Shareholders meeting

18 June 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra - Kurla Complex, Mumbai - 400 001 Bandra (E), Mumbai - 400 051 Scrip Code: 524669 Symbol: HESTERBIO Dear Sir/Madam: Subject: Notice of the 39th Annual General Meeting along with Annual Report of the Company for the financial year 2025-26 Pursuant to regulation 34(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Listing Regulations"), we are submitting herewith the Annual Report of the Company along with the Notice of the 39th Annual General Meeting (‘AGM’) for the financial year 2025-26, which has been sent to the members of the Company through electronic means as per the circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India (“SEBI”). For those members whose e-mail address is not registered with the Company / RTA / DP’s, a letter will be sent providing the weblink of website of the Company, including the exact path, from where the Annual Report for the financial year 2025-2026 can be accessed. Details with regard to AGM are as under: Sr. Particulars Details 1 Details of Annual General Meeting Date and Day: 21 July 2026, Tuesday Time: 10:30 a.m. (IST) Mode: Through Video Conference / Other Audio Visual Means 2 Cut-off date to determine list of members Tuesday, 14 July 2026 entitled to receive final dividend 3 Dividend Payment Date On or after Tuesday, 28 July 2026 4 Cut-off date to determine list of members Tuesday, 14 July 2026 entitled e-voting 5 Remote e-voting start time, day and date 9:00 a.m. (IST), Saturday, 18 July 2026 6 Remote e-voting end time, day and date 5:00 p.m. (IST), Monday, 20 July 2026 7 Notice of 39th Annual General Meeting https://www.hester.in/information/meetings 8 39th Annual Report 2025-2026 https://www.hester.in/information/annual- report Please take the same on your record. Sincerely, For Hester Biosciences Limited Vinod Mali Company Secretary & Compliance Officer Enclosure: As above B U I L D I N G W I T H I N T E N T. G R O W I N G W I T H S C I E N C E . Hester Biosciences Limited 39th Annual Report 2025-26 C O R P O R AT E I N F O R M AT I O N BOARD OF DIRECTORS REGISTERED OFFICE AND MANUFACTURING UNIT Dr. Bhupendra Gandhi Chairman Village: Meda Adraj, Mr. Rajiv Gandhi CEO & Managing Director Taluka: Kadi, District: Mehsana Ms. Priya Gandhi Executive Director Gujarat - 384441, India Mr. Sanjiv Gandhi Director Mr. Ravin Gandhi Director CHIEF FINANCIAL OFFICER (up to 12 May 2026) Mr. Ashish Desai Ms. Nina Gandhi Alternate Director (up to 12 May 2026) COMPANY SECRETARY & Ms. Sandhya Patel Independent Director COMPLIANCE OFFICER Mr. Ashok Bhadakal Independent Director Mr. Vinod Mali Mr. Ameet Desai Independent Director Mr. Anil Jain Independent Director Mr. Jatin Trivedi Independent Director STATUTORY AUDITOR Chandulal M Shah & Co. Chartered Accountants, AUDIT COMMITTEE Ahmedabad Mr. Ashok Bhadakal Chairperson INTERNAL AUDITOR Ms. Sandhya Patel Ernst & Young LLP (EY) Ms. Priya Gandhi Ahmedabad SECRETARIAL AUDITOR STAKEHOLDERS’ GRIEVANCES AND Shah & Shah Associates RELATIONSHIP COMMITTEE Practicing Company Secretaries Ahmedabad Ms. Sandhya Patel Chairperson Mr. Rajiv Gandhi BANKER Ms. Priya Gandhi State Bank of India A-FF-1, First Floor, Iscon Elegance, S G Highway, Prahladnagar Cross Road, NOMINATION & REMUNERATION Ahmedabad 380015 COMMITTEE REGISTRARS AND SHARE Mr. Ashok Bhadakal Chairperson TRANSFER AGENTS Ms. Sandhya Patel MUFG Intime India Private Limited Mr. Sanjiv Gandhi (Unit: Hester Biosciences Limited) 506-508, Amarnath Business Centre- 1 (ABC-1), Near St. Xavier’s College Corner, CORPORATE SOCIAL Off. C. G. Road, Ellisbridge, RESPONSIBILITY COMMITTEE Ahmedabad 380006 Mr. Rajiv Gandhi Chairperson STOCK EXCHANGES Mr. Sanjiv Gandhi BSE Limited (524669) Ms. Sandhya Patel National Stock Exchange of India Limited (HESTERBIO) RISK MANAGEMENT COMMITTEE ISIN INE782E01017 Mr. Rajiv Gandhi Chairperson Ms. Priya Gandhi CIN L99999GJ1987PLC022333 Ms. Sandhya