Jubilant Pharmova Ltd

To the Members,

Your Directors are pleased to present their Report and Audited Standalone and Consolidated Financial Statements for the nancial year (FY) ended March 31, 2025.

1. OVERVIEW

Jubilant Pharmova Limited (“the Company” or “Jubilant Pharmova”) is a diversi ed global pharmaceutical company with a strong presence across multiple high-growth segments, including:

? Radiopharma

Allergy Immunotherapy

Contract Development and Manufacturing of Sterile Injectables

Generics (Solid Dosage Formulations)

Contract Research, Development and Manufacturing Organisation (CRDMO)

Proprietary Novel Drugs

The Company operates a robust Radiopharma network of 45 pharmacies across the United States, offering a comprehensive portfolio of radiopharmaceutical products and services. Our Allergy Immunotherapy, CDMO Sterile Injectables and Generics businesses cater to major regulated markets including the USA, EU and other geographies through multiple state-of-the-art manufacturing facilities.

Through Jubilant Biosys Limited, our CRDMO segment delivers collaborative research and drug discovery partnerships via two world-class research centers in India and one in France. Additionally, the Company manufactures Active Pharmaceutical Ingredients (APIs) at its US FDA approved facility in Nanjangud, Karnataka.

Our innovation-driven subsidiary, Jubilant Therapeutics Inc. is focused on developing proprietary novel drugs targeting oncology and autoimmune disorders, reinforcing our commitment to breakthrough therapies.

With a global team of approximately 5,500 talented professionals, Jubilant Pharmova is widely recognised as a ‘Partner of Choice' by leading pharmaceutical companies worldwide. For more information, please visit: www.jubilantpharmova.com

2. RESULTS OF OPERATIONS AND STATE OF COMPANY'S AFFAIRS & FINANCIALS

( in millions)

I. Standalone Financial Performance In FY25, Jubilant Pharmova demonstrated resilience and operational ef ciency in a dynamic market environment. On a standalone basis, the Company reported Revenue from Operations of 7,457 million, compared to 7,847 million in the previous year. While revenue saw a modest decline, the Company delivered a strong EBITDA of 1,317 million, marking a 10% year-on-year growth, underscoring improved cost management and operational discipline.

Net Pro t After Tax stood at 192 million, with Basic Earnings Per Share (EPS) of 1.21 per equity share of 1 each, reflecting the Company's continued focus on sustainable pro tability.

Jubilant Pharmova's consolidated performance in FY25 reflects robust growth across key business segments, driven by strategic execution, innovation and global partnerships.

The Company achieved Consolidated Revenue from

Operations of 72,345 million, a 7.9% increase over 67,029 million in FY24. This growth was broad-based across segments:

Radiopharma: 33,880 million (+12.9% YoY)

Allergy Immunotherapy: 7,013 million (+3.3% YoY)

CDMO Sterile Injectables: 12,717 million (+13.8%

YoY)

Generics: 6,853 million

CRDMO: 11,510 million (+5.3% YoY)

The Proprietary Novel Drugs segment continues to be in the investment phase with revenue yet to be realised.

Consolidated EBITDA surged to 12,305 million, a 26.9% increase over the previous year, reflecting strong margin expansion and improved segmental performance. Notably:

CDMO Sterile Injectables EBITDA grew by 52%, with margin expansion from 17.2% to 23.0%

Generics segment turned pro table, reversing a prior-year EBITDA loss

CRDMO EBITDA rose by 32.3%, with margin improvement from 15.5% to 19.4%

The Company delivered a Net Pro t After Tax of 8,363 million, a substantial increase from 727 million in FY24, driven by operational excellence and strategic focus. Basic EPS stood at 52.99 per equity share of 1 each, reflecting strong value creation for shareholders.

Jubilant Pharmova continues to strengthen its position as a global partner of choice in the pharmaceutical industry.

With a diversi ed portfolio spanning Radiopharma, CDMO, CRDMO, Generics, and emerging novel therapies, the Company is well-positioned to capitalise on global healthcare trends.

Our consistent nancial performance, strategic investments in innovation and commitment to regulatory excellence underscore our long-term growth trajectory. Backed by a talented global workforce and a culture of scienti c rigor, Jubilant Pharmova remains focused on delivering sustainable returns, enhancing shareholder value and driving innovation-led growth.

3. DIVIDEND

The Board is pleased to recommend a dividend of 500% i.e. 5 per fully paid-up equity share of 1 each, amounting to 796.41 million for the nancial year ended March

31, 2025. This recommendation reflects the Company's commitment to delivering consistent shareholder returns while maintaining a balanced capital allocation strategy.

The dividend is subject to shareholder approval at the forthcoming Annual General Meeting (AGM) and will be paid to members whose names appear in the Register of Members as on Friday, July 25, 2025, subject to applicable tax deductions at source.

In line with Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), the Company's Dividend Distribution Policy is available on its website: https://www.jubilantpharmova. com/investors/corporate-governance/policies-and-codes/ dividend-distribution-policy.

As per the amended provisions of the Income Tax Act,

1961, dividends distributed on or after April 1, 2020, are taxable in the hands of shareholders. Accordingly, the Company will deduct Tax at Source (TDS) at the time of dividend payment.

4. TRANSFER TO GENERAL RESERVE

The Board of your Company do not propose to transfer any amount to the reserves.

5. CAPITAL STRUCTURE

There were no changes in the authorised, subscribed, or paid-up share capital during the year under review. As of March 31, 2025, the paid-up share capital stood at 159.28 million, comprising 159,281,139 equity shares of 1 each.

The Company continues to invest in its people through well-structured equity-based incentive programs. Under the Jubilant Pharmova Employees Stock Option Plan 2018 (‘Plan 2018'), the scope was expanded during the year to include employees and directors of foreign subsidiaries, reinforcing our commitment to global talent alignment.

