Your Directors are pleased to present the 48th Annual Report of Glenmark Pharmaceuticals Limited, together with the Audited
Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2026.

The year under review was marked by continued focus on strengthening the Company's core businesses, advancing innovation,
expanding global reach, and delivering sustainable value to all stakeholders. The Board remains committed to driving long-term
growth while maintaining the highest standards of governance, compliance, and operational excellence.

FINANCIAL PERFORMANCE

The financial performance of the Company for the Financial Year ended March 31, 2026 is summarised below:

On a standalone basis, the Company reported gross total
revenue of '84,400.99 Million as against '92,264.09 Million
in the previous Financial Year. The standalone results for the
year were impacted by exceptional charges, primarily relating
to litigation settlements and associated legal costs, inventory
and asset-related provisions, impairment charges and
employee benefit provisions arising from implementation of
the New Labour Codes. Consequently, the Company reported
a standalone loss after tax of '2,007.99 Million for Financial
Year ended March 31, 2026 as compared to a profit after tax
of '16,103.50 Million in Financial Year ended March 31, 2025.

On a consolidated basis, the Company reported gross total
revenue of '169,825.11 Million as compared to '133,217.40
Million in the previous Financial Year. Profit before tax and
exceptional items increased to '42,508.30 Million from
'17,720.28 Million in the previous financial year. Consolidated
profit after tax attributable to members stood at '13,619.52
Million as against '10,471.42 Million in Financial Year 2024¬
25. The strong performance was driven by continued growth
across key markets and product portfolios, supported by
sustained business momentum and operational execution.

Excluding the impact of exceptional items, the underlying
operating performance of the Company remained resilient
during the year, supported by continued growth across key
markets and product portfolios.

DIVIDEND

The Dividend Distribution Policy of the Company has been
formulated in accordance with Regulation 43A of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("Listing Regulations"). The Policy is
available on the Company's website at:https://glenmark.b-
cdn.net/gpl pdfs/about us/Dividend%20Distribution%20
Policy revised.pdf

In line with the aforesaid Policy and considering the Company's
financial performance during the Financial Year ended
March 31, 2026, the Board of Directors has recommended a
dividend of 250% ('2.5 per equity share of face value '1 each)
for the Financial Year ended March 31, 2026, subject to the
approval of the Members at the ensuing Annual General
Meeting ("AGM").

The dividend, if approved by the Members, will be paid in
accordance with the applicable provisions of the Companies
Act, 2013 ("Act") and the Listing Regulations. The total cash
outflow on account of the proposed dividend would be
approximately '705.50 million.

TRANSFER TO RESERVES

The Company has not transferred any amount out of the
profit of the year to the General Reserves.

MANAGEMENT DISCUSSION AND ANALYSIS

Pursuant to Regulation 34 of the Listing Regulations read with
Part B of Schedule V thereto, the Management Discussion and
Analysis Report forms part of this Annual Report.

The Report provides a comprehensive review of the industry
and business environment, operational and financial
performance of the Company, key developments during
the year, opportunities and challenges, risks and concerns,
internal control systems, and the outlook for the future.

INTEGRATED REPORT

The Company has prepared an Integrated Report for Financial
Year ended March 31, 2026, which provides a holistic view
of its strategy, governance, performance and prospects
in the context of the external environment. The Report
presents both financial and non-financial information and
demonstrates how the Company creates sustainable value for
its stakeholders over the short, medium and long term.

The Integrated Report highlights the Company's business
model, strategic priorities, material matters, governance
framework, risk management practices, sustainability
initiatives and performance across the six capitals, namely
financial, manufactured, intellectual, human, social and
relationship, and natural capital. The Report reflects the
Company's commitment to transparency, integrated thinking
and long-term value creation.

CORPORATE GOVERNANCE

At Glenmark, strong corporate governance forms the
foundation of sustainable value creation and long-term
stakeholder trust. The Company is committed to conducting
its business in accordance with the highest standards of
integrity, transparency, accountability and ethical conduct,
while ensuring compliance with all applicable laws, regulations
and governance practices.

The Company's governance framework is built on effective
leadership, robust internal controls, sound risk management
practices and a culture of responsibility that supports its long¬
term strategic objectives. The Board of Directors, supported by
its Committees, provides oversight and strategic guidance to
ensure that the interests of all stakeholders are appropriately
balanced and protected.

During the Financial Year under review, the Company
complied with the applicable provisions relating to Corporate
Governance prescribed under the Listing Regulations.
Pursuant to Regulation 34(3) read with Schedule V of
the Listing Regulations, a separate Report on Corporate
Governance forms part of this Annual Report.

The requisite certificate from the Secretarial Auditor
confirming compliance with the conditions of Corporate
Governance as stipulated under the Listing Regulations,
together with other applicable certifications and declarations,
forms part of the Corporate Governance Report.

BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORT ("BRSR")

The Company remains committed to conducting its business
in a responsible, sustainable and ethical manner while
creating long-term value for all stakeholders. Sustainability
considerations are integrated into the Company's business
strategy, operations and decision-making processes,
reflecting its commitment to environmental stewardship,
social responsibility and strong governance practices.

Pursuant to Regulation 34(2)(f) of the Listing Regulations, the
BRSR for the Financial Year ended March 31, 2026 forms part
of this Annual Report. The BRSR provides a comprehensive
overview of the Company's performance and initiatives across
key environmental, social and governance ("ESG") parameters
in accordance with the reporting framework prescribed by the
Securities and Exchange Board of India ("SEBI").

The Report highlights the Company's approach towards
sustainable business practices, climate action, natural resource
management, employee well-being, diversity and inclusion,
responsible supply chain management, ethical governance,
community development and stakeholder engagement,
demonstrating its commitment to creating sustainable value
while contributing to broader societal and environmental goals.

SHARE CAPITAL

During the financial year under review, the Authorised Share
Capital of the Company remained unchanged.

The paid-up equity share capital of the Company increased
from '28,21,88,156 comprising 28,21,88,156 equity shares
of '1 each to '28,22,00,809 comprising 28,22,00,809 equity
shares of '1 each pursuant to the allotment of 12,653 equity
shares of '1 each under the Glenmark Pharmaceuticals
Limited Employee Stock Option Scheme, 2016 ("ESOS 2016").

Accordingly, as on financial year ended March 31, 2026,
the paid-up equity share capital of the Company stood at
'28,22,00,809 comprising 28,22,00,809 equity shares of
'1 each.

EMPLOYEE STOCK OPTION SCHEME, 2016

The ESOS 2016 was approved by the Members of the Company
at the AGM held on August 12, 2016 and subsequently
amended with the approval of the Members at the Annual
General Meetiong held on September 29, 2017. The Scheme
is administered in accordance with the provisions of the
SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021, as amended from time to time.

The Scheme is intended to attract, retain and motivate
employees and align their interests with the long-term growth
and performance of the Company.

During the Financial Year ended March 31, 2026, 12,653
equity shares of face value '1 each were allotted pursuant to
the exercise of stock options under Scheme. As on March 31,
2026, 1,31,881 stock options remained outstanding under the

Scheme. During the year 1,19,318 equity shares of ' 1 each
were granted to eligible employees.

The disclosures as required under Regulation 14 of the
SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021 are available on the Company's website and
are also annexed to this Report as "Annexure IV".

DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Company believes that a diverse, balanced and highly
experienced Board is fundamental to effective governance,
sound decision-making and long-term value creation.
The Board provides strategic guidance and oversight to
the management while ensuring that the interests of all
stakeholders are appropriately safeguarded.

The Board comprises eminent professionals from diverse
fields, bringing extensive experience and expertise. Their
collective knowledge and independent judgment enable the
Company to navigate a dynamic business environment while
pursuing sustainable growth.

As on March 31, 2026, the Board comprised Executive
Directors, Non-Executive Independent Directors and Non¬
Executive Non-Independent Director with an appropriate mix
of skills, experience, diversity and independence. Details of
the composition of the Board are provided in the Corporate
Governance Report forming part of this Annual Report.

In accordance with the requirements of the Listing Regulations,
the Board has identified the core skills, expertise and
competencies required in the context of the Company's
business and operations. The details of such skills, expertise and
competencies available with the Board are set out in the Report
of Corporate Governance forming part of this Annual Report.

RETIREMENT BY ROTATION

In accordance with the provisions of Section 152 of the Act, Mrs.
Blanche Saldanha (DIN: 00007671), Non-Executive Director,
retires by rotation at the ensuing AGM and being eligible, offers
herself for re-appointment. The Board has recommended her re¬
appointment for the approval of the Members.

A brief profile and other details of Mrs. Blanche Saldanha,
as required under the Act and the Listing Regulations, are
provided in the Notice convening the ensuing AGM.

APPOINTMENT OF MS. PATRICIA ANDREWS
(DIN: 11211749) AS NON-EXECUTIVEINDEPENDENT DIRECTOR OF THE COMPANY

During the Financial Year under review, based on the
recommendation of the Nomination and Remuneration
Committee, the Board of Directors appointed Ms. Patricia
Andrews as an Additional Director (Non-Executive Independent
Director) of the Company for a term of 5 (Five) consecutive
years with effect from August 14, 2025 up to August 13, 2030,
not liable to retire by rotation. The appointment of Ms. Patricia
Andrews as an Independent Director was approved by the
Members at the 47th AGM held on September 26, 2025.

