Your Board of Directors is pleased to present the 48th (Forty-Eighth) Annual Report on the business and operations, along with the audited standalone and
consolidated financial statements and the Auditor's Report of the Company, for the Financial Year ended March 31,2026.

Financial Highlights

Standalone and Consolidated Financial Statements

The standalone and consolidated financial statements of the Company
have been prepared in accordance with the Indian Accounting Standards
('Ind AS') as notified under the Companies (Indian Accounting Standards)
Rules, 2015, as amended. The financial highlights and the results of the
operations, including major developments, have been further discussed in
detail in the Management Discussion and Analysis Report.

Further, a statement containing the salient features of the financial
statements of our subsidiaries and joint venture pursuant to Section 129(3)
of the Companies Act, 2013, in the prescribed form AOC 1 is appended as
Annexure 1 to the Board's Report. The statement also provides details of the
performance and financial position of each subsidiary and joint venture.

Integration of Biocon Biologics Limited with the
Company

During the year, the Company carried out a comprehensive evaluation of
multiple strategic options for Biocon Biologics Limited ('BBL), a material
subsidiary of the Company, including an Initial Public Offering of its equity
shares and other corporate restructuring alternatives including its merger
with the Company. After careful consideration of key parameters such as
strategic alignment, sectoral dynamics, shareholder value creation, and
other relevant data, the Company took the decision to fully integrate BBL
with the Company through the acquisition of minority stakes in BBL which
represented the most efficient and value-accretive path forward for the
Company thereby transforming it into a leading global biopharmaceutical
enterprise. As on March 31,2026, the Company holds ~99% stake in BBL on
a fully diluted basis. Post the integration the Company stands as a single,
unified organisation - OneBiocon, with effect from April 01,2026.

Further, it is proposed to acquire remaining ~1% of BBL's paid up equity
share capital on fully diluted basis from remaining shareholders of BBL, post
which BBL will become a wholly-owned subsidiary of the Company.

State of Affairs

The highlights of the Company's Consolidated Financial performance are
as under:

Ý During the year, our consolidated income registered a growth of 5%
to ' 172,695 million from ' 164,699 million in FY25. From a segment
perspective, Generics recorded an annual growth of 5%, Biosimilars
grew by 16% and CRDMO registered a growth of 3%.

Ý Core operating margins (EBITDA margins net of licensing, forex and
R&D) stood at 29%.

Ý Profit for the year including non-controlling interest stood at ' 3,688
million compared to ' 14,294 million for FY25.

Ý The effective tax rate (ETR) for the year before the exceptional item was
21% (23% in FY25).

Exceptional items for FY26 (Consolidated):

Ý ' 965 million of expenses due to implementation of the Labour Code,
reflecting changes in employee benefit obligations.

Ý ' 1,842 million of gain arising from remeasurement of derivative
liability pursuant to the Share Swap and Share Purchase Agreement
(SSPA) with Mylan Inc.

Ý ' 2,102 million of expenses relating to advisory and legal consultancy
services, hedging premiums, bridge financing costs, additional finance
costs for lender settlements, and write off of recoveries related to the
Viatris transaction.

Ý ' 1,372 million of expenses towards integration of the Company and
BBL, including employee severance, consultant fees, and accelerated
Employee Stock Option Plan/ Restricted Stock Unit costs.

Ý Termination benefits of '304 million recorded by Syngene
International Limited.

Ý Provision of ' 762 million on certain inventory.

Ý Settlement cost of ' 291 million on a litigation matter by a subsidiary.

Ý Fair value loss of ' 75 million on investment in equity shares of Indian
Foundation for Quality Management ('IFQM').

Corporate Events:

Ý During the period, the Company raised funds through the issuance
and allotment of listed Commercial Papers (CPs) on a private
placement basis, comprising ' 6,000 million in April 2025, ' 18,000
million in December 2025, and ' 2,000 million in January 2026. The
CPs aggregating ' 6,000 million were fully bought back in September
2025, while the remaining CPs aggregating ' 20,000 million were fully
bought back in January 2026.

Further, the Company, in April 2025, fulfilled its payment obligations
and fully redeemed the listed CPs (issued and allotted by the Company
in January 2025) amounting to ' 5,700 million.

Ý The Company, in June 2025, raised an amount aggregating to
' 45,000 million through Qualified Institutions Placement by allotment
of 136,363,635 Equity Shares of ' 5 each to the Qualified Institutional
Buyers at the issue price of ' 330 per Equity Share which includes a
discount of ' 10.20 per Equity Share (3% of the floor price of ' 340.20
Equity Share) to the floor price, i.e. at a premium of ' 325 per Equity
Share.

Ý The Company, in June 2025, acquired 1,125 Unlisted, Unsecured,
Redeemable, Optionally Convertible Debentures ('OCDs') of BBL,
from Goldman Sachs India AIF Scheme-1 and Goldman Sachs India
Alternative Investment Trust AIF Scheme - 2 ('Goldman Sachs') of face
value of ' 10,000,000 each.

Further, the Company, in May 2026 exercised its right of conversion of
the aforesaid OCDs into Equity Shares of BBL of face value of ' 10 each.

Ý The Company, in October 2025, made an early full redemption of
1,07,000 Unlisted, Secured, Rated, Redeemable, Non-Convertible
Debentures ('NCDs') of face value of ' 100,000/- each, aggregating to
' 10,700 million, issued and allotted by the Company to Kotak Special
Situation Fund on private placement basis in February 2023.

Ý The Company, in January 2026, issued and allotted 171,279,553
Equity Shares of the Company of ' 5 each on preferential basis to (a)
Mylan Inc.; (b) Serum Institute Life Sciences Private Limited; (c) Tata
Capital Growth Fund II; and (d) Activ Pine LLP ('Selling Shareholders')
as consideration for acquisition of 261,917,480 Equity Shares of BBL,

from the Selling Shareholders. The acquisition was effected through a
share-swap arrangement.

Ý The Company, in January 2026, made an early full redemption of
50,000 Unlisted, Secured, Rated, Redeemable Non-Convertible
Debentures ('NCDs') of face value of ' 1,00,000/- each, aggregating
to ' 5,000 million issued and allotted by the Company to ESOF III
Investment Fund and Edelweiss Alternative Asset Advisors Limited on
private placement basis in May 2023.

Ý The Company, in January 2026, raised an amount aggregating to
' 41,500 Million through Qualified Institutions Placement by allotment
of 112,664,585 Equity Shares of ' 5 each to the Qualified Institutional
Buyers at the issue price of ' 368.35 per Equity Share which includes a
discount of ' 19.39 per Equity Share (5% of the floor price of ' 387.74)
to the floor price, i.e. at a premium of ' 363.35 per Equity Share.

Ý The Company, in January 2026, acquired 10,686,044 Unlisted,
Unsecured, Redeemable, Compulsorily Convertible Debentures
('CCDs') of BBL, from ESOF III Investment Fund and EAAA India
Alternatives Limited (formerly known as Edelweiss Alternative Asset
Advisors Limited) (collectively referred to as 'Edelweiss') of face value
of ' 10/- each aggregating to ' 3,000 Million.

Further, the Company, in May 2026 exercised its right of conversion
of the aforesaid CCDs of BBL into Equity Shares of BBL of face value of
' 10 each.

Ý The Company, in January 2026, acquired 14,36,69,382 equity shares of
BBL from Mylan Inc. against cash consideration of USD 400 million, in 2
(two) tranches.

The highlights of the Company's Standalone Financial performance are as
under:

Ý Revenue from operations for FY26 stood at ' 23,464 million compared
to ' 22,426 million in FY25. Other income for FY26 amounted to
' 3,197 million as against ' 2,423 million in FY25.

Ý Core operating margins (EBITDA margins net of licensing, impact of
forex, R&D and dividend from subsidiaries) was 26% as compared to
20% in the previous Financial Year.

Ý Profit before tax and exceptional items stood at ' 2,661 million
compared to ' 534 million in FY25. Increase in standalone profit is
mainly due to sales increase and decrease in finance cost on account
of repayment of borrowings taken in relation to investments made in
BBL.

Ý Profit for the year stood at ' 372 million as compared to ' 6,093 million
in FY25 after deducting the exceptional expenditure of amount
' 2,151 million mainly on account of strategic corporate action of the
Company to fully integrate BBL as a wholly owned subsidiary.

Subsidiaries and Joint Ventures

The Company has 39 subsidiaries and 1 joint venture as on March 31,2026.
A report on the performance and financial position of each subsidiary
and joint venture is outlined in AOC-1, which is annexed to this report as

Annexure 1.

In accordance with the provisions of Section 136 of the Companies Act, 2013
and the amendments thereto, read with the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
('SEBI Listing Regulations'), the audited financial statements, including the

consolidated financial statements and related information of the Company
and financial statements of the subsidiary companies will be available on
our website www.biocon.com.

The Company has also formulated a Policy for Determining Material
Subsidiaries pursuant to the provisions of the SEBI Listing Regulations. The
policy is available on the website of the Company at https://www.biocon.
com/investor-relations/corporate-governance/governance-documents-
policies/.

A report of the salient features and a summary of the financial performance
of each of the subsidiaries/ joint venture is presented below:

Biocon Pharma Limited, India

Biocon Pharma Limited ('BPL') is a wholly owned subsidiary of the Company
with its registered office situated in Bengaluru, Karnataka, India. The
Company was incorporated under the Companies Act, 2013 on October
31,2014, and is engaged in the development and manufacture of generic
formulations for sale in global markets, with a focus on opportunities in
the United States, Europe and Rest of the World markets. BPL has set up
its formulations manufacturing facility for oral solid dosages at Bengaluru.

