Interim report
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Cipla Ltd. Regd. Office - Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400 013, India P +91 22 41916000 F +91 22 41916120 W www.cipla.com E-mail contactus@cipla.com Corporate Identity Number L24239MH1935PLC002380 23rd January 2026 (1) BSE Limited Listing Department Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Scrip Code: 500087 (2) National Stock Exchange of India Limited Listing Department Exchange Plaza, 5th floor, Plot no. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Scrip Code: CIPLA (3) SOCIETE DE LA BOURSE DE LUXEMBOURG Societe Anonyme 35A Boulevard Joseph II, L-1840 Luxembourg Sub: Unaudited financial results (standalone and consolidated) for the quarter and nine months ended 31st December, 2025 Dear Sir/Madam, Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company at its meeting held today i.e., 23 rd January 2026, has inter- alia approved the unaudited financial results (sta ndalone and consolidated) for the quarter and nine months ended 31st December 2025. We are enclosing herewith as follows: (1) Unaudited financial results (standalone and conso lidated) as per Indian Accounting Standards for the quarter and nine months ended 31st December 2025; and (2) Limited review report (standalone and consolid ated) issued by Walker Chandiok & Co. LLP, Statutory Auditor of the Company for the quarter and nine months ended 31st December 2025. The Board meeting of the Company which commenced today at 11:00 a.m. (IST) and is still in progress. The end time of the meeting will be separately intimated to the Stock Exchanges on conclusion. Cipla
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Cipla Ltd. Regd. Office - Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400 013, India P +91 22 41916000 F +91 22 41916120 W www.cipla.com E-mail contactus@cipla.com Corporate Identity Number L24239MH1935PLC002380 The above-mentioned documents will also be available on the Company’s website www.cipla.com under the Investors Section. Kindly take the above information on record. Yours faithfully, For Cipla Limited Rajendra Chopra Company Secretary Encl: As above Prepared by: PavanKumar Yadav Cipla
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Cipla STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31sr DECEMBER, 2025 (" in Crores) Quarter ended Nine months ended Vear ended Particulars 31-12-2025 30-09-2025 31-12-2024 31-12-2025 31-12-2024 31-03-2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1. Revenue from operations a) Revenue from sale of products 6,962.97 7,447.42 6,961.60 21,247.43 20,547.68 27,145.40 b) Other operating revenue 111.51 142.02 111.37 373.96 270.25 402.22 Total revenue from operations 7,074.48 7,589.44 7,072.97 21,621.39 20,817.93 27,547.62 2. Other income 206.34 268.95 221.61 733.85 572.41 861.87 3. Total income (1+2) 7,280.82 7,858.39 7,294.58 22,355.24 21,390.34 28,409.49 4. Expenses a) Cost of materials consumed 1,461.96 1,528.16 1,296.73 4,459.47 4,011.66 5,409.60 b) Purchases of stock-in-trade 1,248.64 892.98 913.23 3,166.64 1 2,827.81 3,851.49 c) Changes in inventories of finished goods, (78.52) 76.50 54.12 {325.68) (99.50) (332.10) stock-in-trade and work-in-progress I d) Employee benefits expense 1,324.98 1,314.80 1,197.62 3,952.08 3,599.73 4,832.83 e) Finance costs 14.03 13.18 14.64 41.26 47.99 62.01 f) Depreciation, impairment and amortisation expense 278.35 296.99 279.80 828.06 798.22 1,106.95 g) Other expenses 1,862.36 1,882.25 1,622.35 5,440.93 4,887.92 6,657.90 Total expenses 6,111.80 6,004.86 5,378.49 17,562.76 16,073.83 21,588.68 5. Profit before exceptional items, tax and share of associates {3-4) 1,169.02 1,853.53 1,916.09 4,792.48 5,316.51 6,820.81 6. Exceptional item - (Loss) (refer note 5) (275.91) (275.91) 7. Profit before tax and share of associates (5+6) 893.11 1 1,853.53 1,916.09 4,516.57 5,316.51 6,820.81 8. Tax expense/ (credit) (net) a) Current tax 160.83 468.40 337.69 1,158.78 1,227.96 1,708.35 b) Deferred tax 57.72 32.06 (5.32) 38.11 22.52 (178.59) Total tax expense (net) 218.55 500.46 332.37 1,196.89 1,250.48 1,529.76 9. Net profit after tax before share of associates (7-8) 674.56 1,353.07 1,583.72 3,319.68 4,066.03 5,291.05 10. Share of profit (+)/loss(-) of associates (0.31) 0.30 (9.13) (0.45) (10.97) (21.85) 11. Net profit for the period/year (9+10) 674.25 1,353.37 1,574.59 