INDEPENDENT DIRECTORS

The Company has received declarations from all the
Independent Directors confirming that they meet the criteria of
independence prescribed under Section 149(6) of the Act and
Regulation 16(1)(b) of the Listing Regulations. The Independent
Directors have also confirmed compliance with the Code for
Independent Directors prescribed under Schedule IV of the Act
and have affirmed that there are no circumstances or situations
that could impair their ability to discharge their duties with
objective and independent judgment.

The Independent Directors have registered their names in the
Independent Directors' Databank maintained by the Indian
Institute of Corporate Affairs ("IICA"), as required under the
Act and the rules made thereunder.

During the Financial Year under review, the Non-Executive
Directors had no material pecuniary relationship or
transactions with the Company, other than sitting fees,
commission and reimbursement of expenses incurred for
attending meetings of the Board and its Committees.

KEY MANAGERIAL PERSONNEL

Pursuant to the provisions of Section 203 of the Act, the
following were the Key Managerial Personnel ("KMP") of the
Company during the financial year under review and up to the
date of this Report:

• Mr. Glenn Saldanha - Chairman & Managing Director

• Mrs. Cherylann Pinto - Executive Director - Corporate
Services

• Mr. Anurag Mantri - Executive Director & Global Chief
Financial Officer

• Mr. Harish Kuber - Company Secretary & Compliance
Officer (up to May 29, 2026)

• Ms. Rashmi Khandelwal - Company Secretary &
Compliance Officer (with effect from May 30, 2026)

Based on the recommendation of the Nomination and
Remuneration Committee, the Board of Directors at its
meeting held on May 29, 2026 approved the appointment of
Ms. Rashmi Khandelwal as Company Secretary & Compliance
Officer and designated her as a Key Managerial Personnel of
the Company with effect from May 30, 2026.

Consequent to the aforesaid appointment, Mr. Harish Kuber
ceased to be the Company Secretary & Compliance Officer of
the Company with effect from the close of business hours on
May 29, 2026.

The Board places on record its sincere appreciation for the
valuable contribution and services rendered by Mr. Harish
Kuber during his tenure with the Company and wishes him
success in his future endeavours.

BOARD AND COMMITTEE MEETINGS

The Board plays a pivotal role in providing strategic direction
and oversight to the management while ensuring adherence

to the highest standards of corporate governance. The Board
and its Committees meet at regular intervals to review the
Company's performance, strategic initiatives, operational
matters, governance practices, risk management framework,
compliance requirements and other significant matters
affecting the business.

A detailed annual calendar of Board and Committee Meetings
is prepared and circulated in advance to enable the Directors
to effectively plan their participation. The agenda papers and
relevant information are circulated sufficiently in advance
of the meetings to facilitate meaningful deliberations and
informed decision-making.

During the Financial Year ended March 31, 2026, 6 (Six)
Board Meetings were held. The intervening gap between the
meetings was within the period prescribed under the Act, and
the Listing Regulations.

The Board has constituted various Committees to assist it in
discharging its responsibilities effectively. To enable focused
oversight and effective governance, the Board has constituted
various Committees with specific roles and responsibilities.
The mandatory Committees of the Board comprise the Audit
Committee, Nomination and Remuneration Committee,
Stakeholders' Relationship Committee, Risk Management
Committee and Corporate Social Responsibility Committee.
In addition, the Board has constituted the Environmental,
Social and Governance (ESG) Committee and the Operations
Committee to provide focused oversight on sustainability
initiatives and operational matters respectively.

The Committees function within their respective terms of
reference approved by the Board and regularly report on
their deliberations and recommendations to the Board.
These Committees play an important role in strengthening
the governance framework of the Company and facilitating
effective supervision of key business, financial, operational,
compliance and sustainability matters.

Details relating to the composition of the Board and its
Committees, attendance of Directors at Board and Committee
Meetings and other related disclosures are provided in the
Report of Corporate Governance forming part of this Annual
Report.

FAMILIARISATION PROGRAMME FOR
INDEPENDENT DIRECTORS

In compliance with the requirements of the Listing
Regulations, the Company has established a structured
Familiarisation Programme for its Independent Directors
with an objective of providing them with insights into the
Company's business, industry dynamics, strategic priorities,
operations, governance framework, risk management
practices and regulatory environment.

The programme enables Independent Directors to gain a
deeper understanding of the Company's business model,
global operations, key therapeutic segments, research and
development initiatives, financial performance, industry
trends, emerging opportunities and challenges, thereby

facilitating informed participation in Board deliberations and
decision-making.

The Independent Directors are periodically updated on
significant business developments, strategic initiatives,
operational performance, risk management framework,
sustainability initiatives, legal and regulatory developments
and changes in the economic and industry environment that
may impact the Company's business.

Presentations are regularly made to the Board and its
Committees by members of senior management on business
performance, market developments, financial results,
compliance matters, cybersecurity, risk management and
other areas relevant to the Company's operations.