During the Financial Year ended March 31,2026, BPL reported total revenue
of ' 8,712 million and net loss of ' 882 million against revenue of ' 9,825
million and net profit of ' 823 million in FY25.

Biocon Pharma Inc., USA

Biocon Pharma Inc. ('BPI'), a wholly owned subsidiary of BPL, was
incorporated on July 27, 2015, in the State of Delaware, USA. BPI is engaged
in the commercialization of generic formulations in the United States.

During the Financial Year ended March 31, 2026, BPI registered a total
revenue of ' 8,210 million and net profit of ' 223 million against the total
revenue of ' 8,962 million and net profit of ' 115 million in FY25.

Biocon Pharma UK Limited, United Kingdom

Biocon Pharma UK Limited ('BPUK'), a wholly owned subsidiary of BPL,
was incorporated on December 07, 2018, in the United Kingdom. BPUK is
engaged in the commercialization of generic formulations in the United
Kingdom.

During the Financial Year ended March 31, 2026, BPUK registered total
revenue of ' 239 million and net profit of ' 6 million against total revenue of
' 247 million and net profit of ' 10 million in FY25.

Biocon Pharma Ireland Limited, Ireland

Biocon Pharma Ireland Limited ('BPIL'), a wholly owned subsidiary of BPL,
was incorporated on December 14, 2018, in Ireland. BPIL is engaged in the
commercialization of generic formulations in Ireland.

As on March 31,2026, BPIL has not commenced its commercial operations.
During the Financial Year ended March 31,2026, BPIL reported loss of ' 1
million against loss of ' 1 million in FY25.

Biocon Pharma Malta Limited & Biocon Pharma Malta I
Limited

Biocon Pharma Malta Limited ('BPML'), a wholly owned subsidiary of BPL
and Biocon Pharma Malta I Limited ('BPMIL') a wholly owned subsidiary of
BPML, were incorporated on January 25, 2021 in Malta. BPMIL is engaged in
commercialization of generic formulations in Europe.

During the Financial Year ended March 31, 2026, BPML recorded total
revenue of ' 4 million and reported net profit of ' 2 million against total
revenue of ' 1 million and no loss in FY25 and BPMIL recorded total revenue
of ' 715 million and reported a profit of ' 17 million against total revenue of
' 242 million and profit of ' 4 million in FY25.

Biocon Generics Inc., USA

Biocon Generics Inc. ('BGI'), a wholly owned subsidiary of BPL, was
incorporated on July 07, 2023 in the State of Delaware, USA. BGI is engaged
in the manufacturing of generic formulations for sale in global market with
a focus on opportunities in the United States and Europe.

During the Financial Year ended March 31,2026, BGI recorded total revenue
of ' 717 million and net loss of ' 519 million against revenue of ' 196 million
and net loss of ' 53 million in FY25.

Biocon Biosphere Limited, India

Biocon Biosphere Limited ('BBSL') is a wholly owned subsidiary of the
Company with its registered office situated in Bengaluru, Karnataka, India.
The Company was incorporated under the Companies Act, 2013 on
December 24, 2019 and was formed for undertaking similar business to that
of Biocon Limited, vide a Greenfield facility in Vizag to de-risk fermentation
manufacturing at Bengaluru.

During the Financial Year ended March 31, 2026, BBSL reported total
revenue of ' 500 million and net loss of ' 774 million against revenue of
' 130 million and net loss of ' 186 million in FY25.

Biocon Academy, India

Biocon Academy spearheads the Biocon Group's CSR initiatives in technical
and professional education. Established in 2013 as a Centre of Excellence
for Advanced Learning in Biosciences, the Academy leverages Biocon's
extensive industry experience and subject matter expertise, in partnership
with international academic collaborators such as Keck Graduate Institute,
Claremont, California (USA), and leading domestic partners including
BITS Pilani, JSS AHER, Ramaiah College of Arts and Science, and IBAB.
Through these collaborations, Biocon Academy delivers industry oriented
advanced learning and skill building programs for the pharmaceutical
and biotechnology sectors. Dedicated exclusively to industry focused
biosciences education, the Academy's programs aim to empower life
sciences and engineering graduates with advanced knowledge, industrial
proficiency and job ready skills essential for successful careers in the biotech
industry.

Biocon SA, Switzerland

Biocon SA ('BSA') is a wholly owned subsidiary of the Company, incorporated
on April 21, 2008, pursuant to a certificate of incorporation issued by the
Companies Register of the Canton of Jura, under the laws of Swiss Code of
Obligations. BSA is primarily engaged in identifying and developing novel
molecules into commercial products or licensable assets through strategic
partnerships.

During the Financial Year ended March 31, 2026 BSA has other income of
' 25 million against other income of ' 19 million in FY25.

Biocon FZ LLC, United Arab Emirates

Biocon FZ LLC is a wholly owned subsidiary of the Company, based in Dubai,
United Arab Emirates. Incorporated on June 16, 2015, Biocon FZ LLC was
established as a marketing entity for pharmaceutical products to target
markets in the Middle East and the Gulf Cooperation Council ('GCC').

During the year ended March 31,2026, Biocon FZ LLC earned ' 366 million
in revenue and reported net profit of ' 8 million against revenue of ' 302
million and net profit of ' 89 million in FY25.

Syngene International Limited, India

Syngene International Limited (Syngene), subsidiary of the Company, is
one of India's largest integrated Contract Research, Development and
Manufacturing Organizations (CRDMOs), operating at global scale with a
one-stop platform for drug discovery, development and manufacturing.
Syngene serves a diverse customer base spanning pharmaceutical,
biotechnology, animal health, consumer goods and specialty chemical
industries, as well as academic institutions, non-profit organizations and
government agencies.

Syngene's clients are world leaders in their fields, ranging from leading
global multinationals to small and medium-sized biotech companies, non¬
profit institutions, academic institutes, and government organizations. The
majority of Syngene's clients are based in the US and Europe for whom
Syngene plays an important role as part of their outsourcing strategies.

Incorporated in 1993, Syngene is listed on the National Stock Exchange of
India Limited and BSE Limited. With a workforce of over 8,300 employees,
including more than 5,700 scientists, Syngene combines deep scientific
expertise, an experienced management team and strong governance
oversight through an independent Board of Directors. Its capabilities
span multiple modalities, including small molecules, peptides, biologics,
antibody-drug conjugates ('ADCs') and oligonucleotides, enabling support
across the entire value chain from discovery through commercial-scale
manufacturing. Syngene's integrated CRDMO model is designed to provide
customers with seamless access to end-to-end scientific and manufacturing
capabilities through flexible partnership structures ranging from specialist
services to long-term strategic collaborations. Syngene combines quality,
technology and talent to deliver reliable execution, strong compliance and
operational excellence. A fully digitized quality organization, together with a
strong regulatory track record, supports robust data integrity and consistent
outcomes for customers worldwide.

Guided by a governance framework focused on transparency, accountability
and long-term value creation, Syngene is also advancing responsible
business practices across its operations and value chain, with a focus on
resource efficiency, safety and positive community outcomes.

During the Financial Year ended March 31,2026, Syngene posted standalone
revenue of ' 34,907 million against revenue of ' 34,438 million in FY25 and
standalone net profit of ' 3,049 million against standalone net profit of
' 4,680 million in FY25.

During the Financial Year ended March 31, 2026, Syngene posted
consolidated revenue growth of 3% to ' 38,094 million against revenue of
' 37,142 million in FY25 and consolidated net profit of ' 3,167 million against
consolidated net profit of ' 4,962 million in FY25.

Syngene USA Inc., USA

Syngene USA Inc. is a wholly owned subsidiary of Syngene, incorporated on
August 24, 2017, with its registered office in the State of Delaware, United
States of America ('USA'). It plays a crucial role in strengthening Syngene's
presence in the US market.

During the Financial Year ended March 31,2026, Syngene USA Inc. reported
total revenue of ' 1,082 million and net loss of ' 93 million against total
revenue of ' 959 million and net profit of ' 38 million in FY25.

Syngene Scientific Solutions Limited, India

Syngene Scientific Solutions Limited ('SSSL') is a wholly owned subsidiary
of Syngene, incorporated on August 10, 2022, with its registered office
in the State of Karnataka, India. SSSL specializes in contract research and
clinical research services. As a dynamic player in the pharmaceutical and
biotechnology sectors, SSSL offers a diverse range of services, including
CRAMS, clinical research, R&D, and software development.

During the Financial Year ended March 31,2026, SSSL reported total revenue
of ' 4,255 million and net profit of ' 211 million against total revenue of
' 3,345 million and net profit of ' 244 million in FY25.

Syngene Manufacturing Solutions Limited, India

Syngene Manufacturing Solutions Limited ('SMSL) is a wholly owned
subsidiary of Syngene, incorporated on August 26, 2022, with its registered
office in the State ofKarnataka, India. SMSL is dedicated to the manufacturing
of pharmaceutical, biopharmaceutical, and biological products.

During the Financial Year ended March 31, 2026, SMSL reported total
revenue of ' 1 million and reported no loss against total revenue of ' 1
million and no loss in FY25. SMSL is yet to commence the operations.

Biocon Biologics Limited, India

Biocon Biologics Limited ('BBL') was incorporated on June 08, 2016, in India
with the objective of building a biologics focused business with strong R&D
and global scale manufacturing capabilities.