3,319.23 4,055.06 5,269.20 12. Profit for the period/year attributable to a) Shareholders of the company 675.80 1,351.17 1,570.51 3,324.59 4,050.68 5,272.52 b) Non - controlling interest (1.55) 2.20 4.08 (5.36) 4.38 (3.32) 13. Other comprehensive income/(loss) for the period/year a) (i) Items that will not be reclassified to profit or loss (2.41) (0.02) (1.60) (10.97) (13.86) (66.11) (ii) Income tax on items that will not be reclassified to profit or loss 0.60 0.01 0.42 2.76 3.45 9.94 b) (i) Items that will be reclassified to profit or loss 203.65 236.43 (31.81) 526.17 163.12 276.16 (ii) Income tax on items that will be reclassified to profit or loss 2.27 30.01 (4.72) 33.99 11.49 (1.33) Total other comprehensive income/(loss) for the period/year 204.11 266.43 (37.71) 551.95 164.20 218.66 14. Total comprehensive income for the period/year (11+13) 878.36 1,619.80 1,536.88 3,871.18 4,219.26 5,487.86 15. Total comprehensive income/(loss) attributable to a) Shareholders of the company 879.65 1,617.38 1,533.17 3,875.85 4,214.71 5,489.46 b) Non - controlling interest {1.29) 2.42 3.71 (4.67) 4.55 (1.60) 16. Paid-up equity share capital (face value of 'I: 2/- each) (refer 161.55 161.55 161.52 161.55 161.52 161.52 note 3) 17. Other equity 31,031.93 18. Earnings per equity share (face value of 'I: 2/- each) a) Basic ('I:) *8.37 *16.73 *19.45 *41.16 *50.16 65.29 b) Diluted ('I:) *8.36 *16.72 *19.43 *41.13 *50 .12 65.24 (u *Not Annualised Cipla Ltd. Regd. Office - Cipla House, Peninsula Business Park, Gan P +91 22 24826000 F +912224826120 W www.cipla.com E-mail contactus@clpla com Corporate Identity Number L24239MH1935PLC002380 1/ 3
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CY Cipla Consolidated Segment information (" in Crores) Quarter ended Nine months ended I Year ended Particulars 31-12-2025 30-09-2025 31-12-2024 31-12-2025 31-12-2024 31-03-2025 -Unaudited Unaudited I Unaudited Unaudited Unaudited Audited Segment wise revenue and results Segment revenue: a) Pharmaceuticals 6,746.40 7,291.43 6,777.84 20,617 .25 19,942.70 26,446.33 b) New ventures 381.48 350.68 341.30 1,175.86 1,014.88 1,303.36 Total segment revenue 7,127.88 7,642.11 7,119.14 21,793.11 20,957.58 27,749.69 Less: Inter segment revenue 53.40 52.67 46.17 171.72 139.65 202.07 Total revenue from operations 7,074.48 7,589 .44 7,072.97 21,621.39 20,817 .93 27,547.62 Segment result : Profit/ (loss) before exceptional items, tax and interest from each segment a) Pharmaceuticals 1,122.26 1,825.49 1,888,86 4,674.97 5,300.23 6,872.29 b) New ventures 60.79 41.22 41.87 158.77 64.27 10.53 Total segment result I 1,183.05 1,866.71 1,930.73 4,833.74 5,364.50 6,882.82 Less : Finance costs 14.03 13.18 14.64 41.26 47.99 62.01 Total profit before exceptional items, tax and share of associates 1,169.02 1,853.53 1,916.09 4,792.48 5,316.51 6,820.81 Less : Exceptional item (refer note 5) 275.91 275.91 - Total profit before tax and share of associates 893.11 1,853.53 1,916.09 4,516.57 5,316.51 6,820.81 Segment assets and liabilities As certain assets and liabilities are deployed interchangeably across segments, it is practically not possible to allocate those assets and liabilities to each segment . Hence, the details of assets and liabilities have not been disclosed on the above table. 1. The above financial results are prepared in accordance with the Indian Accounting Standard prescribed under section 133 of the Companies Act, 2013 and are in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). 2. The National Pharmaceutical Pricing Authority (" NPPA") issued several demand notices to the Company commencing from the year 1998 seeking recovery of alleged overcharge regarding scheduled drugs under the Drugs (Prices Control) Orders-1995 ("DPCO"). In 1999 and 2000, the Company filed writ petitions before the Hon'ble Bombay High Court ("Bombay HC") challenging inclusion of certain drugs under DPCO and challenging the demand notices issued by NPPA demanding payment of alleged overcharged amounts . On 31" August, 2001, by way of its common judgment, the Bombay HC decided the writ petitions in favor of the Company, thereby holding that these drugs do not fall within the purview of DPCO and also quashed the demand notices raised by NPPA. The NPPA appealed the order to the Hon'ble Supreme Court ("SC"). On 1" August, 2003, SC set aside the Bombay HC judgment and remanded the matter to the Bombay