Summary of Key Information:

Reporting Period: Quarter and Half Year ended September 30, 2026

Nature of Filing / Announcement: Outcome of Board Meeting and Unaudited Financial Results under SEBI Listing Regulations

Date of Board Meeting / Approval: October 29, 2026

Audit Opinion: Unmodified opinion (clean)

Auditor's Comment: No qualifications or modifications. Limited review report issued by B S R & Co. LLP.

Key Financial Highlights [₹ in Million]

Consolidated Results:

Revenue from Operations:

  • Q2 FY26: ₹14,297.34 (YoY: +17% from ₹12,208.31 in Q2 FY25)
  • H1 FY26: ₹26,951.41 (YoY: +15% from ₹23,405.67 in H1 FY25)

Total Income:

  • Q2 FY26: ₹14,338.17
  • H1 FY26: ₹27,041.14

Net Profit:

  • Q2 FY26: ₹1,341.18
  • H1 FY26: ₹2,996.11

EPS (not annualized):

  • Q2 FY26: ₹14.19
  • H1 FY26: ₹31.22

Cash and Cash Equivalents:

  • As of September 30, 2026: ₹1,373.35 million
  • As of March 31, 2026: ₹1,886.96 million

Debt:

Non-current borrowings:

  • As of September 30, 2026: ₹5,660.02 million (US Revolver facility: ₹2,634.27 million + Others: ₹3,025.75 million)
  • As of March 31, 2026: ₹5,523.16 million

Current borrowings:

  • As of September 30, 2026: ₹12,811.21 million
  • As of March 31, 2026: ₹11,163.74 million

Standalone Results:

Revenue from Operations:

  • Q2 FY26: ₹6,599.07
  • H1 FY26: ₹12,425.55

Net Profit:

  • Q2 FY26: ₹92.63
  • H1 FY26: ₹821.91

EPS (not annualized):

  • Q2 FY26: ₹1.00
  • H1 FY26: ₹8.92

Segment-wise Performance:

The Chief Operating Decision Maker evaluates the business as a single reportable segment - "Pharmaceutical" - representing development, manufacture and commercialization of pharmaceutical products other than biological drugs. Accordingly, segment information is disclosed at the Group level in consolidated results.

Corporate Actions:

Dividend:

  • Final dividend of ₹5 per equity share recommended by Board on May 18, 2026
  • Dividend payment resulted in cash outflow of approximately ₹461 million during the quarter after shareholder approval

Stake Dilution:

  • Dilution of controlling stake in Pivot Path Private Limited to incoming investors for aggregate consideration of ₹1,000 million
  • Group's shareholding reduced to 19.95%, resulting in loss of control
  • Recognition of retained interest as investment in associate at fair value
  • Five-year Master Services Agreement executed with Pivot Path containing minimum revenue commitment and annual price escalation

Other Significant Information:

Demerger Completion:

  • Demerger of Life Sciences and Digital Innovation capabilities business of Arco Lab into Pivot Path approved by NCLT
  • Appointed date: April 10, 2025
  • Scheme effective from June 1, 2026

Investment Property Sale:

  • Previous year sale of investment property for ₹1,128.70 million, recording profit of ₹1,021.43 million as other income

Entities in Consolidation:

  • Consolidated results include 37 entities: 30 subsidiaries, 4 associates, 1 joint venture, 1 trust
  • 2 subsidiaries reviewed by other auditors with total assets of ₹6,861 million
  • 25 subsidiaries and 4 associates not reviewed as not material to Group