Dear Members,

Your Directors are pleased to present the 39^th Annual Report of your Company together with the audited accounts for the financial year ended March 31, 2026.

(` million)

Your Company has paid an interim dividend of 400% i.e., ` 4.00 per equity share of Re.1 for the financial year 2025-26. No dividend was paid during the financial year 2024-25 however the Company bought back shares for an aggregate value of ` 7,500 million.

Pursuant to Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, top 1,000 listed entities based on market capitalisation are required to formulate a Dividend Distribution Policy. The Board approved and adopted the Dividend Distribution Policy and the same is available on your Company's website: https://www.aurobindo.com/ investors/disclosures-under-regulation-46/dividend-distribution-policies

Your Company is one of the leading generic pharma companies globally. Your Company is also the largest supplier in the USA by prescription volume as per IQVIA data for the year ending March 31, 2026.

On a standalone basis, your Company's revenue increased by 2.2% to ` 111,717 million in FY26, as against ` 109,333 million in the corresponding previous period. The Formulations business increased by 5.7% to

` 105,802 million. Profit Before Depreciation, Interest Tax and Exceptional Items for FY26 increased by 27.5% to

` 36,795 million, compared to ` 28,857 million in FY25. Profit Before Tax for the year increased by 34.1% Y-o-Y to ` 31,636 million. Your Company's Net Profit After Tax (before Other Comprehensive Income) increased by 38.2% to ` 24,148 million as against ` 17,568 million in FY25.

On a consolidated basis, the revenue increased by 6.1% to ` 336,531 million. The formulations business (excluding Puerto Rico) increased by 8.1% to ` 296,060 million from ` 273,882 million in the corresponding previous period. The Active Pharmaceutical Ingredients (APIs) business posted a decline of 6.4% to ` 40,469 million vs. ` 43,229 million in FY25. Profit Before Depreciation, Interest, Tax and Exceptional Items stood at ` 73,393 million, witnessing a 2.3% increase Y-o-Y. Profit Before Tax for the year stood at ` 51,119 million, compared to ` 50,663 million in the previous year. Your Company reported a Net Profit After Tax (before Other Comprehensive Income) of ` 35,030 million in FY26, vs.

` 34,836 million in FY25. The Diluted Earnings Per Share (reported) stood at ` 60.34 in FY26, compared to ` 59.81 in FY25.

The US is the largest market for your Company and accounted for 43% of the total revenue. US revenue decreased marginally by 2.7% to ` 144,083 million. Your Company launched 42 products in FY26. Your Company's market share by prescription volume (IQVIA TRX) in the US, for the MAT (Moving Annual Total) ending March 2026 stands at 10.5%, positioning your Company as the largest generic pharmaceutical player.

Your Company continues to strengthen its pipeline for the global markets including the US market. As on March 31, 2026, your Company filed 888 Abbreviated New Drug Applications (ANDAs) on a cumulative basis. Of the total count, 728 have received final approvals and 35 received tentative approvals and 125 ANDAs are currently under review.

Your Company's revenue in its Europe formulations business was ` 103,513 million in FY26 reporting a strong growth of 23.4% compared to ` 83,559 million in FY25.

Your Company now operates in ten countries in EU/ UK and is present across multiple channels including pharmacy, hospital and tender business.

The ARV formulations business stood at ` 13,838 million in FY26, increased by 33.5% compared to ` 10,367 million in FY25.

Growth Markets segment, including Brazil, Canada, Columbia and South Africa and others, grew by 10.0% Y-o-Y to ` 34,986 million

FY26 witnessed stable performance across the Company's businesses and markets, supported by sustained demand, operational resilience and continued execution of strategic priorities. The Europe business achieved a significant milestone with revenues crossing the EUR 1 billion mark, reflecting the strength of the Company's diversified portfolio and market presence. During the year, the Company further strengthened its integrated manufacturing network with the Pen-G and 6-APA facilities achieving operational stability, reinforcing backward integration initiatives and supply chain reliability, while ongoing ramp-up across newly commercialised plants continued to enhance manufacturing capabilities and operational efficiencies. With stable performance across markets and businesses, continued focus on execution excellence, portfolio expansion and manufacturing integration, the Company remains well positioned to pursue sustainable long-term growth amidst evolving global market dynamics.

Your Company made significant progress in advancing the biosimilar programs during the year with two biosimilars receiving approval from the European Medicines Agency (EMA) and, one biosimilar receiving approval from Health Canada. Through continued focus on R&D, the Company has advanced the complex product portfolio. The Company is also developing state-of-the-art infrastructure to enable commercial-scale production of multiple biosimilars, thereby enhancing existing mammalian and microbial drug substance manufacturing capacities, as well as fill-and-finish operations for pre-filled syringes and vials.

Your Company maintains its strong position in the key geographies of the US and Europe and is poised to grow through new launches and increasing access. In the US, your Company has filed 888 ANDAs till March 31, 2026, with estimated total market potential of US$ 192 billion as per IQVIA data. Out of the total ANDAs filed, 728 have received final approval, while 160 ANDAs are in different stages of the review process. During the year, your Company filed 29 ANDAs with the US FDA, including 4 ANDAs for specialty products, and received final approvals for 37 products including 3 for specialty products.

For the Europe market, your Company has achieved a significant milestone by crossing EUR 1bn revenues in FY26. With operations in ten countries with full-fledged pharmacy, hospital and tender sales infrastructure, it now ranks amongst the top 10 generic pharmaceutical companies in 8 countries of Europe. Your Company aims to expand its market share and grow through new launches and sustain the growth momentum.

