Unaudited financial results for quarter and half year ended September 30, 2025

‌November 14, 2025

Dear Sir/Madam,

In continuation to our letter dated November 04, 2025, and pursuant to Regulations 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations"), we would like to inform you that the Board of Directors has at its meeting held today, i.e. November 14, 2025, inter-alia, considered and approved the Standalone and Consolidated Unaudited Financial Results of the Company (which have been subjected to Limited Review by the Statutory Auditors) for the quarter and half year ended September 30, 2025. The same were also reviewed by the Audit Committee in its meeting held on November 14, 2025. A copy of the said results along with the Limited Review Report is enclosed herewith as Annexure - A.

Pursuant to Regulation 46(2)(l) of the SEBI LODR Regulations, the aforesaid statements of financial results are being uploaded on the website of the Company i.e. https://www.panaceabiotec.com.

Further, pursuant to Regulation 47(1)(b) of the SEBI LODR Regulations, the Quick Response Code and the details of the webpage where complete financial results of the Company for the quarter and half year ended September 30, 2025, are accessible to the Investors, is being sent for publication in newspapers.

The meeting of the Board of Directors commenced at 11:30 A.M. and concluded at 03:35 P.M. This is for your information and records please.

Thanking you Sincerely yours,

for Panacea Biotec Limited

Vinod Goel

Digitally signed by Vinod Goel

Date: 2025.11.14 17:10:47

+05'30'

Encls: As above

Regd. Office : Ambala Chandigarh Highway, Lalru - 140501, Punjab Correspondence/Corporate office : B-1 Extn./A-27, Mohan Co-op. Indl. Estate, Mathura Road, New Delhi - 110 044, India

Ph.: 91-11-4167 9000, 4167 8000, Fax: 91-11-4167 9070 Email: companysec@panaceabiotec.com

‌(7 in Lakh except per share)

Notes:

I The above is an extract of the detailed format of Quarterly and Half Yearly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 15. The full fonnat of the Quarterly and Half Yearly Financial Results is available on the Stock Exchanges websites, NSE- https://http://www.nseindia.coin, BSE- https://http://www.bseindia.coin and is also available on the Company's website, https://http://www.panaoeabiotec.com.

1. The said financial results for the Quarter and Half Year Ended September 30, 2025 were reviewed by the Audit Committee and approved by the Board »r nil i« «f the Company at their meetings held on November 14, 2025 and have been reviewed by the statutory auditois

   oY the Company.

2. The financial results have been prepared in accordance with the recognition and measurement principles »r applicable Indian Accounting Standard ("Ind-AS") notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.

3. Previous period / year amounts have been regrouped/ reclassified to make them comparable with those ofcurrent period/ year.