BBL, a subsidiary of the Company, is a unique, fully integrated, leading global
biosimilars Company committed to transforming healthcare and patient
lives by enabling affordable access to high quality biologics worldwide. It
is leveraging cutting-edge science, innovative tech platforms, global scale
manufacturing capabilities and world class quality systems to lower the cost
of lifesaving biologics and improve health outcomes.

BBL has commercialized eleven biosimilars in several key Emerging Markets
as well as Advanced Markets like US, EU, Australia, Canada and Japan.

BBL has a pipeline of 20 biosimilar assets across diabetology, oncology,
immunology and other non-communicable diseases. It has a proven track
record of success and has achieved several 'firsts' in the biosimilars industry.
BBL is also committed to environmental, social and governance ('ESG') goals
in-line with global norms such as the UN Sustainable Development Goals
('SDGs') and remains focused on manging ESG performance and improving
outcomes.

During the Financial Year ended March 31, 2026, BBL posted standalone
revenue of ' 41,286 million against standalone revenue of ' 45,484 million
in FY25 and standalone net loss of ' 6,961 million against standalone net
profit of ' 8,309 million in FY25.

During the Financial Year ended March 31, 2026, BBL posted consolidated
revenue growth of 5% to ' 106,162 million against consolidated revenue of
' 101,444 million in FY25 and consolidated net loss of ' 7,719 million against
consolidated net profit of ' 8,896 million in FY25. Adjusting for divestment
gain like to like, increase in revenue stands at 17%, driven by robust growth
in the core business across Advanced and Emerging markets.

Biocon Biologics International Limited, United Kingdom
(erstwhile known as Biocon Biologics UK Limited)

Biocon Biologics International Limited ('BBIL') which was incorporated in
the United Kingdom in March 2016 is a wholly owned subsidiary of BBL.
Effective April 01, 2025, BBIL has transferred its business to BBUK PLC
through Business Transfer Agreement ('BTAfi.

During the Financial Year ended March 31,2026, BBIL reported total revenue
of ' 100 million and net loss of ' 20 million in FY26 against total revenue of
' 13,854 million and net profit of ' 1,414 million in FY25.

Biocon Biologics UK PLC, United Kingdom (erstwhile
known as Biosimilars Newco Limited)

Biocon Biologics UK PLC ('BBUK PLC') is a wholly owned subsidiary of BBL,
registered in the United Kingdom.

BBUK PLC undertakes biosimilar businesses, i.e. w.r.t. Trastuzumab,
Bevacizumab, Pegfilgrastim, Glargine, Aspart and Ustekinumab across the
globe. During the year BBUK PLC has undertaken the business of BBIL and
BBGP PLC through Business Transfer Agreement ('BTA') effective from April
01,2025 and November 01,2025 respectively.

During the Financial Year ended March 31, 2026, Biocon Biologics UK PLC
reported total revenue of ' 47,966 million and net loss of ' 2,527 million
in against total revenue of ' 31,502 million and net loss of ' 4,117 million
in FY25.

Biocon Biologics Ireland Limited, Ireland (erstwhile
Biosimilar Collaborations Ireland Limited, Ireland)

Biocon Biologics Ireland Limited ('BBIRL') is a wholly owned subsidiary of
BBIL registered in Ireland. BBIRL undertakes biosimilars businesses w.r.t
Adalimumab, Etanercept and Aflibercept.

During the Financial Year ended March 31,2026, BBIRL reported the revenue
of ' 33,744 million and net loss of ' 1,713 million against the revenue of
' 31,088 million and net loss of ' 688 million in FY25.

Biocon Sdn. Bhd., Malaysia

Biocon Sdn. Bhd., Malaysia ('BSB'), is a wholly owned subsidiary of BBIL,
incorporated in Malaysia on January 19, 2011. BSB was established as the
group's first overseas manufacturing facility at Malaysia. BSB is engaged in
the manufacturing of insulins and insulin analogues for global markets and
is located within BioXcell, a biotechnology park in Iskandar Puteri, Johor.
The facility is Asia's largest integrated insulins manufacturing facility with
approvals from several global agencies including National Pharmaceutical
Regulatory Authority ('NPRA'), Malaysia, cGMP certification from HPRA
('EMA') and cGMP certification from the U.S. Food and Drug Administration
('USFDA').

With over US$ 400 Million investment, about 750 strong workforce, BSB is
the single largest biotech facility in Malaysia and holds the commercial and
development rights of insulin and insulin analogs.

During the Financial Year ended March 31, 2026, BSB reported revenue
from operations of ' 17,397 million and net profit of ' 1,599 million against
revenue from operations of ' 15,563 million and net profit of ' 371 million
in FY25.

Biocon Biologics Healthcare Malaysia Sdn. Bhd., Malaysia

Biocon Biologics Healthcare Malaysia Sdn. Bhd., Malaysia ('Biocon Healthcare
Malaysia') is a wholly owned subsidiary of BBIL, incorporated on August 10,

2017 and registered in Malaysia. Biocon Healthcare Malaysia was established
with an objective of undertaking operations for biologics in Malaysia.
Biocon Healthcare Malaysia was set up to carry on the business as importers
and distributors of drugs and devices in the Malaysian market.

Biocon Healthcare Malaysia did not have any operations during FY26.

Biocon Biologics Inc., USA

Biocon Biologics Inc ('BBI') is a wholly owned subsidiary of BBIL, incorporated
on November 12, 2019 and registered in the State of Delaware, United
States of America. BBI was established with an objective to undertake all
the activities relating to pharmaceuticals, biopharmaceuticals and biologics
products, i.e. commercialization, distribution etc. in the USA and other
geographies.

During the Financial Year ended March 31,2026, BBI reported total revenue
of ' 43,177 million and net profit of ' 1,098 million against total revenue of '
34,846 million and net profit of ' 975 Million in FY25.

Biocon Biologics Do Brasil Ltda, Brazil

Biocon Biologics Do Brasil Ltda, Brazil ('BBDBL') is a wholly owned subsidiary
of BBIL, incorporated on August 17, 2020 and registered in Brazil. BBDBL
was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBDBL reported revenue
from inter-company cross charge of ' 510 million and net profit of ' 19
million against revenue from inter-company cross charge of ' 276 million
and net loss of ' 14 million in FY25.

Biocon Biologics FZ LLC, United Arab Emirates

Biocon Biologics FZ-LLC, UAE ('BBFL') is a wholly owned subsidiary of
BBIL, incorporated on November 26, 2020 and registered in Dubai, UAE.
BBFL was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBFL reported revenue
from inter-company cross charge of ' 156 million and net profit of ' 10
million against the revenue from inter-company cross charge of ' 204
million and net profit of ' 10 million in FY25.

Biocon Biologics Canada Inc., Canada

Biocon Biologics Canada Inc. ('BBCI'), is a wholly owned subsidiary of
BBIL, incorporated on March 20, 2023 and registered in Ontario, Canada.
BBCI was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBCI reported revenue of
' 3,129 million and net profit of ' 81 million against revenue of ' 2,566
million and net profit of ' 67 million in FY25.

Biocon Biologics Germany GmbH, Germany

Biocon Biologics Germany GmbH ('BBGG'), is a wholly owned subsidiary
of BBIL with effect from March 29, 2023, registered in Frankfurt, Germany.
BBGG was set up with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBGG reported revenue
of ' 13,684 million and net profit of ' 172 million against revenue of ' 6,584
million and net profit of ' 124 million in FY25.

Biocon Biologics France S.A.S, France

Biocon Biologics France S.A.S ('BBFSAS'), is a wholly owned subsidiary
of BBIL, incorporated on April 14, 2023 and registered in Paris, France.
BBFSAS was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBFSAS reported revenue
of ' 7,521 million and net profit of ' 7 million against revenue of ' 6,728
million and net profit of ' 81 million in FY25.

Biocon Biologics Spain S.L.U, Spain

Biocon Biologics Spain S.L.U ('BBSSLU'), is a wholly owned subsidiary of
BBIL, incorporated on April 21, 2023 and registered in Barcelona, Spain.
BBSSLU was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBSSLU reported revenue
of ' 823 million and net profit of ' 15 million against revenue of ' 871 million
and net profit of ' 15 million in FY25.

Biocon Biologics Switzerland AG, Switzerland

Biocon Biologics Switzerland AG ('BBSAG'), is a wholly owned subsidiary of
BBIL, incorporated on April 25, 2023 and registered in Zurich, Switzerland.
BBSAG was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31,2026, BBSAG reported revenue of
' 373 million and net profit of ' 11 million against revenue of ' 191 million
and net profit of ' 8 million in FY25.

Biocon Biologics Belgium BV, Belgium

Biocon Biologics Belgium BV ('BBBV'), is a wholly owned subsidiary of
BBIL, incorporated on April 28, 2023 and registered in Kraainem, Belgium.
BBBV was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBBV reported revenue
from inter-company cross charge of ' 285 million and net profit of ' 11
million against revenue from inter-company cross charge of ' 265 million
and net profit of ' 9 million in FY25.

Biocon Biologics Finland OY, Finland

Biocon Biologics Finland OY ('BBFOY'), is a wholly owned subsidiary of
BBIL, incorporated on May 10, 2023 and registered in Helsinki, Finland.
BBFOY was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31,2026, BBFOY reported revenue
from inter-company cross charge of ' 97 million and net profit of ' 4 million

against revenue from inter-company cross charge of ' 88 million and net
profit of ' 4 million in FY25.

Biocon Biologics Morocco S.A.R.L.A.U, Morocco

Biocon Biologics Morocco S.R.L ('BBM'), is a wholly owned subsidiary of
BBIL, incorporated on July 24, 2023 and registered in Casablanca, Morocco.
BBM was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBM reported revenue
from the inter-company cross charge of ' 297 million and net profit of
' 24 million against revenue from the inter-company cross charge of ' 210
million and net profit of ' 16 million in FY25.