HC for being considered afresh by it. Further, the SC stayed recovery of 50% of the alleged overcharged amounts subject to payment of the remaining 50% of the alleged overcharged amounts pending fresh determination by the Bombay HC. Accordingly, in terms of SC's Judgment the Company deposited an amount of" 175.08 Crores with NPPA, representing 50% of the alleged overcharged amounts in respect of demand notices raised till 2003. Post 2003, the Company continued to receive demands ("Subsequent demands") alleging overcharging. These demands included several duplicate demands. In 2019, the Company applied to the Bombay HC to amend its pleadings to include: (i) subsequent demands (ii) and take on record the NPPA/ Government of India's RTI response on unavailability of any records pertinent to and what should have been the basis for inclusion of these drugs under the DPCO (iii) deduction of trade margin of 16% from outstanding demands (as having not accrued to the Company, as manufacturer) basis the Allahabad He's TC Healthcare judgment (iv) re-calculation of interest from the due date of demand notice and (v) duplication of several demands . The Bombay HC vide order dated 23'd February, 2024 allowed the amendment conditional upon the Company depositing 50% of the subsequent demands raised. The Company appealed the Bombay HC order in a special leave petition before the SC. On 19th April, 2024, the SC was pleased to issue notice and the matter is pending to be heard further. Without prejudice to the Company's position of no amount being due towards the alleged overcharge (principal) or consequential interest, on 15th July 2025 the Company voluntarily deposited an additional" 27.07 Crores with the NPPA against certain demand notices. The Company has reviewed all the notices/communications received which are attributable to the Company and are under litigation. After removing duplications as indicated above, the amount covered by the notices/communications aggregates to " 2,011 Crores with the principal of " 863 Crores and interest of" 1,148 Crores. The above demand notices do not include certain demand notices, jointly addressed to Okasa Pharma Private Limited or Okasa Limited (related parties and promoter group companies, collectively "Okasa"), and the Company. These pertain to products manufactured by Okasa and marketed by Cipla. The Company responded to these demand notices (amounting to" 9.96 Crores), stating that it is not the manufacturer and therefore not liable . These demand notices are also subject matter under Business Transfer Agreement between Okasa and Cipla's subsidiary which excludes the DPCO liability as part of the business transferred to the subsidiary. Further, Okasa has independently challenged these demand notices before the Hon'ble Bombay HC. The Company has been legally advised that it expects a favourable outcome in respect of these matters and therefore no provision is considered necessary in respect of the aforementioned demand notices received till date including demand notices addressed singly/jointly w.r.t transactions with Okasa~·..-,:::;=::;;::,:,..... Cipla Ltd. Regd. Office - Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400 013, India P +91 22 24826000 F +91 22 24826120 W www.cipla.com E-mail con!actus@cipla.com Corporate Identity Number 2380 2/ 3
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Cipla 3. The paid-up equity share capital stands increased to 'I! 161.55 Crores (80,77, 71,798 equity shares offace value 'I! 2 each) upon allotment of 2,057 equity shares and 4,046 equity shares of 'I! 2 each pursuant to "ES05 2013-A" and "Cipla E5AR Scheme 2021" respectively during the quarter ended 31" December, 2025. 4. The figures of the previous year/periods have been regrouped/recast to render them comparable with the figures of the current period. 5. Effective 21" November ,2025, The Government of India has consolidated multiple existing labour legislations into a unified framework comprising four Labour Codes collectively referred to as the 'New Labour Codes'. The Group has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by 'I! 275.91 Crores primarily arising due to change in the dimnition of "wages• for employees and contract labours. Considering the materiality and non-recunring nature of this impact, the Group has presented such incremental impact under •Exceptional Item· in the consolidated financial results for the quarter and nine months ended 31" December, 2025. 