With reference to the subject matter and pursuant to the Regulation 30, 32 & 33 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR"), we would like to inform you that the Board of Directors of the Company at its meeting held today i.e Saturday, 07th November, 2026, at corporate office of the company at 5TH Floor, 501 SAKAR 4, Opp. Town Hall, Ashram Road, Ahmedabad, Gujarat -380006, ....

Date: 07th November, 2026 BSE Limited, Floor 25, P J Towers, Dalal Street, Mumbai – 400001 Script Code: 543963 ISIN: INE013V01011 Subject: Outcome of the Board Meeting and Submission of the Un-audited Standalone Financial Results for the Half year ended September 30, 2026. Listing Regulation: Disclosure under Regulation 30 read with Schedule III, Reg. 32, 33 and all other applicable Regulations, if any, of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, (the Listing Regulations) as amended from time to time. Dear Sir/Madam, With reference to the subject matter and pursuant to the Regulation 30, 32 & 33 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR"), we would like to inform you that the Board of Directors of the Company at its meeting held today i.e Saturday, 07th November, 2026, at corporate office of the company at 5TH Floor, 501 SAKAR 4, Opp. Town Hall, Ashram Road, Ahmedabad, Gujarat -380006, has considered and approved the following: 1. Approval of Un-audited Standalone Financial Result for the Half year ended on 30th September, 2026 as per Regulation 33 of the SEBI (LODR) Regulations, 2015 we are enclosing following: a. Limited Review Report on Standalone Financial Result for the Half year ended on 30th September, 2026. b. Statement showing the Standalone Un-audited Financial Result for the Half year ended on 30th September, 2026. c. Auditor certificate Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 The above Board meeting Ouctome will be made available on website of the Company at https://shelter.co.in. The meeting was commenced at 03: 45 P.M. and concluded at 05:00 P.M. Kindly take the above on record and oblige. Thanking You. FOR, SHELTER PHARMA LIMITED MUSTAQIM NISARAHMED SABUGAR CHAIRMAN & MANAGING DIRECTOR DIN: 01456841 Alvi &Associqtes +9L77789 06786 co ntact@ a lvia ndassoCiates.com IND CHARTERED ACCOUNTANTS o www.a lvia ndassociates.com Auditor's Limited Review Report on unaudited Financiat results of Shetter pharma Limited, for the Half year ended 30th September,'26 pursuant to Regulation 33 of Securities and Exchange Board of lndia (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors of, Shelter Pharma Limited We have reviewed the accompanying the statement of unaudited financial results of Shelter Pharma limited for the half year ended 30th September,'26. The Financial Statement is the responsibility of the Company's Management and has been approved bythe Board of Directors. Our responsibility is to issue a report on this financial statement based on the review. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410 "Review of lnterim Financial lnformation performed by the independent Auditor of the Entity,,, issued by the institute of Chartered Accountants of lndia. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primary to inquire of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with appllcable standards and other recognized accounting practices and policies has not disclosed the information require to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations ,2075 including the manner in which it is to be disclosed, or that it contains any material misstatement. For, Alvi & Associates Chartered Accountants F.R.No. 161053W -z I CA Aasim Rlvi Partner M. No.625878 Date: -07lLL|2O26 -26625878HTPMSM6437 UDIN: Ahmedabad @ n-fs0l-, Sun Westbank, Nr. Vallabh Sadan Riverfront, Ashram Road, Ahmedabad-3g0009. SHELTER PHARMA LIMITED BSE SME: 543963 | Standalone | Rs million MANAGEMENT DISCUSSION AND ANALYSIS | HALF YEAR ENDED 30 SEPTEMBER 2026 | BOARD MEETING 7 NOVEMBER 2026 H1 FY27: revenue up 35.6% to Rs 451.3 million, PAT up 15.4% to Rs 51.9 million The first half of FY27 was our largest six months to date. Revenue of Rs 451.3 million is 61.7% of what we earned in the whole of FY26, exports matched a full year of FY26 in six months, and we have started the work that will double our manufacturing capacity by 2028. FINANCIAL PERFORMANCE FOR THE HALF YEAR REVENUE EBITDA EBITDA MARGIN PAT PAT MARGIN Rs 451.3 mn Rs 73.8 mn 16.4% Rs 51.9 mn 11.5% YoY +35.6% YoY +17.9% YoY −244 bps YoY +15.4% YoY −201 bps HoH +13.3% HoH +14.2% HoH +13 bps HoH +14.8% HoH +15 bps Revenue. Revenue from operations rose 35.6% YoY and 13.3% HoH to Rs 451.3 million. Both sides of the business grew. Human health contributed Rs 222.6 million and animal health Rs 228.7 million, a near-even split against 55% animal health in FY26, as our human-health range grew faster. Domestic sales were Rs 390.3 million, of which animal health was 57.9%. Exports reached Rs 61.1 million, 13.5% of revenue and 95% human health, against Rs 58.7 million for the whole of FY26. Gross margin. Gross margin was 22.6%, 237 bps lower YoY and 57 bps lower HoH. Logistics costs rose through the half as the West Asia war pushed up fuel and freight, and most of the pressure on gross margin came from there. EBITDA. EBITDA rose 17.9% YoY and 14.2% HoH to Rs 73.8 million, a margin of 16.4%, up 13 bps HoH and down 244 bps YoY. We invested ahead of growth in the first half. Employee costs rose 59.7% YoY to Rs 13.6 million as we hired, in April, a zonal sales manager for the veterinary division, a regional sales manager for Uttarakhand and western Uttar Pradesh, three sales officers in Gujarat and Rajasthan, and an export executive. PAT. PAT rose 15.4% YoY and 14.8% HoH to Rs 51.9 million, a margin of 11.5%, up 15 bps HoH. Depreciation doubled to Rs 3.8 million after we capitalised the new building at Himmatnagar in FY26. BALANCE SHEET: WORKING CAPITAL AND BORROWINGS Working capital. Receivable days came down to 47 from 59 at 31 March 2026, ahead of the 60-day target we set in June. Inventories rose to Rs 315.2 million (127 days) from Rs 244.4 million (122 days) as we carried raw and packing material into the second half. Payable days were 3 against 6. Net trade working capital came down to 171 days from 175. Borrowings. We remain almost debt-free. Total borrowings were Rs 20.5 million at 30 September, up from Rs 8.0 million at 31 March 2026 after we took a Rs 13.0 million term loan. Against this we held cash of Rs 17.9 million. Debt to EBITDA was 0.15x and debt to equity 0.03x. The balance sheet is free to fund the second plant. CAPACITY AND CAPEX Himmatnagar. Our plant at Himmatnagar can produce about Rs 1,000 million of revenue a year at current prices on a single shift. Revenue for the twelve months to September was Rs 849.7 million, 85% of that, and first-half revenue was 90% of half a year's capacity. At the growth we expect this year, the plant will reach full single-shift capacity by the end of FY27. We will then run two shifts, which raise output with little capital and carries us until the second plant starts production. In June the Gujarat FDCA renewed our manufacturing licence to September 2030 and our GMP certificate to October 2030. Second plant. We are in process to procure land at Himatnagar for our second plant. The plant will cost about Rs 120-150 million, which we will fund mainly from internal accruals, and is designed to produce more than Rs 1,000 million of revenue a year. That doubles our revenue capacity to more than Rs 2,000 million. We expect the manufacturing licence and other approvals [Showing first 8,000 characters — download PDF for full document]