Biocon Biologics Greece SINGLE MEMBER P.C., Greece

Biocon Biologics Greece SINGLE MEMBER PC. ('BBGSMPC), is a wholly
owned subsidiary of BBIL, incorporated on July 27, 2023 and registered in
Athens, Greece. BBGSMPC was established with an objective to undertake
activities such as commercialisation, sale and distribution etc. related to
pharmaceuticals, biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBGSMPC reported
revenue of ' 1,094 million and net profit of ' 16 million against revenue of
' 888 million and net profit of ' 13 million in FY25.

Biocon Biologics South Africa (PTY) Ltd, South Africa

Biocon Biologics South Africa (PTY) Ltd. ('BBSA'), is a wholly owned subsidiary
of BBIL, incorporated on August 11,2023 and registered in Gauteng, South
Africa. BBSA was established with an objective to undertake activities such
as commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBSA reported revenue
from the inter-company cross charge of ' 34 million and net profit of ' 3
million against revenue from the inter-company cross charge of ' 35 million
and net profit of ' 2 million in FY25.

Biocon Biologics (Thailand) Co. Ltd, Thailand

Biocon Biologics (Thailand) Co., Ltd. ('BBTCL'), is a wholly owned subsidiary
of BBIL, incorporated on September 08, 2023 and registered in Bangkok,
Thailand. BBTCL was established with an objective to undertake
activities such as commercialisation, sale and distribution etc. related to
pharmaceuticals, biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBTCL reported revenue
from the inter-company cross charge of ' 64 million and net profit of ' 4
million against revenue from the inter-company cross charge of ' 32 million
and no profit in FY25.

Biocon Biologics Philippines, Inc., Philippines

Biocon Biologics Philippines, Inc. ('BBPI'), is a wholly owned subsidiary of
BBIL, incorporated on October 25, 2023 and registered in Manila, Philippines.
BBPI was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBPI reported revenue
from the inter-company cross charge of ' 113 million and net profit of
' 4 million against revenue from the inter-company cross charge of ' 106
million and net profit of ' 4 million in FY25.

Biocon Biologics Italy S.r.l, Italy

Biocon Biologics Italy S.r.l ('BBISRL'), is a wholly owned subsidiary of
BBIL, incorporated on December 27, 2023 and registered in Italy. BBISRL
was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBISRL reported revenue
from the inter-company cross charge of ' 131 million and net profit of ' 4
million against revenue from the inter-company cross charge of ' 50 million
and net profit of ' 2 million in FY25.

Biocon Biologics Croatia LLC, Croatia

Biocon Biologics Croatia LLC ('BBCL), is a wholly owned subsidiary of
BBIL, incorporated on January 18, 2024 and registered in Zagreb, Croatia.
BBCL was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products.

During the Financial Year ended March 31, 2026, BBCL reported revenue
from the inter-company cross charge of ' 126 million and net profit of ' 6
million against revenue from the inter-company cross charge of ' 47 million
and net profit of ' 2 million in FY25.

Biocon Biologics Global PLC, United Kingdom

Biocon Biologics Global PLC ('BBGP') was incorporated as wholly owned
subsidiary of BBIL on July 19, 2024, registered in London, United Kingdom.
BBGP was established with an objective to undertake activities such as
commercialisation, sale and distribution etc. related to pharmaceuticals,
biopharmaceuticals and biologics products. BBGP has raised USD 800
million by allotment of US dollar denominated senior secured notes (the
'Notes'). The Notes are listed on Singapore Exchange Securities Trading
Limited ('SGX-ST'). Proceeds from the issue of the Notes were utilized by
the Group to refinance the existing debt of the group. Effective November
01,2025, BBGP has transferred its business to BBUK PLC through Business
Transfer Agreement ('BTA').

During the Financial Year ended March 31, 2026, BBGP reported revenue
of ' 6,909 million and net profit of ' 150 million against revenue of ' 6,338
million and net profit of ' 102 million in FY25.

NeoBiocon FZ LLC, United Arab Emirates

NeoBiocon FZ LLC ('NB') is a joint venture based in Dubai, United Arab via
joint venture agreement dated January 10, 2008, incorporated pursuant to
a certificate of incorporation issued by the Registrar of Companies of Dubai
Clusters Authority, under the laws of Dubai Technology & Media Free Zone
Private Companies Regulations, 2003. NB was established as a market entity
for the pharmaceutical products to target markets in the Middle East and
GCC.

During the Financial Year ended March 31, 2026, NB reported nil revenue
and net loss of ' 6 million as against nil revenue and net loss of ' 153 million

Further, the Company has, from time to time, invested in Special Purpose
Vehicles (SPVs) across six renewable energy projects for procurement of
renewable energy under group captive and captive models, comprising
both solar (50 Megawatt) and wind (34 Megawatt) power projects. These
investments are made in line with the regulatory framework governing
captive power generation, including maintaining the prescribed equity
shareholding to qualify for captive status. The Company does not exercise
significant influence over these SPVs, and the investments are primarily
aimed at securing long-term renewable energy supply and supporting its
decarbonization objectives.

Dividend

In line with the Dividend Distribution Policy of the Company, your Board of
Directors recommends a final dividend of ' 0.50 per equity share (i.e. 10%
of face value) for the Financial Year ended March 31, 2026. The dividend,
if approved at the ensuing 48th Annual General Meeting ('AGM'), will be
paid to those Members whose names appear in the Register of Members
as on close of Friday, July 03, 2026 (being the Record date for the purpose
of determining the entitlement of Members to receive dividend for FY26).
The total dividend payout will be approximately ' 810 million subject to the
adjustments if any, on account of further issuance of shares by the Company
before the record date in respect of the preferential issue as approved by
Board of Directors at its meeting held on May 07, 2026, subject to the
approval of the Members of the Company through Postal Ballot.

Dividend Distribution Policy

In terms of Regulation 43A of the SEBI Listing Regulations, the Board has
formulated and adopted the Dividend Distribution Policy. The Policy is
available on the website of the Company at https://www.biocon.com/
investor-relations/corporate-governance/governance-documents-
policies/.

Transfer to Reserves

No amount is proposed to be transferred to reserves for the Financial Year
ended March 31, 2026.

Share Capital

During the year under review, there have been the following changes in the
share capital of the Company:

a. Following the approval of the Members through resolution passed
on June 04, 2025 vide Postal Ballot, the authorised share capital of
the Company was increased from ' 6,250,000,000/- divided into
1,250,000,000 Equity Shares of ' 5/- each to ' 7,000,000,000/- divided
into 1,400,000,000 Equity Shares of ' 5/- each.

b. The Company on June 19, 2025, raised an amount aggregating to
' 45,000 million through Qualified Institutions Placement by allotment
of 136,363,635 Equity Shares of ' 5 each to the Qualified Institutional
Buyers at the issue price of ' 330 per Equity Share which includes
a discount of ' 10.20 per Equity Share (3% of the floor price of
' 340.20) to the floor price, i.e. at a premium of ' 325 per Equity Share.
Pursuant to the aforesaid Qualified Institutional Placement of Equity
Shares, the paid-up Equity Share Capital of the Company increased
from ' 6003,000,000 comprising of 1,200,600,000 Equity Shares to
' 6,684,818,175 comprising of 1,336,963,635 Equity Shares of ' 5 each.

c. Following the approval of the Members at an Extra-Ordinary General
Meeting held on December 31, 2025, the authorised share capital
of the Company was increased from ' 7,000,000,000/- divided into

1,400,000,000 equity shares of ' 5/- each to ' 9,000,000,000/- divided
into 1,800,000,000 Equity Shares of ' 5/- each.

d. The Company on January 05, 2026, issued and allotted 171,279,553
Equity Shares of ' 5 each on a preferential basis to (a) Mylan Inc.; (b)
Serum Institute Life Sciences Private Limited; (c) Tata Capital Growth
Fund II; and (d) Activ Pine LLP ('Selling Shareholders') as consideration
for acquisition of 261,917,480 Equity Shares of BBL, from the Selling
Shareholders. Pursuant to the aforesaid preferential allotment of Equity
Shares, the paid-up Equity Share Capital of the Company increased
from ' 6,684,818,175 comprising of 1,336,963,635 Equity Shares of ' 5
each to ' 7,541,215,940 comprising of 1,508,243,188 Equity Shares of '
5 each.

e. The Company on January 14, 2026, raised an amount aggregating to
' 41,500 Million through Qualified Institutions Placement by issue and
allotment of 112,664,585 Equity Shares of ' 5 each to the Qualified
Institutional Buyers at the issue price of ' 368.35 per Equity Share which
includes a discount of ' 19.39 per Equity Share (5% of the floor price
of ' 387.74) to the floor price, i.e. at a premium of ' 363.35 per Equity
Share. Pursuant to the aforesaid Qualified Institutions Placement of
Equity Shares, the paid-up Equity Share Capital of the Company stands
increased from ' 7,541,215,940 comprising of 1,508,243,188 Equity
Shares of ' 5 each to ' 8,104,538,865 comprising of 1,620,907,773
Equity Shares of ' 5 each.

The share capital of the Company as on March 31,2026, is as follows:

Human Resource Development

At Biocon, people are fundamental to translating scientific excellence into
global impact. As the Company accelerates its global ambitions, it continues
to invest in attracting and retaining high-calibre talent, building a workforce
that is diverse, inclusive, and future-ready. The Company's focus remains on
creating an environment that drives collaboration, builds critical capabilities
and enables sustained growth at scale. The total headcount of the Company
as on March 31, 2026 is 3,269.