   Place: New Delhi

   Date: November 14, 2025

   Regd. Office : Ambala-Chandigarh Highway, Lalru- 14050 1, Punjab

   CIN: L33l 17PB1984PLC022350 - Ph. No. 91-11-41679000, Fax: 91-11-41679070,

   Website: https://www.panacea-bioiec.com, E-mail: Corporate@panaceabiotec.com

   		Statement of Standalone and Consolidated Financial Results (Unaudited) for the Quarter and Hall Year Ended September 30, 2025
   S.No		Standalone						Consolidated
   		Quarter Ended			Hall Year Ended		Year Ended	Quarter Ended			HalF Yeur Ended		Year Ended
   		September 30, 2025	June 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024	March 31, 2025	September 30, 2025	Jane 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024	March 3t, 2025
   		(Unaudited)	tUnaudited)	tUnaudited)	(Unaudited)	tUnaudited)	tAudited)	(Unaudited	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
   	a) Revenue from operations	9,081	11,225	7,664	20,306	13,352	30,985	I4,II3	16,670	14,735	30,783	26,307	55,909
   	b) Other income	361	495	341	856	721	1.662	640	567	465	1,207	845	2,066
   ii	Totul fincome Expenditure:	9.442	t1,720	8,005	21,162	14,073	32,647	14,753	D7#37	t5,200	3t,990	27,152	57,975
   		2,688 78	6.094 114	2,204	8.782 192	3,648	12.401 175	4.658 191	7,27t 201	4,177	11,929 392	8,201	21,407 760
   	c) Changes in inventories of finished goods, traded goods and work-in-progress	t,774	6	(433)	1.780	89	(2,306)	1.045	250	142	1,295	290	(2,213
   	d) Employee benefits expense	2,704	2,537	2,445	5.2-i1	4.598	9,702	4,771	4,572	4,344	9,343	8,094	17,305
   	e) Finance cost	593	600	376	1.193	697	1.546	214	86	98	300	185	388
   	f) Depreciation and amortisation expense	491	477	509	968	1.017	2,029	834	839	868	1,673	1.741	3,481
   III iv	g) Other expenses Totnl expenses Profitftloss) before tax and exceptional item (I-II) Exceptional items (refer note 5)	3,207	2,776 12,604 884)	2.774 7,875 t30	5,983 24,139 {2,977)	3,392 15,441 (t,368)	tJ.706 35,253 (2,606)	5,227 16,940 (2,187) 270	4,494 *7,7*3 (476) 1,132	5,372 15,001 199 277	9,721 34,653 (2,663) 1,402	10,421 28,932 (1,780) 551	(4,394 3.599
   VI	Profitf(loss) before tux (III+1 V) Tax expense:		884)	130	(2,977)		(2,606)	(1,917)	656	47s	tuciJ	ti,zzsj	toss
   	a) Current tax (net)									0	3	0	I
   vii	b) Deferred tax charc,e/(created) (refer note 6)	(8?9) (sz*)	(214) (214) (670)	I I D29	(743) (743) (2@34)	( 119) (119) (1,249)	(1 .083) (1,083) t*,523)	(519) t5l6) t+,401)	260 260	5 5 471	(259) (256) (1,005)	(112) (uz) (*d*7)	76 77 (872
   VIII	Profit/(loss) for the period/yenr attributable to:
   		(I 364)	(670)	129						480 (9)	(987) (i s)	(1.100) (17)	(837 (33)
   a)	Other comprehensive incomeftIoss):			(<;			7	()	t3)	(I3)	(4)	(23)
   	ii) Income tax related to above	(1)			( I )		(2)					6	2
   b)	i) Items that will be reclassified to profit or loss									(I 0)			tl7
   	ii) Income tax related to above
   	Total comprehensive incomef(loss) for the period/year (VII+IX)		(668)	*26	(2@3*		(1,5*8	(1,402)		45*			(76t)
   XI	Total comprehensive income/(loss) attributable to:
   	i) Owners of the Company	(t,363)	(668}	126	(2,231)		(1.51 8)	(1.393)	403	460	(990)	(1,11 7)	(726)
   	ii) Non-controlling interest							(9)	(9)	(9)	(18)	(17)	(35)
   XII	Paid-up equity share capital (face value of WI /- each)	613	613	613	613	613	613	613	613	613	613	613	613
   XfII	Other equity						30,784						82,866
   XIY	Earningf(loss} per equity share (annualized, except for quarters / haIF years)
   	Basic and Diluted t'• +)	(z s)	(1.09)	0.21					0.66	0.77	(1.62)	t! 80)

   1. Cost ofraw and packing materials consumed

   2. Purchase of traded goods

   1. Owners of the Company

   2. Non-controlling interest

   1. Items that will not be reclassified to profit or loss

   
   
   
   
   
   

