Interim report
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Sun Pharmaceutical Industries Limited SUN HOUSE, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India Tel.: (91-22) 4324 4324 Fax.: (91-22) 4324 4343 Website: www.sunpharma.com Email: secretarial@sunpharma.com CIN: L24230GJ1993PLC019050 Registered Office: SPARC, Tandalja, Vadodara – 390 012, Gujarat, INDIA Reaching People. Touching Lives 30 October 2026 National Stock Exchange of India Limited BSE Limited NSE Code: SUNPHARMA BSE Code: 524715 Outcome of the Board Meeting held today, i.e., 30 October 2026 – Financial Results Pursuant to Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), and further to our communication dated 14 October 2026, this is to inform that the Board of Directors of the Company, at its meeting held today, has, inter alia: 1. Approved Quarterly Financial Results The Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended 30 September 2026, together with the Limited Review Reports issued by the Statutory Auditors, are enclosed herewith as Annexure A. 2. Press Release and Earnings Presentation The press release outlining the key updates for the quarter and half year ended 30 September 2026 is enclosed herewith as A nnexure B and will be released shortly after this communication. The Earnings Presentation is also enclosed herewith as Annexure C. T he Board Meeting commenced at 10:45 AM (IST) and has been temporarily adjourned for a break. The meeting will resume for consideration of the remaining agenda items, and the outcome of such matters, if any, will be submitted upon conclusion of the meeting. For Sun Pharmaceutical Industries Limited (Anoop Deshpande) Company Secretary and Compliance Officer ICSI Membership No.: A23983
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SR BC & CO LLP Chartered Accountants 12th Floor, The Ruby 29 Senapati Bapat Marg Dadar ( West) Mumbai - 400 028 , India Tel : +91226819 8000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requ irements) Regulations, 2015, as amended Review Report to The Board of Directors Sun Pharmaceutical Industries Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of Sun Pharmaceutical Industries Limited (the "Company") for the quarter ended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026 (the "Statement") attached herew ith, being submitted by the 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 Company's management is responsible for the preparat ion of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles genera lly accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibi lity 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 Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as 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 opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recogniti on 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 information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed , or that it contains any material misstatement. For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 0 \/ ~ /V ~Q:-(<o~<--o (/J -, r! +.' 'f,..'-, per Amit Singh ~ MUMbA , f / ' / Partner , -~\ /2'< -/j ~ -9'. '-... -<, I Membership No.: 408869 ,1~1::;;-:-- cCl~ UDIN:2bttD88 b~S,uozRXSl 11 '2- ~----!~ Place: Mumbai Date: October 30, 2026 SR BC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-431B Regd. Office: 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016 Annexure A
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Sun Pharmac eutical Industr ies Limited Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012 . Corporate Office: Sun House, CTS No. 201 8/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.. +91224324 4324 . CIN: L24230GJ1993PLC019050 , Website www.sunpharma.com Statement of Unaudited Stand alone Financial Results fo r the Quarter and Half year ended September 30, 2026 (f in Million) Quarter ended Half Year ended Yea r ended Particulars 30.09.2026 30.06. 2026 Unaudited Unaudited I Revenue from operations a. Revenue from contracts with customers 60 ,565.9 56,413.1 b. Other operating revenues 853.3 998.2 Total revenue from operatio ns (I) 61 ,41 9.2 57,411.3 II Other income 810.1 1,401 .7 Ill Total income (1+11) 62,2 29.3 58,8 13.0 IV Expenses Cost of materials consumed 16,604.4 12,397.4 Purchases of stock-in-trade 3,477.5 2,750.4 Changes in inventories of finished goods, stock-in-trade and work-in-progress (3,436 .0) (192.2) Employee benefits expense 8,520.0 8,309.3 Finance costs 2,769 .6 2,784.8 Deprec iation and amortisation expense 3,157.9 3,079.2 Other expenses 19,984 .1 16,273.3 Net (gain) / loss on foreign currency transactions (8781 ) (1,769.0) Total expens es (IV) 50,1 99.4 43,633.2 V Profit / (loss ) before exce ptional items and tax (111 -IV) 12,029.9 15,179.8 VI Exceptional items {Refer Note 3 & 4) 315.3 VII Profit / (loss) befo re tax (V-V I) 12,029.9 14,864 .5 VIII (i) Tax expense / (credit) 3,317.0 3,792.4 (ii) Tax expense / (credit) - Exceptional (Refer Note 3 & 4) (793 ) IX Profit / (loss) for the period (VII-VIII) 8,712.9 11,151.4 X Other compr ehensi ve inco me (OCI) a. (i) Items that will not be reclassified to profit or loss 569.6 42 .2 (ii) Income tax relating to items that will not be reclassified to profit or loss (143.4) (10.6) b. (i) Items that may be reclassified to profit or loss 271.3 1,886.5 (ii) Income tax relating to items that may be reclassified to profit or loss (683) (474 .8) Total other compreh ensive income (a+b) (X) 629 .2 1,443 .3 XI Total co mprehen sive income for the period (IX+X) 9,342 .1 12,594 .7 XII Paid-up equity share capital - face value f 1 each 2,399.3 2,399.3 XIII Other equity XIV Earnings per equ ity shar e of f 1 each (not annualised for quarters) t (Basic) 3.6 4.6 t (Diluted) 3.6 4.6 See accompanying notes to the unaudited standalone financial results Research and development expenses incurred (included above) 4,334.8 4,635.9 SIGNED FOR IDENTIFICATION BY SR BC & CO LLP MUMBAI 30.09.2025 30.09.2026 Unaudi ted Unaudited 45,112.7 116,979.0 368.4 1,851.5 45,481.1 118, 830 .5 727.9 2,21 1.8 46,209.0 121,042.3 9,961 .9 29,001.8 3,380.9 6,227.9 154.8 (3,628.2 ) 7,287.7 16,829.3 2,483 .3 5,554.4 3,363.0 6,237.1 17,676.1 36,257.4 (4,816.2) (2,647.1) 39,491 .5 93, 832.6 6,717.5 27,209.7 315.3 6,717.5 26,894.4 1,075.3 7,109.4 (79 3) 5,642.2 19,864 .3 44 .3 611.8 (1 5.4) (154.0) (1,529.4) 2,157.8 534.4 (543.1) (966. 1) 2,072.5 4,676.1 21,936.8 2,399.3 2,399.3 2.4 8.3 2.4 8.3 4,586.8 8,970 .7 30.09.20 25 31.03. 2026 Unaud ite d 100,705.4 724.5 101,4 29.9 1,765 .0 103,194.9 19,941.2 6,663.4 1,085.0 14,676 .9 4,867.5 6,472 .2 34,844.3 (6,712.1) 81 ,838.4 21 ,356 .5 2,876 .4 18,480 ,1 6,392.4 (1,005.1) 13,092,8 15.5 (49) (1,198.8) 418 .9 (769 .3) 12,323.5 2,399.3 5.5 5.5 10,733,7 ~,Hou ~~~~\ - ~: ns • Audited 206,090.2 1,456.2 207,546.4 4,193.3 211 ,739.7 43,832.7 13,915.2 (3,058.3) 29,113.0 9,478.4 13,117.2 75,507.9 (13,571 .0) 168,335 .1 43,404 .6 5,463.4 37,9 41.2 13,363.2 (1,656.2) 26,234.2 (64.4 ) 16.2 (2,862.8) 720.5 (2,190.5) 24,043 .7 2,399 .3 221 ,308.3 10.9 10.9 21,635 .0