During the year, 2,57,996 Stock Options were granted. Each Stock Option entitles the holder to Stock acquire one equity share of Stock 1 each of the Company at the exercise price xed at the time of grant.

The Company has a general employee bene ts scheme namely Jubilant General Employee Bene ts Scheme-2019 (‘JGEBS-2019'). The Scheme is in compliance with the SEBI (Share Based Employee Bene ts & Sweat Equity) Regulations, 2021 (‘SEBI ESOP Regulations') and there was no material change in the Scheme during the year.

The details of the Plan 2018 and JGEBS-2019 pursuant to the SEBI ESOP Regulations and detailed disclosures are available at web-link https://www.jubilantpharmova.com/ Uploads/image/893imguf_esop_disclosure2025.pdf.

In FY21, the Company issued Secured Redeemable Unlisted Non-Convertible Debentures (‘NCDs') amounting to 950 million. As of March 31, 2025, 700 million remains outstanding for a period of upto ve (5) years. The tenure of said NCDs was extended by ve years, reflecting prudent nancial management and long-term capital planning.

6. SUBSIDIARIES AND ASSOCIATES INCLUDING ITS PERFORMANCE AND FINANCIAL POSITION

As of March 31, 2025, Jubilant Pharmova has 37 subsidiaries with one new addition during the year. The Company remains committed to maintaining robust governance across its group entities. Brief particulars of the principal subsidiaries are given below:

Jubilant Pharma Limited, Singapore (‘Jubilant Pharma') is a wholly-owned subsidiary of the Company. Jubilant Pharma holds the global pharmaceutical business of the Company through its subsidiaries in the US, Canada, Europe, India and rest of the world. These subsidiaries of Jubilant Pharma are engaged in manufacturing, marketing and distribution of various pharmaceutical products and services including APIs, oral dosage forms (tablets and capsules), contract manufacturing of sterile injectables including vaccines, ointment, creams and liquids, allergy therapy products and radiopharmaceutical products. Jubilant Pharma through its wholly-owned subsidiary operates a second largest radiopharmacy network in the US, with 45 pharmacies (42 SPECT & 3 PET) which cater to more than 1800 hospitals in 21 states. Total income of the company during the FY25 was 459 million as compared to 612 million during the FY24.

Jubilant Generics Limited (‘JGL') is a wholly-owned subsidiary of the Company through Jubilant Pharma. JGL has been engaged in the business of development, manufacturing, distribution, sales and marketing of Dosage (formulations) Forms at its plant at Roorkee and / or CMOs, including in-licensing, out-licensing, collaboration with CROs to ensure a robust product pipeline that caters to over 50 countries and has expanded its market presence through strategic partnerships, fostering sustainable business growth. JGL also has India Branded Pharmaceuticals (“IBP”) business which caters to dosage formulations under its own brand name to the Indian market in different therapeutic areas including chronic specialties like Cardiology and Diabetes and multi-specialty.

The dosage formulations manufacturing facility at Roorkee, Uttarakhand with 5 acres of infrastructure, is inspected by global regulatory agencies such as US FDA, Japan PMDA, UK MHRA, Australia TGA, WHO and Brazil ANVISA. This facility primarily manufactures immediate and modi ed release oral solid dosage forms (Tablets, Capsules and Powder for Suspension) with capabilities on complex processes like fluid bed pellet coating, MUPS (Multi Unit Pellet System) and extended release drug delivery technology based on matrix formulations and functional coatings. In addition to manufacturing and supplies of nished formulations to the US market, JGL's non-US nished formulations business is focussed on various markets in Europe, UK, Japan, Canada, Australia, Middle-East as well as various countries in the emerging markets. JGL also caters to the selected overseas markets under its own brand name. JGL's major therapy areas includes

Cardiovascular, CNS and Gastrointestinal products. The business derives bene t of lowering cost and managing risks from sourcing APIs from both sources (a) vertical integration and in-house APIs from the Company and (b) qualifying alternate suppliers for key APIs with an objective to de-risk our API source.

Your Solid Dosage Formulation facility at Roorkee, India which manufactures and distributes nished solid dosage pharmaceutical products was inspected by the US FDA in January 2024. In April 2024, FDA categorised the inspection as Voluntary Action Indicated (VAI). Based on this inspection and the US FDA VAI classi cation, this facility is in compliance with regard to current good manufacturing practices (cGMP). In addition, the site was inspected by both the EU and TGA agencies during the previous scal year. These inspections resulted in no critical observations. The site has already received EU compliant certi cate.

Total income of JGL during the FY25 was 3,492 million as compared to 3,883 million during the FY24. The Company is in compliance with Regulation 24A of the Listing Regulations. Secretarial Audit was conducted for JGL, an unlisted material subsidiary of the Company. Copy of the Secretarial Audit Report is attached as Annexure-1 to this report. The Secretarial Audit Report of JGL does not contain any quali cation, reservation or adverse comments or disclaimer. Pursuant to SEBI Listing Regulations, the Company's Policy on determining material subsidiaries is uploaded on the Company's website at https://www.jubilantpharmova.com/investors/corporate-governance/policies-and-codes/policy-for-determining-material-subsidiaries.

(iii) Jubilant Cadista Pharmaceuticals Inc. (USA)

Jubilant Cadista Pharmaceuticals Inc., a wholly-owned subsidiary of Jubilant Pharma Holdings Inc., operates in the United States and specialises in the development and marketing of solid dosage formulations. These products are manufactured at the Company's US FDA approved Roorkee facility in India and through select Contract Manufacturing Organisations (CMOs). The business serves a broad customer base, including major wholesalers, retail chains, and pharmacies with a focus on therapeutic areas such as Cardiovascular

(CVS), Central Nervous System (CNS), Anti-Allergics, and Steroids.