6. The Company has entered into definitive agreement to acquire 100% stake in lnzpera Heathscience Limited ("lnzpera") for a purchase consideration of '1!110.65 Crores for acquisition of equity shares and non-convertible redeemable preference shares. The transaction has been completed on 4"' December, 2025, upon fulfillment of all dosing conditions . The fair value of assets and liabilities acquired have been provisionally determined by the Group and accounted for in accordance with Ind AS 103 "Business Combinations". The provisional values will be revised after a final determination of the fair value of assets and liabilities acquired. 7. During the quarter ended, 31" December, 202S, the Company has paid 'I: 1,107.28 Crores for acquiring perpetual rights to manufacture and market Galvus• and Galvus• combination brands, used in the treatment of type 2 diabetes with effect from 1" January, 2026 pursuant to the trademark license agreement with Novartis Pharma AG (Switzerland}. 8. The unaudited standalone financial results for the quarter and nine months ended 31" December, 2D25 are available on the Company's website i.e. www.cipla.com under Investor Information section and on the stock exchange websites i.e. www.bseindia .com and www.nseindia .com. 9. The above results have been reviewed and recommended to the Board of Directors by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on 23"' January, 2026. These results have been subjected to limited review by statutory auditors who have expressed an unmodified review conclusion. Mumbai 23"' January, 2026 Cipla Ltd. Regd omce -Cipla House, Peninsula Business Park, Ganpalrao Kadam Marg, Lower Parel, Mumbai-400 013, India For and on behalf of the Board For CIPLA LIMITED UmangVohra Managing Director and Global Chief Executive Officer P +91 22 24826000 F +91 22 24826120 W www.cioi a.com E-mail contactus@dpla.com Corporate Identity Number L24239MH1935PLC002380 3/3
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Walker Chandiok &_Co LLP Walker Chandiok & Co LLP 16th Floor, Tower Ill, One International Center, S B Marg, Prabhadevi (W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2600 Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Cipla Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Cipla Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') and its associates (refer Annexure 1 for the list of subsidiaries and associates included in the Statement) for the quarter ended 31 December 2025 and the consolidated year to date results for the period 1 April 2025 to 31 December 2025, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable. 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of other auditors referred to in paragraph 5 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Chartered Accountants Offices in Ahmedabad, Bengaluru. Chandigarh, Chennai, Oehradun, Goa, Gurugram, Hyderabad, Indore, Kochi, Kolkata, M New Delhi, Noida and Pune ,\ I, ,,·11 \61.a~ '.C~ ndlok & Co LLP is registered w~li)IJlfo d liability with identification miler AAC-2085 and has ,ts reg,stered office al L-41, Connaught Circus, Ouler Circle, New Delhi, 110001, India
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Cipla Limited Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) 5. We did not review the interim financial results / consolidated financial results of 12 subsidiaries included in the Statement, whose financial information (prior to consolidation adjustments) reflects total revenues oft 858.86 crores and t 2,547.75 crores, total net profit after tax oft 30.76 crores and t 40.87 crores and total comprehensive income oft 24.43 crores and t 25.19 crores, for the quarter and year-to-date period ended on 31 December 2025, respectively as considered in the Statement. The Statement also includes the Group's share of net loss after tax and total comprehensive loss of t 0.30 crores and t 0.32 crores, for the quarter and year-to-date period ended on 31 December 2025 respectively, as considered in the Statement, in respect of an associate, whose interim financial results have not been reviewed by us. These interim financial results / consolidated financial results have been reviewed by other auditors whose review reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and an associate is based solely on the review reports of such other auditors and the procedures performed by us as stated in paragraph 3 above. Further, these subsidiaries and an associate are located outside India, whose interim financial results / consolidated financial results have been prepared in accordance with the accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial results of such subsidiaries and an associate from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion, in so far as it relates to the balances and affairs of these subsidiaries and an associate is based on the review report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by US. Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors. For Walker Chandiok & Co LLP Chartered Accountants Firm g· tration No: 001076N/N500013 Partner Membership No. 108840 UDIN: 26108840QWJPHB5376 Place: Mumbai Date: 23 January 2026 Chartered Accoontants Offices in Ahmedabad. Bengaluru. Chandigarh, Chennai, Dehradun, Gurugram, Hyderabad, lndofe, Kochi, Kolkata Mumbai, New Delhi, Noida and Pune Walker Chandiok & Co LLP is registered w~h limited liability with identification number AAC-2085 and has its registered office at L- 41 , Connaught Circus, Outer Circle, New Delhi, 110001, India
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Cipla Limited Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) Annexure 1 List of entities included in the Statement List of subsidiaries : 1. Goldencross Pharma Limited, India 2. Meditab Specialities Limited, India 3. Cipla Pharma and Life Sciences Limited, India 4. Jay Precision Pharmaceuticals Private Limited, India 5. Cipla Health Limited, India 6. Medispray Laboratories Private Limited, India 7. Sitec Labs Limited, India 8. Cipla Pharmaceuticals Limited, India 9. Cipla Health Employees Stock Option Trust, India 10. Cipla Digital Health Limited, India 11. Cipla Medpro South Africa (Pty) Limited, South Africa 12. Cipla Dibcare (Pty) Limited, South Africa (Dissolved w.e.f. 26 June 2024) 13. Cipla Medpro Manufacturing (Pty) Limited, South Africa 14. Cipla-Medpro (Pty) Limited, South Africa 15. Cipla-Medpro Distribution Centre (Pty) Limited, South Africa 16. Cipla Medpro Botswana (Pty) Limited, Botswana 17. Cipla Kenya Limited, Kenya 18. Cipla Select (Pty) Limited, South Africa 19. Medpro Pharmaceutica (Pty) Limited, South Africa 20. Mirren (Pty) Limited, South Africa 21. The Cipla Empowerment Trust, South Africa 22. Actor Pharma (Pty) Limited, South Africa 23. lnvaGen Pharmaceuticals Inc., United States of America 24. Exelan Pharmaceuticals Inc., United States of America 25. Cipla USA Inc., United States of America 26. Cipla Therapeutics Inc., United States of America 27. Aspergen Inc., United States of America 28. Cipla Employee Stock Option Trust, India (Deregistered) 29. Cipla Holding B.V., Netherlands 30. Cipla (EU) Limited, United Kingdom 31. Cipla Australia Pty Limited, Australia 32. Meditab Holdings Limited, Mauritius 33. Cipla Malaysia Sdn. Bhd., Malaysia 34. Cipla Europe NV, Belgium 35. Cipla Brasil lmportadora E Distribuidora De Medicamentos Ltda., Brazil 36. Cipla Algerie, Algeria 37. Breathe Free Lanka (Private) Limited, Sri Lanka 38. Cipla Maroc SA, Morocco 39. Cipla Gulf FZ-LLC, United Arab Emirates 40. Cipla Colombia SAS, Colombia 41. Cipla (China) Pharmaceutical Co., Ltd., China 42. Cipla (Jiangsu) Pharmaceutical Co., Ltd., China 43. Mexicip S.A. de C.V, Mexico 44. CiplaRna GmbH (incorporated w.e.f. 28 May 2025) 45. lnzpera Healthsciences Limited (acquired w.e.f. 4 December 2025) Chartered Accountants Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai Dehradun, Gurugram, Hyderabad, Indore, Kechi, Kolkata, Mumbai, New Delhi, Neida and Pune Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L- 41, Connaught Circus, Outer Circle, New Delhi, 110001, India