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Sun Pharmaceutical Industries Limited Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012. Corporate Office : Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324. GIN: L24230GJ1993PLC019050 , Website: www.sunpharma .com Unaudited Standalone Statement of Assets and Liabilities Particulars ASSETS (1) Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Goodwill (d) Other intangible assets (e) Intangible assets under development (f) Financial assets (i) Investments (ii) Loans (iii) Other financial assets (g) Deferred tax assets (Net) (h) Other non-current assets Total non-current assets (2) Current assets (a) Inventories (b) Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than (ii) above (iv) Loans (v) Other financial assets (c) Other current assets Total current assets Assets classified as held for sale TOTAL ASSETS EQUITY AND LIABILITIES Equity (a) Equity share capital (b) Other equity Total equity Liabilities (1) Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities (b) Other non-current liabilities (c) Provisions Total non-current liabilities (2) Current liabilities (a) Financial liabilities (i) Trade payables (a) total outstanding dues of micro and small enterprises As at 30.09.2026 Unaudited 51 ,042.9 12,434.6 1,211.4 20,846.3 2,386.6 131,972.6 38,347.6 443.2 5,212.9 3,132.6 267,030.7 49,734.3 117,584.4 3,888.2 192.5 664.1 5,257.8 15,861 .7 193,183.0 460,213.7 2,399.3 231 ,248.4 233,647.7 151,463.9 1,569.2 5,590.6 3,346.2 2,836.2 164,806.1 (b) total outstanding dues of creditors other than micro and small (ii) Lease liabilities 1,203.8 34,273.1 171 .7 6,912.5 5,605.9 7,047.1 6,545.8 (iii) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (Net) Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES .. 61,759.9 226,566.0 460,213.7 SIGNED FOR IDENTIFICATION BY y\) SR 8 C & CO LLP MUMB AI (fin Million) As at 31 .03.2026 Audited 51,454.0 6,521 .6 1,209 .0 23,467 .9 2,472 .3 129,515.6 37,751 .0 501 .1 7,394.0 3,212.7 263,499.2 43,022.7 101,662 .3 4,178.4 191.3 659 .9 2,602 .0 14,470 .6 166,787.2 309.0 430,595.4 2,399.3 221 ,308.3 223,707.6 134,199.9 1,653.9 19.6 3,480.4 2,501 .6 141,855.4 1,533.5 33,800.6 193.5 11 ,064.7 7,002.4 7,517.3 3,920.4 65,032.4 206,887.8 430,595.4
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Sun Pharmaceutical Industries Limited Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012. GIN: L24230GJ1993PLC019050 , Website: www.sunpharma.com Unaudited Standalone Statement of Cash Flow for the Half Year ended September 30, 2026 Particulars Half year ended 30.09.2026 Unaudited A. Cash flow from operating activities Profit / (loss) before tax Adjustments for: Depreciation and amortisation expense Net (gain)/ loss on sale/write off /impairment of property, plant and equipment.other intangible assets and intangible assets under development (Gain) / loss on derecognition of Right-of-use assets Finance costs Interest income Net (gain) / loss on sale of financial assets measured at fair value through profit or loss Provision / write off/ (reversal) for doubtful trade receivables / advances /other receivables Sundry balances written back Impairment of investments Effect of exchange rate changes Operating profit/ (loss) before working capital changes Movements in working capital: (Increase)/ decrease in inventories (Increase)/ decrease in trade receivables (Increase)/ decrease in other assets Increase / (decrease) in trade payables Increase / (decrease) in other liabilities Increase / (decrease) in provisions Cash generated from / (used in) operations Net Income tax (paid) / refund received (including interest on refunds) Net cash generated from / (used in) operating activities (A) B. Cash flow from investing activities Payments for purchase of property, plant and equipment (including capital work-in-progress , other intangible assets and intangible assets under development) Proceeds from disposal of property, plant and equipment and other intangible assets Loans / Inter corporate deposits given / placed Loans / Inter corporate deposits received back / matured Purchase of investments Proceeds from sale of investments Bank balances not considered as cash and cash equivalents Fixed deposits/ margin money matured Interest received Payment for purchase of business undertaking Net cash flow from I (used in) investing activities (B) C. Cash flow from financing activities Proceeds from borrowings Repayment of borrowings Repayment towards lease liabilities Interest paid on lease liabilities Interest paid Dividend paid Net cash flow from I (used in) financing activities (C) Net increase/ (decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Effect of exchange differences on restatement of foreign currency cash and cash equivalents Cash and cash equivalents at the end of the period SIGNED FOR IDENTIFICATION BY SR BC & CO LLP MUMBAI 26,894.4 6,237.1 (462.9) (0.4) 5,554.4 (1,247.4) (90.4) (41.5) 746.7 37,590.0 (6,711 .6) (19,357.0) (3,982.9) 341.2 (455.9) 455.2 7,879.0 (2,787.6) 5,091 .4 (8,817.1) 740.6 (2,435.9) 1,088.2 1165.0l (9,589.2) 55,725.9 (38,461.9) (106.4) (77.6) (9077) (1 1,996.7) 4,175.6 (322.2) 4,178.4 32.0 3,888.2 (~ in Million) Half year ended 30.09.2025 Unaudited 18,480.1 6,472.2 1,615.3 4,867.5 (1,609 6) (4.6) (219.4) (0 6) 125.0 (5,287 7) 24,438.2 1,202.6 (1,242.6) (3,764.3) (3,923.4) (735.2) 208.0 16,183.3 (586.8) 15,596.5 (9,525.0) 103.4 (105.6) 579.2 (3,650.1) 1,844.5 29.7 1,080.3 (9,643.6) 56,633.7 (42,771 .3) (94.9) (81.8) (942.6) (13,1963) (453.2) 5,499.7 4,925.7 238.0 10,663.4
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Notes: The above unaudited standalone financial results of Sun Pharmaceutical Industries Limited (the 'Company') have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 30, 2026. 2 The above unaudited standalone financial results have been prepared In accordance with the Companies (Indian Accounting Standards) Rules, 2015 ("Ind AS") as amended , prescribed under Section 133 of the Companies Act, 2013 , read with relevant rules issued thereunder . Pursuant to the ongoing reassessment and refinement of employee compensation structures under the New Labour Codes framework, the Company recognised an incremental cost off 315.3 Million and a related tax credit off 79.3 Million for quarter ended June 30, 2026. (Also, refer note 4(b)) 4 Exceptional items off 5,463 .4 Million and Exceptional tax credit of f 1,656 .2 Million for year ended March 31 , 2026 includes: a) Discontinuation of development work of SCD-044, and includes , (i) Impairment of acquired intangible asset under development off 1,514.9 Million and (ii) Other costs off 1,361 .5 Million (include d in research and development expenses). Exceptiona l tax credit on this charge is f 1,005.1 Million for the quarter ended June 30, 2025. b) The Government of India consolidated 29 existing labour legislations into a unified framework comprising four labour codes as follows: Code on Wages , 2019, Code on Social Security , 2020 , Industrial Relations Code, 2020 and Occupation al Safety , Health and Working Conditions Code, 2020 (collectively referred to as the "New Labour Codes"). The New Labour Codes became effective from November 21 , 2025 and introduced changes that include, among other things, setting a uniform definition of wages . The