Unaudited Financial Results for quarter and nine months ended December 31, 2025

‌February 11, 2026

Dear Sir/Madam,

In continuation to our letter dated February 02, 2026, 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. Wednesday, February 11, 2026, 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 nine months ended December 31, 2025. The same was also reviewed by the Audit Committee in its meeting held on Wednesday, February 11, 2026. A copy of the said statements of financial 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 nine months ended December 31, 2025, are accessible to the Investors, is being sent for publication in newspapers.

The meeting of the Board of Directors commenced at 03.30 P.M. and concluded at 06:45 P.M. This is for your information and records please.

Thanking you Sincerely yours,

for Panacea Biotec Limited

ANKIT JAIN

Digitally signed by ANKIT JAIN

Date: 2026.02.11

19:46:29 +05'30'

Encls: As above

Panacea Biotec Limited (CIN: L33117PB1984PLC022350)

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, Email: companysec@panaceabiotec.com

‌(T in Lakh except per share)

Notes:

I The above is an extract of the detailed format of Quarterly and Nine Months Financial Results filed with the Stock Exchanges under Regula0on 33 of the SEBI (Listing Obligations arid Disclosure Reqnirements) Regulations, 2015. The full format of the Quarterly and Nine Month Financial Results is available on the Stock Exchanges websites, NSE- http://www.nseindia.com, BSE- http://www.bseindiacom and is also available on the Company's website, http://www.panaceabiolec.com.

1. The said financial results for the Quarter and Nine Months Ended December 31, 2025 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on February 11, 2026 and have been reviewed by the statutory auditors of the

   COmQ ny.

2. The financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standard ("Ind-AS") notified under the Companies (Indian Accoun0ng Standards) Rules, 2015 as specified in section 133 of the Companies Act,

   20 l3.

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

   F'or and on bebalf"of"the Board of" Directors of"

   Panacea Biotec Limited

   Date: February 11, 2026

   p e

   °e.d

   Dr. Raje Jain Chairman & Managing Director

   Regd. Office : Ambala-Chandigarh Highway, Lalru- 140501, Punjab CIN: L33117PB 1984PLC022350 - Ph. No. 91-11-4 1679000, Fax: 91-11-4 1679070,

   Website: https://www.panacea-biotoc.com, E-mail: Corporate@.panaoeabiotec.com

   		Statement of Standalone and Consolidated Financial Results tUnaudited) for the Quarter and Nine Months Ended December 31, 2025
   		(€ in Lakh ezcegt per share)
   		Standalone						Consolidated
   		Quarter Ended			Nine Months Ended		Year Ended	Quarter Ended			Nine Montks Ended		Year Ended
   		December 31, 2025	September 30, 2025	December 31. 2024	December 31, 2025	December 31, 2024	March 31, 2025	December 31, 2025	September 30. 2025	December 31. 2024	December 31, 2025	Dece-her 31, 2024	March 31, 2025
   		tUnaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	tUnaudited)	(Unaudited)	(Unaudited)	tUnaudited)	(Unaudited)	(Audited)
   	a) Revenue from operations	9,931	9,08t	10,843	30.237	24,195	30,985	16,519	14,113	16,349	47,302	42,656	55,909
   	b) Other income	384	361	332	1,240	1,053	1,662	228	640	362	1,435	1,207	2,066
   	Total Incone	10,315	9,442	11,175	31,477	25,248	32,647	16,747	14,7S3	16,711	48,737	43,863	57,975
   II	Expenditure:
   	a) Cost ofraw and packing materials consumed	7,288	2,688	2,816	16,070	6.464	t2,401	9,017	4,658	4,874	20,946	13,075	21,407
   	b) Purchase of traded goods	208	78		400		175	238	191	15	630	15	760
   	c) Chans;es in inventories of finished goods, traded goods and work-in-progress	(2,723)	1,774	l,0t5	(943}	1104	(2,306)	(2,462)	1,045	1,366	(1,167)	1,656	(2.213
   	d) Employee benefits expense	2,d16	2,704	2.378	7.757	6,976	9.702	4,053	4,77t	4,298	13.396	t2,392	17,305
   	e) Finance cost	704	593	385	1,897	1,082	1,546	185	214	99	485	284	388
   	f) Depreciation and amortisation expense	489	491	521	1.457	T,538	2,029	845	834	898	2,518	2,639	3481
   	5) Other expenses	2,780	3,207	3,095	8,763	8.487	11,706	4,499	5,227	5,000	t4,220	15421	21,21
   	Total expenses	11/G2	1t,535	10,2*O	3590]	25,65*	35,2M	16,375	*6,940	16,55O	51,O28	g5482	62@69
   III	Profitf(loss) before tax and exceptional item (I-II)	(947)	(2,093)	965	(3,924)	40J	(2,606j	372	‹2,187)	*4*	(2,29*)	(1,619)	(4U94
   IV V	Exceptional items (refer note 5) Profit/(loss) before tax (I II+IV)	(947)		965	(3,924)	(403)		277 649	270 ‹1,917)	277 ‹3x	1,679 (6iz)	828 Q91)	3.599 (795
   	a) Current tax (net)									(0)			I
   	b) Deferred tax charge/(created)	t211)	t>29)		(954)	(119)	(1,083)	233	(39)	(6)	(4)	(118)	76
   VII	Net Profitf(loss) after tax for the periodfyear (V-VI)	(2D1) (736)		965	(954) t2,970)		(t,omj	260	(5t6) ‹1,40t)	(6) 444	(616)	118) (673)	77 (872)
   VfiII	Profitf(loss} for the periodfyear attributable to:
   	i) Owners of the Company	(736)	(1,564)	965	(2,970)	(284)	(,323)	398	(I ,392)	452	(389]	(M8)	(837
   	ii) Non-controlling interest							(9]	(9)	(8]	t+7)		(3'i}
   a)	Otker comprehensive inconeftloss): iI Items that will not be reclassified to profit or loss ii) Income tax related to above	4S ( 11)	2 (i)		49 (‹2)	(6) 1	7 (2)	61 (i>;	(1)	tiH	57 (14]	(34)	2
   b)	i) Items that will be reclassified to profit or loss												117
   	ii) Income tax related to above
   X	Total comprehensive incomef(loss) for the period/year (VtI+IX)	(702)		963		(209)		435	(t,4M)		(573j	(698)	(761)
   	Total comprehensive income/(loss} attributable to:
   XII	Paid-up equity share capital (face value of1I /- each)	(702) 613	(1,563) 613	963 613	(2,933) 613	(289) 613	t*.518) 613	444 (9) 613	(t,393) (9) 613	444 (8) 613	(346] (27) 613	(673)	(726) (3S) 613
   XItI	Other equity						30,784						82,866
   SIV	Earningf(loss) per equity share (annualised, except for quarters / half years)
   	Basic and Diluted (in 1)	t*.20)	(z s)	1.58	(4.85)	t0.46)	(2.49)	0.63	(2.27)	0.74	(0.97)	(1.06)	(I .37)

