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

1. OVERVIEW

Jubilant Pharmova Limited (“the Company” or “Jubilant Pharmova”) is a diversified 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.iubilantpharmova.com

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

• CDMO - Sterile Injectables: T12,717 million ( 13.8%
YoY)

• Generics: T6,853 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 T12,305 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 profitable, 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 Profit After Tax of T8,363
million, a substantial increase from T727 million in
FY24, driven by operational excellence and strategic
focus. Basic EPS stood at T52.99 per equity share of
T1 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 diversified portfolio spanning Radiopharma, CDMO,
CRDMO, Generics, and emerging novel therapies,
the Company is well-positioned to capitalise on global
healthcare trends.

Our consistent financial 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
scientific 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. T5 per fully paid-up equity share of T1 each, amounting
to T796.41 million for the financial 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

(i) Share Capital

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
T159.28 million, comprising 159,281,139 equity shares of
T1 each.

(ii) Employee Stock Option Plan & General Employee
Benefits Scheme

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 T1 each of the Company at the
exercise price fixed at the time of grant.

The Company has a general employee benefits scheme
namely Jubilant General Employee Benefits Scheme-2019
(JGEBS-2019'). The Scheme is in compliance with the
SEBI (Share Based Employee Benefits & 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.iubilantpharmova.com/
Uploads/image/893imguf esop disclosure2025.pdf.

(iii) Debentures

In FY21, the Company issued Secured Redeemable
Unlisted Non-Convertible Debentures (‘NCDs') amounting
to T950 million. As of March 31,2025, T700 million remains
outstanding for a period of upto five (5) years. The tenure of
said NCDs was extended by five years, reflecting prudent
financial 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:

(i) Jubilant Pharma Limited (Singapore)

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 T459 million as compared to T612 million during the
FY24.

(ii) Jubilant Generics Limited (JGL)

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 modified
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
finished formulations to the US market, JGLs non-US
finished 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. JGLs major therapy areas includes
Cardiovascular, CNS and Gastrointestinal products. The
business derives benefit 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 finished 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 classification,
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 fiscal year. These inspections resulted in no

critical observations. The site has already received EU
compliant certificate.

Total income of JGL during the FY25 was T3,492 million
as compared to T3,883 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 qualification, 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.iubilantpharmova.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
profitable 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 T3,498
million as compared to T4,348 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 fill-finish

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.

Allergy Immunotherapy Business

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.

Key innovations include:

• 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.

Jubilant Pharma NV & Affiliates (Belgium)

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 defined 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 first 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.

Other Subsidiaries

Jubilant Pharmova operates through a robust and
strategically diversified 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

Associate Company

(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 financial 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 financial
statements and related disclosures for each subsidiary
are available on the Company's website: https://www.
iubilantpharmova.com/investors/financials/subsidiaries-
accounts

7. STRATEGIC PARTNERSHIPS

Jubilant HollisterStier General
Partnership (Canada)

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 Official Action
Indicated (OAI) status. The business has proactively
initiated comprehensive remediation measures and is
confident 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 five
(5) years, until the conclusion of the 50^th AGM.

The auditors have confirmed their eligibility and compliance
with all statutory requirements. Their presence at the last
AGM and the unqualified audit reports for both standalone
and consolidated financial statements for FY25 reflect the
Company's commitment to transparency, financial 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 financial year ended March 31,2025.
However, the Company is not required to undertake the
Cost Audit as per the applicable provisions of the Act.

10. SECRETARIAL AUDIT AND
COMPLIANCE ASSURANCE

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
firm, 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 confirms that the Company has complied with
all applicable provisions of the Act and Listing Regulations.
Importantly, the report contains no qualifications,
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
firm, confirming adherence to the Listing Regulations and
related circulars. This report will be filed 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 five (5) consecutive years starting
from FY26 to FY30, subject to shareholder approval at the
47^th AGM.

The firm has provided written consent confirming:

• Peer review certification by the Institute of Company
Secretaries of India (ICSI)

• Eligibility under the Act and Listing Regulations

• No disqualification under applicable laws

11. REPORTING OF FRAUDS BY
AUDITORS

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 affirms the integrity of the
Company's internal control systems and ethical standards.

12. BOARD OF DIRECTORS

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.

Changes in Board Composition

• 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
five (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 affirms that all Directors, including those
appointed or re-appointed during the year, are persons
of high integrity, professional competence and possess
the requisite qualifications and experience. None of
the Directors on the Board of the Company have been
debarred or disqualified 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.

13. RETIREMENT BY ROTATION AND
RE-APPOINTMENT

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 47^th 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 profiles 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.

14. CHANGES IN KEY MANAGERIAL
PERSONNEL (KMP)

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 Officer 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
Officer & Whole-Time Director, Dr. Ramakrishnan
Arul, Whole-Time Director and Mr. Naresh Kapoor,
Company Secretary are the Key Managerial Personnel of
the Company.