Management's Discussion and Analysis

Pursuant to Regulation 34 of the SEBI Listing Regulations, the Management
Discussion and Analysis Report for the year under review, forms part of this
Integrated Annual Report.

Corporate Governance

The Company is committed to maintain the highest standards of corporate
governance. We believe in adherence to good corporate practices,
implementing effective policies and guidelines and developing a culture of
the best management practices and compliance with the law at all levels.
Our corporate governance practices strive to foster and attain the highest
standards of integrity, transparency, accountability and ethics in all business
matters to enhance and retain investor trust, long-term shareholder value
and respect minority rights in all our business decisions.

A separate section on Corporate Governance as stipulated under Para C
of Schedule V of the SEBI Listing Regulations forms part of this Integrated
Annual Report. The Corporate Governance Report along with the requisite

certificate from the statutory auditors of the Company, confirming
compliance with the conditions of corporate governance as stipulated
under SEBI Listing Regulations, forms part of this Integrated Annual Report.

Business Responsibility and Sustainability Reporting
('BRSR')

Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations, the BRSR
Report for the year under review forms part of this Integrated Annual Report.

Further, in terms of SEBI Listing Regulations, the Company has engaged
Deutsch Quality Systems (India) Private Limited, an independent assurance
provider, to provide Reasonable assurance on BRSR Core Indicators for the
Financial Year ended March 31,2026.

Employee Stock Option Plan ('ESOP')

The Board of Directors of the Company formulated the Biocon Employees
Stock Option Plan, 2000 (hereinafter referred to as the 'ESOP Plan)),
administered by the Biocon India Limited Employees Welfare Trust ('ESOP
Trust') under the instructions and supervision of the Nomination and
Remuneration Committee ('NRC'). The Plan is implemented through a trust
route in accordance with the Securities and Exchange Board of India (Share
Based Employee Benefits and Sweat Equity) Regulations, 2021 ('SEBI SBEB
& SE Regulations') with a view of attracting and retaining the best talent,
encouraging employees to align individual performances with Company's
objectives and promoting increased participation by them in the growth of
the Company. The Company has discontinued granting ESOPs and does not
plan to issue any further grants under this ESOP Plan in the future.

The Company also formulated the Biocon Restricted Stock Unit Long Term
Incentive Plan FY 2020-24 (hereinafter referred to as 'the RSU Plan 2020'),
administered by the ESOP Trust under the instructions and supervision
of the NRC. The RSU Plan 2020 is designed to drive performance towards
achieving the Board approved strategic objectives for the Financial Years
2020-24. The RSU Plan 2020 covers key employees who, by virtue of
their roles, influence the accomplishment of the strategic objectives. The
Company has discontinued granting RSUs and does not plan to issue any
further grants under this RSU Plan 2020 in the future.

The Company also formulated the Biocon Restricted Stock Unit Long Term
Incentive Plan FY 2025-29 (hereinafter referred to as 'the RSU Plan 2025'),
administered by the ESOP Trust under the instructions and supervision
of the NRC. The RSU Plan 2025 is designed to drive performance towards
achieving common goals and delivering on key initiatives measured
through revenue, profits, cashflow & return on capital, shareholder value
creation for the Financial Years 2025-29. This RSU Plan 2025 covers key
employees who, by virtue of their roles, influence the accomplishment of
the strategic objectives.

During the year, total of448,460, 73,449 and 690,086 shares were transferred
from the ESOP Trust to the eligible employees under the Company's
prevailing ESOP Plan, RSU Plan 2020 and RSU Plan 2025, respectively.

As on March 31, 2026, the ESOP Trust cumulatively held 1,400,398 equity
shares of the Company under the ESOP and RSU Plans of the Company.

The applicable disclosures as stipulated under the SEBI SBEB & SE Regulations
as on March 31,2026, are appended as Annexure 2 to the Board's Report. The
details of the ESOP and RSU Plans form part of the notes to accounts of the
Financial Statements in this Integrated Annual Report. The Company has
received a certificate from the Secretarial Auditors of the Company, that the
ESOP and RSU Plans have been implemented in accordance with SEBI SBEB

& SE Regulations and the resolutions passed by the Members. The certificate
would be placed at the AGM for inspection by the Members.

During the year ended March 31, 2026, there has been no change in the
Company's ESOP and RSU Plans and they all are in compliance with SEBI
SBEB & SE Regulations.

The Board of Directors of the Company, based on the recommendation of
the Nomination and Remuneration Committee, and subject to approval of
the Members at the ensuing 48th Annual General Meeting of the Company,
proposes to have in place a share based employee benefits plan namely,
the 'Biocon Unity Long Term Incentive Plan, 2026' applicable to the eligible
employees of the Company and its subsidiaries. The proposed Plan has
been designed to drive performance towards achieving the Board approved
strategic objectives from time to time, to motivate the key Employees to
stay, contribute and have long-term expectations in line with performance
at organisation level. Necessary resolution for approval of the Members
forms part of the Notice of the ensuing AGM.

Deposits

The Company has not accepted any deposit, including from the public, and
as such no amount of principal and interest was outstanding as at March
31, 2026.

Particulars of Loans, Guarantees or Investments

Details of loans, guarantees and investments covered under the provisions
of Section 186 of the Companies Act, 2013 form part of the notes to the
Financial Statements provided in this Integrated Annual Report.

Policy on Directors' Appointment and Remuneration

The Company's policy on Appointment and Remuneration of Directors,
Key Managerial Personnel and Other Employees focuses on having an
appropriate mix of Executive, Non-Executive and Independent Directors
to maintain the independence of the Board and separate its functions of
governance and management. Assessment and appointment of Directors
to the Board are based on a combination of criteria that includes ethics,
personal and professional stature, domain expertise, gender diversity and
specific qualifications required for the position.

For the purpose of selection of any Director, the NRC identifies persons of
integrity who possess relevant expertise, experience and leadership qualities
required for the position. A potential board member to be appointed as
Independent Director is also assessed based on independence criteria
defined in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)
(b) of the SEBI Listing Regulations.

In accordance with Section 178(3) of the Companies Act, 2013 and
Regulation 19(4) of the SEBI Listing Regulations, as amended from time
to time, and on recommendation of the NRC, the Board has adopted
a remuneration policy for Directors, Key Managerial Personnel, Senior
Management and other employees. The Policy provides an underlying
basis and guide for human resource management thereby aligning plans
for strategic growth of the Company This policy is available on the website
of the Company at https://www.biocon.com/investor-relations/corporate-
governance/governance-documents-policies/.

We affirm that the remuneration paid to Directors, Key Managerial
Personnel, Senior Management and other employees is in accordance with
the remuneration policy of the Company. There has not been any change in
the policy during the year under review.

Board Diversity

The Company recognises and embraces the importance of a diverse Board
in contributing to its success. Adequate diversity on the Board is essential
to meet the challenges of business globalisation, rapid deployment of
technology, greater social responsibility, increasing emphasis on corporate
governance and enhanced need for risk management. The Board enables
efficient functioning through differences in perspective and skill, and
fosters differentiated thought processes at the back of varied industrial and
management expertise, gender, knowledge, ethnicity, country of origin
and nationality. The Board has adopted a Diversity Policy that outlines its
commitment to fostering a diverse and inclusive composition, setting forth
the approach to achieving and maintaining diversity at the Board level. The
policy is available on the website of the Company at https://www.biocon.
com/investor-relations/corporate-governance/governance-documents-
policies/.

Declaration by Independent Directors

All the Independent Directors of the Company have submitted the requisite
declarations confirming that they meet the criteria of independence
as prescribed under Section 149(6) of the Companies Act, 2013 read
with Regulation 16(1)(b) and 25(8) of the SEBI Listing Regulations. The
Independent Directors have also confirmed that they have complied
with Schedule IV of the Companies Act, 2013 and the Company's Code of
Conduct.

They have further confirmed that they are not aware of any circumstances
or situations which exist or may be reasonably anticipated that could
impair or impact their ability to discharge their duties and that they are
independent of the management. Further, the Independent Directors have
also submitted their declaration in compliance with the provision of Rule
6(3) of the Companies (Appointment and Qualification of Directors) Rules,
2014, which mandated the inclusion of an Independent Director's name
in the data bank of the Indian Institute of Corporate Affairs for a period of
one year or five years or life-time till they continue to hold the office of an
Independent Director.

In the opinion of the Board, all the Independent Directors possess the
requisite expertise and experience and are persons of high integrity and
repute. They fulfil the conditions specified in the Companies Act, 2013 read
along with the Rules made thereunder and the SEBI Listing Regulations and
are independent of the Management.

Board Evaluation

Pursuant to the provisions of Section 134 of the Companies Act, 2013 and
Regulation 19 of the SEBI Listing Regulations, the annual performance
evaluation of the Board, Board level Committees and individual Directors
was conducted during the year to ensure that the Board and Board
level Committees are functioning effectively and demonstrating good
governance. In a block of every 3 (three) Financial Years, the Board evaluation
is done by an external agency. For the current Financial Year 2025-26, the
Board had undertaken this exercise through self-evaluation questionnaires.
The evaluation process focused on Board dynamics and other aspects
towards Board effectiveness. The process involved the evaluation of all
the Directors including the Chairperson, the Managing Director and Chief
Executive Officer, Board Committees and the Board as a whole.

The evaluation was carried out based on the criteria and framework
approved by the NRC. A detailed disclosure on the parameters and the

process of Board evaluation has been provided in the Report on Corporate
Governance, which forms part of this Integrated Annual Report.