   e/hi-***

   Siutement of Asseis and Liabilities	(I in Lakh
   	Standalone		Gonsolidatea
   	September 30, 2025	March 31, 2025	September 30, 2025	Maycli 31, 2025
   ASSETS iii) Other financial assets t,) Income tax assets (net) h) Other non-current assets Sirb-total (2) Current assets !iiI Cash and cash equivalents is j Bank balance other than cash and cash equivalents vij Other financial assets s»6-toisi	(Unaudited)	Audited	(Unaudited)	Audited
   	34,152 9,659 6,904 173 3,354 27 ?68 6?5 73	3 4,750 8,740 6,823 57 5,164 27 230 585 69	53,285 10,983 1,565 776 3.778 7 660 976 N9	54,33 9 9,351 1,580 J72 3,454 7 608 8?3 394
   	5E2J6	S4.445	72 152	71J28
   	l?,013 2,773 1,485 208 34t2 8,490	I 5,210 -2,085 3,850 2,566 177 1,640 7 174	19,533 326 7.622 6.367 1,794 297 4,348 t3,01J	21,367 313 7,23G 8,213 2.484 257 G,900 10,833
   	29,892	32,502	53,298	57,647
   Total Assets	85.127	86,947	125,450	128,975
   EQUTTV AND LIABILI TIES Eqnity Siib-total Non-controlling Interest Total Eqnity Liabilities i) Borrowint,s ii} Other financial liabilities t2) Current liabilities i) Borrowings ii) Trade payables: Total outstanding dues of micro and small enterprises Total outstanding dues of creditors other than micro and small enterprises iii) Other financial liabilities	61 3 28,553	613 30,784	613 82,028	613 82,B66
   	29d66		82,641	83,479
   			(435)	(417
   	29,1 66	31,397	82,206	83,062
   	17,040 644 2,112 C5C 10,963 1 1 ,006 l.?27 8,056 3,092	16.051 965 1.995 1,398 6,794 955 15,528 924 7,847 3,003	2,290 46 3,798 2,068 534 1,834 16,695 1,152 11,284 3,539 4	2,22 ! 46 3,334 2,328 I ,083 1,418 21,158 938 9,549 3,635 1
   	55,961	55,550	43,244	45,9t3
   Total Equity and Liabilil ies	85,127	86,947	125,450	128,975

   1. Non-current assets

      1. Property, plant and equipment

      2. Capital work in pr0t,rgss

      3. Investment Property

      4. Intangible assets

      5. Intangible assels under development

      6. Financial Assets

         1. Investments

   1. Inventories

   2. Financial Assets

      1. Investments

      2. Trade receivables

   3. Other current assets

   1. Equity share capital

   2. Other eqnity

      1. Non-current linbilities

         1. Financial liabilities

         2. Provisions

         3. Deferred tax liabilities tnet)

         4. Other non-current liabilities

   1. Financial liabilities

   1. Other current liabilities

   2. Provisions

   3. Current iax liabilities (nei)

   
   
   

   Statement of Standalone and Consolidated Financial Results (Unaudited} for the Quarter and Half Year Ended September 30, 2025
   Unaudited Segment-wise Revenue, Results and Capital Employed
   	Consolidated
   				Half Year Ended		Consolidated
   	September 30, 2025	June 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024	Mqrch 3t, 2025
   Less: Inter set,ment revenue	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	tUnaudited)	(Audited)
   	9,081 5,032 14,113	11,225 5.445 16,670	7.662 7.073 t4.733	20.306 l 0,477 30,733	13,349 12,938 ?6,307	30,984 24,925 55.909
   Totsl segment revenue	14,113	i6,670	14,735	30,783	26407	55,909
   b} Segment results Profit (*}/ loss (-} bei'ore tax Other unallocated expenditure net of unallocated income and exceptional items	(1,657) t*60) t1,917)	(4?5) ],08l 656	364 112 376	(?,08?] 8?T (J,26t)	(963) (2G6) (,229)	(I .G32} 837 {795
   	(t,9t7)	656	476	(1,261)	(1,229)	(795
   	87,090 38.360	87,506 40,13I	80,18 I 44,127	87,090 38 360	80,1 81 44 127	89,1 19 39 856
   Sub Totel	t25,450	127,G57	124,308	125,450	12J,308	128,975
   Segment liabilities	30 91 l?733	31,321 1?672	3 1,257 10.159	30,491 I 2,753	31,257 10,159	35,087 10,8?6
   Sub Totsl	43,2JJ	43,993	41,416	4$y44	41,416	35,9*J
   Capital employed (Segment assets - segment liabilities)	56.599 2S 607	S6,185 27470	48,924 33Q68	36,599 ?5 607	48,924 33968	34,03? ?9030
   	62,Z0G	83,66g	82,892	82,206	82592	83,062

   1. Segment revenue

      1. Vaccines

      2. Formulations Sub total

   1. Vaccines

   2. Formulations Sub total

   1. Capital employed Segment assets

      1. Vaccines

      2. Formulations

   1. Vaccines

   2. Formulations

   1. Vaccines

   2. Formulations

   
   