Patel MANAGEMENT COMMITTEE Mr. Rajiv Gandhi Chairperson Ms. Priya Gandhi Mr. Sanjiv Gandhi B U I L D I N G W I T H I N T E N T. G R O W I N G W I T H S C I E N C E . For 39 years, Hester Biosciences has built a resilient and purpose-driven organisation through clear intent, disciplined execution, operational excellence and a long-term focus on stakeholder value. We have grown with science, investing in innovation, strengthening our biological portfolio and leveraging cutting-edge manufacturing to protect animal health and support livelihoods. In FY 2025–26, this approach translated into important milestones. We capitalised our Fill-Finish facility and BSL-3 facility represents a significant step in enhancing our ability to support future product development, manufacturing scaleup and market expansion. This expansion was complemented by the receipt of marketing and manufacturing licences for our H9N2 low pathogenic Avian Influenza vaccine, strengthening our offering in a critical area of poultry health. We continued to bring structure and focus to our operations in Africa, while maintaining profitability resilience through a favourable product mix and disciplined cost management. These outcomes reflect steady execution rather than one- time gains. Our focus remains firmly on the people we serve: farmers, veterinarians and partners who rely on consistent quality and dependable supply. Every product reflects careful research, rigorous quality standards and coordinated effort across teams to ensure reliability in the field. As we look ahead, we will continue to strengthen our scientific capabilities and operational systems with the same measured approach. We remain committed to responsible growth, regulatory discipline and sustained value creation. Building with intent and growing with science will continue to guide how we plan, execute and deliver. This is Hester — building purposefully, growing scientifically. ANNUAL REPORT 2025-26 9 C O N T E N T S 12 CORPORATE OVERVIEW 14 A LEGACY, BUILT OVER TIME 16 A YEAR OF INTENT AND READINESS 20 KEY HIGHLIGHTS OF FY26 22 MESSAGE FROM THE CEO & MD 26 MESSAGE FROM THE EXECUTIVE DIRECTOR 28 LOOKING AHEAD: STRATEGIC INTENT AND SCIENTIFIC RIGOUR 30 HESTER - AT A GLANCE 32 BUILT FOR RELIABILITY. DRIVEN BY SCIENCE. 38 KEY PERFORMANCE INDICATORS 40 ONE PLATFORM. MULTIPLE SEGMENTS. SHARED SCIENCE. 48 GLOBAL FOOTPRINT AND RESILIENCE 50 SUSTAINABLE GROWTH, SHARED PROSPERITY 52 STATUTORY REPORTS 54 BOARD’S REPORT 76 MANAGEMENT DISCUSSION AND ANALYSIS 90 REPORT ON CORPORATE GOVERNANCE 114 FINANCIAL STATEMENTS 116 STANDALONE FINANCIAL STATEMENTS 170 CONSOLIDATED FINANCIAL STATEMENTS 222 TEN-YEAR FINANCIAL STATISTICS ANNUAL REPORT 2025-26 11 P.12 C O R P O R AT E O V E R V I E W ANNUAL REPORT 2025-26 13 A L E G AC Y, B U I LT O V E R T I M E KEY MILESTONES 1983 Commenced operations as a proprietary firm, distributing poultry medicines and feed additives in the districts of Thane and Raigad in Maharashtra 1987 Formed Hester Pharmaceuticals Private Limited to acquire the exclusive marketing rights of overseas brands in the Indian market 1990 Signed exclusive marketing agreement with Ghen Corporation, Japan, for poultry feed additives and with Maine Biological Laboratories (MBL), USA, for poultry vaccines 1994 Listed on the Bombay Stock Exchange 1997 Commenced marketing of locally produced poultry vaccines 2007 Expanded manufacturing capacity fourfold 2012 Launched health products 2013 Received WHO-GMP certification and DSIR registration for the in- house R&D unit 2015 Listed on the National Stock Exchange of India Limited 2016 Commissioned a vaccine manufacturing plant in Nepal 2017 Completed the world’s largest backyard poultry immunisation programme with GALVmed (Global Alliance for Livestock Veterinary Medicines, Edinburgh) 2021 Commissioned a vaccine manufacturing plant in Tanzania 2022 La [Showing first 8,000 characters — download PDF for full document]