During the Financial Year ended March 31,2026, the Company
conducted a dedicated session for Independent Directors on
regulatory and compliance developments with the assistance
of an external expert to further enhance their understanding
of the evolving regulatory landscape and governance
expectations.

The details of the Familiarisation Programme imparted
to Independent Directors are available on the Company's
website athttps://glenmark.b-cdn.net/gpl pdfs/about us/
familiarisation programme for independent directors.pdf

BOARD PERFORMANCE EVALUATION

Pursuant to the provisions of the Act, and the Listing
Regulations, the Board has carried out an annual evaluation
of its own performance, the performance of its Committees
and that of individual Directors.

The evaluation process was conducted through a structured
framework covering various aspects of the Board's functioning,
including composition, diversity, effectiveness of Board
processes, quality of deliberations, governance oversight,
strategic guidance, risk management and contribution of
individual Directors. The performance of the Committees
was evaluated based on their composition, effectiveness
and fulfilment of their respective mandates. The Company
has adopted a secure digital platform to facilitate the
evaluation process and ensure confidentiality and objectivity
of responses.

The Independent Directors, at their separate meeting
held on March 12, 2026, reviewed the performance of the
Non-Independent Directors, the Board as a whole and the
Chairman & Managing Director, and assessed the quality,
quantity and timeliness of the flow of information between
the management and the Board.

SUBSIDIARIES

The Company, through its subsidiaries, continues to
strengthen its global presence across key markets and
advance its strategic priorities in the areas of branded
formulations, generics, specialty products and innovation-led
research.

As on March 31,2026, the Company had subsidiaries operating
across various geographies including North America, Europe,
Latin America, Asia-Pacific, Middle East, Australia and Africa.
The Consolidated Financial Statements of the Company and
its subsidiaries, prepared in accordance with the applicable
Indian Accounting Standards (Ind AS), forms part of this
Annual Report.

Pursuant to Section 129(3) of the Act, read with the Companies
(Accounts) Rules, 2014, a statement containing the salient
features of the financial statements of the Company's
subsidiaries in Form AOC-1 is annexed to this Report as
"Annexure I".

The Company has formulated a Policy for Determining
Material Subsidiaries in accordance with the requirements
of the Listing Regulations. The Policy is available on the
Company's website athttps://glenmark.b-cdn.net/gpl pdfs/
about us/Policy%20for%20Determining%20Material%20
Subsidiaries2024.pdf

As on March 31, 2026, the material subsidiaries of the
Company were:

• Glenmark Pharmaceuticals Inc.

• Glenmark Holding SA

• Glenmark Pharmaceuticals S.R.O.

• Ichnos Glenmark Innovation Inc.

The standalone financial statements of the subsidiaries
are available for inspection by the Members and are also
available on the website of the Company in accordance with
the applicable statutory requirements.

RELATED PARTY TRANSACTIONS

The Company has established robust processes and
governance mechanisms to ensure that all Related Party
Transactions are undertaken in a transparent manner, in the
ordinary course of business and on an arm's length basis,
while safeguarding the interests of all stakeholders.

All Related Party Transactions are placed before the Audit
Committee for its review and approval. The Audit Committee
grants omnibus approval for repetitive transactions in
accordance with the applicable provisions of the Act, and
the Listing Regulations. A statement containing details of all
Related Party Transactions entered into during the quarter is
placed before the Audit Committee for its review on a periodic
basis.

The Company has formulated a Policy on Related Party
Transactions and Materiality in accordance with the applicable
provisions of the Act and the Listing Regulations. The Policy
is available on the Company's website athttps://glenmark.b-
cdn.net/gpl pdfs/about us/Policy%20on%20Related%20
Party%20Transactions.pdf

Pursuant to Regulation 23 of the Listing Regulations, details
of Related Party Transactions are submitted to the Stock

Exchanges on a half-yearly basis within the prescribed timelines
and are also available on the website of the Company.

Particulars of contracts or arrangements with related parties
referred to under Section 188(1) of the Companies Act, 2013
are provided in Form AOC-2 and forms part of this Report as
"Annexure II".

AUDITORS AND AUDITORS' REPORT
STATUTORY AUDITORS

Pursuant to the provisions of Sections 139, 141 and other
applicable provisions of the Act, and the rules made
thereunder, the Members of the Company at the 47th AGM
held on September 26, 2025 approved the appointment of
M/s. Walker Chandiok & Co. LLP, Chartered Accountants
(Firm Registration No. 001076N/N500013), as the Statutory
Auditors of the Company for a term of 5 (Five) consecutive
years commencing from the conclusion of the 47th AGM until
the conclusion of the 52nd AGM of the Company.