   

   	(T in Luch
   	Standalone		Consolidated
   	For Hall Year Ended September 30 2025	For Hall Year Ended Sepiember 30 2024	For Half Year Ended September 30, 2025	For Hall Year Ended September 30.2024
   	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
   Cash flow from operating activities
   Profi t/(loss) before tax	(2,977)	(1,368)	(1,26 1)	(1,229)
   Adjustment for
   Depreciation and amortisation expenses	968	1,017	1,674	t.741
   Finance costs	1,193	697	300	1 85
   Allowance for expected credit ioss and doubtful advances	415	348		382
   Interest income	(602)	(433)		(349)
   lease rental income	(255)	(233)
   Liabilities/provisions no longer required, written back		(S)		(l 3)
   Income from Investments Realized/Unrealised toreign exchange (gain) / loss	268	t49)		(46)
   Bad debts and advances written off
   Dr !dend received		(0'		(0)
   Net (Main) / loss on redemption and fair valnation of investments				( I6C
   E› ceptional items (refer note 5 for details)			(1.402	(551
   Operating profit/(loss) before working capital changes	(990)	(23)	,058)	(46)
   Adjustments for worhing capital changes:
   Inventories	3,197	722	1,83 4	1, 11 1
   J'rade receivables	(678)	(1,194)	6	(857)
   Doans and other assets	(3,122)	( 1,144)	746	(1,113)
   Provisions and other liabilities	(4,187)	984	(t,45t)	1.084
   Cash flow Fro•n/tused in) operating activities post working capital chnngee	(5,780)	(655)
   Income tax (paid)/refund (net)	(40)	t53)	(1S4)	(117)
   Net cash flow from/(used in} operating activities (A)	(5,820)	('708)	(77)	962
   Cash flow from investing nctivitieg
   Payment for property, plant and equipment and intangible assets (including capital	(1,798)	(1,31 7'	(2,530)	(1,589)
   work in progress, intangibles under development and capital advances) (net)
   Proceeds from sale of property. plant and equipment
   Income from investments			4G	7fi
   Lease rental income	243
   Interest received	226	102	255	349
   Di vidend income		0	0	0
   Investment made			(7,650)	(7,650)
   Redemption of investment			7,651	8,075
   Investment in bank deposits	t4,833)	(1,115)	(4,136)	(4,871)
   Redemption ofbank deposits	5,679	1,267	4,825	4,826
   Net cash ftow from/(used in} investing activities (B)	(503)	(1,062)	{1,539)	(785)
   Cnsh flow from financing activities
   Proceeds from non- current borrowings		2,613
   Proceeds from current borrowings	13,224	852	70
   Repayment ofnon-current borrowings	(9230'
   Proceeds from grant	i 33
   Interest paid	(I 92)	(1,116)	(300	(I 27
   Net cash from/(used in) financing activities (C)	3,957	2,349	(230)	(127
   Increase /(Decrease) in net cash and cash equivalents (ABB*C)	(2,366)	579		50
   Cash and cash equivalents at the beginning of the year	3,830	509	8,213	4,71 7
   Effects of exchange rate changes on cash and cash equivalents held in foreign currency		(l )
   Cash and cash equivalents ct the end of the period	1,485	1,08'7	6,367	4,767

   
   
   
   
   
   

   Panacea Biotec

   
   
   Notes:

   1. The financial results for the quarter and half year ended September 30, 2025 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on November 14, 2025, and have been reviewed by the statutory auditors of the Company.

   2. The financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS") notified under the Companies (Indian Accounting Standards) Rule, 2015, as amended from time to time, specified under section 133 of the Companies Act, 2013.

   3. The consolidated financial results of the Company have been prepared by consolidating the reviewed financial results of the Company and its material subsidiary for the respective periods, with the management approved financial results of other wholly owned subsidiaries ("WOS") and the Enterprises over which the Company exercises control (the Company, these subsidiaries and the enterprises hereinafter collectively referred to as "the Group"):

      1. Indian WOS: Panacea Biotec Pharma Limited ("PBPL") (material subsidiary) and Meyten Realtech Private Limited;

      2. Overseas WOS: Panacea Biotec (International) S.A. ("PBS"), Panacea Biotec Germany GmbH (WOS through PBS) and Panacea Biotec Inc. (WOS through PBPL); and

      3. Enterprises over which the Company exercises control*: PanEra Biotec Private Limited and Adveta Power Private Limited.