Directors

As on March 31, 2026, the Board of Directors comprised of 9 (nine)
Members, consisting of 2 (two) Executive Directors, 2 (two) Non-Executive
Non-Independent Directors and 5 (five) Independent Directors. Out of the
total Members, 3 (three) are Women Directors. The Board has an appropriate
mix of Executive Directors, Non-Executive Non-Independent Directors
and Independent Directors, which is compliant with the provisions of the
Companies Act, 2013, the SEBI Listing Regulations and is also aligned with
the best practices of Corporate Governance.

Appointment

In order to facilitate integration of BBL with the Company making the
combined organisation a unified Global Biopharmaceutical Leader, the
following changes have taken place / are proposed in the Board of Directors:

a. The Board of Directors, based on the recommendation of the NRC,
approved the appointment of Shreehas Pradeep Tambe (DIN:
09796480), Chief Executive Officer and Managing Director ('CEO
& MD') of BBL, as the CEO & MD (Key Managerial Personnel) of the
Company for a period of 5 (five) years w.e.f. April 01,2026 to March 31,
2031 (both days inclusive), not liable to retire by rotation, subject to
approval of the Members of the Company.

b. The Board of Directors, based on the recommendation of the NRC,
recommended the appointment of Thomas Jason Roberts |(DIN:
09337723), Non-Executive Non-Independent Director of BBL as the
Non-Executive Non-Independent Director of the Company, liable to
retire by rotation, with effect from August 01,2026, to the Members of
the Company through postal ballot.

c. The Board of Directors, based on the recommendation of the NRC,
recommended the appointment of (a) Rajiv Malik (DIN: 00120557),
who has also served on the Board of BBL, (b) Nivruti Rai (DIN: 01353079),
Independent Director of BBL, (c) Peter Baron Piot (DIN: 09015343),
Independent Director of BBL, (d) Daniel Bradbury (DIN: 06599933),
Independent Director of BBL and (e) Arun Suresh Chandavarkar
(DIN:01596180) Non-Executive Non-Independent Director of BBL, as
the Independent Directors of the Company for a term commencing
from August 01,2026 till the conclusion of 50th AGM of the Company
to be held in the year 2028, to the Members of the Company through
postal ballot.

Re-appointment

As per the provisions of the Companies Act, 2013 and Articles of Association
of the Company, Eric Mazumdar (DIN: 09381549), Non-Executive Non¬
Independent Director of the Company, is liable to retire by rotation at the
ensuing AGM and, being eligible, seeks re-appointment.

Based on the recommendation of the NRC and the Board of Directors, the
Members of the Company, at the 47th AGM of the Company, approved
re-appointment of Naina Lal Kidwai (DIN: 00017806) as an Independent
Director for a second term of 5 (five) consecutive years commencing from
date of the 47th AGM i.e. August 08, 2025 till August 07, 2030 (both days
inclusive).

The Members at the 45th AGM held on August 11, 2023, approved the
appointment of Rekha Mehrotra Menon (DIN: 02768316) as an Independent

Director of the Company w.e.f. July 26, 2023, for a term commencing
from July 26, 2023 till the conclusion of 48th AGM to be held in the year
2026. Accordingly, the Board of Directors, based on the recommendation
of NRC, recommended re-appointment of Rekha Mehrotra Menon as
an Independent Director for a second term of 5 (five) consecutive years
commencing from date of the ensuing 48th AGM i.e. August 06, 2026 till
August 05, 2031 (both days inclusive), to the Members of the Company
through postal ballot.

In the opinion of the Board, all the Directors, as well as the Directors proposed
to be appointed/ re-appointed possess the requisite qualifications,
experience, expertise and hold high standards of integrity and relevant
proficiency.

Resignation

Siddharth Mittal (DIN: 03230757) stepped down from the position of
Managing Director and Chief Executive Officer (and Key Managerial
Personnel) of the Company w.e.f. close of business hours of March 31,2026
to transit into another leadership role within the Biocon Group.

The Board placed on record its deep gratitude and appreciation for his
extensive contribution and stewardship during his tenure at Biocon.

Key Managerial Personnel

The Key Managerial Personnel of the Company as on March 31, 2026,
comprise of Kiran Mazumdar-Shaw, Executive Chairperson, Siddharth Mittal,
Managing Director & CEO, Mukesh Kamath, Interim Chief Financial Officer
and Rajesh U. Shanoy, Company Secretary & Compliance Officer.

During the year under review, Mayank Verma, Company Secretary and Key
Managerial Personnel of the Company resigned with effect from the close
of business hours of April 14, 2025. Further, Ekta Agarwal was appointed
as the Interim Company Secretary and Key Managerial Personnel of the
Company with effect from July 10, 2025. Thereafter, Rajesh U. Shanoy was
appointed as the Company Secretary and Key Managerial Personnel of
the Company with effect from September 10, 2025 and accordingly Ekta
Agarwal ceased to be the Interim Company Secretary and Key Managerial
Personnel of the Company with effect from the close of business hours of
September 09, 2025.

In order to facilitate integration of BBL with the Company making the
combined organisation a unified Global Biopharmaceutical Leader, the
following changes have taken place:

a. Mukesh Kamath resigned from the position of Interim Chief Financial
Officer and Key Managerial Personnel of the Company with effect from
the close of business hours of March 31,2026, to take up another role
within the Biocon Group.

b. Kedar Narayan Upadhye, Chief Financial Officer and Key Managerial
Personnel of BBL, was appointed as the Chief Financial Officer and Key
Managerial Personnel of the Company with effect from April 01,2026.

c. Akhilesh Nand, Global Head, Governance, Risk and Compliance
& Company Secretary of BBL, was appointed as the Global Head,
Governance, Risk and Compliance and Key Managerial Personnel of
the Company with effect from April 01,2026.

As on March 31,2026, Kiran Mazumdar-Shaw, Executive Chairperson of the
Company, has also been the Non-Executive Chairperson of Syngene and
Executive Chairperson of BBL, both being subsidiaries of the Company
and was in receipt of remuneration from the respective companies for the

Financial Year 2025-26. Kiran Mazumdar-Shaw, has stepped down as the Executive Chairperson of BBL with effect from close of business hours of March 31,
2026. Further, her role in Syngene has changed from Non-Executive Chairperson to Executive Chairperson with effect from April 01, 2026, subject to the
approval of the Members of Syngene.

Committees of the Board

Currently, the Company has 5 (five) Board level Committees: Audit Committee (AC¹), Risk Management Committee ('RMC'), Nomination and Remuneration
Committee ('NRC), Stakeholders Relationship Committee ('SRC') and Corporate Social Responsibility and Environmental, Social & Governance Committee
('CSR & ESG'). The composition of such committees, as on March 31,2026, is disclosed as under:

Note: C - Chairperson and M - Member

* Siddharth Mittal ceased to be the Member of the Committee(s) w.e.f. close of business
hours of March 31, 2026.

Meetings of the Board

The meetings of the Board are scheduled at regular intervals to discuss
and decide on matters of business performance, policies, strategies and
other matters of significance. The schedule of the meetings is circulated in
advance, to ensure proper planning and effective participation. In certain
exigencies, decisions of the Board are also accorded through circulation or
at ad-hoc meetings.

During the Financial Year 2025-26, the Board met 12 (twelve) times on April
04, 2025, April 23, 2025, May 08, 2025, June 26, 2025, July 09, 2025, August
07, 2025, September 09, 2025, October 01, 2025, November 1 1, 2025,
December 06, 2025, February 12, 2026 and March 27, 2026. The maximum
interval between any 2 (two) meetings did not exceed 120 (one hundred
and twenty) days, as prescribed in the Companies Act, 2013. Detailed
information regarding the meetings of the Board is included in the Report
on Corporate Governance, which forms part of this Integrated Annual
Report.

Particulars of Contracts or Arrangements made with
Related Parties

There were no materially significant related party transactions entered
between the company, directors, management and their relatives. All the
contracts/ arrangements/ transactions entered by the Company with
the related parties during the Financial Year 2025-26 were in the ordinary
course of business and on an arm's length basis, and whenever required
the Company has obtained necessary approvals as per the policy of the
Company on related party transactions.

Accordingly, there are no contracts or arrangements with related parties
which are required to be disclosed under Section 134(3)(h) read with
Section 188(1) of the Companies Act, 2013 in Form AOC-2 for Financial Year
2025-26 and, hence, the same does not form part of the Board's Report.

The Company has formulated the policy on Related Party Transactions, and
the same is available on the website of the Company at https://www.biocon.
com/investor-relations/corporate-governance/governance-documents-
policies/. The details of related party disclosures form part of the notes to
the Financial Statements provided in this Integrated Annual Report.

Credit Ratings

India Ratings & Research Private Limited ('India Ratings and Research'),
vide its letter dated April 15, 2025, assigned the rating of 'IND A1 ' for the
Commercial Paper Programme of the Company.

CRISIL Ratings Limited ('CRISIL'), vide its letter dated June 17, 2025, reaffirmed
the rating at 'Crisil AA /Stable' for Long Term Bank Loan Facilities and
'Crisil A1 ' for Short Term Bank Loan Facilities.

ICRA Limited ('ICRA'), vide its letter dated October 30, 2025, reaffirmed
the rating at '[ICRA]AA (Stable)/ [ICRA]A1 ' for the long-term/short-term
facilities of the Company.

India Ratings and Research, vide letter dated December 09, 2025, has
assigned/affirmed the rating at 'IND AA /Stable/IND A1 ' for bank loan
facilities and 'IND A1 ' for Commercial papers of the Company. Further, it
has withdrawn the rating for Non-convertible debenture.