The Statutory Auditors have confirmed that they continue to
satisfy the eligibility criteria prescribed under Sections 139
and 141 of the Act and are not disqualified from continuing as
the Statutory Auditors of the Company.

The Audit Report issued by the Statutory Auditors on the
Standalone and Consolidated Financial Statements of the
Company for the Financial Year ended March 31, 2026 forms
part of this Annual Report.

The Statutory Auditors have issued an unmodified opinion
on the Standalone and Consolidated Financial Statements of
the Company for the Financial Year ended March 31, 2026.
There are no qualifications, reservations, adverse remarks or
disclaimers in the Audit Report requiring any explanation or
comments from the Board under Section 134(3)(f) of the Act.

During the Financial Year under review, the Statutory Auditors
have not reported any matter under Section 143(12) of the Act
and accordingly, no details are required to be disclosed under
Section 134(3)(ca) of the Act.

COST AUDITORS

Pursuant to the provisions of Section 148 of the Act read
with the Companies (Cost Records and Audit) Rules, 2014,
as amended from time to time, the Company is required
to maintain cost records and have such records audited in
respect of the applicable products and activities specified
under the said Rules.

Based on the recommendation of the Audit Committee, the
Board of Directors at its meeting approved the appointment
of M/s. R A & Co., Cost Accountants, as the Cost Auditors of
the Company for the Financial Year ending March 31, 2027
to conduct the audit of the cost records maintained by the
Company, at a remuneration of ?2.80 Million, plus applicable
taxes and reimbursement of out-of-pocket expenses, if any.

M/s. R A & Co. have confirmed that they possess the requisite
qualifications and experience for conducting the cost audit

of the Company and that their appointment is in accordance
with the applicable provisions of the Act and the rules made
thereunder. They have further confirmed that they are
independent and are not disqualified from being appointed
as the Cost Auditors of the Company.

In accordance with the provisions of Section 148(3) of the Act
read with the Companies (Audit and Auditors) Rules, 2014,
the remuneration payable to the Cost Auditors is required to
be ratified by the Members of the Company. Accordingly, a
resolution seeking ratification of the remuneration payable to
the Cost Auditors for the Financial Year ending March 31, 2027
forms part of the Notice convening the ensuing AGM.

INTERNAL AUDITORS

Pursuant to the provisions of Section 138 of the Act read
with the Companies (Accounts) Rules, 2014, the Company
has established an adequate internal audit framework
commensurate with the size, scale and complexity of its
operations.

Based on the recommendation of the Audit Committee, the
Board of Directors has appointed M/s. Aneja Associates,
Chartered Accountants, as the Internal Auditors of the
Company. The Internal Auditors conduct risk-based internal
audits across various functions, processes and locations of
the Company with the objective of evaluating the adequacy
and effectiveness of internal controls, governance processes,
risk management systems and compliance with applicable
laws, regulations and internal policies.

Considering the scale and geographic spread of the
Company's operations, certain internal audit assignments
requiring specialised expertise were also undertaken by other
independent audit firms possessing the requisite domain
knowledge, experience and resources.

The Internal Auditors periodically present their audit
observations, recommendations and status of implementation
of corrective actions before the Audit Committee. The Audit
Committee reviews the adequacy and effectiveness of the
internal audit function and monitors the implementation of
audit recommendations to strengthen the Company's internal
control environment and governance framework.

The Board is of the opinion that the Company's internal
financial controls and internal control systems are adequate
and operating effectively.

SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Act, read
with the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 and other applicable
provisions, the Members of the Company at the 47th AGM
held on September 26, 2025 approved the appointment of
M/s. Rauthan & Associates Company Secretaries LLP (Firm
Registration No. L2023MH014100), as the Secretarial Auditors
of the Company for a term of 5 (Five) consecutive years
commencing from the conclusion of the 47th AGM until the
conclusion of the 52nd AGM of the Company.

The Secretarial Auditors have confirmed that they possess
the requisite eligibility, qualifications and experience to
conduct the Secretarial Audit of the Company and that they
are not disqualified from acting as Secretarial Auditors under
the applicable provisions of the Act and the rules made
thereunder.

The Secretarial Audit Report for the Financial Year ended
March 31, 2026 is annexed to this Report as "Annexure III".

The Secretarial Audit Report does not contain any
qualification, reservation, adverse remark or disclaimer.
The Board is pleased to report that the Company has
complied with the applicable provisions of the Act, the SEBI
regulations and other applicable laws during the Financial
Year under review.