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Cipla Limited Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) List of associates: 1. Stempeutics Research Private Limited, India 2. AMPIN Power Systems Private Limited (formerly known as AMPSOLAR Power Systems Private Limited), India (share of loss/ profit not required to be considered) 3. AMPIN Energy Green Eleven Private Limited (formerly known as AMP Energy Green Eleven Private Limited), India (share of loss/ profit not required to be considered) 4. Clean Max Auriga Power LLP, India (share of loss/ profit not required to be considered) 5. GoApptiv Private Limited, India 6. lconphygital Private Limited, India (Wholly owned subsidiary of GoApptiv Private Limited) 7. MKC Biotherapeutics Inc., United States of America 8. Pactiv Healthcare Private Limited, India (Wholly owned subsidiary of GoApptiv Private Limited) 9. Achira Labs Private Limited, India 10. Brand med (Pty) Limited, South Africa 11. AMPIN Energy C&I Eighteen Private Limited (formerly known as AMP Energy C&I Eighteen Private Limited), India (w.e.f. 28 May 2025) (share of loss/ profit not required to be considered) 12. iCaltech Innovations (Private) Limited (w.e.f. 26 August 2025) Chartered Accountants Offices in Ahmedabad, Bengaluru, Chandig,rh, Chennai. Dehradun, Gurugram, Hyderabad, Indore, Kochi, Kolkala, Mumbai, New Delhi, Naida and Pune Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L- 41, Connaught Circus, Outer Circle, New Delhi, 110001, India
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Cipla STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, Z0ZS (~ in Crores) Quarter ended Nine months ended Year ended Particulars 31-12-2025 30-09-2025 31-12-2024 31-12-2025 31-12-2024 31-03-2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1. Revenue from Operations a) Revenue from sale of products 4,256.93 4,495.16 4,134.87 13,253.75 11,856.98 16,111.45 b) Other operating revenue 241.15 730.56 836.01 1,516.22 2,389.98 2,933.40 Total revenue from operations 4,498.08 5,225.72 4,970 .88 14,769.97 14,246.96 19,044.85 2. Other income (refer note 4) 416.70 254.66 188.69 942.43 691.35 984.72 3. Total income (1+2) 4,914.78 5,480.38 5,159.57 15,712.40 14,938.31 20,029.57 4. Expenses a) Cost of materials consumed 1,003.81 1,005.18 940.73 3,026.76 2,719.24 3,642.84 b) Purchases of stock-in-trade 746.64 530.39 475.64 1,824.46 1,591.99 2,056.75 c) Changes in inventories of finished goods, (123.68) 23.89 (44.56) (243.58) (223.12) (229.87) stock-in-trade and work-in-progress d) Employee benefits expense 822.93 840.01 761.45 2,481.24 2,269.94 3,054.87 e) Finance costs 4.03 2.65 3.55 12.56 11.62 15.11 f) Depreciation , impairment and amortisation expense 153.33 141.30 142.62 440.32 426.19 573.89 g) Other expenses 1,327.18 1,303.62 1,175.79 3,812.81 3,429.18 4,741.82 Total expenses 3,934.24 3,847.04 3,455.22 11,354.57 10,225.04 13,855.41 5. Profit before exceptional items and tax (3-4) 980.54 1,633.34 1,704.35 4,357.83 4,713.27 6,174.16 6. Exceptional item - (Loss)/Gain (refer note 5 & 6) (244.37) - - (244.37) - 294.66 7. Profit before tax (5+6) 736.17 1,633.34 1,704.35 4,113.46 4,713.27 6,468.82 8. Tax expense /(credit) (net) a) Current tax 113.87 412.22 262.96 982.13 1,027.61 1,360.32 b) Deferred tax 5.42 10.59 3.24 0.79 13.41 (49.15) Total tax expense (net) 119.29 422.81 266.20 982.92 1,041.02 1,311.17 9. Net profit after tax for the period/ year (7-8) 616.88 1,210.53 1,438.15 3,130.54 3,672.25 5,157.65 10. Other comprehensive income/(loss) for the period/year a) (i) Items that will not be reclassified to profit or loss (3.79) 0.12 (1.74) (9.51) (10.39) (16.82) (ii) Income tax on items that will not be reclassified to profit or loss 0.95 (0.03) 0.43 2.39 2.61 4.24 b) (i) Items that will be reclassified to profit or loss 0.31 (112.92) (12.69) (111.99) (55.55) 3.47 (ii) Income tax on items that will be reclassified to profit or loss (0.07) 28.42 3.19 28.19 13.98 (0.87) Total other comprehensive income/(loss) for the period/year (2.60) (84.41) (10.81) (90.92) (49.35) (9.98) 11. Total comprehensive income for the period/year (9+10) 614.28 1,126.12 1,427.34 3,039.62 3,622.90 5,147.67 12. Paid-up equity share capital (face value of~ 2/- each) (refer note 3) 161.55 161.55 161.52 161.55 161.52 161.52 13. Other equity 31,937.72 14. Earnings per equity share (face value on 2/- each) a) Basic(~) *7.64 *14 .99 *17 .81 *38.76 *45.47 63.87 b) Diluted(~) *7.63 *14.98 *17 .79 *38.73 *45 .44 63.82 *Not Annualised (Y Cipla Ltd. Regd. Office - Cipla House. Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400 013, India P +91 22 24826000 F +91 22 24826120 W www.cipla.com E-mail contactus@cmla.com Corporate Identity Number L24239MH1935PLC002380 1/3