In response to sustained pricing pressures in the US generics market driven by buyer consolidation, demand-supply imbalances and vertical integration, Jubilant Cadista has undertaken a strategic transformation. The Company has transitioned from in-house manufacturing to a CMO based model, enabling a sharper focus on pro table product lines and margin enhancement. The business continues to maintain a strong sales and marketing presence in the US, leveraging products from its India facility, CMOs and in-licensed assets.

This strategic shift has already begun to yield improved gross margins and the Company is actively expanding its portfolio through in-licensing, ensuring a robust pipeline and sustainable growth trajectory.

Total income of the company during the FY25 was 3,498 million as compared to 4,348 million during the FY24.

iv Jubilant HollisterStier LLC (USA & Canada)

Jubilant HollisterStier LLC (JHS), a wholly-owned subsidiary of Jubilant Pharma Holdings Inc., is a leading global Contract Manufacturing Organisation (CMO) with operations in Spokane, Washington (USA) and Montreal (Canada). JHS is a key player in sterile ll- nish and lyophilization services, offering high-quality, regulatory-compliant solutions to pharmaceutical innovators worldwide.

JHS facilities are approved by global regulatory authorities including US FDA, Health Canada, ANVISA Brazil, PMDA Japan, MHRA UK, and others. Products manufactured at these sites are distributed across 140+ countries, reflecting the Company's global reach and reputation for quality and compliance.

The Spokane site has consistently received GMP-compliant ratings from regulatory bodies and undergoes regular client audits, reinforcing its readiness and reliability. The Company is currently executing a US $300 million expansion project to double its injectable production capacity, supported by a US $149.6 million cooperative agreement with BARDA, a division of the US Department of Health and Human Services. This expansion positions JHS to capitalise on the growing demand for high-quality injectable manufacturing, especially post COVID.

Total income of the company during the FY25 was 18,772 million as compared to 17,155 million during the FY24.

JHS also leads in the Allergy Immunotherapy space, offering a differentiated portfolio of allergenic extracts and diagnostic devices under the trusted HollisterStier brand, which has a legacy of over 100 years. The business serves markets in the US, Canada, Europe, and Australia and is the sole producer and supplier of venom immunotherapy in North America.

To meet growing demand, the Company has expanded lyophilization capacity and is further investing in its Allergy Immunotherapy manufacturing facility. Strategic initiatives are underway to extend market reach into EU, MEA, and APAC regions with a focus on differentiated venom based therapies.

v Jubilant DraxImage Inc. (Canada)

Jubilant Radiopharma, a wholly-owned subsidiary of Jubilant Pharma, is a market leader in North America's radiopharmaceutical space with a strong foundation in specialty pharma. Headquartered in Montreal, Canada, the Company operates a US FDA and Health Canada-approved manufacturing facility, serving hospital-based nuclear medicine professionals and commercial radio-pharmacies across the US and Canada.

With a team of highly skilled professionals and a robust R&D infrastructure, Jubilant Radiopharma specialises in cardiology, oncology, neurology, and therapeutics for neuroendocrine and thyroid diseases. The business operates 45 radio-pharmacies across 21 US states, delivering approximately 3 million patient doses annually, and directly serving over 1,800 hospitals and clinics.

RUBY-FILL*: A cutting-edge PET myocardial perfusion imaging technology, approved across multiple global markets and now available in mobile settings, expanding access to cardiac diagnostics in underserved regions.

I-131-MIBG Clinical Trials: Supporting two pivotal trials for high-risk neuroblastoma, reinforcing the Company's commitment to pediatric oncology.

The Montreal site received GMP-compliant ratings from both US FDA (2024) and Health Canada (2025), underscoring its regulatory excellence.

Total income of the company during the FY25 was 35,303 million as compared to 31,145 million during the FY24.

vi Jubilant Pharma UK Limited

A wholly-owned subsidiary of Jubilant Pharma, Singapore, this entity focuses on the marketing and supply of generic dosage formulations in the UK market. Total income of the company during the FY25 was 985 million as compared to 842 million during the FY24.

These entities serve as strategic holding and operational arms for Jubilant's European business:

vii Jubilant Pharmaceuticals NV

Engaged in licensing and regulatory services for generic dosage forms. Total income of the company during the FY25 was Nil as compared to 1 million during the FY24.

viii Jubilant Pharma NV

This is a wholly-owned subsidiary of the Company through

JGL and Jubilant Pharma. This company holds shares of

Jubilant Pharmaceuticals NV (99.81%) and PSI Supply NV (99.50%) along with Jubilant Pharma which holds the balance shares.

ix PSI Supply NV

This is a wholly-owned subsidiary of the Company. 99.50% of its shares are held by Jubilant Pharma NV and the balance by Jubilant Pharma. It is engaged in the supply of generic dosage forms to the European and UK markets. Total income of the company during the FY25 was 198 million as compared to 186 million during the FY24.

x Jubilant Biosys Limited

Jubilant Biosys Limited (‘Biosys') provides Drug Discovery and Contract Development and Manufacturing Services to global pharmaceutical and biotech companies as mentioned below:

Collaborative/ Partnership Model with Integrated Drug Discovery program across a single or a portfolio of molecules

Services in the areas of Medicinal Chemistry, In Vitro Biology, In Vivo Biology, Structural Biology, Drug Metabolism and pharmacokinetics (DMPK), Toxicology and Discovery Informatics on Full Time Equivalent (FTE) or Fee For Service (FFS) based model