Your Company maintained its leadership position in the ARV market during the year by leveraging supplementary business opportunities and strengthening customer engagement across key markets. Despite continued price erosion in certain products, efficient capacity utilisation, operational optimisation and award of new and supplementary contracts supported sustained performance and reinforced the Company's strong position in Dolutegravir-based regimens, which continue to remain the standard therapy for HIV treatment.

Your Company continues to strengthen its presence in Growth Markets through new product launches, market share expansion and entry into new geographies. During the year, the manufacturing facility at Taizhou received EU GMP and Chinese GMP and has commenced supplies to the European market, supporting margin improvement and witnessing a steady ramp-up in operations. In China, the Company had received 18 product approvals up to March 31, 2026, with manufacturing planned across its facilities in India. In Canada, the Company's portfolio expanded to 220 approved products, while 62 additional products were awaiting final approval as at the end of FY26.

Your Company remains committed to providing affordable, high-quality medicines to positively impact patients worldwide. Aurobindo Pharma's overall R&D set-up includes 6 centres and a dedicated team of more than 1,500 world class scientific experts who continue to drive a relentless pursuit of excellence. The state-of-the-art laboratories, advanced equipment, and modern technologies provide a conducive environment for conducting experiments, analysis, and formulation development.

The Company's R&D expenditure stood at ` 1,590 crore (4.7% of revenue) in FY26 and at ` 1,622 crore (5.1% of revenue) in FY25. Your Company's R&D efforts are aimed towards developing biosimilars, generic APIs, generic formulations including orals, injectables, complex products like inhalers, nasal sprays, depot injections and transdermal patches. Your Company's focus on Specialty Drug Delivery System (SDDS) demonstrates its commitment to delivering novel solutions that address unmet medical needs.

Your Company's focus on capability development has contributed significantly to the success in submitting Drug Master Diles (DMFs), Abbreviated New Drug Applications (ANDAs) and formulation dossiers. During the year, your Company has filed 29 ANDAs and received approvals for 37 ANDAs.

Environmental conservation has been critical for our Company, and it has been assigned the highest level of priority across the units. To accomplish this sustainability goal, we are increasing our focus on renewable energy use, enhancing energy efficiency, increasing the share of hazardous waste co-processing, reusing/ recycling 100% of non-hazardous waste, responsible water use, water conservation, managing resources responsibly, and expanding green belts around our facilities.

Aurobindo Pharma Limited has deepened its renewable energy focus and intends to make equity investments of 26% each in Garuda Renewables Private Limited and Swarnaakshu Solar Power Private Limited for long-term clean power supply, reinforcing its commitment to sustainability and decarbonization.

Health, safety, and well-being of our employees and associates is a key material topic and remains paramount. We are committed to instilling a healthy lifestyle and a safe working environment. Our EHS&S framework and management practices ensure regulatory compliance while prioritizing product, process and employee safety. Each manufacturing facility has a departmental and plant safety committee. Monthly management review meetings are conducted, involving top management from the corporate office along with representatives from all sites, including site heads, to review safety performance and streamline operational procedures critical to safety requirements. In addition, daily lean management meetings are held with the senior leadership team to track actions and drive continuous improvement. Comprehensive health and safety training is provided to both permanent and contractual employees, ensuring awareness and adherence to safe procedures and guidelines.

Risk identification and assessments are integral part of the process and especially prior to scaling up. Hazard and Operability (HAZOP) studies are conducted prior to the start of new chemical processes and for major process modifications in the manufacturing area. Both qualitative and quantitative risk assessments are carried out to establish effective control measures. Safety performance is evaluated monthly through an EHS scorecard, which provides insights into organizational safety performance using defined Key Performance Indicators (KPIs). Inter-unit audits are conducted to identify gaps and drive performance improvement. Regular knowledge-sharing sessions facilitate the dissemination of best practices across manufacturing facilities.

As part of our commitment to addressing global health challenges, Aurobindo Pharma actively participates in national and international initiatives on Antimicrobial Resistance (AMR). The Company engages with the Netherlands-based Access to Medicine Foundation through the AMR Benchmark, which evaluates a core group of global pharmaceutical manufacturers across three key areas—Responsible Manufacturing, Appropriate Access, and Stewardship—with a focus on Low- and Middle-Income Countries (LMICs).The 2026 AMR Benchmark assessed 25 pharmaceutical companies, including seven large research-based firms, ten generic medicine manufacturers, and eight small and medium-sized enterprises (SMEs). Aurobindo Pharma has consistently participated in this benchmark since 2018, including the 2021 and 2026 editions, demonstrating its ongoing commitment to combating antimicrobial resistance. The company was recognized as a top performer in the AMR Benchmark 2026, conducted by the Access to Medicine Foundation, marking its second consecutive recognition and reaffirming its leadership in responsible antibiotic manufacturing and stewardship.

The Company is a full member of the Pharmaceutical Supply Chain Initiative (PSCI) and adheres to its five core principles, encompassing ethics, labour, health and safety, environment, and management systems as part of its responsible supply-chain practices. Under this framework, the Company's manufacturing facilities are subject to periodic assessments, and we also conduct assessment of our key suppliers to ensure adherence to these principles across the value chain, reflecting our commitment to best practices in Pharmaceutical Industry.

The Company is also a member of the AMR Industry Alliance, which promotes collective action to address aims to address antimicrobial resistance through responsible manufacturing, improved access to quality medicines, reducing environmental concerns, and transparent industry collaboration and in addition participated every year between 2020-2023 in the AMR Industry Alliance Survey.

Best HRM strategy of the year- 12^th chro confex and awards 2025

Apitoria Pharma Private Limited is now officially Great Place to Work? Certified™ for 2025-2026

Apitoria Pharma Private Limited's Unit 1 has been recognised in 3 different categories, at the recent CII Competition on Digitalisation and AI for Quality Improvements in the Manufacturing Sector.