         *considered as a subsidiary for the purpose of consolidation as per Ind AS 110

   4. For the half year ended September 30, 2025, the Company has incurred loss (before tax and exceptional items) of 12,977 lakh (half year ended September 30, 2024: loss of 11,368 lakh) and the Group has incurred a loss (before tax and exceptional items) of 12,663 lakh (half year ended September 30, 2024: loss of 11,780 lakh). The surplus funds remaining with the Group out of the sales of pharmaceutical formulations brands in India and Nepal in March 2022 have helped in strengthening the working capital position, setting up new facilities for enhancement of capacities for manufacturing of vaccines drug substance, scaling up its nutrition andpharmaceutical formulations business and pursuing other business opportunities. The Company has already received higher long-term business orders for vaccines from key institutional customers. Based on these measures and continuous efforts to improve the business performance, the management has prepared the financial results on a going concern basis.

   5. During the half year ended September 30, 2025, the Group has recognised an exceptional income of 11,402 Lakh under the "Exceptional Item" in the consolidated statement of profit and loss, which includes:

      1. revenue of 1858 lakh (half year ended September 30, 2024: Nil), pursuant to the settlement agreement dated July 9, 2025 executed with Apotex Inc., USA ("Apotex") to settle the ongoing dispute between Apotex and Company & PBPL; and

         
         
         

      2. revenue of t544 lakh (half year ended September 30, 2024: 1551 lakh), out of the remaining deferred consideration of t2,lll lakh as at March 31, 2025, from sale of domestic pharmaceuticalbrands ofPBPL. The balance deferred consideration of tl,567 lakh (September 30, 2024: t5,159 lakh) would be recognised in subsequent quarters / years and is shown as Contract Liability in the consolidated financial statements of the Group.

         Panacea Biotec

   6. The standalone financial results for the year ended March 31, 2025, includes deferred tax created for Rs 416 lakhs on account of adjustments pertaining to earlier years. The consolidated financial results for the year ended March 31, 2025, includes deferred tax charge for Rs 270 lakhs on account of adjustments pertaining to earlier years.

   7. The Company publishes standalone financial results along with the consolidated financial results. In accordance with Ind AS 108, 'Operating Segments', the management has disclosed the segment information in the consolidated financial results of the Group for the half year ended September 30, 2025.

   8. The necessary certificate / report in respect of the above results in terms of requirement of Regulation 33 of the SEBI (Listing Obligations and Other Disclosure Requirements) Regulations, 2015, has been placed before the Board ofDirectors.

   9. Previous period amounts have been regrouped/ reclassified in compliance with Ind-AS to make them comparable with those of current period / year.

   10. '0' under "Rs. in Lakh" represents an amount less than Rs.50,000. Further, the figures shown in the tables may not exactly add up due to rounding off.

   11. The above results are also available on the Company's website https://www.panaceabiotec.com

aKa/ea ' te L' 'ted peg Biop

Regd. Office: Ambala-Chandigarh Highway, Lalru-140501, Punjab

CIN: L33 I 17PB l984PLC022350, Ph. No. +9l-I 1-41679000, Fax: +91-11-41679070

Website: httos://https://www.oanaceabiotec.com, E-mail: cor0orate@panaceabiotec.com

SueshSuran4&ASS0ClatesLLP

Suresh Surana & Associates LLP

2nd Floor, Tower-B, B-37 Sector-1,

Noida (NCR) - 201301 (UP), India

T +91 120 626 5555

newdelhi@ss-associates.com https://www.ss-associates.com

LLP Identity No. AAB-7509

Independent Auditor's Limited Review Report on Unaudited Standalone Financial Results for the Quarter and Half Year ended September 30, 2025, of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations")

To

The Board of Dlrectors,

Panacea Biotec Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of Panacea Biotec Limited (the 'Company') for the quarter and half year ended September 30, 2025 (hereinafter referred to as "Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. This 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 the Indian Accounting Standard 34 "Interim Financial Reporting" ("IND AS 34"), prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and is in compliance with the presentation and disdosure 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the statement is free of material misstatement. 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 Standards on Auditing specified under Section 143 (10) of the Companies Act, 2013 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.