15. MEETINGS OF THE BOARD

The Board of Directors met five (5) times during the
financial 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.

16. COMPOSITION OF AUDIT COMMITTEE

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.

17. DECLARATION BY
INDEPENDENT DIRECTORS

The Company has received formal declarations from all
Independent Directors, confirming 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 qualifications, 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.

18. APPOINTMENT AND
REMUNERATION POLICY

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 qualifications, 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.iubilantpharmova.com/
investors/corporate-governance/policies-and-codes/
appointment-and-remuneration-policv.

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

19. ANNUAL PERFORMANCE
EVALUATION OF THE BOARD

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.

20. DIRECTORS’ RESPONSIBILITY
STATEMENT

Pursuant to Section 134(3)(c) of the Act, and based on
representations received from management, the Board of
Directors confirms 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
financial position and performance.

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

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

5. Internal financial 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 satisfied 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.

21. CONSERVATION OF ENERGY,
TECHNOLOGY ABSORPTION, AND
FOREIGN EXCHANGE EARNINGS &
OUTGO

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.

22. EMPLOYEES

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 Office 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.

23. HUMAN RESOURCES

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.

Employee Engagement and Recognition

In our commitment to building a world-class workplace, we
partnered with Great Place to Work® (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 Work® certification, 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

Talent Pipeline and Inclusive Culture

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.

Notable initiatives include:

• 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.

Leadership Development and
Learning Ecosystem

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.

High-Performance Culture and Rewards

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.

24. POLICY FOR PREVENTION OF SEXUAL
HARASSMENT

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 confidential 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/certification
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.

25. RISK MANAGEMENT AND INTERNAL
CONTROL SYSTEMS

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.

Jubilant Pharmova Limited has established a comprehensive
Enterprise Risk Management (ERM) framework, enabling
proactive identification, assessment, and mitigation of
internal and external risks. The framework is supported by:

• Clearly defined 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

Internal Financial Controls

The Company maintains a transparent and robust
system of internal financial 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, affirms that the internal financial
controls were adequate and effective throughout FY25.

The Internal Financial Controls as mandated by the Act
not only require a certification 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.

26. VIGIL MECHANISM / WHISTLE
BLOWER POLICY

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.

Key features include:

• Direct access to the Chairperson of the Audit
Committee

• Protection against victimisation

• Confidential 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/.

27. CORPORATE SOCIAL
RESPONSIBILITY (CSR)

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 five (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-profit arm of the
Jubilant Bhartia Group, which has been driving impactful
social change since 2003.

Key CSR Initiatives in FY25

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).

CSR Highlights include:

A. Arogya - Community Health Access

• Delivered basic and preventive healthcare to over
200,000 people near Nanjangud (Karnataka)
and Roorkee (Uttarakhand) through mobile
dispensaries under the Jubicare initiative.

B. Muskaan - Rural Education Enhancement

Benefited 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.

C. Nayee Disha - Livelihood and Skill Development

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.

D. Bharat Impact - Social Entrepreneurship

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.iubilantbhartiafoundation.com/.

28. BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORT (BRSR)

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.

Sustainability Reporting

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.

FY25 Highlights and Strategic Advancements

• 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 identification 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.

29. TRANSFER OF UNPAID AND

UNCLAIMED DIVIDEND AMOUNTS TO
IEPF

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.

Nodal Officer

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

30. OTHER STATUTORY DISCLOSURES

i. Annual Return

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/financials/annual-return.

ii. Public Deposits

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.

iii. Loans, Guarantees, and Investments

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.

iv. Related Party Transactions (RPTs)

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 defined
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.

v. Material Changes Post Financial Year end

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

vi. Orders by Courts/Regulators

No significant 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.

vii. Secretarial Standards

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.

viii. Equity Shares with Differential Rights

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

ix. Remuneration from Subsidiaries

Neither the Managing Director nor the Whole-Time
Directors received any remuneration or commission from
subsidiary companies.

x. Insolvency and Bankruptcy Code

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

xi. One-Time Settlement Valuation Disclosure

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

31. CORPORATE GOVERNANCE

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.

Key confirmations include:

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

• Affirmation from Board Members and Senior
Management regarding compliance with the Code of
Conduct for FY25.

• A certificate from the CEO and CFO confirming the
accuracy of financial statements and adequacy of
internal controls.

32. MANAGEMENT DISCUSSION AND
ANALYSIS REPORT

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, financial performance, and
strategic outlook. The MD&A forms a separate section of
this Annual Report.

33. ACKNOWLEDGEMENTS

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,
financial institutions, banks, customers, vendors, and
other stakeholders for their trust and confidence 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.