• Platinum award of the Data Analytics Utilisation category for Utility & Process Atomisation and Data Acquisition implemented at Block-4 CEPH Area

• Gold award for the Sustainable Digital Transformation category for Utility Management System implemented at Central Utility Non-Ceph Area

• Silver award for the Data Analytics Utilisation category for Digitalisation of Safety Incident/ Accident & CAPA logging

Apitoria Pharma Private Limited Unit-1 has been awarded in two different categories in the recently held National Excellence Practice Competition organized by CII.

• GOLD Recognition Winner: In the category of Renewable Energy and Energy Savings, for the project

• GOLD Recognition 2^nd Runner Up: In the category of Operational Resource Planning, for the project –

Mechanization of material handling in the pharma sector - in Metformin, GVNE & 7AVNA, Amorphous and GABA products)

As per the provisions of Section 129 of the Companies Act, 2013 read with the Companies (Accounts) Rules 2014, a separate statement containing the salient features of the financial statements of Subsidiary companies/Associate companies/Joint ventures is detailed in Form AOC-1 and is in Annexure-1 to this Report.

The Company has formulated a Policy for determining Material Subsidiaries. The Policy is available on the Company's website and can be accessed at https://www. aurobindo.com/investors/disclosures-underregulation- 46/policy-material-subsidiary

During the year, the following changes were implemented in the subsidiaries / JVs of the Company:

During the period under review the following subsidiary/ step-down subsidiary companies were incorporated:

1) CuraTeQ Biologics B.V., The Netherlands, was incorporated as a 100% subsidiary by CuraTeQ Biologics Private Limited, India, a wholly owned subsidiary of the Company, on May 28, 2025.

2) Cresedemo Pharma LLC, USA, was incorporated as a 100% subsidiary by Aurobindo Pharma USA Inc., a wholly owned subsidiary of the Company, on June 13, 2025.

3) Aurobindo Pharma (Malaysia) SDN. BHD., Malaysia, was incorporated as a 100% subsidiary by Helix Healthcare B.V., The Netherlands, a wholly owned subsidiary of the Company on September 17, 2025.

4) CuraTeQ Biologics (Malta) Limited, Malta, was incorporated as a 100% subsidiary by CuraTeQ Biologics B.V., The Netherlands, a wholly owned step-down subsidiary of the Company, on September 26, 2025.

5) Aurobindo Pharma Chile SpA, Chile, was incorporated as a 100% subsidiary by Helix Healthcare B.V., The Netherlands, a wholly owned subsidiary of the Company on October 07, 2025

6) Eugia Pharma Chile SpA, Chile, was incorporated as a 100% subsidiary by Eugia Pharma B.V., The Netherlands, a wholly owned step-down subsidiary of the Company, on October 07, 2025.

7) Engenra Biologics Private Limited, India, was incorporated as 100% subsidiary by the Company on February 24, 2026.

8) Diadame Pharma SARL, Senegal, was acquired by Arrow generiques SAS, France, on January 1, 2026 and became a wholly owned stepdown subsidiary of the Company.

9) Aurobindo Pharma Philippines Inc, Philippines, was incorporated as a 100% subsidiary by Helix Healthcare B.V., The Netherlands, a wholly owned subsidiary of the Company, on January 23, 2026.

Pharmacin B.V., (a wholly owned subsidiary of Agile Pharma BV) merged with Agile Pharma B.V., (a wholly owned subsidiary of Helix Healthcare B.V., The Netherlands) w.e.f. July 1, 2025.

Helix Healthcare B.V., The Netherlands, (a wholly owned subsidiary) has transferred its 100% stake in CuraTeQ Biologics s.r.o., Czech Republic (a wholly owned subsidiary) to CuraTeQ Biologics B.V., The Netherlands (a wholly owned step-down subsidiary) w.e.f. July 29, 2025.

Auro Trading Private Limited, India, a wholly owned subsidiary of the Company, changed its name and converted into public limited company as Auropharm Limited .

Consolidated Financial Statements have been prepared by the Company in accordance with the Indian Accounting Standards (Ind AS) 110 and 111 as specified in the Companies (Indian Accounting Standards) Rules, 2015 and as per the provisions of the Companies Act, 2013. The Company has placed separately, the audited accounts of its subsidiaries on its website https:// www.aurobindo.com/investors/disclosures-under-regulation-46/financials-subsidiaries in compliance with the provisions of Section 136 of the Companies Act, 2013. Audited financial statements of the Company's subsidiaries will be provided to the Members, on request.

Pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended, ("SEBI PIT Regulations"), the Company has in place a Code of Conduct to regulate, monitor and report trading by the Designated Persons and a code of practices and procedures for fair disclosure of unpublished price sensitive information. The code of practices and procedures for fair disclosure of unpublished price sensitive information has been made available on the Company's website at https:// www.aurobindo.com/investors/corporate-governance/ code-of-practices-and-procedures-for-fair-disclosure.

During training sessions, all the employees and the Designated Persons are informed about the regulatory requirements of these codes for creating awareness among them. Further, the Audit Committee reviews the compliance with the provisions of SEBI PIT Regulations on a quarterly basis and also verify that the systems for internal control are adequate and are operating effectively.

The Board of Directors have adopted the Whistle Blower Policy which is in compliance with Section 177(9) of the Companies Act, 2013 and Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Whistle Blower Policy aims to conduct the affairs in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity, and ethical behaviour. All permanent employees and Whole-time Directors of the Company are covered under the Whistle Blower Policy.