MATERIAL CHANGES AND COMMITMENT
AFFECTING FINANCIAL POSITION OF THE
COMPANY

i. During the Financial Year under review, pursuant to a
Business Transfer Agreement, the Company transferred
its Consumer Care business to Glenmark Consumer Care
Limited, a wholly owned subsidiary of the Company, on
a slump sale basis as a going concern. The restructuring
was undertaken to provide a dedicated platform for the
Consumer Care business, enabling enhanced strategic
focus, operational agility and long-term value creation.

ii. Subsequent to the close of the Financial Year and up
to the date of this Report, the Board approved the
transfer of the Company's Nebulizer brands/IP portfolio
to Glenmark Healthcare Limited, a wholly owned
subsidiary of the Company. The transfer is intended to
consolidate the Nebulizer business within a dedicated
platform, supporting the development of a specialised
manufacturing facility and strengthening the Company's
respiratory portfolio through focused operational
execution and innovation.

The aforesaid transactions were undertaken as part of the
Company's strategic initiatives to enhance operational focus
and strengthen the respective businesses through Glenmark
Consumer Care Limited and Glenmark Healthcare Limited,
both wholly owned subsidiaries of the Company. As the
transfers have been effected between the Company and its
wholly owned subsidiaries, the transactions do not have any
impact on the consolidated financial position of the Company.
Further, there has been no change in the nature of the
business of the Company.

CREDIT RATINGS

• S&P Global has affirmed Long-Term Rating as 'BB ',
Outlook 'Stable'.

• Crisil Ratings has revised its outlook on the long-term bank
facilities of Glenmark Pharmaceuticals Limited to 'Positive'
from 'Stable' while reaffirming the rating at 'Crisil AA'. The
short-term rating is reaffirmed at Crisil A1 .

• India Ratings and Research (Ind-Ra) has revised the
Outlook on Glenmark Pharmaceuticals Ltd's (GPL) long¬
term bank facilities to 'Positive' from 'Stable' while
affirming the ratings at 'IND AA'. Short-Term ratings
affirmed at 'IND A1 '.

LISTING AT STOCK EXCHANGES

The equity shares of the Company continue to be listed on BSE
Limited and The National Stock Exchange of India Limited.

CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO

The Company continues to focus on energy conservation,
operational efficiency, technology-driven innovation and
sustainable business practices across its operations. During
the year under review, the Company undertook various
initiatives towards improving energy efficiency, strengthening
technology capabilities, enhancing research and development
efforts and optimising the utilisation of natural resources.

The particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required
under Section 134(3)(m) of the Act read with Rule 8(3) of the
Companies (Accounts) Rules, 2014, are provided in "Annexure
V" forming part of this Report.

ANNUAL RETURN

Pursuant to Sections 92(3) and 134(3)(a) of the Act, the Annual
Return for Financial Year ended March 31, 2026 is available
on the Company's website athttps://glenmarkpharma.com/
annual-report/

UNCLAIMED DIVIDEND / SHARES

In pursuance of Regulation 39 read with Schedule VI of
the Listing Regulations, the details of underlying shares in
unclaimed suspense account and unclaimed shares / dividend
transferred to IEPF, are provided in the Report on Corporate
Governance forming part of this Annual Report.

PARTICULARS OF EMPLOYEES AND
REMUNERATION

The disclosures relating to remuneration and other details
as required under Section 197(12) of the Act, read with Rule
5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are provided in "Annexure
VI" forming part of this Report.

The statement containing particulars of employees as required
under Section 197(12) of the Act read with Rules 5(2) and 5(3)
of the aforesaid Rules forms part of this Report. In accordance
with the provisions of Section 136 of the Act, the Annual
Report is being sent to the Members excluding the aforesaid
statement. Any Member interested in obtaining a copy of
the same may write to the Company Secretary & Compliance
Officer atcomplianceofficer@glenmarkpharma.comand the
same will be made available upon request.

The aforesaid information is also available for inspection by
the Members at the Registered Office of the Company during
business hours on working days up to the date of the ensuing
AGM.

CORPORATE SOCIAL RESPONSIBILITY ("CSR")

At Glenmark, CSR is an integral part of the Company's purpose
and commitment to creating sustainable value for society.
The Company believes that long-term business success is
intrinsically linked with the well-being and development of the
communities in which it operates. Through its CSR initiatives,
the Company seeks to contribute meaningfully towards
inclusive growth, improved health outcomes, environmental
sustainability and community development.

The Company's CSR programmes are primarily focused on
maternal and child health, nutrition, access to healthcare,
education, skill development, sustainable livelihoods, water
conservation, support for persons with disabilities, disaster
relief and promotion of sports through various initiatives
undertaken directly and through the Glenmark Foundation
and implementation partners.

During the Financial Year under review, the Company
continued to strengthen its social impact initiatives across
multiple geographies, positively impacting the lives of
underserved communities through focused interventions in
healthcare, nutrition, education and community development.
The Company remains committed to creating measurable
and sustainable social impact while contributing towards the
achievement of broader developmental goals.

The CSR Committee of the Board provides strategic guidance
and oversight for the Company's CSR programmes and monitors
the implementation of projects undertaken in accordance with
the CSR Policy and the applicable provisions of the Act.