Government is in the process of issuing related rules. The New Labour Codes have implicatio ns on employee benefits including gratuity , leave encashment , and other related obliga tions. The Company had assessed the implica tions of the New Labour Codes and had recognized an incremental cost off 2,587 .0 Million and related tax credit off 904.0 Million during the quarter ended December 31 , 2025. Further, as the Company opted for new regime under section 115BAA of the Income Tax Act, 1961 for FY 2026-27 , the tax credit on the above impact was remeasured by f 252.9 Million. The Board of Directors of the Company at its meeting held on November 01 , 2023 approved a Composi te Scheme of Arrangement covering two aspects (1) Amalgamation of five wholly-owned subsidiaries (Sun Pharmaceutical Medicare Limited, Green Eco Development Centre Limited, Faststone Mercantile Company Private Limited, Realstone Multitrade Private Limited and Skisen Labs Private Limited) (collectivel y "Transferor Comp anies") into the Company , and (2) Reclassification of general reserves to retained earnings with an appointed date of April 01 , 2023 . On October 7, 2025 , the National Comp any Law Tribunal approved the above scheme . As a result, the impact of the scheme for merger of Sun Pharmaceutical Medicare Limited including the tax credit on losses of f 1,401 .9 Million was taken during the year ended March 31 , 2026 in accordance with Ind AS 103 - Business Combinations . The other subsidiaries did not constitute a business under IND AS 103, and were accounted as an asset acquisition. The impact on the financial position of the Company was not material on account of these subsidiaries 6 With effect from the financial year 2026-27 , the Company decided to exercise the option available under Section 115BAA of the Income-tax Act, 1961 (corresponding to Section 200 of the Income-tax Act, 2025) , which provides eligible domestic companies a concessional tax regime at an effect ive rate of 25.168% {22% plus applicable surcharge and cess), in lieu of the regular corporate tax rate of 34.944%. The Company had remeas ured its deferred tax assets and liabilities at the new applicable rate as at March 31 , 2026, in accordance with Ind AS 12, 'Income Taxes' . This resulted in a net credit to tax expense off 550.0 Million for the quarter and year ended March 31, 2026. 7 The Com pany has only one reportab le segment namely 'Pham,aceuticals' . 8 Figures for previous periods have been regrouped / reclassified wherever considered necessary . SIGNED FOR IDENTIFICATION BY 'f-7 Mumbai , October 30, 2026 SR 8 C & CO LLP MUMBAI For and on behalf of the Board Kirti Ganorkar Managing Director
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SR BC & COLLP Chartered Accountants 12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000 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 Sun Pharmaceutical Industries Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Sun Pharmaceutical Industries Limited (the "Holding Company") and its subsidiaries (the Holding Company and it s subsid iaries together referr ed to as "the Group"), its associates and joint venture for the quarter 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 Obligation s and Disclosure Requirements) Regulations, 2015 , as amended (the "Listing Regulations"). 2. The Holding Company's management is respons ibl e for the preparation of the Statement in accordance with th e recognition and measurement principles laid down in Indian Accounting Standard 34 , (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of th e Companies Act, 2013 as amended, read with relevant rul es issued thereunder and other accounting principles generally accepted in Indi a 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 revi ew. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Int erim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requ ires that we plan and perform the review to obtai n moderate assurance as to whether the Statement is free of material misstatement. A review of int erim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and apply ing analyt ical and other review procedures. A review is substant ially less in scope than an audit conducted in accordance with Standards on Auditing and consequent ly does not enable us to obtain assurance that we would become aware of all signific ant matters that might be ident ifi ed in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with th e Master Circu lar 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 th e unaudited financial results of the following entities mentioned in Annexure I to the Report. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragrap h 6 below, nothing has come to our attention tha t causes us to believe that the accompanying Statement , prepared in accordance with rec ognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Secti on 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in Indi a, has not disclosed th e informati on required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be sclosed, or that it contains any material misstatement. -II Q- ) p...\ t.f2 \ lfJ u~0 z 1 .. ~ i:51 ()._ , . • ~ "" '- () S R BC & co LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 (yJ':'_.....__ e,CJ Regd. Office: 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016 ERE~ -
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SR BC & CO LLP Chartered Accountants Sun Pharmaceut ical Industries Limited Limited Review Report for the quarter ended September 30, 2026 Page 2 of 5 6. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of 23 subsidiaries , whose financial results and other information without giving effect to the eliminat ion of intra-group transactions reflect. Group's share of total assets of INR 6,82,768.2 Million as at September 30, 2026, total revenue of INR 41,100.0 Million and INR 75,642.6 Million, tot al net profit after tax of INR 3,407.0 Million and INR 6,912.9 Million, total comprehensive incom e of INR 3,389 .3 Million and INR 6,893.4 Million for the quarter ended September 30 , 2026 and the half ended on that date respectively, and net cash inflows of INR 1,701.8 Million for the period from Apri l 01, 2026 to September 30, 2026, as considered in the Statement which have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial results and other financial informat ion of these ent itie s 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 subsidiaries, is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above. Our conclus ion on the Statem ent in respect of matters stated in para above is not modified with respect to our reliance on the work done and the reports of the other auditors. For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 ~~i±:h / Partner Membership No.: 408869 UDIN: 2.640~~6912..v,J~C-DN 5 ?.>~8 Place: Mumbai Date: October 30, 2026