Synthetic Organic Chemistry, Process Research &

Development, Scale up and GMP supplies under Full

Time Equivalent, or Fee for Service model. Total income of the Company during FY25 was 5,787 million as compared to 4,715 million during FY24.

xi Jubilant Therapeutics Inc. (USA)

Jubilant Therapeutics is a clinical stage biopharmaceutical company developing precision oral medicines with enhanced therapeutic index to address unmet medical needs in oncology and autoimmune diseases for genetically de ned patients. Its advanced structure based discovery engine, TIBEO (Therapeutic Index and Brain Exposure Optimisation), has been validated through successful partnerships including with Blueprint Medicines. The Company's pipeline consists of a rst in class coREST Inhibitor (JBI-802) currently in a Phase I/ II clinical trial in multiple tumors, a novel brain-penetrant modulator of PRMT5 (JBI-778) in Phase I clinical trial in advanced cancers, brain penetrant and gut restrictive PDL1 inhibitors, as well as PAD4 inhibitors for oncology and inflammatory indications.

The company's key achievements during the FY25 includes lead program (JBI-802) starting Phase II clinical trials and second program (JBI-778) starting Phase I clinical trials.

Total income of the company during the FY25 was 2 million as compared to 5 million during the FY24.

Jubilant Pharmova operates through a robust and strategically diversi ed network of subsidiaries across North America, Europe, Asia, and Australia. These entities play a pivotal role in driving innovation, expanding market reach, and delivering high-quality pharmaceutical solutions across the value chain.

The following subsidiaries complement the Company's core operations in Radiopharma, Generics, CDMO, CRDMO, and Novel Drug Development, and contribute meaningfully to its global footprint:

(xii) Jubilant Pharma Holdings Inc., USA (xiii) Jubilant Pharma Australia Pty. Limited (xiv) Jubilant Innovation (USA) Inc.

(xv) Jubilant HollisterStier Inc., USA (xvi) Jubilant First Trust Healthcare Limited (xvii) Jubilant DraxImage Limited (xviii) Jubilant DraxImage (USA) Inc. (xix) Jubilant Discovery Services LLC, USA (xx) Jubilant Clinsys Inc., USA (xxi) Jubilant Clinsys Limited (xxii) Jubilant Therapeutics India Limited (xxiii) Jubilant Business Services Limited (xxiv) Jubilant Pharma SA Pty. Limited (xxv) Jubilant Episcribe LLC, USA (xxvi) Jubilant Epicore LLC, USA (xxvii) Jubilant Prodel LLC, USA (xxviii) Jubilant Epipad LLC, USA (xxix) Drug Discovery and Development Solutions Limited, Singapore (xxx) Draxis Pharma LLC, USA

(xxxi) Draximage (UK) Limited (xxxii) TrialStat Solutions Inc., Canada (xxxiii) Jubilant Pharma ME FZ-LLC, Dubai (xxxiv) Jubilant Draximage Radiopharmacies Inc., USA (xxxv) Jubilant Biosys Innovative Research Services Pte. Limited, Singapore (xxxvi) 1359773 B.C. Unlimited Liability Company,

Canada

(xxxvii) Jubilant Biosys France

(i) SPV Laboratories Private Limited (ii) O2 Renewable Energy XVI Private Limited

During the year, SOFIE Biosciences Inc., USA ceased to be an associate company effective May 31, 2024, as part of the Company's strategic portfolio optimisation.

The performance and nancial position of all subsidiaries and associates are detailed in Form AOC-1, attached to the Financial Statements for the year ended March

31, 2025. There has been no material change in business of these subsidiaries during the year.

In line with Jubilant Pharmova's commitment to transparency and investor accessibility, audited nancial statements and related disclosures for each subsidiary are available on the Company's website: https://www. jubilantpharmova.com/investors/financials/subsidiaries-accounts

7. STRATEGIC PARTNERSHIPS

Jubilant HollisterStier General Partnership is a Canada based strategic alliance, jointly owned by subsidiaries of Jubilant Pharmova, Jubilant HollisterStier Inc., Draxis Pharma LLC and 1359773 B.C. Unlimited Liability Company. This partnership is a key contributor to the Company's global CDMO capabilities, offering contract manufacturing services for sterile products, including liquid and lyophilized injectables, ophthalmic solutions and sterile ointments.

The facility located in Montreal is GMP-compliant as per Health Canada and supplies products to global pharmaceutical markets. Following a re-inspection by the US FDA in 2024, the site was placed under Of cial Action Indicated (OAI) status. The business has proactively initiated comprehensive remediation measures and is con dent of resolving the OAI status within FY26, reflecting its commitment to regulatory excellence.

Recognising the growing demand for ophthalmic products, especially driven by an aging global population, the partnership has invested in a high-speed ophthalmic line (200 bottles/minute) at the Montreal site. The line is currently undergoing validation and is expected to be operational in H2 FY26.

To further strengthen its sterile manufacturing capabilities, the partnership has launched a modernisation and capacity expansion project valued at approximately CAD 145 million, aimed at doubling sterile production capacity. This strategic investment is partially supported by:

CAD 23.8 million from the Government of Canada's

Strategic Innovation Fund (SIF)

CAD 25 million from the Province of Quebec

These initiatives reinforce Jubilant Pharmova's position as a trusted global CDMO partner, ready to meet the evolving needs of the pharmaceutical industry.

8. STATUTORY AUDITORS

In accordance with Section 139 of the Companies Act, 2013 (the “Act”), the shareholders at the 45^th AGM approved the appointment of M/s. Walker Chandiok & Co LLP, Chartered Accountants (ICAI Registration No.: 001076N/N500013) as the Statutory Auditors of the Company for a term of ve

(5) years, until the conclusion of the 50^th AGM.