The Annual Report on CSR activities for the Financial Year
ended March 31, 2026, including the composition of the
CSR Committee and details of CSR expenditure and projects
undertaken during the year, is provided in "Annexure VII"
forming part of this Report.

The CSR Policy of the Company is available on the Company's
website athttps://glenmark.b-cdn.net/gpl pdfs/responsibility/
policy-on-corporate-social-responsibility 2021 updated.pdf

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Sections 134(3)(c) and 134(5) of
the Act, the Directors confirm that -

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

ii. appropriate accounting policies have been selected and
applied consistently and have made judgments and
estimates that are reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company
as at March 31, 2026 and of the loss of the Company for
the financial year ended March 31,2026;

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

iv. the annual accounts have been prepared on a going
concern basis;

v. have laid down internal financial controls to be followed
by the Company and such internal financial controls are
adequate and were operating effectively; and

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

NOMINATION AND REMUNERATION POLICY

Pursuant to the provisions of Section 178(4) of the Act and
Regulation 19(4) of the Listing Regulations, the Company has
adopted a Nomination and Remuneration Policy which lays
down the criteria for appointment, re-appointment, removal
and evaluation of Directors, KMP and Senior Management
Personnel. The Policy also sets out the framework for
determining qualifications, positive attributes, independence
of Directors and remuneration payable to Directors, KMPs and
other employees of the Company.

The Policy aims to attract, retain and motivate high-calibre
talent, ensure an appropriate balance of skills, experience and
diversity on the Board and align remuneration practices with
the Company's long-term strategic objectives and stakeholder
interests.

The Nomination and Remuneration Policy is available on the
Company's website athttps://glenmark.b-cdn.net/gpl pdfs/
about us/nomination and remuneration policy.pdf

RISK MANAGEMENT POLICY AND INTERNAL
ADEQUACY

The Company has established a robust Risk Management
framework to identify, assess, monitor and mitigate risks that
may impact the achievement of its strategic, operational,
financial and compliance objectives. The Risk Management
framework enables a structured and proactive approach towards
managing risks across the organisation and strengthening
business resilience in a dynamic operating environment.

The Company has in place a Risk Management Policy approved
by the Board of Directors. The Risk Management Committee
of the Board periodically reviews the key business risks,
emerging risks, mitigation plans and the overall effectiveness
of the risk management framework. The risk register is
reviewed and updated at regular intervals to reflect changes
in the internal and external business environment.

The Company follows a comprehensive risk governance
framework supported by clearly defined processes, internal
controls and oversight mechanisms. A detailed discussion
on the Company's risk management framework, key risks,
mitigation measures and risk governance structure is provided
in the Integrated Report forming part of this Annual Report.

The Company has established adequate internal financial
controls and internal control systems commensurate with the
nature, size and complexity of its business and operations.
These controls are designed to provide reasonable assurance
regarding the effectiveness and efficiency of operations,
safeguarding of assets, reliability of financial reporting and
compliance with applicable laws and regulations.

The effectiveness of the internal control framework is regularly
reviewed through internal audits, management reviews and
independent assessments carried out by the Internal Auditors
and Statutory Auditors. Significant audit observations and
the status of corrective actions are periodically reviewed
by the Audit Committee. The Audit Committee also reviews
the adequacy and effectiveness of the internal control
environment and monitors the implementation of audit
recommendations and risk mitigation measures.

The Risk Management Policy is available on the Company's
website athttps://glenmark.b-cdn.net/gpl pdfs/about us/
Risk%20Management%20Policy%20%28revised%2024-05-
2024%29.pdf

HUMAN RESOURCES

At Glenmark, people are at the heart of the Company's
success and remain a key driver of sustainable growth and
long-term value creation. The Company is committed to
fostering a performance-driven, inclusive and purpose-led
culture that empowers employees to innovate, collaborate
and contribute meaningfully towards the achievement of its
strategic objectives.

The Company continues to invest in attracting, developing
and retaining talent through focused initiatives in leadership
development, capability building, learning and development,
employee engagement, diversity and inclusion, and employee well¬
being. Through various training and development programmes,
the Company seeks to enhance professional competencies,
strengthen leadership capabilities and prepare its workforce to
meet the evolving needs of the business and industry.

The Company is committed to providing a safe, healthy, diverse
and inclusive workplace that promotes equal opportunity,
mutual respect and continuous learning. Employee well¬
being, engagement and development continue to remain key
priorities across the organisation.

The industrial relations climate across all locations remained
cordial and harmonious during the financial year under review.

The Board places on record its appreciation for the commitment,
dedication and contributions of all employees, whose continued
efforts have enabled the Company to deliver value to patients,
customers, shareholders and other stakeholders.