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~ - SR BC & CO LLP Chartered Accountants Sun Pharmaceut ical Industries Limited Limited Review Report for the quarter ended September 30, 2026 Page 3 of 5 Annexure I - List of entities included in the report of the unaudited Consolidated Financial Results Sr. No. Name of the entity Subsidiarie s 1 Sun Pharmaceut ical (Bangladesh) Limited 2 Sun Pharma De Mexico S.A. DE C.V. 3 Sun Pharma Japan Ltd. 4 Sun Pharma De Venezuela, C.A. 5 Sun Pharma Laboratories Lim ited 6 Neetnav Real Estate Private Limited 7 Sun Pharma Holdings 8 Softdeal Pharmaceutical Private Limited 9 Sun Pharma (Netherlands) B.V. 10 TARO Pharma Corporation Inc. 11 Zenotech Laboratories Limited 12 Sun Farmaceutica do Brasil Ltda. 13 Sun Pharma France 14 Sun Pharmaceutical Industries, Inc. 15 Ranbaxy (Malaysia) SDN. BHD. 16 Ranbaxy Nigeria Limited 17 Chattem Chemicals Inc. 18 The Taro Development Corporat ion 19 Alkaloida Chemical Company Zrt. 20 Sun Pharmaceutical Industries (Australia) Pty Limited 21 Aditya Acquisition Company Ltd. 22 Sun Pharmaceutical Industries (Europe) B.V. 23 Sun Pharmaceuticals Germany GmbH 24 Sun Pharma Philippines, Inc. 25 Caraco Pharmaceuticals Private Limited 26 Sun Pharmaceutical Peru S.A.C. 27 Sun Laboratories FZE 28 Taro Pharmaceutical Industries Ltd. (Taro) 29 Sun Pharma Canada Inc. (Formerly known as Taro Pharmaceutica ls Inc.) 30 Taro Pharmaceutica ls U.S.A., Inc. 31 Taro Pharmaceuticals North America, Inc. 32 Taro Internat ional Ltd. 33 3 Skyline LLC 34 One Commerce Drive LLC 35 Sunpharma Middle East FZ LLC
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- SR BC& CO LLP Chartered Accountants Sun Pharmaceutical Industries Limited Limited Review Report fo r the quarter ended September 30, 2026 Page 4 of 5 Sr. No. Name of the entity 36 2 Independence Way LLC 37 Universa l Enterprises Private Lim it ed 38 Sun Pharma Switzerland Ltd. 39 Sun Pharma East Africa Limited 40 Pl Real Estate Ventures, LLC 41 Sun Pharma ANZ Pty Ltd. 42 Ranbaxy Farmaceutica Ltda. 43 Sun Pharma Egypt LLC 44 Rexcel Egypt LLC 45 Basics GmbH 46 Sun Pharma Italia srl 47 Sun Pharmaceut ical Industries S.A.C. 48 Ranbaxy (Poland) SP. Z 0.0. 49 Terapia SA 50 AO Ranbaxy 51 Ranbaxy South Africa (Pty) Ltd. 52 Ranbaxy Pharmaceuticals (Pty) Ltd. 53 Sonke Pharmaceuticals Propri etary Limited 54 Sun Pharma Laboratorios, S.L.U. 55 Sun Pharma UK Lim ited 56 Sun Pharma Holdings UK Limited 57 Ranbaxy Inc. 58 Ranbaxy (Thailand) Co., Ltd. 59 Ohm Laboratories, Inc. 60 Ranbaxy Signature LLC 61 Sun Pharmaceuticals Morocco LLC 62 "Ranbaxy Pharmaceutica ls Ukraine" LLC 63 JSC Biosintez 64 Sun Pharmaceut icals Holdings USA, Inc. 65 Zenotech Inc. 66 Zenotech Farmaceutica Do Brasil Ltda. 67 Sun Pharma Distributors Limited 68 Realstone Infra Limited 69 Sun Pharmaceuticals (EZ) Limited 70 Sun Pharma (Shanghai) Company Ltd. 71 Alchemee, LLC 72 The Proacti v Company Holdings, Inc. 73 Proactiv YK '<-r << <;;,c&c~ 0 1!; Mt~~f) ~ $ ·1
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SR BC & CO LLP Chartered Accountants Sun Pharmaceutical Industries Limited Limited Review Report for the quarter ended September 30, 2026 Page 5 of 5 Sr. No. Name of the entity 74 The Proact iv Company KK 75 Alchemee Skincare Corporation 76 Concert Pharma Ireland Limited [Dissolved as of June 1, 2026] 77 Sun Pharma New Milford Parent LLC 78 Sun Pharma Housatonic LLC 79 Sun Pharma Housatonic II LLC 80 Sun Pharma Housatonic Ill LLC 81 Vivaldis Health and Foods Private Limited 82 Sun Pharma Community Health Care Society 83 Sun Pharma Science Foundation 84 Sun Pharmaceuticals North Africa SA (form erly known as Kemipharm) 85 Sun Pharma Luxembourg S.A (former ly known as Valstar S.A.) 86 Checkpoint Therapeutics, Inc. 87 Sun Pharma (Hainan) Company Limited [Date of Incorporation July 16, 2025] 88 Foundation for Disease Elimination and Control of India 89 Sun Pharma America, INC. [Incorporated on April 23, 2026] 90 lnnovcare Lifesciences Pri vate Limited [Acquired on July 06, 2026] 91 Sun Pharma Global Treasury Center IFSC Limited [Date of Incorporation Septemb er 08, 2026] Joint Venture 1 Artes Biotechnology GmbH Associates 1 Medinstill LLC 2 Trumpcard Advisors and Finvest LLP 3 Tarsier Pharma Ltd. 4 WRS Bioproducts Pty Ltd. 5 Remidio Innovative Solutions Private Limited 6 Agatsa Soft ware Private Limited 7 Ezerx Health Tech Private Limited 8 Surgimatix, Inc 9 Indian Foundation for Quality Management 10 Haystackana lyt ics Private Limited 11 Pharmazz Inc. Note: Number of subsidiaries reported under para 6 of the audi tor' s review report have been reported on a consolidated basis for certain subsidiar ies having step-down subsidiaries, joint venture and ,,...-:::;::::a~l.C iates . ~'o C&c ~ 1~r:;:::ti\\ ~~~~ .1-~P .'\ ~-. •. _ r • '\
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Sun Pharmaceutical Industries Limited Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012. Corporate Office: Sun House, CTS No. 201 B/1 , Western Express Highway, Goregaon (E) , Mumbai- 400063 Tel.: +91 22 4324 4324. CIN: L24230GJ1993PLC019050 , Website . www.sunpharma.com Statement of Unaudited Consolidated Financial Results for the Quarter and Half year ended September 30, 2026 Quarter ended Particulars 30.09.2026 30.06.2026 Unaudited Unaudited I Revenue from operations a. Revenue from contracts with customers 161,000.1 151 ,835.5 b. Other operating revenu es 987.0 1,163.3 Total revenue from operat ions (I) 161,987.1 152,998.8 II Other income 5,173.2 7,236.2 Ill Total income (1+11) 167,160.3 160,235.0 IV Expenses Cos t of materials consumed 23,187.0 20,262.8 Purchases of stock-in-trade 11 ,432.7 10,195.0 Changes in inventories offinished goods, stock -in-trade and work-in-progress (3,652.4) (826.2) Employee benefits expense 32,741.6 32,272.3 Finance costs 746.7 996.7 Dep reciation and amortisation expense 7,583.4 7,387.2 Other expenses 51 ,623.9 48,138.1 Net (gain) / loss on foreign currency transactions (784.6) (1,219.9) Total expenses (IV) 122,878.3 117,206,0 V Profit I (loss) before exceptional items and tax (Ill-IV) 44,282.0 43,029.0 VI Exceptiona l items (Refer Note 4 and 5) 12,688.3 2,040.9 VII Profit I (loss) before tax (V-VI) 31 ,593.7 40,988.1 VIII (i) Tax expense/(credit) 12,531.3 11 ,974.4 (ii) Tax expense/(credit)- Exceptional (Refer Note 4 and 5) (953.4) (94.3) IX Profit / (loss) before share of profit / (loss) of associates and joint venture 20,015.8 29,108.0 (VII -VIII) X Share of profit / (loss) of associates and joint venture (net) (65.1) (95.7) XI Net Profit I (loss) after taxes and share of profit / (loss) of associates and 19,950.7 29,012.3 joint venture but before non-controlling interests (IX+X) Non-controlling interests 65.4 64.4 XII Net Profit / (loss) after taxes, share of profit / (loss) of associates and joint 19,885,3 28,947.9 venture and non-controlling interests XIII Other comprehensive income (OCI) a. (i) Items that will not be reclassified to profit or loss 538.0 12,403.7 (ii) Income tax relating to items that will not be reclassified to profit or loss (84.2) (888.7) b. (i) Items that may be reclassified to profit or loss 4,952.1 3,919.0 (ii) Income tax relating to items that may be reclassified to profit or loss (291.0) (342.5) Total other comprehensive income (a+b) (XIII) 5,114.9 15,091.5 XIV Total comprehensive income for the period (Xl+XIII) 25,065.6 44,103.8 Attributable to: - Owners of the Company 25,011.3 44,083.2 - Non-controlling interests 54.3 20.6 xv Paid-up equity share capital - face value f 1 each 2,399.3 