The auditors have con rmed their eligibility and compliance with all statutory requirements. Their presence at the last AGM and the unquali ed audit reports for both standalone and consolidated nancial statements for FY25 reflect the Company's commitment to transparency, nancial integrity and sound governance.

9. COST AUDIT

In compliance with Section 148(1) of the Act, read with rules made thereunder, Jubilant Pharmova has maintained cost records for the nancial year ended March 31, 2025. However, the Company is not required to undertake the

Cost Audit as per the applicable provisions of the Act.

In line with the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of

Managerial Personnel) Rules, 2014, the Board appointed M/s Sanjay Grover & Associates, Company Secretaries (Firm Registration No. P2001DE052900), a peer-reviewed rm, as the Secretarial Auditor for FY25. The Secretarial Audit Report issued in Form MR-3 is annexed to this

Report as Annexure-2.

The audit con rms that the Company has complied with all applicable provisions of the Act and Listing Regulations. Importantly, the report contains no quali cations, reservations, adverse remarks, or disclaimers, underscoring Jubilant Pharmova's strong governance framework and regulatory discipline.

In addition, the Company has obtained the Annual

Secretarial Compliance Report for FY25 from the same

rm, con rming adherence to the Listing Regulations and related circulars. This report will be led with the Stock Exchanges within the prescribed timelines.

In accordance with the SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024, which mandate the appointment of a peer-reviewed

Company Secretary and shareholder approval for such appointments, the Board based on the recommendation of the Audit Committee has approved the appointment of M/s Sanjay Grover & Associates as Secretarial Auditor of the Company for a term of ve (5) consecutive years starting from FY26 to FY30, subject to shareholder approval at the 47^th AGM.

The rm has provided written consent con rming:

Peer review certi cation by the Institute of Company Secretaries of India (ICSI)

Eligibility under the Act and Listing Regulations

No disquali cation under applicable laws

During the year under review, no instances of fraud were reported by the Statutory or Secretarial Auditors under

Section 143(12) of the Act. This af rms the integrity of the

Company's internal control systems and ethical standards.

Jubilant Pharmova is governed by a highly experienced and diverse Board, committed to upholding the highest standards of corporate governance, strategic oversight, and shareholder value creation. The Board plays a pivotal role in shaping the Company's long-term vision, overseeing risk management, capital allocation and ensuring regulatory compliance across global operations.

As of March 31, 2025, the Board comprises 12 Directors, including:

4 Executive Directors (including Managing Director and Joint Managing Director)

8 Non-Executive Directors, of which:

6 are Independent Directors, including 1 Woman Independent Director

2 are Non-Executive Non-Independent Directors

The Chairperson of the Board is a Non-Executive Non-Independent Director, ensuring a clear separation of governance and management roles. The Board's composition is fully compliant with Regulation 17 of the Listing Regulations and the applicable provisions of the Act.

Based on the recommendation of the Nomination, Remuneration & Compensation Committee, the Board of Directors re-appointed Mr. Arvind Chokhany (DIN: 06668147) as a Whole-Time Director designated as Group CFO and Whole-Time Director for a term of three (3) years effective April 1, 2024. Shareholders of the Company approved the same via postal ballot on June 26, 2024.

Based on the recommendation of the Nomination, Remuneration & Compensation Committee, the Board of Directors appointed Dr. Harsh Mahajan (DIN: 00824227) and Ms. Shivpriya Nanda (DIN: 01313356) as Independent Directors for a term of ve (5) years effective April 1, 2024. Shareholders of the Company approved the same via postal ballot on

June 26, 2024.

Mr. Jinang Pratap Parekh, Whole-Time Director, resigned effective May 31, 2024. The Board placed on record its sincere appreciation for his contributions.

Based on the recommendation of the Nomination, Remuneration & Compensation Committee, the Board of Directors appointed Dr. Ramakrishnan Arul (DIN: 08236356) as an Additional and Whole-Time

Director for a term of three (3) years effective June

1, 2024. Shareholders of the Company approved the same via postal ballot on August 23, 2024.

The Board af rms that all Directors, including those appointed or re-appointed during the year, are persons of high integrity, professional competence and possess the requisite quali cations and experience. None of the Directors on the Board of the Company have been debarred or disquali ed by Securities and Exchange Board of India, Ministry of Corporate Affairs or any other statutory authority.

During the year under review, the Non- Executive

Directors of the Company have no pecuniary relationship or transactions with the Company other than sitting fees, commission and reimbursement expenses, if any.

In accordance with Section 152 of the Act, read with applicable rules and the Articles of Association of the

Company, Mr. Shyam S. Bhartia (DIN: 00010484) and Mr. Priyavrat Bhartia (DIN: 00020603) are liable to retire by rotation at the ensuing 47th AGM and, being eligible, have offered themselves for re-appointment.

Their re-appointment reflects the Company's commitment to continuity in leadership and strategic oversight. Both Directors bring extensive experience and deep industry knowledge, which continue to be instrumental in driving Jubilant Pharmova's long-term growth.

In compliance with Secretarial Standard-2 and Regulation 36 of the Listing Regulations, detailed pro les including their expertise, inter-se relationships, directorships in other companies, committee memberships and shareholding in the Company are provided in the Annexure to the Notice of the 47^th AGM.

Mr. Jinang Pratap Parekh ceased to be a Whole-time Director of the Company with effect from the closing business hours of May 31, 2024. The Board placed on record its appreciation for the contributions made by him during his association with the Board.

Mr. Arvind Chokhany (DIN: 06668147) was re-appointed as a Whole-time Director (designated as Group Chief Financial Of cer and Whole-time Director) of the Company effective from April 1, 2024.

Dr. Ramakrishnan Arul (DIN: 08236356) was appointed as a Whole-time Director of the Company effective from June 1, 2024.

