordance with Indian Accounting Standards (hereinafter refened to as the Ind AS') specified under the Companies (Indian Account ing Standards) Rules 20 15, as amended . 2 Consolidated Net Debt means the aggregate amount of all obligations in respect of BoJTowings (Consolidated) after deducting Cash and Cash Equivalents (Consolidated), as defined in the Debenture Deed, as per audited consolidated financial results of the Company. 3 Earnings before interest tax depreciation and amo11ization is Consolidated profit before deducting finance costs, taxes and depreciation , amo11ization and impairement and excluding other income , as per audited consolidated financial results of the Company. 4 Equity means the aggregarate of paid-up share capital, free reserves (as defined under Compan ies Act, 2013) and securities premiwn account (as defined under Companies Act, 2013) as per audited consolidated financia l results of the Company. 5 ISCR" or "Interest Service Coverage Ratio means the result, expressed as a fraction obtained by dividing (a) EBlTD A reduced by taxes (b) Finance cost Financial covenants for all the series of non conve11ible debentures is as follows: Consolidated Net debt to EBITDA shall not exceed 3.00 ISCR should not fall below 1.25 Consolidated Net debt to Equity shall not exceed 1.25 We have ensured compliance in respect of covenant/tenns of the issue of the listed, rated , senior, secured, redeemabl e, transferable non-con ve11ible debentures and we ce11ify that such covenant/tenns of the issue have been comp lied by the Company. For Mankind Phanna Limited
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S.R. Batli boi & Co. LLP Chartered Accountants 67, Institutional Area, Sector 44, Gurugram - 122003, Haryana, India. Bha gi Bhardwa j Gaur & Co. Chartered Accountants 2952-53 /2, Sangatrashan D.B. Gupta Road, Paharganj, New Delhi, India Independent Auditor's Report on Book Value of the assets as at September 30, 2026 contained in the statement prepared pursuant to Regulation 56(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) and SEBI Circular dated May 19, 2022 and August 13, 2025, for submission to Catalyst Trusteeship Limited (the "Debenture Trustee") To The Board of Directors Mankind Pharma Limited 262, Okhla Industrial Estate, Phase III, New Delhi, Delhi, India, 110020 1. This Report is issued in accordance with the terms of the service scope letter dated October 26, 2026 and master engagement agreement dated July 14, 2026 with Mankind Pharma Limited (hereinafter the "Company"). 2. We S.R. Batliboi & Co. LLP, Chaiiered Accountants and Bhagi Bhardwaj Gaur & Co., Chaiiered Accountants, are the Joint Statutory Auditors of the Company and have been requested by the Company to examine the accompanying Statement of book value of assets for the listed, rated, senior, secured, redeemable, transferable non-convertible debentures as at September 30, 2026 (hereinafter the "Statement") which has been prepared by the Company from the Board approved unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company as at and for the period ended September 30, 2026 pursuant to the requirements of the Regulation 56(l)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and SEBI Circular dated May 19, 2022 and August 13, 2025 on Revised format of security cover ce1iificate, monitoring and revision in timelines (hereinafter the "SEBI Regulations and SEBI Circular"), and has been initialed by us for identification purpose only. This Report is required by the Company for the purpose of submission with Catalyst Tmsteeship Limited (hereinafter the "Debenture Tmstee") of the Company to ensure compliance with the SEBI Regulations and SEBI Circular in respect of its 3,75,000 (tlu·ee lakhs and seventy five thousand) listed, rated, senior, secured, redeemable, transferable non-conve1iible debentures having face value of INR 1,00,000 (Rupees one lakh only) aggregating to INR 3,750 crores (Rupees three thousand seven hundred fifty crores only) ("NCD"). The Company has entered into an agreement with the Debenture Trustee vide agreement dated October 10, 2024 as amended on July 28, 2026 in respect of such Debentures ("Debenture Tmst Deed"). Management's Responsibility 3. The preparation of the Statement is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other relevant supp01iing records and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances.
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4. The Management of the Company is responsible for ensuring that the Company complies Vlith all the relevant requirements of the SEBI Regulations and SEBI Circular including maintenance of hundred per cent security cover or l1igher security cover as per the terms of Debenture Trust Deed sufficient to discharge the principal amount and tl1e interest thereon at all times for the non-convertible debt securities issued. The manag ement is also responsible for providing all relevant information to the Deb enture Trustee and for complying with all the covenants as prescribed in the Debenture Trust Deed. Auditor's Responsibility 5. It is our responsibility to provide a limited assurance and conclude as to whether the book value of assets as included in the Statement are in agreement with the books of account underlying the unaudited standalone financial results of the Company as at September 30, 2026. 6. We have performed an limited review of the unaudited standalone financial results of the Company as at and for the period ended September 30, 2026, prepared by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and issued an unmodified conclusion dated October 26, 2026 with an emphasis of matter on income-tax proceedings and reinstatement of the comparative financial information for the quarter and period ended September 30, 2025. Our review of these financial results was conducted 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 ("I CAI"). 7. We conducted our examination of the Statement in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI (the "Guidance Note "). The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 8. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perfo1111 Audits and Reviews of Historical Financial lnfomrntion, and Other Assurance and Related Services Engagements. 9. Our scope of work did not involve us perfom1ing audit tests for the purpose of expressing an opinion on the fairness or accuracy of any of the financial infom1ation or the financial results of the Company taken as a whole. We have not performed an audit , the objective of which would be the expression of an opinion on the financial results , specified elements, accounts or items thereof , for the purpose of this report. Accordingly , we do not express such opinion. 10. A limited assurance engagement includes performing procedures to obtain sufficient appropriate evidence on the applicable criteria , mentioned in paragraph 5 above. The procedures performed vary in nature and timing from, and are less extent than for, a reasonable assurance. Consequently , the level of assurance obtained is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly , our procedures included the following in relation to the Statement: a) Obtained and read the Debenture Trust Deed. b) Obtained the Board approved unaudited standalone financial results of the Company as at and for the period ended September 30, 2026. c) Traced the book value of assets from the books of account of the Company underlying the Board approved unaudited standalone financial results as at and for the period ended September 30, 2026 .. 2
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d) Performed necessary inquiries with the Management and obtained necessary representations. Conclusion 11. Based on the procedures performed by us, as referred to in paragraph 10 above and according to the information and explanations received and management representations obtained, nothing has come to our attention that causes us to believe that the book values of assets as included in the Statement are not in agreement ,vith the books of account underlying the unaudited standalone financial results of the Company as at and for the period ended September 30, 2026. Restriction on Use 12. The Report has been issued at the request of the Company, solely in connection with the purpose mentioned in paragraph 2 above and to be submitted with the accompanying Statement to the Debenture Trustee and is not to be used or referred to for any other person. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come. We have no responsibility to update this Report for events and circumstances occurring after the date of this report. For S.R. Batliboi & Co. LLP Chartered Accountants Firm Registration Nu~1ber: 301003E/E300005 ~ \W'-~@V per Pankaj Chadha Partner Membership Number: 091813 UDIN: 26091813GJRFNM7652 Place of Signature: New Delhi Date: October 26, 2026 3 For Bhagi Bhardwaj Gaur & Co Chariered Accountants Firm Registration Number: 007895N per Mohit Gupta Partner t Membership Number: 528337 UDIN: 26528337YTLDKR1937 Place of Signature: New Delhi Date: October 26, 2026
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