2,399.3 XVI Other equity XVII Earnings per equity share off 1 each (not annualised for quarters) f (Basic) 8.3 12.1 f (Diluted) 8.3 12.1 See accompanying notes to the unaudited consolidated financial results Research and develooment exoenses incurred /included above) 7,470.0 8,076.6 SIGNED FOR IDENTIFICATION BY s RB C & CO LLP MUMBAI Half Year ended 30.09.2025 30.09.2026 30.09.2025 Unaudited Unaudited Unaudited 144,052.2 312,835.6 281 ,912.9 730.9 2,150.3 1,384.2 144,783.1 314,985.9 283,297.1 4,699.2 12.409.4 9,343.8 149,482.3 327,395.3 292,640.9 16,215.1 43,449.8 33,931.0 10,877.9 21 ,627.7 21 ,357.7 2,734.3 (4,478.6) 2,686.2 27,647.9 65.013.9 55,664.5 998.6 1,743.4 1,746.6 7,295.0 14,970.6 14,300.5 46,342.1 99,762.0 87,965.7 (4,304.7) (2,004.5) (6,595.1) 107,806.2 240,084.3 211,057.1 41 ,676.1 87,311.0 81 ,583.8 14,729.2 8,180.0 41 ,676.1 72,581.8 73,403 .8 10,305.2 24,505.7 20,011.8 (1,047.7) (1,005.1) 31,370.9 49,123.8 54,397.1 (121.4) (160.8) (218.9) 31 ,249.5 48,963.0 54,178.2 70.0 129.8 212.4 31 ,179.5 48,833.2 53,965.8 3,227.4 12,941.7 383.3 (789.0) (972.9) (49.6) 11 ,185.7 8,871.1 14,692.7 530.2 (633.5) 402.1 14,154,3 20,206,4 15,428.5 45,403,8 69,169,4 69,606.7 45,254.0 69,094.5 69,213.2 149.8 74.9 393.5 2,399.3 2,399.3 2,399.3 13.0 20.4 22.5 13.0 20.4 22.5 7,680.6 15,546.6 16,521.6 (fin Million) Year ended 31.03.2026 Audited 582,201.1 2,419.3 584,620.4 19,717.2 604,337.6 73,890.2 38,115.3 3,431.3 114,188.6 3,389.1 29,378.5 190,082.8 (12,401.8) 440,074.0 164,263.6 13,074.8 151,188.8 39,397.6 (3,854.0) 115,645.2 (558.7) 115,086,5 292.3 114,794.2 3,029.4 (1,128.0) 35,644.0 722.0 38,267.4 153,353.9 152,811 .1 542.8 2,399.3 833,301.6 47.8 47.8 34,741.0
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Sun Pharmaceutical Industries Limited Registered Office Sun Pharma Advanced Research Centre, Tandalja , Vadodara - 390012. Corporate Office: Sun House , CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324. CIN: L24230GJ1993PLC019050 , Website : www.sunpharma.com Unaudited Consolidated Statement of Assets and Liabilities Particulars ASSETS (1) Non-current assets (a) Property, plant and equipment (b) Capital work- in-progress (c) Goodwill (Net) (d) Other intangible assets (e) Intangible assets under development (f) Financial assets (i) Investments (ii) Loans (iii) Other financial assets (g) Deferred tax assets (Net) (h) Income tax assets (Net) (i) Other non-current assets Total non-current assets (2) Current assets (a) Inventories (b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets (c) Other current assets Total current assets Assets classified as held for sale TOT AL ASSETS EQUITY AND LIABILITIES Equity (a) Equity share capital (b) Other equity Equity attributable to the equity shareholders of the parent company Non-controlling interests Total equity Liabilities (1) Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities (Net) (d) Other non-current liabilities (e) Non-current tax liabilities (Net) Total non- current liabilities (2) Current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (iv) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (Net) Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES SIGi\lED FOR IDENTIFICATION BY SR BC & CO LLP MUMBA I As at 30.09.2026 Unaudited 111 ,412.3 18,636.5 100,494.1 123,157.3 16,041.1 32,474.4 29.3 1,578.6 39,109.5 7,859.2 4,926.2 455,718.5 125,923.5 132,017.5 178,047.8 184,009.5 19,674.2 534.8 17,470.1 34,988.4 692,665.8 - 1,148,384.3 2,399.3 890,399.5 892,798.8 2,838.5 895,637.3 666.9 3,499.8 900.7 5,077.1 3,100.3 3,458.5 127.9 16,831.2 26,268.0 1,978.2 74,189.6 26,872.1 11 ,245.7 69,339.5 26,022.7 235,915.8 252,747.0 1,148,384.3 (~ in Million) As at 31.03.2026 Audited 111,141.1 13,806.5 98,330.8 118,750.8 16,710.8 37,890.7 17.6 666.1 40,464.6 6,451.3 4,710.0 448,940.3 114,929.3 209 ,334.5 155,096.7 97,705.1 18,325.7 527.0 14,036.9 28,647.7 638,602.9 309.0 1,087,852.2 2,399.3 833,301 .6 835,700.9 3,096.5 838,797.4 312.6 3,616.3 6,307.9 5,121.8 3,780.2 3,566.7 128.9 22,834 .4 40,503.5 1,840.8 73,338.0 25,721.8 11 ,875.3 59,440.6 13,500.4 226,220.4 249,054.8 1,087,852.2
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Sun Pharmaceutical Industries Limited Registered Office Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012. Corporate Office: Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.. +91 22 4324 4324. CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com Unaudited Consolidated Statement of Cash Flow for the Half Year ended September 30, 2026 Particulars A. Cash flow from operating activities Profit / (loss) before tax Adjustments for Depreciation and amortisation expense Net (gain)/ loss on sale / write off / impairment of property, plant and equipment, other intangible assets, intangible assets under development Impairment of investments Finance costs Interest income Dividend income on investments Net (gain)/ loss arising on financial assets measured at fair value through profit or loss Net gain on sale of financial assets measured at fair value through profit or loss Net (gain)/ loss on sale of financial assets measured at fair value through other comprehensive income Provision / impairment / write off /(reversal) for doubtful trade receivables / advances / loans Sundry balances written back, net Effect of exchange rate changes Operating profit I (loss) before working capital changes Movements in working capital: (Increase) / Decrease in inventories (Increase) / Decrease in trade receivables (Increase) / Decrease in other assets Increase / (Decrease) in trade payables Increase / (Decrease) in other liabilities Increase / (Decrease) in provisions Cash generated from/ (used in) operations Net Income tax (paid) / refund received (including interest on refunds) Net cash generated from/ (used in) operating activities (A) B. Cash flow from investing activities Payments for purchase of property, plant and equipment (including capital work-in-progress , other intangible assets and intangible assets under development) Proceeds from disposal of property, plant and equipment and other intangible assets Purchase of investments (including investment in associates) Proceeds from sale of investments Bank balances not considered as cash and cash equivalents Fixed deposits / margin money placed Fixed deposits / margin money matured Payment for acquisition of subsidiary and business undertaking Interest received Dividend received Net cash from/ (used in) investing activities (8) SIGNE!) FOR IDENTIFICATION BX r'J g. R 13 C & CO LLP MUMBA I Half year ended 30.09.2026 Unaudited 72,581.8 14,970.6 (447.1) 1,743.4 (4,384.6) (1,263.7) 1,541.0 (6,954.4) 30.8 85.9 (44.8) 924.1 78,783.0 (8,560.1) (26,417.5) (8,982.3) 1,025.3 (1,814.5) 10,555.6 44,589.5 (13,176.1) 31 ,413.4 (17,851.1) 849.0 (155,501.2) 255,325.2 (13,322.1) 12,142.6 (2,876.9) 3,037.1 1,263.7 83,066.3 (tin Million) Half year ended 30.09.2025 Unaudited 73,403.8 14,300.5 1,585.9 125.0 1,746.6 (5,073.4) (138.4) (1,022.7) (2,615.3) (2.6) 671 .0 (5.4) (6,341.0) 76,634.0 4,247.8 (20,359.2) (23,968.9) 5,538.2 (490.7) 10,276.5 51,877.7 (4,067.5) 47,810.2 (23,884.4) 476.5 (106,988.3) 101,478.4 (12,969.2) 5,133.7 (34,051.3) 3,759.3 138.4 (66,906.9)