   1. Owners of the Company

   2. Non-controlling interest

   
   
   

   Stntement of Standalone nnd Consolidated financial Results (Unaudited) for the Quarter and Nine Months Ended December 31, 2025
   Unaudited Segment-wise Revenue, Results and Capital Employed
   	December 33, 2025	September 30, 2025	December 31, 2024	December 31, 202S	December 31, 2024	March 31, 2it25
   ti) Vaccines (ii) formulations Sub total Less: Inter segment revenue	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
   	9,924 6.595 16,519	9,081 3,032 14,t13	I 0,845 5,504 16,349	30,230 17,072 47,302	24,194 18,462 42,6S6	30,984 24,9?3 55,909
   Total segment revenue	16,519		16,349	47,302	42,656	55,909
   Profit (*)/ loss (-) before tax Other unallocated expenditure net ofunallocated income and exceptional items	(257) 906 649	(t,6S7) (260) (1,917)	l, 9G (738) 458	(2339) 1,727 (612j	233 (1,024) (791)	(I ,652) 857 (795
   Total Profit/(loss) before tax	649	(1,9t7)		(6*2)	(791)	(795
   t") Formulations	89,686 40,340	87,090 38,360	79,086 42,070	89,686 40,340	79,086 42,070	89,119 39,856
   Sub Total	1,30,02G	1,25,450	1,2t,1S6	1,30,026	1,21,t56	t,28,97S
   Segment liabilities	33,S37 t3,682	30,491 I 2,753	28,461 9,597	33,537 t3,682	28,461 9,597	35,087 I 0,826
   Sub Total	47#*9	43,244	38,058	47@19	38058	45,913
   Capital employed (Segment assets - segment liabilities)	56,149 26,658	56,599 25,607	50,623 32,473	56,149 26,658	50,623 32,473	54032 29,030
   	82,807	82,206	83,098	82,807	83,098	83,062

   1. Segment results

      1. Vaccines

      2. Formulations Sub total

   1. Capital employed Segment assets

      1. Vaccines

   1. Vaccines

   2. Formulations

   1. Vaccines

   2. Formulations

   
   
   

   Panacea Biotec

   Innovation iri sir 3•oi-r of -'.fe

   Notes:

   1. The financial results for the quarter and nine months ended December 31, 2025 were reviewed by the Audit Committee and approved by the Board ofDirectors of the Company at their respective meetings held on February 11, 2026, and have been reviewed by the statutory auditors of the Company.