Under Whistle Blower Policy, a mechanism has been established for employees to report their concerns about unethical behaviour, actual or suspected fraud or violation of the Code of Conduct and Ethics, and leak of price-sensitive information under the Company's Code of Conduct formulated for regulating, monitoring, and reporting by Insiders under SEBI PIT Regulations, as amended from time to time. It also provides for adequate safeguards against the victimisation of employees who avail of the mechanism and allows direct access to the Chairperson of the Audit Committee in exceptional cases. During the year, no complaints were reported under the Whistle Blower Policy. The Whistle Blower Policy is available on the Company's website https:// www.aurobindo.com/api/uploads/disclosure_under_ regulation/Whistle%20Blower%20Policy-APL-New-March2024.pdf

Your Company has a policy and framework for employees to report sexual harassment cases at the workplace, and the said process ensures complete anonymity and confidentiality of information. Your Company has constituted an Internal Complaints Committee in compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under. The Company has a policy on prevention and prohibition of sexual harassment at the workplace. The policy provides for protection against sexual harassment of women at the workplace and for the prevention and redressal of such complaints. During the year, the Company has not received any complaint. The Company has been conducting regular awareness programmes aimed at prevention of sexual harassment

The following is a summary of Sexual Harassment complaint(s) received and disposed of during the FY2025-26, pursuant to the POSH Act and Rules framed thereunder:

Disclosure of Maternity Benefit Compliance

Your Company has been in compliance with the provisions of the Maternity Benefit Act, 1961 for the year under review.

The Board and Committee meetings are prescheduled, and a tentative calendar of the meetings is created, in consultation with the Directors. However, in case of special and urgent business needs, approval is taken by passing resolutions through circulation. During the year under review, five Board Meetings and five Audit Committee Meetings were convened and held. The details of the meetings including composition of the Audit Committee and other committees are provided in the Corporate Governance Report. During the year, all the recommendations of the Audit Committee and other committees were accepted by the Board.

Mr. K. Nithyananda Reddy (DIN:01284195), Vice Chairman & Managing Director, Dr. M. Madan Mohan Reddy (DIN: 01284266), Whole-time Director, Mr. Santhanam Subramanian, Chief Financial Officer, and Mr. B. Adi Reddy (M.No : ACS 13709), Company Secretary are the Key Managerial Personnel of the Company in accordance with the provisions of Section(s) 2(51), and 203 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

None of the Directors of the Company are disqualified under the provisions of the Companies Act, 2013 (the "Act") or under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "SEBI Listing Regulations"). All Independent Directors have provided confirmations as contemplated under section 149(7) of the Act. As required by the SEBI Listing Regulations, a certificate from a Company Secretary in practice, that none of the Directors on the Board of the Company has been debarred or disqualified from being appointed or continuing as Directors of Company by SEBI, Ministry of Corporate Affairs or any such statutory authority, forms part of Corporate Governance Report as Annexure-A.

The members of the Company at their 38^th Annual General Meeting held on September 10, 2025 reappointed Mr. P. Sarath Chandra Reddy (DIN:01628013) and Dr. Satakarni Makkapati (DIN: 09377266) as Directors retire by rotation.

During the year, Dr. (Mrs.) Punita Kumar Sinha (DIN: 05229262) has been appointed through postal ballot as Independent Director of the Company, not liable to retire by rotation, for a period of 3 (Three) consecutive years commencing from February 9, 2026 to February 8, 2029.

As per the provisions of the Act, Mr. K. Nithyananda Reddy (DIN: 01284195) and Dr. M. Madan Mohan Reddy (DIN: 01284266) will retire as Directors at the ensuing Annual General Meeting and being eligible, seek re-appointment. The Board recommends their reappointment for the approval of the shareholders of the Company.

Dr. (Mrs.) Deepali Pant Joshi (DIN: 07139051) retired as an Independent Director of the Company on close of business hours of February 9, 2026 upon completion of her term as an Independent Director of the Company.

Pursuant to Section 134(3)(c) of the Companies Act, 2013, your Directors confirm that:

a. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b. appropriate accounting policies have been selected and applied consistently. Judgement and estimates which are reasonable and prudent have been made so as to give a true and fair view of the state of affairs of your Company as at the end of the financial year and of the profit of your Company for the year;

c. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities;

d. the annual accounts have been prepared on an ongoing concern basis;

e. proper internal financial controls have been laid down to be followed by your Company and such internal financial controls are adequate and are operating effectively; and

f. proper systems to ensure compliance with the provisions of all applicable laws have been devised, and such systems are adequate and are operating effectively.

The Independent Directors have submitted the declaration of independence stating that they meet the criteria of independence as provided in sub-section (6) of Section 149 of the Companies Act, 2013 as well as clause (b) of sub-regulation (1) of Regulation 16 of the SEBI Listing Regulations (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) and confirmed that they have registered their names in the Independent Directors' Data bank. In terms of Regulation 25(8) of the SEBI Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties.

The Company recognises and embraces the importance of a diverse Board in its success. The Board has adopted the Board Diversity Policy which sets out with an approach to diversify the Board of Directors. The Board Diversity Policy is available on the Company's website: https://www.aurobindo.com/api/uploads/Policy-onBoard-Diversity.pdf

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandate that the Board shall monitor and review the Board evaluation framework. The Companies Act, 2013 states that a formal annual evaluation needs to be conducted by the Board of its own performance and that of its committees and individual Directors. Schedule IV of the Companies Act, 2013 states that the performance evaluation of Independent Directors shall be conducted by the entire Board of Directors, excluding the Director being evaluated.

The Annual Performance Evaluation was conducted for all Board Members, for the Board and its Committees for the financial year 2025-26. This evaluation was led by the Nomination and Remuneration/Compensation Committee of the Company. The Board evaluation framework has been designed in compliance with the requirements under the Companies Act, 2013 and the Listing Regulations and in accordance with the Guidance Note on Board Evaluation issued by SEBI. The Board evaluation was conducted through questionnaires designed with qualitative parameters and feedback based on ratings.