ICRA, vide its letter dated December 16, 2025, reaffirmed the rating at
'[ICRA]AA (Stable)/ [ICRA]A1 ' for the long-term/short-term facilities of the
Company.

CRISIL, vide its letter dated December 16, 2025, reaffirmed the rating at
'CRISIL AA ' for the long-term bank facilities and 'CRISIL A1 ' for the short¬
term bank facilities of the Company.

Conservation of Energy, Technology Absorption,
Foreign Exchange Earnings & Outgo

The particulars as prescribed under Section 134(3)(m) of the Companies
Act, 2013, read with the Companies (Accounts) Rules, 2014, is appended as
Annexure 3 to the Board's Report.

AUDITORS

Statutory Auditors

The Members at the 38th Annual General Meeting ('AGM') held in 2016,
approved the appointment of B S R & Co. LLP, Chartered Accountants,
having registration No. 101248W/W-100022, as the Statutory Auditors
of the Company, for a term of 5 (five) consecutive years till conclusion of
the 43rd AGM. Subsequently, B S R & Co. LLP, Chartered Accountants were
re-appointed as the Statutory Auditors of the Company for a second term
of 5 (five) consecutive years, to hold office from the conclusion of the 43rd
AGM held on July 23, 2021, till the conclusion of the 48th AGM to be held
in financial year 2026. Accordingly, their second term ends at the ensuing
48th AGM.

In this regard, the Audit Committee and the Board of Directors have
recommended the appointment of S. R. Batliboi & Associates LLP, Chartered
Accountants, having Firm Registration No. 101049W/E300004 as Statutory
Auditors of the Company for a term of 5 (five) years to hold office from the
conclusion of this ensuing 48th AGM till conclusion of the 53rd AGM to be
held in financial year 2031, to the Members at the ensuing 48th AGM. The
Company has received consent letter along with eligibility certificate from
the proposed Statutory Auditors. Necessary resolution for approval of the
Members forms part of the Notice of the ensuing AGM.

The Auditors' Report on the financial statements of the Company for the
Financial Year ended March 31, 2026, is unmodified i.e. it does not contain
any qualification, reservation or adverse remark or disclaimer. The Auditors'
Report is enclosed with the financial statements forming part of the
Integrated Annual Report.

Cost Auditors

The Cost Records of the Company are maintained in accordance with
the provisions of Section 148(1) of the Companies Act, 2013 as specified
by the Central Government. The Cost Audit Report, for the Financial Year
ended March 31, 2025, was filed with the Central Government within
the prescribed time. The Board, based on recommendation of the Audit
Committee, appointed M/s. Rao, Murthy & Associates, Cost Accountants
(Firm Registration Number 000065) as the Cost Auditors to conduct the
audit of Company's cost records for the Financial Year ended March 31,
2026. The Cost Auditors will submit their report for the Financial Year 2025¬
26 on or before the due date.

The Board, based on the recommendation of the Audit Committee,
has appointed M/s. Rao, Murthy & Associates, Cost Accountants (Firm
Registration Number 000065) as the Cost Auditors of the Company to
conduct the audit of Company's cost records for the Financial Year 2026¬
27. The Cost Auditors have confirmed that their appointment is within
the limits of Section 141(3)(g) of the Companies Act, 2013 and have also

certified that they are free from any disqualifications specified under
Section 141(3) and proviso to Section 148(3) read with Section 141(4) of the
Companies Act, 2013. The Company has also received a certificate from the
Cost Auditors certifying their independence and arm's length relationship
with the Company.

In accordance with the provisions of Section 148 of the Companies Act,
2013 read with the Companies (Audit and Auditors) Rules, 2014, since the
remuneration payable to the Cost Auditor is required to be ratified by the
Members, the Board recommends the same for approval by Members at the
ensuing 48th AGM of the Company.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and
rules prescribed thereunder and Regulation 24A of SEBI Listing Regulations,
as amended, M/s. V. Sreedharan and Associates, Practicing Company
Secretaries, (holding Peer Review Certificate No. 5543/2024) are appointed
as the Secretarial Auditors of the Company for a term of 5 (five) consecutive
years commencing from Financial Year 2025-26 with approval of the
Members at the 47th AGM of the Company held on August 08, 2025. The
Secretarial Audit Report for the Financial Year 2025-26 does not contain any
qualification, reservation or adverse remark or disclaimer and is appended
as Annexure 4 to the Board's Report.

Pursuant to the provisions of Regulation 24A of the SEBI Listing Regulations,
Biocon Biologics Limited, an unlisted material subsidiary of the Company
undertook the secretarial audit for the Financial Year 2025-26. The Secretarial
Audit Report for the Financial Year 2025-26 given by M/s. V. Sreedharan &
Associates, Practicing Company Secretaries is appended as Annexure 4A of
the Board's Report.

Reporting of fraud by Auditors

During the year, the statutory auditors have not reported to the Audit
Committee any fraud on the Company by its officers or employees under
Section 143(12) of the Companies Act, 2013, the details of which need to be
provided in this report.

Risk Management Policy / Framework

The Company has a Risk Management Committee ('RMC') of the Board,
chaired by one of the Independent Directors, to oversee the spectrum of
organizational risks diligently and assists the Board of Directors in timely
identification, assessment and mitigation of risks (i.e. financial, operational,
strategic, regulatory, statutory, reputational, and others) faced by the
Company. The RMC, inter alia, has overall responsibility for monitoring
and approving the enterprise risk management framework and effectively
monitors these risks etc.

The RMC primarily assist the Board in:

Ý Monitoring and reviewing the Risk Management framework and
performs such other functions as may be defined and delegated by
the Board and as mandated by applicable laws and regulations, in
force from time to time.

Ý Timely identification, evaluation, assessment, and mitigation of various
categories of risks encountered by the Company.

Ý Quarterly review of critical risks and effectiveness of mitigation actions
along with its impact on the overall risk exposure of the Company. All
the critical risk areas are re-evaluated at least once a year.

In line with the above, the Board of Directors has endorsed a comprehensive
Risk Management Policy and Charter. The Enterprise Risk Management
('ERM') process is governed by the Company's Risk Management Policy.

The Company has established a comprehensive global ERM Framework to
identify, evaluate, prioritise, adequately respond to and manage key risks
that could impact the strategic and operational goals. Risks are categorized
using a standardized taxonomy and appropriately documented in a risk
register.

The ERM team collaborates with the functional and regional heads,
to periodically update the risk register, assessing the effectiveness of
mitigation plans and providing periodic updates to the RMC. The team also
provides support and consultancy role in facilitating implementation of risk
management and related matters across the organisation.

During the year the focus areas of the RMC included review of risk and
mitigation related to financial risks, regulatory approvals, commercial risks,
infotech & cybersecurity, ESG risks and compliance risks which were critical
for the organisation's success.

Internal Financial Control

The Company has laid down guidelines, processes and structures, which
enable implementation of appropriate internal financial controls across the
organisation. Such internal financial controls encompass key activities or
procedures adopted by the Company for ensuring the orderly and efficient
conduct of business, including adherence to its policies, safeguarding of
its assets, prevention and detection of frauds and errors, the accuracy and
completeness of accounting records and the timely preparation of reliable
financial information. Internal controls put in place are process-level manual
controls, application level controls (i.e. controls residing in IT applications
including the ERP applications wherein the transactions are approved and
recorded), ITGC controls and Entity-level controls such as Code of conduct,
Anti-Bribery & Anti-Corruption policy, Whistleblower policy, etc.

The Company is staffed by experienced and qualified professionals who
play an important role in designing, implementing, maintaining and
monitoring our internal control systems. Control self-certification and
review mechanisms are put in place to ensure that such control systems
are adequate and are operating effectively on an ongoing basis. A quarterly
update on Internal controls is reported to the Audit Committee.

Periodic internal audits are carried out by the Internal Auditors of the
Company to provide reasonable assurance of internal control effectiveness
and advise the Company on industry-wide best practices. The Audit
Committee, consisting of Independent Directors, reviews important issues
raised by the internal and statutory auditors regularly and the status of
rectification measures to ensure that risks are mitigated appropriately on
a timely basis.

Vigil Mechanism

The Vigil Mechanism, as envisaged under the Companies Act, 2013, the rules
prescribed thereunder and the SEBI Listing Regulations, is implemented
through the Company's Whistle Blower Policy to enable the Directors,
Employees and all Stakeholders of the Company to report genuine concerns
relating to unethical behaviour, actual or suspected fraud, or violation of the
Company's Code of Conduct. The Policy also provides adequate safeguards
against victimization of people who use such mechanisms and makes
provision for direct access to the Chairperson of the Audit Committee in
appropriate or exceptional cases.

The Company adheres to uncompromising integrity in the conduct of its
business and strictly abides by well-accepted norms of ethical, lawful and
moral conduct. It has zero tolerance for any form of unethical conduct or
behaviour.

The Whistle Blower Policy of the Company is available on the Company's
website and can be accessed at https://www.biocon.com/investor-
relations/corporate-governance/governance-documents-policies/.

The Company has a Speak-Up Hotline facility accessible to all employees
across the globe. This Hotline allows to raise concerns about any kind of
business or employee misconduct and seek clarification, while remaining
anonymous if they choose.

The Integrity Committee ('IQ comprising of the CFO, Global Head - GRC
and HR Head oversees the investigation and reporting of suspected
unethical practices, grievances and whistleblower complaints received. The
IC assesses these concerns, takes corrective actions and presents quarterly
summaries of key investigations to the Audit Committee.