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Cipla 1. The above financial results are prepared in accordance with the Indian Accounting Standard prescribed under section 133 of the Companies Act, 2013 and are in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) . 2. The National Pharmaceutical Pricing Authority ("NPPA") issued several demand notices to the Company commencing from the year 1998 seeking recovery of alleged overcharge regarding scheduled drugs under the Drugs (Prices Control) Orders-1995 ("DPCO"). In 1999 and 2000, the Company filed writ petitions before the Hon'ble Bombay High Court ("Bombay HC") challenging inclusion of certain drugs under DPCO and challenging the demand notices issued by NPPA demanding payment of alleged overcharged amounts . On 31st August, 2001, by way of its common judgment, the Bombay HC decided the writ petitions in favor of the Company, thereby holding that these drugs do not fall within the purview of DPCO and also quashed the demand notices raised by NPPA. The NPPA appealed the order to the Hon'ble Supreme Court ("SC"). On 1'1 August, 2003, SC set aside the Bombay HC judgment and remanded the matter to the Bombay HC for being considered afresh by it. Further, the SC stayed recovery of 50% of the alleged overcharged amounts subject to payment of the remaining 50% of the alleged overcharged amounts pending fresh determination by the Bombay HC. Accordingly, in terms of SC's Judgment the Company deposited an amount of, 175.08 Crores with NPPA, representing 50% of the alleged overcharged amounts in respect of demand notices raised till 2003. Post 2003, the Company_continued to receive demands ("Subsequent demands") alleging overcharging. These demands included several duplicate demands. In 2019, the Company applied to the Bombay HC to amend its pleadings to include: (i) subsequent demands (ii) and take on record the NPPA/ Government of India's RTI response on unavailability of any records pertinent to and what should have been the basis for inclusion of these drugs under the DPCO (iii) deduction of trade margin of 16% from outstanding demands (as having not accrued to the Company, as manufacturer) basis the Allahabad He's TC Healthcare judgment (iv) re-calculation of interest from the due date of demand notice and (v) duplication of several demands. The Bombay HC vide order dated 23rd February, 2024 allowed the amendment conditional upon the Company depositing 50% of the subsequent demands raised. The Company appealed the Bombay HC order in a special leave petition before the SC. On 19th April, 2024, the SC was pleased to issue notice and the matter is pending to be heard further . Without prejudice to the Company's position of no amount being due towards the alleged overcharge (principal) or consequential interest, on 15th July 2025 the Company voluntarily deposited an additional, 27.07 Crores with the NPPA against certain demand notices. The Company has reviewed all the notices/communications received which are attributable to the Company and are under litigation. After removing duplications as indicated above, the amount covered by the notices/communications aggregates to , 2,011 Crores with the principal of, 863 Crores and interest of, 1,148 Crores. The above demand notices do not include certain demand notices, jointly addressed to Okasa Pharma Private Limited or Okasa Limited (related parties and promoter group companies, collectively "Okasa"), and the Company. These pertain to products manufactured by Okasa and marketed by Cipla. The Company responded to these demand notices (amounting to , 9.96 Crores), stating that it is not the manufacturer and therefore not liable. These demand notices are also subject matter under Business Transfer Agreement between Okasa and Cipla's subsidiary which excludes the DPCO liability as part of the business transferred to the subsidiary. Further, Okasa has independently challenged these demand notices before the Hon'ble Bombay HC. The Company has been legally advised that it expects a favourable outcome in respect of these matters and therefore no provision is considered necessary in respect of the aforementioned demand notices received till date including demand notices addressed singly/ jointly w.r.t transactions with Okasa. 3. The paid-up equity share capital stands increased to , 161.55 Crores (80, 77, 71,798 equity shares of face value, 2 each) upon allotment of 2,057 equity shares and 4,046 equity shares of, 2 each pursuant to "ESOS 2013-A" and "Cipla ESAR Scheme 2021" respectively during the quarter ended 31st December, 2025. 4. Other income for the quarter ended 31st December, 2025 includes, 200.01 Crores, dividend received from a subsidiary company. 5. Exceptional items for the year ended 31'1 March, 2025, represents, 294.66 Crores with respect to reversal of impairment loss recognized in earlier years for the investment in the wholly owned subsidiary, Cipla Pharma and Life Sciences Limited . Cipla Ltd. Regd. Office - Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400 013, India P +91 22 24826000 F +91 22 24826120 W www.cipla.com E-mail contactus@c1pla.com Corporate Identity Number L24239MH 1935PLC002380 2/3
