Our CDMO/CMO business is gaining steady momentum, offering customers an end-to-end solution — from development and scale-up to commercial manufacturing and regulatory support.

We added a manufacturing line at our Atlanta plant and acquired Apnar Pharma’s US FDA-approved Baroda facility, which also holds UK MHRA and Health Canada approvals. Product rollout has already begun there. Together, Atlanta and Baroda give us a diversified, tariff-protected base for faster growth.

In Emerging Markets, our shift toward niche molecules is improving realisations, top-line growth, and profitability. As of March 2026, we had 478 approved products and 904 filed across 40 countries (up from 285 approved/636 filed in March 2025). We are expanding further into South East Asia, CIS and other regions. Our greenfield API facility at Chhatral is targeted for US FDA approval, with capacity scaling from 25 to 170 MTPA.

In the India Branded Generics segment, we are selling 60+ products across 200 hospitals, with an expanded field force and now a pan-India presence – the business is scaling well.

Over the next 5 to 10 years, technology-driven R&D and AI adoption across discovery, development and regulatory work will drive our growth – focused on orphan drugs for rare diseases, improved formulations for existing therapies and repurposing molecules via the 505(b)(2) pathway and novel NCEs.

We are advancing on all fronts. We implemented SAP S/4HANA Cloud (RISE with SAP) to standardise processes company-wide. We have strengthened senior leadership in R&D, Strategy, and Quality, and earned Great Place to Work certification.

Our business is undergoing structural advancement, with a long growth runway ahead. Backed by deep expertise, we are confident in delivering sustained, profitable growth and long-term shareholder value.

Thank you to our entire team, employees, customers, suppliers, partners and stakeholders for your continued support.