Apart from above-mentioned changes, there is no other change in Key Managerial Personnel of the Company during the year.

As on March 31, 2025, Mr. Priyavrat Bhartia, Managing Director, Mr. Arjun Shanker Bhartia, Joint Managing Director, Mr. Arvind Chokhany, Group Chief Financial Of cer & Whole-Time Director, Dr. Ramakrishnan Arul, Whole-Time Director and Mr. Naresh Kapoor, Company Secretary are the Key Managerial Personnel of the Company.

The Board of Directors met ve (5) times during the nancial year, in compliance with the provisions of the Act. The meetings were held on April 17, 2024, May 29, 2024, July 19, 2024, October 25, 2024 and

January 31, 2025.

The maximum interval between any two meetings did not exceed One Hundred and Twenty (120) days, ensuring adherence to statutory requirements and enabling timely strategic decision-making.

Details regarding attendance and deliberations are provided in the Corporate Governance Report, which forms part of this Annual Report.

As on March 31, 2025, the Audit Committee comprises of

Mr. Vivek Mehra, Chairperson, Mr. S. K. Roongta, Member,

Mr. Arun Seth, Member and Ms. Shivpriya Nanda, Member.

Further details on Audit Committee, including the meetings and attendance of the members, terms of reference and changes in the committee composition etc., please refer to the Corporate Governance Report, which forms part of this report. During the year under review, all recommendations of the Audit Committee were accepted by the Board of

Directors of the Company.

The Company has received formal declarations from all

Independent Directors, con rming that:

They meet the criteria of independence as prescribed under the Act, and the Listing Regulations, and that there has been no change in circumstances affecting their status as Independent Directors.

They have complied with the Code for Independent Directors as outlined in Schedule IV of the Act.

They are registered with the Independent Directors' Database maintained by the Indian Institute of Corporate Affairs (IICA).

In the opinion of the Board, all Independent Directors possess the requisite quali cations, experience and integrity to discharge their responsibilities with objective and independent judgment, free from external influence. A detailed matrix of the Board's collective skills, expertise, and core competencies, including those of Independent

Directors, is provided in the Corporate Governance Report forming part of this Annual Report.

The Company maintains a well-balanced Board composition, ensuring an appropriate mix of Executive, Non-Executive, and Independent Directors to uphold independence and strategic oversight.

The Appointment and Remuneration Policy, formulated in accordance with Section 178 of the Act and Regulation 19 of the Listing Regulations, outlines the criteria for:

Appointment and re-appointment of Directors

Determining quali cations, positive attributes, and independence

Remuneration structure for Directors and Key Managerial Personnel

The salient features of the policy are disclosed in the Corporate Governance Report and the full policy is available on the Company's website: www.jubilantpharmova.com/ investors/corporate-governance/policies-and-codes/ appointment-and-remuneration-policy.

The Company af rms that remuneration paid to Directors during the year is in accordance with the approved policy.

In compliance with Section 178 of the Act and Regulations 17, 19, and 25 of the Listing Regulations, the Company conducted a formal annual evaluation of:

Individual Directors (including the Chairperson)

Board Committees

The Board as a whole

The evaluation process was based on a structured framework and criteria approved by the Board. Details of the methodology and outcomes are provided in the

Corporate Governance Report.

Pursuant to Section 134(3)(c) of the Act, and based on representations received from management, the Board of Directors con rms that:

1. The annual accounts have been prepared in accordance with applicable accounting standards, with proper explanations for any material departures.

2. Accounting policies have been applied consistently, and reasonable and prudent judgments have been made to present a true and fair view of the Company's nancial position and performance.

3. Adequate accounting records have been maintained to safeguard assets and prevent fraud and irregularities.

4. The nancial statements have been prepared on a going concern basis.

5. Internal nancial controls have been laid down and are operating effectively.

6. Proper systems have been devised to ensure compliance with applicable laws, and these systems are adequate and effective.

The Board is satis ed with the effectiveness of the Company's internal control framework, supported by reviews from internal, statutory, and secretarial auditors and oversight by the Audit Committee.

In accordance with Section 134 of the Act, read with rules made thereunder, the relevant disclosures regarding energy conservation, technology absorption, and foreign exchange earnings and outgo are provided in Annexure-3, which forms part of this Report.

Disclosures under Section 197(12) of the Act, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are provided in Annexure-4 to this Report.

In accordance with Section 136 of the Act, the Annual Report is being circulated to members excluding the detailed employee annexure. However, the annexure is available for inspection at the Registered Of ce of the Company during business hours (Monday to Friday, 11:00 a.m. to 5:00 p.m. IST). Shareholders interested in obtaining a copy may contact the Company Secretary or email: investors@jubl.com.

At Jubilant Pharmova, our people are at the heart of everything we do. Guided by our core philosophy of “Caring, Sharing, Growing,” we foster an Employee-

First culture that prioritises engagement, well-being, and continuous development.

In our commitment to building a world-class workplace, we partnered with Great Place to WorkR (GPTW) to conduct a comprehensive employee engagement survey. The initiative yielded an engagement score exceeding 80%, reflecting the trust and satisfaction of our workforce. As a result, Jubilant Pharmova (India) earned the prestigious Great Place to WorkR certi cation, reinforcing our reputation as an employer of choice.

We continue to invest in delivering a superior employee experience, with a strategic focus on:

Capability and Culture Building

Agility and Digital Transformation

Total Rewards and Recognition

Safety and Quality Excellence

To ensure leadership continuity and inclusive growth, we relaunched our Talent and Succession Planning 2.0 program, aimed at building a robust internal pipeline. Our diversity and inclusion initiatives are designed to empower women professionals through structured mentorship, leadership exposure, and active participation in decision-making forums.