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Cipla 6. Effective 21" November, 2025, The Government of India has consolidated multiple existing labour legislations into a unified framework comprising four Labour Codes collectively referred to as the 'New Labour Codes'. The Company has assessed the financial implications of these changes which has resulted in increase in gratuit y liability arising out of past service cost and increase in leave liability by " 244.37 Crores primarily arising due to change in definition of •wagesH for employees and contract labours. Considering the materiality and non recurring nature of this impact, the Company has presented such incremental impact under •Exceptional Item" in the standalone financial results for the quarter and nine months ended 31st December, 2025. 7. The Company has entered into definitive agreements to acquire 100% stake in lnzpera Heath Science Limited ("lnzpera•) for a purchase consideration of" 110.6S Crores for acquisition of equity shares and non-convertible redeemable preference shares. The transaction has been completed on 4th December, 2025, upon fulfillment of all closing conditions. Accordingly, the investment has been accounted as •investment in wholly owned subsidiary''. 8. During the quarter ended, 31st December, 2025, the Company has paid " 1,107.28 Crores for acquiring perpetual rights to manufacture and market Galvus• and Galvus• combination brands, used in the treatment of type 2 diabetes with effect from 1st January, 2026 pursuant to the trademark license agreement with Novartis Pharma AG (Switzerland). 9. The figures of the previous year/periods have been regrouped/recast to render them comparable with the figures of the current period. 10. The above results have been reviewed and recommended to the Board of Directors by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on 23rd January, 2026. These results have been subjected to limited review by statutory auditors who have expressed an unmodified review conclusion. Mumbai 23rd January, 2026 Cipla Ltd. For and on behalf of the Board For CIPLA LIMITED UmangVohra Managing Director and Global Chief Executive Officer Regd. Office - Cipla House. Peninsula Business Park, Ganpalrao Kadam Marg. Lower Parel, Mumbai-400 013, India P +91 22 24826000 F +91 22 24826120 W www.cipla.com E-mail con1actustmopla com Corporate Identity Number L24239MH1935PLC002380 3/3
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Walker Chandiok &_Co LLP Walker Chandiok & Co LLP 16th Floor, Tower Ill, One International Center, S B Marg, Prabhadevi (W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2600 Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Cipla Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Cipla Limited ('the Company') for the quarter ended 31 December 2025 and the year to date results for the period 1 April 2025 to 31 December 2025, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. The Statement, which is the responsibility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Chartered Accountants Offices in Ahmedabad, Bengaluru, Chandigarh: Chennai, Dehradun. Goa, Gurugram, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India
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Cipla Limited Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Walker Chandiok & Co LLP Chartered Accountants Firm Re is ation No: 001076N/N500013 A~i P. Sethna Partner Membership No. 108840 UDIN: 26108840RGJUDT9382 Place: Mumbai Date: 23 January 2026 Chartered Accountants Offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Gurugram, Hyderabad, Indore, Kechi, Kolkata, Mumbai, New Delhi, Noida and Pune Walker Chandiok & Co LLP is registered wilh limited liability with identification number AAC-2085 and has its registered office at L- 41 , Connaught Circus, Outer Circle, New Delhi, 110D01, India