Evaluation of Committees was based on criteria such as adequate independence of each Committee, frequency of meetings and time allocated for discussions at meetings, functioning of Board Committees and effectiveness of its advice/recommendation to the Board, etc.

Evaluation of Directors was based on criteria such as participation and contribution in Board and Committee meetings, representation of shareholders interest and enhancing shareholders value, experience, and expertise to provide feedback and guidance to the top management on business strategy, governance, risk and understanding of the organisation's strategy, etc.

The policy of the Company on Directors' appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters are adopted as per the provisions of the Companies Act, 2013. The remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company. The Nomination and Remuneration Policy as adopted by the Board is available on the Company's website: https:// www.aurobindo.com/api/uploads/Remuneration-Policy-Feb2025.pdf

Your Company has not transferred any amount to reserves during the year under review.

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the Notes to the financial statements provided in this Annual Report.

All transactions entered with Related Parties for the year under review were on arm's length basis and in the ordinary course of business. All Related Party transactions are mentioned in the Notes to the Financial Statements. The Company has developed a framework through Standard Operating Procedures for the purpose of identification and monitoring of such Related Party Transactions. A statement giving details of all Related Party Transactions are placed before the Audit Committee and the Board for review and approval. The policy on Related Party Transactions, as approved by the Board of Directors, has been uploaded on the website of the Company https://www.aurobindo.com/investors/ disclosures-under-regulation-46/policy-on-rpt

The particulars of contracts or arrangements with Related Parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013 is prepared in Form No. AOC-2 pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 and is in Annexure-2 to this Report.

There were no materially significant Related Party Transactions which could have potential conflict with the interests of the Company at large.

Information with respect to conservation of energy, technology absorption, foreign exchange earnings & outgo pursuant to Section 134(3)(m) of the Act read with Companies (Accounts) Rules, 2014 is in Annexure-3 to this Report.

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return of the Company as on March 31, 2026, is available on the Company's website and can be accessed at: https://www.aurobindo.com/investors/ disclosures-under-regulation-46/annual-returns

Risk Management Committee of the Company consists of two Independent Directors viz. Mr. Girish Paman Vanvari as Chairman and Mr. Santanu Mukherjee and one executive director viz. Dr. M. Madan Mohan Reddy as members as on March 31, 2026 and the details of the meetings including composition and terms of reference of the Risk Management Committee are provided in the Corporate Governance Report.

The Company has established a separate department to monitor the enterprise risk and for its management. The Committee had formulated a Risk Management Policy for dealing with different kinds of risks which the Company faces in its day-to-day operations. The Risk Management policy of the Company outlines a framework for identification of internal and external risks specifically faced by the Company, in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks, or any other risk as may be determined by the Committee; measures for risk mitigation including systems and processes for internal control of identified risks; and Business continuity plan. Risk is an integral part of the Company's business and sound risk management is critical to the success of the organisation. The Company has adequate internal financial control systems and procedures to combat the risk. The risk management procedure is reviewed by the Audit Committee and Board of Directors on a regular basis at the time of review of the quarterly financial results of the Company. A report on the risks and their management is enclosed as a separate section forming part of this report.

Pursuant to Section 139 (2) of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, the Company at its 35^th Annual General Meeting (AGM) held on August 2, 2022, had appointed M/s. Deloitte Haskins & Sells, Chartered Accountants, as Statutory Auditors of the Company for a period of 5 years i.e. up to the conclusion of the 40^th AGM to be held in the year 2027. The Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

Further, in accordance with the circular dated January 7, 2026 issued by the National Financial Reporting Authority, the Board, at its meeting held on February 9, 2026, upon the recommendation of the Audit Committee and in consultation with the Statutory Auditors, approved the framework to ensure effective two-way communication between Those Charged with Governance and the Statutory Auditors.

The Statutory Auditors' report forms part of the Annual Report. The notes on financial statements referred to in the Auditors' Report are self-explanatory and do not call for any further comments. There are no specifications, reservations, adverse remarks on disclosure by the statutory auditors in their report. They have not reported any incident of fraud to the Audit Committee of the Company during the year under review.

M/s. Ernst & Young LLP are the Internal Auditors of the Company and to maintain its objectivity and independence, the Internal Auditors report to the Chairman of the Audit Committee. The scope and authority of the Internal Audit function is clearly defined by the Audit Committee of the Board. The Internal Auditors monitor and evaluate the efficacy and adequacy of the internal control system of the Company, its compliance with applicable laws/ regulations, accounting procedures and policies. Based on the reports of the Internal Auditors, corrective actions will be undertaken, thereby strengthening the controls. Significant audit observations and action plans were presented to the Audit Committee of the Board on a quarterly basis.

During the year under review, pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 and the Companies (Cost Records and Audit) Rules, 2014, the Company is maintaining the cost records as its business is covered under the regulated sector viz. drugs and pharmaceuticals. Audit of the Company's cost records is not applicable for the financial year 2026-27 since the Company's revenues from exports, in foreign exchange, exceed 75% of its total revenues.

The internal financial controls (IFC) framework institutionalised in Aurobindo has been evaluated in-depth for its adequacy and operating effectiveness, wherein the Company has covered financial reporting controls, operational controls, compliance-related controls and also Information Technology (IT) controls, comprising IT general controls (ITGC) and application-level controls. The ITGC would include controls over IT environment, computer operations, access to programmes and data, programme development and programme changes. The application controls would include transaction processing controls in ERP Oracle system which supports accurate data input, data processing and data output, workflows, reviews and approvals as per the defined authorisation levels.