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Particulars C. Cash flow from financing activities Proceeds of borrowings Repayment of borrowings Repayment of principal portion of lease liabilities Net increase / (decrease) in working capital demand loans Finance costs (including interest on lease liabilities) Dividend payment to non-controlling interests Dividend paid Net cash from/ (used in) financing activities (C) Net (decrease)/ increase in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents taken over on acquisition of subsidiary Effect of exchange differences on restatement of foreign currency cash and cash equivalents Cash and cash equivalents at the end of the period SIGNED FOR IDENTIFICATION BY SR BC & CO LLP MUMBAI Half year ended Half year ended 30.09.2026 30.09.2025 Unaudited Unaudited 12,227.7 41,067.9 (26,201.7) (14,738.8) (800.5) (840.1) (546.8) 460.1 (1 ,722.5) (1,740.4) (332.9) (4.1) (11,996.7) (13,196.3) (29,373.4) 11,008.3 85,106.3 (8,088.4) 97,705.1 102,687.7 165.8 1,627.3 1,032.3 3,996.9 184,009.5 100,223.5
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Notes: These unaudited consolidated financial results relate to Sun Pharmaceutical Industries Limited (the 'Company'), its Subsidiaries (together the 'Group'),Joint Venture and Associates and are prepared by applying Ind AS 110- "Consolidated Financial Statements" ; and Ind AS 28- "Investments in Associates and Joint Ventures". 2 The above unaudited consolidated financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their respectiv e meetings held on October 30, 2026. 3 The above unaudited consolidated financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 ("Ind AS") as amended , prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder. 4 Exceptional items oft 14,729.2 Million and Exceptional tax credit oft 1,047.7 Million for half year ended September 30, 2026 includes : a) Charge oft 3,461.6 Million for the quarter ended September 30, 2026 and t 5,131.6 Million for the half year ended September 30, 2026 towards diligence, legal, filing fees , commitment fees, syndication fees and other acquisition related and transaction costs associated with the definitive agreement to acquire all outstanding shares of Organon & Co. Additional acquisition-related costs are expected to be incurred in subsequent periods. b) Pursuant to the ongoing reassessment and refinement of employee compensation structures under the New Labour Codes framework , the Company recognized an incremental cost of t370.9 Million and a related tax credit of t94.3 Million for the quarter ended June 30, 2026. (Also, refer note 5(c) ). c) On September 10, 2026, Sun Pharmaceutical Industries , Inc. ("SPII"), Taro Pharmaceutical Industries Ltd., ("Taro Ltd."), and Taro Pharmaceuticals U.S.A., Inc. ("Taro USA") have signed a settlement agreement with a plaintiff in the In re Generic Pharmaceuticals Pricing Antitrust Litigation in the Eastern District of Pennsylvania, U.S. fort 9,226.7 Million (inclusive of legal cost). A corresponding tax benefit oft 953.4 Million has been recorded for the quarter ended September 30, 2026. 5 Exceptional items oft 13,074.8 Million and Exceptional tax credit oft 3,854.0 Million for year ended ended March 31 , 2026 includes : a) Charge oft 2,876.4 Million on account of discontinuation of development work of SCD-044, which includes (i) Impairment of acquired intangible asset under development oft 1,514.9 Million and (ii) Other costs oft 1,361.5 Million (included in research and development expenses). Tax credit on this charge wast 1,005.1 Million in quarter ended June 30, 2025. b) On July 24, 2025 Taro and Sun Pharmaceutical Industries, Inc. (SPIINC) entered into a settlement agreement with the putative End Payer Plaintiffs class ("EPPs") without any admission of guilt or violation of any statute, law, rule or regulation, or of any liability or wrongdoing, pursuant to which Taro and SPIINC agreed to pay an aggregate amount of USD 200.0 Million (equivalent tot 17,112.0 Million). in exchange for a full release of all claims asserted against them (and all of their current and former parents, affiliates, predecessors and successors as well as their current and former directors , officers, employees and representatives). The Company had taken a charge of USO 62.0 Million (equivalent to t 5,303.6 Million) inclusive of legal charges of USO 7.0 Million (equivalent tot 598.9 Million) (net of amount already provided in previous years) as an exceptional item during the quarter ended June 30, 2025. The settlement agreement was subject to court approval, and the court issued its order of approval on January 23, 2026, dismissing the EPP matters on the merits, in their entirety, with prejudice. Further to the courts approval and final opt outs percentage , an additional charge of USO 12.8 Million (equivalent to t 1,139.5 Million) inclusive of legal charge of USO 7.8 Million (equivalent to t 693.8 Million) was taken. Tax credit on this settlement charge was t 1,904.5 Million for the quarter ended December 31 , 2025. c) The Government of India had consolidated 29 existing labour legislations into a unified framework compris ing four labour codes as follows: Code on Wages , 2019, Code on Social Security, 2020, Industrial Relations Code, 2020 and Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the "New Labour Codes"). The New Labour Codes became effective from November 21 , 2025 and introduced changes that include, among other things, setting a uniform definition of wages. The Government is in process of issuing related rules. The New Labour Codes have implications on employee benefits including gratuity, leave encashment , and other related obligations. The Company had assessed the implications of the New Labour Codes and had recognized an incremental cost oft 3,755.3 Million and related tax credit oft 1,31 1.2 Million during the quarter ended December 31 , 2025. Further, as the Company opted for new regime under section 115BAA of the Income Tax Act, 1961 for FY 2026-27, the tax charge on the above impact was remeasured by t 366.8 Million. 6 The Board of Directors of the Company at its meeting held on November 01 , 2023 approved a Composite Scheme of Arrangement covering two aspects (1) Amalgamation of five wholly-owned subsidiaries (Sun Pharmaceutical Medicare Limited, Green Eco Development Centre Limited, Faststone Mercantile Company Private Limited, Realstone Multitrade Private Limited and Skisen Labs Private Limited) (collectively "Transferor Companies") into the Company, and (2) Reclassification of general reserves to retained earnings with an appointed date of April 01 , 2023. On October 07, 2025, the National Company Law Tribunal approved the above scheme. As a result, the impact of the scheme for merger of Sun Pharmaceutical Medicare Limited including the tax credit oft 1,401.9 Million on losses was taken during the quarter and half year ended September 30, 2025 in accordance with Ind AS 103 - Business Combinations. 