Financial Performance Highlights

  • Achieved highest-ever yearly revenue of ₹28,000+ crores for FY26
  • Delivered 21% EBITDA margin on revenues
  • Achieved 13.8% profit after tax margin
  • India business delivered 9% year-on-year growth, crossing ₹12,500 crores for the first time
  • North America business delivered $780 million revenue
  • One Africa business achieved $483 million revenue with 7% growth
  • Emerging markets crossed $400 million revenue mark
  • Cash position increased from approximately ₹5,000 crores to ₹11,000 crores in FY26
  • R&D expenditure amounted to 7% of total revenue (₹1,974 crores)
  • Board recommended final dividend of ₹30 per equity share for FY26

Operational and Strategic Updates

Market Performance

  • Maintained position as number one pharma company in India by volume terms as of MAT March 2026
  • Leadership in prescription business, particularly in respiratory, diabetes, cardiology, urology, and dermatology
  • Trade generic business remains leading in reaching deep parts of the country
  • Consumer business grew to become number two OTC business in India
  • In South Africa, positioned as second largest pharma company by prescription market
  • In North America, achieved third highest share of prescriptions for inhalation products with Albuterol reaching 19.6% market share
  • Reaches patients in 80 different countries worldwide

Manufacturing and Quality

  • Received 46 inspections from various authorities including USFDA, WHO, Brazilian authorities
  • Cleared Bommasandra inspection in May 2025
  • Cleared US facility inspection at InvaGen in February 2026
  • Received VAI (Voluntary Action Indicated) status for Goa facility
  • Expanded manufacturing facility in Fall River, US, with recent product approval
  • Manufacturing facilities located in US, South Africa, China, and Morocco

Product Development and Partnerships

  • Launched generic Ventolin inhaler approved under CGT from Fall River facility
  • Partnership with Eli Lilly on GLP-1 product Yurpeak (Tirzepatide)
  • Launched leading brands through partnerships with Pfizer
  • Expanded pediatric portfolio through acquisition of Inzpera
  • Launched innovative products including stem cell products for osteoarthritis, inhaled insulin, Plazomicin for antimicrobial use, and newer respiratory treatments like Voltido Trio
  • Working on respiratory products, peptides, oligonucleotides, biosimilars, CAR-T, mRNA, and stem-cell therapies

Sustainability and CSR Initiatives

  • Achieved 82% reduction in Scope 1 and Scope 2 emissions over last six years
  • Achieved 2.6 times water positive status
  • Received Zero Waste To Landfill recertification for warehouses in India and South Africa
  • Utilizing 84% renewable electricity across facilities
  • Zero fatality in manufacturing operations in FY26
  • Ranked in Dow Jones Sustainability Index
  • Commitment to net zero by 2050
  • Cipla Palliative Care center in Pune completed 29 years, supporting 1,000+ patients last year
  • Expanded palliative care program to 65,000 patients across 37 partners in 20 states
  • Saath-Saath Helpline referred 5,000 patients since 2021
  • Signed MOU for establishment of Cipla Foundation Centre for Pulmonary Medicine at Tata IISc Medical School, Bengaluru
  • Harvested 3.8 million kiloliters of rainwater through watershed projects
  • Benefits reached 28,000 people across 100+ villages

Corporate Governance and Board Matters

Directors Present

  • Dr Y K Hamied (Non-Executive Chairman)
  • Mr P R Ramesh (Vice-Chairman, Lead Independent Director and Chairman Audit Committee)
  • Mr Achin Gupta (Managing Director and Global Chief Executive Officer)
  • Mr Abhijit Joshi (Non-Executive Director)
  • Mr Adil Zainulbhai (Non-Executive Director)
  • Dr Balram Bhargava (Independent Director and Chairman Corporate Social Responsibility Committee)
  • Mr Kamil Hamied (Non-Executive Director)
  • Dr Mandar Vaidya (Independent Director and Chairman Investment and Risk Management Committee and Stakeholders Relationship Committee)
  • Ms Maya Hari (Independent Director and Chairperson Nomination and Remuneration Committee)
  • Ms Sharmila Paranjpe (Independent Director)