CEO Councils with majority representation from young women, offering direct access to leadership and influencing workplace practices.

Jubilant Women in Leadership program at Jubilant Radiopharma, providing targeted training and support for women leaders.

We recognise that our talented workforce is our greatest asset. To prepare them for future challenges, we launched the Jubilant Centre for Learning, which houses specialised academies such as:

Leadership Academy Sales Academy

Manufacturing Excellence Academy

Supply Chain Academy

These academies offer structured classroom sessions and digital learning modules to build critical skills, foster innovation, and cultivate sustainable leadership across the organisation.

Our performance-driven culture is anchored in a robust performance management system, complemented by continuous feedback, role-based promotions, and pay-for-performance practices. Recognition programs such as:

‘Applause' Awards

Chairman's Annual Awards

celebrate excellence and reinforce a culture of appreciation and achievement. These initiatives unlock the full potential of our people and align individual success with organisational goals.

Jubilant Pharmova's human capital strategy is deeply aligned with its business vision-creating a resilient, inclusive and future-ready workforce that drives innovation, operational excellence and long-term value for all stakeholders.

Jubilant Pharmova is committed to fostering a safe, inclusive, and respectful workplace for all employees. The Company maintains a zero-tolerance policy towards any form of harassment, including sexual harassment, and has implemented a robust Policy on Prevention of Sexual Harassment (POSH) in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention,

Prohibition and Redressal) Act, 2013.

An Internal Complaints Committee (“ICC”) has been duly constituted to address and resolve complaints in a timely and con dential manner. The ICC includes external member with relevant experience. The ICC presided by senior women, conduct the investigations and make decisions. During FY25, two (2) complaints were received and resolved in accordance with the POSH Act, following a thorough investigation.

To build awareness and reinforce a culture of respect, the Company conducts mandatory training/certi cation sessions across all locations, facilitated by external subject matter experts. These initiatives reflect Jubilant Pharmova's proactive approach to ensuring a harassment-free and equitable workplace.

In compliance with Regulation 21 of the Listing Regulations, the Company has constituted a Risk Management Committee comprising nine (9) members, including six (6) Independent Directors, as of March

31, 2025. The Committee met twice (2) in FY25 on April 9, 2024 and October 24, 2024 with intervals well within the prescribed limits.

JubilantPharmovaLimitedhasestablishedacomprehensive

Enterprise Risk Management (ERM) framework, enabling proactive identi cation, assessment, and mitigation of internal and external risks. The framework is supported by:

Clearly de ned risk ownership and delegated authority

Periodic risk assessments and reporting to the Board

A strong internal audit function and compliance monitoring

Ethical business practices embedded across operations

The Company maintains a transparent and robust system of internal nancial controls, aligned with the requirements of the Act. These controls are periodically evaluated through:

Annual testing of control effectiveness

Continuous internal audit exercises

Quarterly self-assessments via the Controls Manager platform

The Board, supported by the Audit Committee and management reviews, af rms that the internal nancial controls were adequate and effective throughout FY25.

The Internal Financial Controls as mandated by the Act not only require a certi cation from CEO-CFO but also put an obligation on the Board of Directors to ensure that the Internal Financial Controls are adequate and are operating effectively. Besides this, the Statutory Auditors are also required to give an opinion on the adequacy and effectiveness of Internal Controls over Financial Reporting.

Further details are provided in the Management Discussion and Analysis Report.

Jubilant Pharmova has adopted a Vigil Mechanism including a Whistle Blower Policy, to enable employees and directors to report concerns about unethical behavior, actual or suspected fraud, or violation of the Company's code of conduct.

Direct access to the Chairperson of the Audit Committee

Protection against victimisation

Con dential and independent investigation process During FY25, no complaints were received under the Whistle Blower Policy.

The policy is available on the Company's website: https://www.jubilantpharmova.com/investors/.

At Jubilant Pharmova, Corporate Social Responsibility

(CSR) is a core pillar of our sustainable growth strategy. We believe in creating long-term value for society through inclusive development, strategic partnerships, and community empowerment.

In accordance with Section 135 of the Act, the Company has constituted a Sustainability and CSR Committee, comprising eight (8) Directors, including ve (5) Independent Directors and three (3) Executive Directors. CSR initiatives are aligned with:

Schedule VII of the Act

United Nations Sustainable Development Goals

(SDGs)

Global Reporting Initiative (GRI) Standards, with external assurance and consistent A+ rating since 2007

CSR activities are implemented through the Jubilant Bhartia Foundation (JBF), the not-for-pro t arm of the Jubilant Bhartia Group, which has been driving impactful social change since 2003.

In FY25, Jubilant Pharmova invested 13.6 million in CSR programs, reaching communities around its manufacturing units through the 4P model (Public-Private-People-

Partnership).

Delivered basic and preventive healthcare to over

200,000 people near Nanjangud (Karnataka) and Roorkee (Uttarakhand) through mobile dispensaries under the Jubicare initiative.

Bene ted over 5,000 students and teachers across 7 government schools through:

Edulab Program: Integrating advanced educational tools to improve learning outcomes.

HP Digital: Providing access to digital education and modern learning resources.

Empowered rural youth and women through: Skill Development Centers at four locations Samriddhi Program: Promoting women-led entrepreneurship, including a Uniform Stitching Centre in Nanjangud that provides sustainable income and fosters local enterprise.

Launched the Jubilant Bhartia Centre for Social Entrepreneurship, focused on incubation, education, and research to support emerging social entrepreneurs. The Company's Annual CSR Report, including policy details and project outcomes, is annexed as Annexure-5 to this Report. JBF's detailed activities are available on its website: https://www.jubilantbhartiafoundation.com/.