   2. The financial results have been prepared inaccordance 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 ofconsolidation asper Ind AS 110

   4. For the nine months ended December 31, 2025, the Company has incurred loss (before tax and exceptional items) of 13,924 Lakh (nine months ended December 31, 2024: loss of 1403 Lakh) and the Group has incurred a loss (before tax and exceptional items) of 12,291 Lakh (nine months ended December 31, 2024: loss of I 1,619 Lakh). The surplus funds remaining with the Group out of the sales ofpharmaceutical formulations brands in India andNepal inMarch 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 and pharmaceutical 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 nine months ended December 31, 2025, the Group has recognised an exceptional income of 11,679 Lakh under the "Exceptional Item" in the consolidated statement ofprofit and loss, which includes:

      1. revenue of 1858 Lakh (nine months ended December 31, 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 the Company & PBPL; and

         
         
         

      2. revenue of 1821 Lakh (nine months ended December 31, 2024: 1828 lakh), out of the remaining deferred consideration of I2,l1l Lakh as at March 31, 2025, from sale of domestic pharmaceutical brands of PBPL. The balance deferred consideration of I 1,290 Lakh (December 30, 2024: 14,882 Lakh) would be recognised in subsequent quarters / years and is shown as Contract Liability in the consolidated financial statements of the Group.

         
         
         

   6. OnNovember 21, 2025, the Government ofIndia notified provisions ofthe Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 ('Labour Codes') which consolidate twenty-nine existing labour laws into aunified framework governing employee benefit during employment and post-employment. The Labour Codes, amongst other things, introduces changes, including a uniform definition of wages. The incremental impact of these changes, assessed by the Company / Group, on the basis of the information available, consistent with the guidance provided by the Institute of Chartered Accountants of India, has been accounted for accordingly. Once Central / State Rules are notified by the Government on all aspects of the Codes, the Company / Group will evaluate additional impact, if any, on the measurement of employee benefits and would provide appropriate accounting effect.

   7. The Company publishes standalone financial results along with 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 nine months ended December 31, 2025.

   8. The necessary certificate / report in respect of the above results in terms of the requirements 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 "I in Lakh" represents an amount less than 150,000. 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

For and on behalf of the Board of Directors of Panacea Biotec Limited

Dr. Rajesh Jain

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

CIN: L33I17PB l984PLC022350, Ph. No. +9l-11-41679000, Fax: +91-11-41679070

Website: https://www.panaceabiotec.com, E-mail: corporate@panaceabiotec.coin

‌Suresh Surana & Associates LLP

Chartered Accountants

Suresh Surana & Associates LLP

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

Noida(NCR) -2013O1. (U.P), lnclia

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 nine months ended December 31, 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 standalone financial results of Panacea Biotec Limited (the 'Company') for the quarter and nine months ended December 31, 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 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.

   
   
   

   Head Offica:

   8th Floor, Bakhtawar, 229, Nariman Poin( Mumbai - 400 021. India. T +91 (22) 6121 4444

   emails@ss-associates.com

   Offices: Mumbai. Chennai. Kolkata, Bengalufu, Navi Mumbai. Surat, Hyderabad, Ahmedabad, Pune, Gandhtdham, Jaipur and Vi|ayanagar.

   
   
   

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 terms 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 Accountantsf

Chaflereg

ICAI Reg. No. 121750W/W1 §

Kapil Cedar Partner

Membership No. 094902--

UDIN: zs•qv«oznsro oP"z 8

Dated: February 11, 2026 Place: New Delhi

‌Suresh Surana & Associate» LLP

Chartered Accountants

Suresh Surana & Associates LLP

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

Noida (NCR) - 201301. (U.P), India

T•91@2o)6265555

newdeIhiGss-associates.com www.ss-nssociates,con

LLP Identity No. AAB-7509

Independent Auditor's Limited Review Report on Unaudited Consolidated Financial Results for the quarter and nine months ended on December 31, 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

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 nine months ended December 31, 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.

   Head Office:

   8th Floor, Bakhtawar, 229, Nartman Point Mumbai - 400 021. India. T +91 (22) 6121 4444

   emails@ss-associates.com

   Offices: Mumbai, Chennai, Kolkata. Bengaturu. Navi Mumbai, Surat. Hyderabad, Ahmedabad, Pune, Gandhidham, Jaipur and Vijayanagar.

   Suresh Surana & Associates LLP

   Chartered Accountants

4. Based on our review conducted and procedure performed as stated above ancl based on the consideration of the review reports of other auditors referred in 'Other Matters' section below, notching has come to our attention that causes us to believe that the accompanying statement, preparE!d 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 o'ther 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 lie disclosed, or that it contains any material misstatement.

   Other Matter

5. The unaudited consolidated financial results include the interim financial results of 6 subsidiaries (including 2 step down subsidiaries) which have not been reviewed by their auditor*., whose interim financial results reflect total revenue of Rs. 134 Lakh and Rs. 1,081 Lakh, total net less after tax and total comprehensive loss of (Rs. 277 LaKh) and (Rs, 524 Lakh), for the quarter and nine months ended December 31, 2025 respectively, 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/W1000 t

Kapil Kedar

Membership No. 094902 ,

unit «o4*«zn n/vr-xAssz 7-

Dated: February 11, 2026 Place: New Delhi

Independent Auditor's Limited Review Report on Unaudited Consolidated Financial Results for the quarter and nine months ended on December 31, 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

Hame of the Holding Company

1) Panacea Biotec Limited

Hame of subsidiaries and step-down subsidiaries

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"

S) Meyten Realtech Private Limited

1. Adveta Power Private Limited*

2. 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.