7 With effect from the financial year 2026-27, the Company and one of its Indian subsidiaries decided to exercise the option available under Section 115BAA of the Income-tax Act, 1961 (corresponding to Section 200 of the Income-tax Act, 2025), which provides eligible domestic companies a concessional tax regime at an effective rate of 25.168% (22% plus applicable surcharge and cess), in lieu of the regular corporate tax rate of 34.944%. 8 On April 27, 2026, the Group entered into a definitive agreement to acquire all outstanding shares of Organon & Co. for cash payment of USO 14.00 per share in an all cash transaction with an enterprise valuation of USD 11.75 Billion. Acquisition is subject to approvals and closing conditions. 9 During quarter ended September 30, 2026, the Group has acquired 100% outstanding shares of lnnovcare Lifesciences Private Limited for a consideration oft 2,71 1.9 Million, a company based in Mumbai and engaged in the business of marketing , distribution and sale of pharmaceutica l drugs, nutraceutical and cosmeceutical products. Accordingly, the results for the quarter and half year ended September 30, 2026 are not comparab le with other periods presented. 10 The Group has only one reportable segment namely 'Pharmaceutica ls'. 11 Figures for previous periods have been regrouped/ reclassified wherever considered necessary. Mumbai, October 30, 2026 SIGNED FOR IDENTIFICATION BY SR BC & CO LLP For and on behalf of the Board Kirti Ganorkar Managing Director -...
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Sun Pharmaceutical Industries Limited SUN HOUSE, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India Tel.: (91-22) 4324 4324 Fax.: (91-22) 4324 4343 Website: www.sunpharma.com Email: secretarial@sunpharma.com CIN: L24230GJ1993PLC019050 FOR IMMEDIATE RELEASE Sun Pharma reports Q2FY27 results Q2 Sales at Rs. 161,000 million up 11.8% YoY Q2 Adjusted Net profit increased to Rs. 31,620 million Mumbai, October 30, 2026: Sun Pharmaceutical Industries Limited (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) reported financials for the second quarter ending September 30th, 2026. Highlights of Q2FY27 consolidated financials* • Sales at Rs. 161,000 million, a growth of 11.8%. • Global Innovative Medicines sales at US$ 356 million, up 6.9% and account for 21.1% of sales. • EBITDA at Rs. 47,439 million, up 4.8%. EBITDA margin at 29.3%. • Profit before exceptional items and tax was Rs 44,282 million, up 6.3%. • Net profit was Rs. 19,885 million, adjusted net profit was Rs. 31,620 million. • R&D investment was Rs. 7,784 million at 4.8% of sales. Highlights of H1FY27 consolidated financials* • Sales at Rs. 312,836 million, a growth of 11.0%. • Global Innovative Medicines sales stood at US$ 707 million, up 9.8% and account for 21.5% of sales. • EBITDA was Rs. 91,616 million, up 3.8%. EBITDA margin was 29.1%. • Profit before exceptional items and tax was Rs 87,311 million, up 7.0%. • Net profit was Rs. 48,833 million, adjusted net profit was Rs. 62,515 million, up 2.2%. • R&D investment was Rs. 16,048 million at 5.1% of sales. *Growth measured vs same period last financial year Kirti Ganorkar, Managing Director of the Company, said, “Our performance during the quarter was driven by strong momentum in India, Emerging Markets and Rest of World. Among key developments, Ilumya is now approved in the U.S. for the treatment of adults with active psoriatic arthritis. Unloxcyt’s preferred NCCN recommendation reinforces its durable response and good tolerability in aCSCC. Beyond dermatology, we strengthened our cardiovascular portfolio through the licensing of lerodalcibep, a PCSK9 inhibitor, for markets outside US and China. We have started pre-launch activities across EU.” Organon Acquisition Update Integration planning for the Organon acquisition continues to progress across functions and workstreams, in line with plan. Regulatory approvals have now been secured in majority of regions, with the remaining jurisdictions tracking on schedule. India Formulations Formulation sales in India were Rs. 55,523 million, up by 17.3% and accounting for 34.5% of total consolidated sales for the quarter. For the first half of the year, sales were Rs. 110,272 million, growing by 16.6%. Sun Pharma continues to be India’s No. 1 Pharma company, with market share increasing to 8.6% from 8.3%, as per the Pharmarack MAT Sept-2026 report. As per SMSRC (Jul-Sept 2026) report, Sun Pharma is ranked No. 1 by prescriptions in 12 doctor categories. The company launched 14 new products during the quarter and 19 products year to date. Registered Office: SPARC, Tandalja, Vadodara – 390 012, Gujarat, INDIA Reaching People. Touching Lives Annexure-B
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Sun Pharmaceutical Industries Limited SUN HOUSE, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India Tel.: (91-22) 4324 4324 Fax.: (91-22) 4324 4343 Website: www.sunpharma.com Email: secretarial@sunpharma.com CIN: L24230GJ1993PLC019050 Registered Office: SPARC, Tandalja, Vadodara – 390 012, Gujarat, INDIA Reaching People. Touching Lives US Formulations Formulation sales in the US were US$ 455 million for Q2FY27, registering a decline of 8.2%. US sales accounted for approximately 27% of total consolidated sales. For the first half, sales were US$ 882 million. Ilumya is now approved in the U.S. for the treatment of adults with active psoriatic arthritis. As a healthcare provider-administered IL-23 inhibitor, Ilumya offers an additional treatment option for adults with active psoriatic arthritis, particularly those who are unable to self-administer therapy or who may benefit from regular in-office care. The approval was supported by two 52-week, global, multicenter, randomized, double-blind, placebo-controlled Phase 3 studies evaluating the efficacy and safety of the product. Emerging Markets (EM) Formulations Emerging Markets Formulations sales were US$ 350 million for Q2FY27, up by 7.6% and accounted for 20.7% of total consolidated sales. For the first half, sales were US$ 661 million, growing by 6.0%. Rest of World (ROW) Formulations Formulation sales in Rest of World (RoW) markets were US$ 241 million for Q2FY27, up by 3.1% and accounted for 14.3% of total consolidated sales for the quarter. For the first half, sales were US$ 460 million, up by 1.5%. Innovative Medicines Global Innovative Medicines sales were US$ 356 million for Q2FY27, up 6.9% and accounted for 21.1% of total consolidated sales for the quarter. For the first half, sales were US$ 707 million, up by 9.8%. Active Pharmaceutical Ingredients (API) For Q2FY27, external sales of API were Rs. 4,889 million, up by 13.7%. For the first half, API sales were Rs. 10,861 million, up by 11.9%. Our API portfolio supports our formulation business and API customers across geographies. R&D Update Sun Pharma’s R&D efforts span across both innovative and generic businesses and the company continues to invest in building the pipeline for various markets. Sun’s innovative R&D pipeline includes five novel entities in clinical stage. Sun has a comprehensive product offering in the US market consisting of approved ANDAs for 561 products while filings for 120 ANDAs await US FDA approval, including 26 tentative approvals. During the quarter, 4 ANDAs were filed, and approval received for 3 ANDAs. Sun’s portfolio includes 58 approved NDAs while 12 NDAs await US FDA approval.