To further strengthen the existing IFC framework and support the growing business, the Company has redefined all the process level controls at activity level which has brought in more clarity and transparency in day-to-day processing of transactions and in addressing any related risks. All the controls so redefined and identified have been properly documented and tested with the help of an independent auditor to ensure their adequacy and effectiveness.

The Internal Auditors conduct ‘Process & control review' on a quarterly basis as per the defined scope and submit the audit findings along with management comments and action taken reports to the Audit Committee for its review.

The IFC framework at Aurobindo ensures the following:

• Establishment of policies and procedures, assignment of responsibility, delegation of authority, segregation of duties to provide a basis for accountability and controls;

• Physical existence and ownership of assets at a specified date;

• Enabling proactive anti-fraud controls and a risk management framework to mitigate fraud risks to the Company;

• Recording of all transactions occurred during a specific period. Accounting of assets, liability, and revenue and expense components at appropriate amounts;

• Preparation of financial information as per the timelines defined by the relevant authorities.

These controls cover the policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business including adherence to the Company's policies, safeguarding of its assets of the Company, prevention and detection of its frauds and errors, accuracy and completeness of accounting records and timely preparation of reliable financial information. The Company has an internal control system, commensurate with the size, scale and complexity of its operation.

Pursuant to the provisions of Section 179 and 204 of the Companies Act, 2013 and Rule 9 of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014 read with regulation 24A of the SEBI (Listing Obligations and Disclosures requirements) 2015 as amended from time to time, the Company at its 38^th Annual General Meeting (AGM) held on September 10, 2025 had appointed M/s. MRR & ASSOCIATES, (FRN: S2025TS1022400), a Peer reviewed Company Secretary in Practice by the Institute of Company Secretaries of India, as Secretarial Auditors of the Company for a period of 5 years i.e. up to the Financial Year 2029-30. The Secretarial Audit Report issued in form MR-3 is in Annexure- 4 of this Report.

As per regulation 24A(1) of the SEBI Listing Regulations, your Company is required to annex a secretarial audit report of its material unlisted subsidiary companies incorporated in India to its Annual Report. Accordingly, the Secretarial Audit Reports for the Financial Year 2025-26 of APL Healthcare Limited, Apitoria Pharma Private Limited and Eugia Pharma Specialities Limited, the material subsidiaries incorporated in India, are annexed along with Annexure-4 of this report.

There are no qualifications, reservations or adverse remarks in the Secretarial Audit Report. Also, pursuant to Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has obtained the Annual Secretarial Compliance Report from a Practicing Company Secretary who has been peer reviewed by the Institute of Company Secretaries of India and submitted the same to stock exchanges where the shares of the Company are listed. There are no adverse remarks or comments reported during the year.

Further, M/s. MRR & Associates submitted its resignation as Secretarial Auditor of the Company effective May 21, 2026 due to ill health of its sole proprietor. Hence, as per Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is required to appoint a Secretarial Auditor who has been peer reviewed by the Institute of Company Secretaries of India for a period of five years. The Board of Directors of the Company has in its meeting held on May 21, 2026 recommended for approval of the members at the ensuring Annual General Meeting, the appointment of M/s. RPR & Associates (Firm Regn. No.S2017TL469100) who has furnished a certificate of its eligibility and consent for appointment and has been peer reviewed by the Institute of Company Secretaries of India as the Secretarial Auditor of the Company for a period of five years.

In compliance with Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules 2014, the Company has established the Corporate Social Responsibility Committee (CSR Committee).

The Board, on the recommendation of the CSR Committee, adopted a CSR Policy. The same is available on the Company's website at https://www.aurobindo. com/api/uploads/CSR-policy.pdf The CSR objectives are designed to serve societal, local and national goals in the locations that we operate in, to create a significant and sustained impact on local communities.

The Company undertakes its CSR activities through Aurobindo Pharma Foundation, a wholly-owned subsidiary of the Company incorporated under Section 8 of the Companies Act, 2013.

The CSR projects approved by the Board for the year 2026-27 are available on the Company's website at https://www.aurobindo.com/sustainability/annual-action-plan The Annual Report on Corporate Social Responsibility as per Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed as Annexure - 5 to this Report.

The statement of particulars of appointment and remuneration of managerial personnel as required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is in Annexure-6 to this Report. The statement containing particulars of employees pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is open for inspection at the Registered Office of the Company during business hours on all working days of the Company, up to the date of the ensuing Annual General Meeting. Any shareholder interested in obtaining such details may write to the Company Secretary of the Company.

In compliance with the provisions of the Companies Act, 2013 and SEBI Listing Regulations, the Board, on the recommendation of the Nomination and Remuneration/ Compensation Committee approved the Policy for Selection, Appointment of Directors, KMPs and Senior Management persons. The said Policy provides a framework to ensure that suitable and efficient succession plans are in place for appointment of Directors on the Board and other management members. The Policy also provides for selection and remuneration criteria for the appointment of Directors and senior management persons. The Company affirms that the remuneration is as per the remuneration policy of the Company.

All properties and insurable interests of the Company including building, plant and machinery and stocks have been fully insured. The Company has also taken D&O Insurance Policy covering Company's Directors and Officers.

There are no material changes and commitments in the business operations of the Company during the financial year ended March 31, 2026 and up to the date of signing of this Report.

A separate section on Corporate Governance standards followed by your Company, as stipulated under Schedule V (C) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is enclosed as a separate section forming part of this report. The certificate of the Practicing Company Secretary, M/s MRR & Associates with regard to compliance of conditions of corporate governance as stipulated under Schedule V(E) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed to the Corporate Governance Report.

Management Discussion and Analysis Report for the year under review as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented in a separate section forming part of this report.