In compliance with Regulation 34(2)(f) of the Listing Regulations, Jubilant Pharmova has prepared its Business Responsibility and Sustainability Report (BRSR), which forms a dedicated section of this Annual Report.

At Jubilant Pharmova, sustainability is embedded into our business strategy and operational ethos. We continue to evolve our practices to meet global standards and stakeholder expectations, while proactively addressing environmental, social, and governance (ESG) priorities.

New Sustainability Goals for FY29

In FY25, we established a refreshed set of long-term sustainability goals targeting key Environment, Health, and Safety (EHS) indicators. These goals are aligned with our broader ESG strategy and reflect our commitment to continuous improvement and responsible growth.

Supplier Sustainability Policy Enhancement

We revised and rolled out our Supplier Sustainability

Policy across Indian operations, integrating EHS performance, social responsibility, and climate change accountability into our supplier evaluation and engagement processes. This ensures that our supply chain partners align with our sustainability values and contribute to our collective impact.

Digital Compliance Management ‘Conformity' Tool

In FY23, we deployed the ‘Conformity' tool across our North American facilities to enhance compliance management. This digital platform links regulatory requirements to business processes, enabling real-time monitoring, automated reporting, and process optimisation. The tool provides MIS capabilities for reviewers and approvers, and compliance reports are periodically reviewed by the Board, ensuring governance oversight.

Integrated EHS Management System

We developed and implemented a comprehensive EHS

Management System that supports:

Proactive risk identi cation and mitigation

Compliance with internal and external standards

Continuous improvement in safety and sustainability performance

This system is designed to safeguard our workforce, ensure operational integrity, and support our strategic objective of operating in a safe, responsible, and sustainable environment.

In accordance with the provisions of the Act and the Investor Education and Protection Fund Authority (Accounting,

Audit, Transfer and Refund) Rules, 2016, as amended from time to time, the Company is required to transfer the following to the Investor Education and Protection Fund (IEPF) established by the Central Government:

Unpaid or unclaimed dividend amounts remaining outstanding for a period of seven consecutive years

Equity shares on which dividends have not been claimed for seven (7) consecutive years or more

The Company has proactively communicated with shareholders through multiple channels, including individual letters and public notices, encouraging them to claim their unpaid dividends and shares prior to transfer to IEPF. These efforts are in line with the Company's commitment to shareholder rights and regulatory compliance.

Details of dividends and shares transferred to IEPF during the year are disclosed in the Corporate Governance

Report, which forms part of this Annual Report. As on March 31, 2025, there are no outstanding amounts due for transfer to the IEPF.

In compliance with the IEPF Rules, Mr. Naresh Kapoor, Company Secretary, has been designated as the Nodal Of cer of the Company for coordination with the IEPF Authority and handling investor queries related to claims and refunds.

In accordance with Section 134(3)(a) of the Act, the

Annual Return for FY25 has been uploaded on the

Company's website and is accessible at: https://www. jubilantpharmova.com/investors/ nancials/annual-return.

The Company has not accepted any public deposits during the year. There were no outstanding, overdue, unpaid, or unclaimed deposits at the beginning or end of FY25.

Details of loans, securities, and investments made during the year are disclosed in Notes no. 5 and 6 to the

Standalone Financial Statements. The Company has not provided any guarantees during the year.

All RPTs entered into during FY25 were in the ordinary course of business and conducted on an arm's length basis. No material RPTs were entered into, as de ned under the Company's Policy on Materiality of Related Party Transactions. All RPTs are placed before the Audit

Committee for review and approval. The Company has a robust RPT Policy and obtains prior omnibus approvals for repetitive transactions.

Disclosure of RPTs is provided in Note no. 36 to the

Standalone Financial Statements. Form AOC-2 is not applicable for the year.

There have been no material changes or commitments affecting the nancial position of the Company after the close of FY25 till the date of this Report.

No signi cant or material order has been passed by the regulators or courts or tribunals impacting the going concern status of the Company or its future operations.

The Company has complied with Secretarial Standards 1 and 2, issued by the Institute of Company Secretaries of India, relating to Board and General Meetings.

No equity shares with differential voting rights were issued during the year.

Neither the Managing Director nor the Whole-Time

Directors received any remuneration or commission from subsidiary companies.

No application was made under the Insolvency and Bankruptcy Code, 2016, and no proceedings were pending under the Code during the year.

No disclosure is required regarding valuation differences in one-time settlements, as the provision is not applicable to the Company.

Jubilant Pharmova remains committed to maintaining the highest standards of corporate governance, in line with global best practices. A detailed Corporate Governance Report is annexed as Annexure-6 to this Report.

A certi cate from Mr. Rupinder Singh Bhatia, Practising Company Secretary (C.P. No. 2514), con rming compliance with corporate governance norms under Clause E of Schedule V to the Listing Regulations.

Af rmation from Board Members and Senior Management regarding compliance with the Code of

Conduct for FY25.

A certi cate from the CEO and CFO con rming the accuracy of nancial statements and adequacy of internal controls.

The Management Discussion and Analysis Report (MD&A), prepared in accordance with the Listing Regulations, provides a comprehensive overview of the Company's operations, industry trends, nancial performance, and strategic outlook. The MD&A forms a separate section of this Annual Report.

The Board of Directors expresses its sincere gratitude to the Central and State Government authorities, regulatory bodies and business partners for their continued support.

We thank our shareholders, debenture holders, nancial institutions, banks, customers, vendors, and other stakeholders for their trust and con dence in the Company's leadership and strategic direction.

The Board also places on record its deep appreciation for the dedication and commitment of employees across all levels, whose contributions remain the cornerstone of Jubilant Pharmova's success. We look forward to their continued support in the years ahead.