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Sun Pharmaceutical Industries Limited SUN HOUSE, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India Tel.: (91-22) 4324 4324 Fax.: (91-22) 4324 4343 Website: www.sunpharma.com Email: secretarial@sunpharma.com CIN: L24230GJ1993PLC019050 Registered Office: SPARC, Tandalja, Vadodara – 390 012, Gujarat, INDIA Reaching People. Touching Lives Innovative Medicines Pipeline Candidate Indication Current phase Next milestone Ilumya psoriatic arthritis Approved in the US Launch Fibromun soft tissue sarcoma Phase 2 completed Start of Phase 3 Glioblastoma Phase 2 Regulatory filing GL0034 type 2 diabetes Phase 2 Topline data during 2HCY27 NidlegyTM (EU, ANZ rights with Sun) locally advanced melanoma Filing with EMA Approval and launch locally advanced BCC Phase 3 Regulatory filing locally advanced cSCC Phase 2 Regulatory filing Candidate for partnering MM-II pain in osteoarthritis Phase 2 completed To enter partnership for commercialization Sales and R&D snapshot (Rs in mn) Particulars Quarter ended Half Year ended Year ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 India Formulations 55,522.8 54,748.9 47,347.9 1,10,271.7 94,558.9 1,92,903.6 US Formulations 43,471.0 40,419.1 43,287.9 83,890.1 83,740.0 1,68,242.2 EM Formulations 33,402.5 29,456.3 28,366.9 62,858.8 53,898.3 1,11,864.8 ROW Formulations 23,040.0 20,685.8 20,414.9 43,725.8 39,150.8 85,684.0 Total Formulations 1,55,436.3 1,45,310.1 1,39,417.6 3,00,746.4 2,71,348.0 5,58,694.6 API 4,888.6 5,972.3 4,298.7 10,860.9 9,702.4 21,852.6 Others 675.2 553.1 335.9 1,228.3 862.5 1,653.9 Total Sales 1,61,000.1 1,51,835.5 1,44,052.2 3,12,835.6 2,81,912.9 5,82,201.1 Total R&D Expenditure 7,784.2 8,263.5 7,826.5 16,047.7 16,855.1 35,540.1 Capital 314.2 186.9 145.9 501.1 333.5 799.1 Revenue 7,470.0 8,076.6 7,680.6 15,546.6 16,521.6 34,741.0 Exchange Rates : US$ 1 = Rs 95.58 94.70 87.35 Earnings Call (06.30 pm IST, October 30, 2026) The Company will host earnings call at 06.30 pm IST on October 30, 2026, where senior management will discuss the Company’s performance and answer questions from participants. This call will be accessible through an audio dial-in and a webcast. Audio conference Participants can dial-in on the numbers below Universal number: +91 22 6629 0049 +91 22 7194 5729
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Sun Pharmaceutical Industries Limited SUN HOUSE, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India Tel.: (91-22) 4324 4324 Fax.: (91-22) 4324 4343 Website: www.sunpharma.com Email: secretarial@sunpharma.com CIN: L24230GJ1993PLC019050 Registered Office: SPARC, Tandalja, Vadodara – 390 012, Gujarat, INDIA Reaching People. Touching Lives Pre‐registration details Click here DiamondPassRegistration Webcast More details will be provided through our website, www.sunpharma.com To participate in the audio call, please dial the numbers provided above five to ten minutes ahead of the scheduled start time. The operator will provide instructions on asking questions before the call. The transcript of the event will be available at www.sunpharma.com. The playback will be available for a few days. Disclaimer Statements in this “Document” describing the Company’s objectives, projections, estimates, expectations, plans or predictions or industry conditions or events may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results, performance or achievements could differ materially from those expressed or implied. The Company undertakes no obligation to update or revise forward-looking statements to reflect developments or circumstances that arise or to reflect the occurrence of unanticipated developments/circumstances after the date hereof. About Sun Pharmaceutical Industries Limited (CIN - L24230GJ1993PLC019050) Sun Pharma is the world’s leading specialty generics company with a presence in Innovative Medicines, Generics and Consumer Healthcare products. It is the largest pharmaceutical company in India and is a leading generic company in the US as well as Global Emerging Markets. Sun’s high growth Innovative Medicines portfolio spans innovative products in dermatology, ophthalmology, and onco-dermatology and accounts for about 22% of company sales. The company’s vertically integrated operations deliver high -quality medicines, trusted by physicians and consumers in over 100 countries. Its manufacturing facilities are spread across five continents. Sun Pharma is proud of its multi-cultural workforce drawn from over 50 nations. For further information, please visit www.sunpharma.com and follow us on LinkedIn & X (Formerly Twitter). Contacts Investors Media Dr. Abhishek Sharma Gaurav Chugh Tel +91 22 4324 4324, Xtn 2929 Tel +91 22 4324 4324, Xtn 5373 Tel Direct +91 22 4324 2929 Tel Direct +91 22 4324 5373 Mobile +91 98196 86016 Mobile +91 98104 71414 E mail abhi.sharma@sunpharma.com E mail gaurav.chugh@sunpharma.com