Your Company has not accepted any deposits from the public within the purview of Chapter V of the Companies Act, 2013.

Industrial relations at all units of the Company and its subsidiaries have been harmonious and cordial.

The dividends that remained unpaid/unclaimed for a period of seven years, have been transferred on or before due dates by the Company to the Investor Education and Protection Fund (IEPF) established by the Central Government. Section 124 of the Companies Act, 2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (the ‘Rules') mandates that companies shall apart from transfer of dividend that has remained unclaimed for a period of seven years in the unpaid dividend account to the IEPF, also transfer the corresponding shares with respect to the dividend, which has not been paid or claimed for seven consecutive years or more to IEPF.

Accordingly, the dividends that remain unclaimed for seven years and also the corresponding shares have been transferred to IEPF account on due dates. The details of amount of unclaimed unpaid dividend and corresponding shares transferred to IEPF during the financial year 2025- 26 have been provided in the AGM Notice.

Further, in accordance with the IEPF Rules, the Board of Directors have appointed Mr. B. Adi Reddy, Company Secretary as Nodal Officer of the Company for the purpose of verification of claims of shareholders pertaining to shares transferred to IEPF and / or refund of dividend from IEPF Authority and for coordination with IEPF Authority. The details of the Nodal Officer are available on the website of the Company at https://www.aurobindo. com/api/uploads/unpaiddividendaccountdetails/Nodal-Officer-IEPF.pdf

During the financial year under review, there has been no change in the Authorised and paid-up Share Capital of the Company. The paid-up share capital of the Company as on March 31, 2026, was ` 58,08,01,623 divided into 58,08,01,623 equity shares of ` 1/- each. The Company has not issued any shares, debentures, bonds or any convertible or non-convertible securities during the financial year under review.

The Board of Directors at their meeting held on April 6, 2026, approved the buyback offer of up to 54,23,728 equity shares of ` 1/- each from the shareholders of the Company. Accordingly, the Company bought back 54,23,728 equity shares of the Company and extinguished the same. After extinguishment of the bought back shares the paid up equity share capital of the Company reduced from 58,08,01,623 equity shares of ` 1/- each to 57,53,77,895 equity shares of ` 1/- each as on date of this report.

A detailed Business Responsibility sustainability Report in terms of the provisions of Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is available as a separate section in this Annual Report.

There was no significant material order passed by the Regulators or Courts or Tribunals that would impact the going concern status of the Company and its operations in future.

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India, i.e., SS-1 and SS-2, relating to ‘Meetings of the Board of Directors' and ‘General Meetings' respectively.

Auropharm Limited (previously known as Auro Pharma Limited), a wholly owned subsidiary of the Company, at its board meeting held on January 1, 2026 approved the acquisition of non-oncology prescription formulations business (the "Business") of Khandelwal Laboratories Private Limited on a going concern basis through a Business Transfer Agreement ("BTA") for a cash consideration of ` 3,250 million subject to true up adjustments for the working capital as provided for in the definitive agreements. The transaction was signed and closed on January 1, 2026.

The Board of Directors of the Company at its meeting held on April 6, 2026, has approved the transfer of the Company's domestic branded generic pharmaceutical formulations products business on a going concern basis through a business transfer agreement to Auropharm Limited (previously known as Auro Pharma Limited), a wholly owned subsidiary of the Company. The transfer is in line with the Company's strategy in further streamlining and accelerating Company's domestic business for faster growth. The Business Transfer Agreement (BTA) was executed on April 6, 2026.

The completion of sale is estimated within 90 to 120 days from the date of BTA, subject to satisfactory completion of customary conditions precedent in accordance with the provisions of the BTA. Once completed, the economic benefits of the business shall be transferred to Auropharm Limited from April 1, 2026.

Transfer of domestic branded generic pharmaceutical formulations products business will be done for a lumpsum consideration of ` 1,432.10 million subject to such adjustments as provided for in the BTA.

During the year, Aurobindo Pharma USA Inc., a wholly owned subsidiary of the Company, entered into a definitive agreement with Lannett Seller Holdco Inc, USA, under which Aurobindo Pharma USA Inc will acquire 100% of membership interest in Lannett Company LLC, USA from Lannett Seller Holdco Inc for a consideration at an enterprise value of US$ 250 million (` 21,850 million) on a cash free debt free basis and including normalized levels of working capital.

The above transaction is subject to US Federal Trade Commission approval and the same is awaited. The transaction aligns with Company's strategic objective to expand its U.S. manufacturing footprint by enhancing its existing domestic capabilities. Through this acquisition, Company will gain access to:

• A complementary portfolio of profitable products,

• A growing Contract Development and Manufacturing Organization (CDMO) business, and

• A U.S. based manufacturing facility with significant excess capacity (425k sq ft facility with ~3.6bn doses capacity) and with potential for further expansion.

The acquired product portfolio is primarily focused on non-opioid controlled substances, particularly in ADHD therapeutics for which Company currently has a limited presence. This acquisition strengthens the Company's ability to serve the U.S. generics space and provides strategic diversification into a specialized, high-value therapeutic category.

During the year under review:

• no proceedings are made or pending under the Insolvency and Bankruptcy Code, 2016;

• no instance of one-time settlement with any Bank or Financial Institution;

• no shares with differential voting rights and sweat equity shares have been issued; and

• there has been no change in the nature of business of the Company.

The Company has obtained the Credit ratings from India Ratings & Research Private Limited, and it has assigned ND AA+/Stable/IND A1+ on Rating Watch Evolving for Company's fund based working capital facilities and ND A1+ on Rating Watch Evolving for Company's non-fund based working capital limits vide their letter dated March 11, 2025.