Attendance

  • Mr Ashish Adukia (Global Chief Financial Officer)
  • Mr Rajendra Chopra (Company Secretary)
  • Mr Adi Sethna (Representative of Walker Chandiok & Co. LLP, Statutory Auditors)
  • Mr Avinash Bagul (Representative of BNP & Associates, Secretarial Auditors)
  • Mr Ashish Thatte (Representative of Joshi Apte & Associates, Cost Auditors)
  • Ms Anshu Agarwal (Managing Partner, ANGC & Co. LLP, Scrutiniser)
  • Ms Jas Sahib Singh Chadha (Representative of DNV Business Assurance India Private Limited)

Board Changes

  • Acknowledged completion of tenure for Mr Umang Vohra and Mr Robert Stewart
  • Welcomed Mr P R Ramesh as Lead Independent Director and Vice Chairman
  • Welcomed Mr Achin Gupta as Managing Director and GCEO

Resolutions and Voting

Remote E-Voting Details

  • Commenced at 9:00 AM on Sunday, 21st June, 2026
  • Ended at 5:00 PM on Wednesday, 24th June, 2026
  • Cutoff date for voting rights: 18th June, 2026

Resolution Details

1. Ordinary resolution for adoption of audited standalone financial statements for FY26

2. Ordinary resolution for adoption of audited consolidated financial statements for FY26

3. Ordinary resolution for declaration of final dividend of ₹30 per equity share

4. Ordinary resolution for reappointment of Mr Adil Zainulbhai as Director liable to retire by rotation

5. Ordinary resolution for appointment of M/s B S R & Co. LLP as Statutory Auditor for first term of five years with remuneration of ₹3.15 crores plus taxes for FY27

6. Ordinary resolution for ratification of remuneration of Cost Auditor M/s Joshi Apte & Associates at ₹12,50,000 plus taxes for FY27

Auditor Changes

  • M/s Walker Chandiok & Co. LLP completed their second term as Statutory Auditor
  • M/s B S R & Co. LLP appointed as new Statutory Auditor
  • Fees for permitted non-audit services not to exceed 20% of annual audit fees
  • No material change in remuneration compared to retiring auditor

Shareholder Q&A Session Highlights

Business Strategy and Growth

  • Management guided 12-15 filings expected in FY27 and 40-50 filings in the US over next three years
  • Growth expected from new complex products in respiratory, peptides, and other complex generics
  • India growth drivers include respiratory, diabetes, cardiology, urology, and dermatology segments
  • Planning to bring Semaglutide versions to market depending on patent expiries
  • Biosimilars partnership with Kemwell through joint venture with two products in development

Financial Performance

  • Margin compression attributed to loss of exclusivity on cancer drug in first half of FY26
  • Return on investment at 22% despite ROE of 10.6%
  • EPS dilution due to increased depreciation from capital expenditures and labor code changes

Operational Issues

  • Lanreotide supplies halted due to USFDA audit observations at partner Pharmathen in Greece
  • Working on restoring supplies from Greece and qualifying alternate US-based supplier
  • Indore facility remediation completed, awaiting USFDA re-audit
  • Goa facility recently received VAI classification from USFDA

Manufacturing and Quality

  • Attrition rate at approximately 17%, in line with industry averages
  • Highly regulated manufacturing facilities limit shareholder visits due to controlled operations
  • Counterfeit detection efforts through dedicated cell working with authorities and industry associations

Dividend and Capital Structure

  • Last bonus issue was in 2006
  • Board regularly considers bonus and share split requests
  • Dividend payment to be made within 7 working days from declaration but no later than 30 days from AGM

Sustainability and Diversity

  • Female workforce at 16.7% and growing
  • CSR spending at approximately 2% of net profit
  • CSR Committee chaired by Dr Balram Bhargava with members Mr Adil Zainulbhai, Ms Sharmila Paranjpe, and Mr Achin Gupta

Technology and Innovation

  • Active AI implementation across organization for efficiency and productivity improvement
  • Focus on keeping humans in the loop rather than substitution
  • Digital health venture in India with several million people on platform

Meeting Administration

  • Conducted through video conference in accordance with Companies Act, 2013 and MCA/SEBI circulars
  • Proceedings webcast live and recorded
  • 26 shareholders registered to speak at the meeting
  • Physical copies of Annual Report sent to shareholders where requested
  • Company Secretary Mr Rajendra Chopra designated as Nodal Officer for IEPF
  • Hybrid AGM format to be considered for future meetings

Voting Results and Conclusion

  • Resolutions deemed passed subject to receipt of requisite number of votes
  • Scrutiniser's Report to be received by Company Secretary
  • Meeting declared concluded at end of proceedings