Directors' Responsibility Statement

Pursuant to the requirement under Section 134 of the Companies Act, 2013,
the Directors, to the best of their knowledge, hereby state and confirm that:

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

b. they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit and loss
of the Company for that period;

c. they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;

d. they have prepared the annual accounts on a going concern basis;

e. they have laid down internal financial controls based on the internal
controls framework established by the Company, which were
adequate and are operating effectively; and

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

Particulars of Employees

The statement containing particulars of employees in terms of Section
197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
forms part of this report and is appended as Annexure 5 to the Board's
Report.

The statement containing particulars in terms of Section 197(12) of
the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014,
forms part of this report. The above statement is available on the website of
the Company at www.biocon.com.

However, considering the second proviso to Section 136(1) of the
Companies Act, 2013, the Integrated Annual Report, excluding the aforesaid
information, is being sent to the Members of the Company and others
entitled thereto. The said information is available for inspection by Members
at the registered office of the Company during business hours on working
days of the Company up to the date of the ensuing AGM. Any Members
interested in obtaining a copy thereof, may write to the secretarial team of
the Company in this regard.

Corporate Social Responsibility

The Company drives social and economic inclusion for underserved
and marginalized communities through the Biocon Foundation, Biocon
Academy and strategic partnerships with like minded organizations (both
private and government).

During the year, the Company advanced its Corporate Social Responsibility
('CSRO agenda through focused initiatives aligned with its strategic priorities,
including: (a) Environmental Sustainability - supporting the development of
the Biocon-Hebbagodi Metro Station on the Yellow Line of Namma Metro
to reduce carbon emissions, enhance urban mobility, and improve quality
of life, and (b) Promoting Education—through Biocon Academy, which
delivers short term, industry aligned programs that bridge the gap between
academia and industry, including newly launched programs addressing
emerging industry needs such as Artificial Intelligence in Life Sciences.

For detailed CSR initiatives please refer to 'Social & Relationship Capital'
section of this Integrated Annual Report.

In compliance with the provisions of Section 135 of the Companies Act,
2013, the Board has formed a CSR & ESG Committee, which monitors
and oversees various CSR initiatives and activities of the Company. As
on March 31, 2026, the CSR & ESG Committee comprised of Naina Lal
Kidwai (Chairperson), Prof. Ravi Rasendra Mazumdar, Eric Vivek Mazumdar,
Siddharth Mittal, Rekha Mehrotra Menon and Nicholas Robert Haggar.

An Annual Report on Corporate Social Responsibility, setting out the
disclosures as per Rule 8 of the Companies (Corporate Social Responsibility
Policy) Rules, 2014, is appended as Annexure 6. The Policy on Corporate
Social Responsibility and CSR projects approved by Board of Directors have
been uploaded on the website of the Company and is available at https://
www.biocon.com/investor-relations/corporate-governance/governance-
documents-policies/. The Policy is formulated to meet the CSR objectives
set by the Company as well as the applicable statutory requirements
notified by the Ministry of Corporate Affairs through the Companies Act,
2013. The Policy also aims to establish boundaries for acceptable behaviour
and guidelines for the best practices in CSR & ESG related initiatives as
applicable. There has not been any change in the Policy during the year
under review.

Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013

Biocon is dedicated to fostering a workplace that is safe, inclusive, and
free from harassment, bias, or victimization, irrespective of an individual's
gender, race, religion, origin, sexual orientation, pregnancy status, disability,
or economic background.

The Company upholds a Prevention of Sexual Harassment (PoSH)
Policy, ensuring a zero-tolerance approach to any form of harassment or
discrimination. To support this commitment, Biocon has constituted an
Internal Complaints Committee ('ICC') as required under the aforesaid
Act to address complaints and promote awareness of workplace sexual

harassment issues in a fair and confidential manner. The Policy is gender
neutral.

During the financial year under review, 11 (eleven) complaints with
allegations of sexual harassment were filed and all 11 (eleven) complaints
were disposed-off and no complaint is pending for closure as per the
timelines of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 as on March 31, 2026. Further, during
the financial year under review, no complaints were pending for more than
ninety days.

Compliance of the provisions relating to the Maternity
Benefit Act, 1961

During the financial year under review, the Company is compliant with the
provisions relating to the Maternity Benefit Act, 1961. The Company has also
extended leaves and flexi working hours after legally approved maternity
leaves.

Transfer of Unpaid and Unclaimed Amounts to Investor
Education and Protection Fund ('IEPF')

Pursuant to the provisions of Section 124(5) of the Companies Act,
2013, read with the Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016, ('IEPF Rules') all
dividends which remain unpaid or unclaimed for a period of 7 (seven) years
from the date of their transfer to the unpaid dividend account are required
to be transferred by the Company to the Investor Education and Protection
Fund (IEPF), established by the Central Government. Further, as per IEPF
Rules, the shares on which dividend has not been paid or claimed by the
Members for 7 (seven) consecutive years or more shall also be transferred
to the demat account of the IEPF Authority. Further, as per Rule 6(8) of IEPF
Rules, all benefits such as bonus shares, split, consolidation except rights
issue, accruing on shares which are transferred to IEPF, shall also be credited
to the demat account of the IEPF authority.

During the year ended March 31,2026, the Company has transferred unpaid
and unclaimed dividends of ' 540,372 for the Financial Year 2017-18 and
21,509 corresponding equity shares on which dividends were unclaimed
for 7 (seven) consecutive years, to IEPF as per requirements of the IEPF Rules.

During the year Mayank Verma, Company Secretary, upon his resignation,
ceased to be the Nodal Officer of the Company for the purposes of
verification of claims and coordination with the IEPF Authority pursuant to
the IEPF Rules with effect from close of business hours on April 14, 2025.
Thereafter, Mukesh Kamath, being the Interim Chief Financial Officer of the
Company, was appointed as the Nodal Officer of the Company with effect
from April 15, 2025. Thereafter, with effect from September 10, 2025, Rajesh
U. Shanoy, has been appointed as the Company Secretary and the Nodal
Officer of the Company.

Significant and Material Orders

There are no significant and material orders passed during the year by the
regulators, courts or tribunals impacting the going concern status and the
Company's operations in the future.

Statutory Disclosures

None of the Directors of the Company are disqualified as per the provisions
of Section 164(1) and (2) of the Companies Act, 2013. The Directors have
made necessary disclosures, as required under various provisions of the
Companies Act, 2013, and the SEBI Listing Regulations.

Material Changes and Commitments

No material changes and commitments affecting the financial position of
the Company have occurred between March 31,2026, and the date of this
report.

Change in Nature of Business

The Company continues to be a pioneer biopharmaceutical Company
engaged in manufacturing active pharmaceutical ingredients and
formulations, including biosimilar drugs for diabetics, oncology and
autoimmune diseases with sales in markets across the globe.

There has been no change in the nature of the business of the Company.

Annual Return

The Annual Return of the Company as per the provisions of Sections 134(3)
(a) and 92(3) of the Companies Act, 2013, is available on the website of
the Company at https://www.biocon.com/investor-relations/shareholder-
services/annual-general-meeting/.

Secretarial Standards issued by the Institute of Company
Secretaries of India

In terms of Section 118(10) of the Companies Act, 2013, the Company
has complied with the applicable Secretarial Standards i.e. SS-1 and SS-2
relating to the 'Meetings of the Board' and 'General Meetings', respectively,
as specified by the Institute of Company Secretaries of India ('ICSI') and
approved by the Central Government.

Corporate Codes and Policies

The details of the policies approved and adopted by the Board as required
under the Companies Act, 2013, SEBI Listing Regulations, and other
applicable laws, are provided in Annexure 7 to this Board's Report.

Other Disclosures

a. There are no proceedings initiated/pending against the Company
under the Insolvency and Bankruptcy Code, 2016; and

b. There was no instance of one-time settlement with Banks or Financial
Institutions. Therefore, the reasons of difference in the valuation at the

time of one-time settlement and valuation done while taking loan
from the Banks or Financial Institutions are not reported.

Green Initiative

We request all the Members to support the 'Green Initiative'of the Ministry of
Corporate Affairs and Biocon's continuance towards a greener environment
by enabling the service of the Integrated Annual Report, AGM Notice,
and other documents electronically to your email address registered with
your Depository Participant/ the Registrar and Share Transfer Agent of the
Company.

In support of the 'Green Initiative', the Company encourages Members
to register their email addresses with their Depository Participant or the
Registrar and Share Transfer Agent of the Company to receive soft copies of
the Integrated Annual Report, Notices and other information disseminated
by the Company, on a real-time basis without any delay.

Acknowledgement

We place on record our appreciation for the committed services by every
Member of the Biocon family globally whose contribution was significant
to the growth and success of the Company. We would like to thank all our
clients, partners, vendors, investors, bankers and other business associates
for their continued support and encouragement during the year.

We also thank the Government of India, USA, Brazil and Malaysia,
Government of Karnataka, Government of Telangana, Government of
Andhra Pradesh, Ministry of Information Technology and Biotechnology,
Ministry of Health, Ministry of Commerce and Industry, Ministry of Finance,
Department of Pharmaceuticals, Department of Scientific and Industrial
Research, Ministry of Corporate Affairs, Central Board of Indirect Taxes
and Customs, Income Tax Department, CSEZ, Drugs Controller General of
India and all other regulatory agencies for their assistance and cooperation
during the year and look forward to their continued support in the future.

For and on behalf of the Board

Sd/-

Bengaluru Kiran Mazumdar-Shaw

May 07, 2026 Executive Chairperson

DIN:00347229