Your directors are grateful for the invaluable contribution made by the employees and are encouraged by the support of the customers, business associates, banks and government agencies. The Directors deeply appreciate their faith in the Company and remain thankful to them. The Board shall always strive to meet the expectations of all the stakeholders.

Annexure- 1

(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)

(All amounts are in Indian Rupees millions except share data and unless otherwise stated)

1. Pharmacin B.V Merged with Agile Pharma B.V. w.e.f. July 01, 2025.

2. The Financial Statements of these entities are consolidated in Aurovitas Nederland B.V

3. Aurobindo Pharma Ukraine LLC there were no activity during the financial year.

4. Reserves & Surplus includes equity portion of Compound financial instrument and financial commitment.

5. Acquired w.e.f. January 01, 2026.

6. Incorporated w.e.f. May 28, 2025.

7. Incorporated w.e.f. September 26, 2025.

8. Incorporated w.e.f. June 13, 2025.

9. Incorporated w.e.f. February 24, 2026.

10. Incorporated w.e.f. September 17, 2025. 11. Incorporated w.e.f. October 07, 2025. 12. Incorporated w.e.f. January 23, 2026.

13. The Financial Statements of these entities are consolidated in Aurobindo Pharma USA Inc. 14. The Financial Statements of these entities are consolidated in Eugia Inc.

*The financial year of these companies end on 31 December. However, the results given are as of 31 March 2026

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures

(All amounts are in Indian Rupees millions except share data and unless otherwise stated)

*The financial year of these companies end on 31 December. However, the results given are as of 31 March 2026 ** The results given are based on the provisional financial statements.

Annexure- 3

(Pursuant to the provisions of section 134(3) (m) of the Companies Act, 2013 read with Rule 8 (3) of the Companies (Accounts) Rules, 2014)

• At APL Unit 3, the Chiller plant efficiency is significantly enhanced by replacing five Screw Chillers (450 TR: 3 Nos & 500 TR: 1 No. & 1000 TR: 1 No.) & 1 VAM Chiller with two high-efficiency Centrifugal Chillers (1000 TR) & by Retrofitting Chiller Plants Using the BOOT Model. The Chiller BOOT model will result in annual energy savings of 60 lakh units.

• At APL Unit 6, VFD provision for AHUs will reduce energy requirements by 64,800 units per annum.

Also automatic electrochemical descaling system is installed for two cooling towers, which has reduced the blowdown and descaling frequency. This system has yielded a Water Conservation of 440 KL per annum.

• At Unit 12, the Chiller plant efficiency is enhanced by replacing four screw chillers (450 TR) with two high-efficiency centrifugal chillers (800 TR) & by Retrofitting Chiller Plants Using the BOOT Model. This will result in an annual energy savings of 43 lakh units. Also Dehumidifier Energy consumption (2 Nos.) is reduced through Heater temperature optimization and desiccant bed replacement. These intervention shall result in an energy conservation of 4.88 Lakhs units per annum.

• At Healthcare Unit 1, the Chiller plant efficiency is improved by replacing four Screw chillers (405 TR) with two high-efficient VFD centrifugal chillers (800 TR) and by Retrofitting Chiller Plants using the BOT (Build, Own and Transfer) Model.This will result in an annual energy savings of 33.25 lakh units. Also EDI reject recirculation line is modified to collect the water in buffer tank, which is used for EDI feed. The modification of reject recirculation line will conserve 1482 KL water per year.

• At APL Unit 15, for Block-B, installation of Automatic Power Factor Control (APFC) Panel has improved the PF from 0.75 to 0.9 during DG Operation. This has minimized Energy losses, resulted into energy conservation of 8.14 lakh Units per annum.

• Solar power system implemented in APL Healthcare Unit 4 has continued to give an energy savings of 17.2 lakh Units annually.

• The installation of 1 MW roof top Solar plant at Block -B terrace in APL Unit 15 has continued to give energy savings of 12.6 lakh Units annually.

• At APL Unit 3, installation of Centrifugal Chiller Installation was done with a capital expenditure of ` 8 million in FY 2025-26.

(i) Efforts made towards technology absorption

Building upon our strategic collaborations with specialized Contract Research Organizations (CROs) and Contract Development and Manufacturing Organizations (CDMOs) for complex generic products, the Company continued this strategic approach during the financial year 2025-26 to accelerate market entry and enhance asset ownership.

Our Technical team is having regular periodic discussion with these CROs to facilitate the development and execution challenges and addressing them in a timely manner to facilitate smooth progress of the products. These discussion include product ,Device development and clinical studies requirements and regulatory requirements for the these complex activities.

(ii) Benefits derived like product improvement, cost reduction, product development, or import substitution.

Building upon the computational and AI foundations established in the previous year, the Company has successfully transitioned to authoring critical technical and evaluation reports entirely in-house. By empowering our internal scientific teams to generate these complex reports independently, we have drastically minimized our routine reliance on external consultants. However, external advisory services were taken in rare and highly critical situations requiring specialized inputs.

• Cost Optimization: Achieved substantial reductions in operational expenditures and professional fees by shifting required documentation and reporting workloads in-house.

• Operational Efficiency & Speed: Eliminated external dependency bottlenecks, resulting in faster turnaround times for compiling data as per the regulatory guidance / requirements.

• Enhanced In-House Knowledge Base:

Strengthened our internal scientific capabilities and data ownership, ensuring a more robust, self-reliant infrastructure for long-term gains.

(iii) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year)

Not applicable.

` Millions

The foreign exchange earned in terms of actual inflows during the year and the foreign exchange outgo during the year in terms of actual outflows:

` Millions

` Millions

For and on behalf of the Board

Chairman

DIN: 03628755

Place: Hyderabad

Date : May 21, 2026