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS

Particulars of loans, guarantees and investments covered
under Section 186 of the Act, form part of the notes to the
standalone financial statements forming part of this Report.

GENERAL

Your Directors state that no disclosure or reporting is required
in respect of the following items as there were no transactions
on these items during the year under review:

1. Details relating to deposits covered under Chapter V of
the Act

2. Issue of equity shares with differential rights as to
dividend, voting or otherwise

3. Neither the Managing Director nor the Whole-time
Directors of the Company receive any remuneration or
commission from any of its subsidiaries

4. No significant or material orders were passed by the
regulators or Courts or Tribunals which impact the going
concern status and Company's operations in future

5. There are no proceedings initiated/ pending against the
Company under the Insolvency and Bankruptcy Code,
2016, and there is no instance of one-time settlement
with any Bank or Financial Institution

6. There was no instance of one time settlement with any
bank or financial institution

The Company has complied with the applicable Secretarial
Standards on Meetings of the Board of Directors (SS-1) and
General Meetings (SS-2) issued by the Institute of Company
Secretaries of India and approved by the Central Government
under Section 118(10) of the Act.

POLICY ON PREVENTION OF SEXUAL
HARASSMENT AT WORKPLACE

The Company is committed to providing a safe, secure,
inclusive and respectful work environment for all employees
and associates and has zero tolerance towards any form of
harassment or discrimination in the workplace.

The Company has in place a Policy on Prevention of Sexual
Harassment at Workplace in accordance with the provisions of
the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 ("POSH Act") and the
rules made thereunder. The Policy aims to provide protection
against sexual harassment at the workplace and lays down
a framework for prevention, prohibition and redressal of
complaints relating to sexual harassment.

The Company has constituted Internal Committees in
compliance with the requirements of the POSH Act and
undertakes regular awareness programmes, training sessions
and communication initiatives to promote a respectful
workplace culture and enhance awareness of the provisions
of the POSH Act and the Company's Policy.

During the Financial Year ended March 31, 2026, 8 (Eight)
complaints were received under the POSH Act. 6 (Six) complaints
were disposed of during the year in accordance with the
prescribed process and 2 (Two) complaints remained pending as
on March 31,2026. The Company continues to take appropriate
measures to ensure timely resolution of complaints and
adherence to the principles of natural justice and confidentiality.

The Company remains committed to fostering a workplace culture
built on dignity, respect, equal opportunity and mutual trust.

DISCLOSURE UNDER THE MATERNITY BENEFIT
ACT, 1961

The Board affirms that it has complied with the applicable
provisions of the Maternity Benefit Act, 1961, and the rules
made thereunder. The Company has in place appropriate
systems and policies to provide maternity benefits and related
entitlements to eligible women employees, in accordance with the
statutory requirements. The Company continues to endeavour to
provide a supportive and inclusive work environment for women
employees.

WHISTLEBLOWER POLICY AND VIGIL MECHANISM

The Company is committed to maintaining the highest
standards of ethical conduct, integrity, transparency and
accountability in all its business activities. To promote a
culture of ethical behaviour and good corporate governance,
the Company has established a Whistleblower Policy and Vigil
Mechanism in accordance with the provisions of the Act and
the Listing Regulations.

The Whistleblower Policy provides a formal mechanism
for Directors, employees and other stakeholders to report
genuine concerns relating to unethical behaviour, actual or
suspected fraud, violation of the Company's Code of Conduct,
legal or regulatory non-compliance or any other misconduct.
The Vigil Mechanism enables concerns to be reported through
appropriate channels while ensuring confidentiality, fairness
and protection of the whistleblower.

The Policy provides adequate safeguards against victimisation,
retaliation or any unfair treatment of individuals who raise
concerns in good faith. The Company does not tolerate any
form of discrimination, harassment or adverse action against
whistleblowers and is committed to ensuring that concerns
are investigated in an independent and impartial manner.

The Audit Committee oversees the implementation and
effectiveness of the Vigil Mechanism. No person has been
denied access to the Chairperson of the Audit Committee.
48 (Forty Eight) whistle-blower complaints were received
during the Financial Year ended March 31, 2026 and suitable
action was taken in accordance with the whistle blower policy.
during the Financial Year under review.

The Whistleblower Policy is available on the Company's
website athttps://glenmark.b-cdn.net/gpl pdfs/about us/
Whistleblowing%20Policy.pdf

APPRECIATION AND ACKNOWLEDGEMENTS

The Directors express their gratitude to the Company's
customers, shareholders, business partners viz. distributors
and suppliers, medical profession, Company's bankers,
financial institutions including investors for their valuable
sustainable support and co-operation.

The Directors commend the continuing commitment and
dedication of employees at all levels.

For and on behalf of the Board of Directors

Glenn Saldanha

Chairman & Managing Director
(DIN 00050607)

Place: Mumbai
Date: May 29, 2026