   
   
   

   SureshSurana&AssociatesLLP

   
   
   

4. Based on our review conducted as stated in paragraph 3 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 the aforesaid Indian Accounting Standards specified under section 133 of Companies Act, 2013 and other accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in tems of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Suresh Surana & Associates LLP

Chartered Accountants

ICAI Reg. No. 121750W/W100010

KAPIL

KEDAR

Kapil Kedar

Partner

Membership No. 094902

UDIN: 25O94902BMOJZQ8688

Dated: November 14, 2025 Place: New Delhi

SureshSurânâ&AssociâtesLLP

tLarteredAccountants

Suresh Surana & Associates LLP

2nd Floor, Tower-B, B-37 Sector-1,

Noida (NCR) - 201301 (UP), India

T +91 120 626 5555

newdeIhi@ss-associates.com https://www.ss-associates.com

LLP Identity hlo. AAB-7509

Independent Auditor's Limited Review Report on Unaudited Consolidated Financial Results for the Quarter and Half Year ended on September 30, 2025, of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations")

To

The Board of Directors, Panacea Biotec Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results of Panacea Biotec Limited ("the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), (refer Annexure 1 for the list of subsidiaries included in the Statement) for the quarter and half year ended September 30, 2025 (hereinafter referred to as "Statement"), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. The 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 the Indian Accounting Standard 34 "Interim Financial Reporting" ("IND AS 34"), prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 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 Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, to the extent applicable.

   
   
   

4. Based on our review conducted and procedure performed as stated above and based on the consideration of the review reports of other auditors referred in 'Other Matters' section 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 the aforesaid Indian

   
   
   

   SueshSurana&AssoñatesLLP

   
   
   

   Accounting Standards specified under section 133 of Companies Act, 2013 and other accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

   Other Matters

5. The unaudited consolidated financial results include the interim financial results of 6 subsidiaries (including 2 step down subsidiary) which have not been reviewed by their auditors, whose interim financial results reflect total assets of Rs. 9,370 Lakh as at September 30, 2025 and total revenue of Rs. 671 Lakh and Rs. 946 Lakh, total net profit / (loss) after tax and total comprehensive Ioss of Rs. 73 Lakh and (Rs. 247 Lakh) for the quarter and half year ended September 30, 2025 respectively, and net cash inflow of Rs. 604 Lakh for the period from April 01, 2025 to September 30, 2025, as considered in the unaudited consolidated financial results. These interim financial results have not been reviewed by their auditors and have been furnished to us by the management by applying consistent accounting policies. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

For Suresh Surana & Associates LLP Chartered Accountants

ICAI Reg. No. 121750W/W100010

KAPIL KEDAR

Kapil Kedar

Partner

Digitally slgned by KAPIL KEDAR Date: 2025.1 J.J4

14:19:03 +05'30'

Membership No. 094902 UDIN: 25094902BMOJZR7577

Dated: November 14, 2025 Place: New Delhi

5uresh5urana& ASSOCiâteskkh

Independent Auditor's Limited Review Report on Unaudited Consolidated Financial Results for the Quarter ended on June 30, 2025, of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations")

Annexure 1

List of entities included in the Statement

Name of the Holding Company

1) Panacea Biotec Limited

1. Panacea Biotec Pharma Limited

2. Panacea Biotec (International) SA

3. Panacea Biotec Germany GmBH (Wholly owned Subsidiary of Panacea Biotec (International) SA)

4. PanEra Biotec Private Limited"

5. Meyten Realtech Private Limited

6. Adveta Power Private Limited"

7. Panacea Biotec Inc (Wholly owned subsidiary of Panacea Biotec Pharma Limited) (incorporated on April 09, 2024)

"Enterprises over which the Company exercises control - These entities are considered as a subsidiary for the purpose of consolidation as per Ind AS 110.