General Updates

August 31, 2026 BSE Limited, National Stock Exchange of India Limited, P J Towers, Exchange Plaza, Bandra Kurla Complex Dalal Street, Bandra (East) Mumbai – 400 001. Mumbai 400 051. BSE Scrip Code: 524735 NSE Symbol: HIKAL Dear Sir/ Madam, Subject: Annual Report for Financial Year 2025-26 and Notice of the 38th Annual General Meeting (“AGM”) of the Company Pursuant to Regulation 30 and 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), please find enclosed the Annual Report for the financial year 2025-26 and Notice of the 38th AGM of the Company, being sent today i.e. August 31, 2026, through electronic mode to those members whose email addresses are registered with the Company/Registrar and Transfer Agent/Depository Participants. Further, in accordance with Regulation 36(1)(b) of SEBI Listing Regulations, the Company is also sending a letter to those members whose email addresses are not registered with the Company/Registrar and Transfer Agent/Depository Participants providing the weblink from where Annual Report can be accessed from the Company’s Website. The Annual Report and the Notice of the AGM of the Company can be accessed on the website of the Company at the below mentioned links- 1. Annual Report - https://www.hikal.com/uploads/documents/AnnualReport2025-26.pdf. 2. Notice of AGM- https://www.hikal.com/uploads/documents/Noticeof38thAGM2026.pdf. This is for your information and records. Yours sincerely, For Hikal Limited Rajasekhar Reddy Company Secretary and Compliance Officer Encl: As above Hikal Ltd. Admin. Office: Great Eastern Chambers, 6th Floor, Sector 11, CBD Belapur, Navi Mumbai - 400 614, India. Tel. + 91–22–6277 0299, + 91–22–6866 0300 Regd. Office: 717/718, Maker Chambers - 5, Nariman Point, Mumbai - 400 021, India. Tel. +91-22 6277 0477. Fax: + 91-22 6277 0500 www.hikal.com info@hikal.com CIN: L24200MH1988PTC048028 Annual Report 2025-26 Innovating What Matters Sustaining What’s Next Hikal is a trusted life sciences partner delivering high-quality research services, Innovating active ingredients, and intermediates to global pharmaceutical, crop protection What Matters and specialty chemical companies. Sustaining What’s Next What's Inside Corporate Overview 02 ESG At Hikal 84 Happenings of the Year 02 Stakeholder Engagement 86 Chairman and Vice-Chairman & Materiality Assessment 90 MD's Message Innovation creates value only when it solves meaningful challenges. Environment 98 At Hikal, we combine scientific expertise, customer-centric Who We Are 08 Social 106 innovation and responsible business practices to address the Where We Operate 16 evolving needs of the global life sciences industry. Every solution is Governance 128 designed to deliver lasting value for our customers, society and the What We Do 18 Statutory Reports 138 environment. Research and Technology 24 Board’s Report 138 Every breakthrough in research, every investment in advanced Key Performance Indicators 28 technologies and every enhancement in manufacturing capabilities Report on Corporate Governance 164 is guided by a commitment to quality, safety and environmental Awards and Recognition 29 Business Responsibility and stewardship. During the year, we strengthened our capabilities by Introducing our Capitals and Stakeholders 30 Sustainability Report 186 expanding our CDMO pipeline, operationalising our High-Potency How We Create Value 32 API (HPAPI) laboratory, commissioning a Kilo Lab to accelerate Financial Statements 230 scale-up, and advancing our presence in animal health and specialty Management Discussion and Analysis 34 Standalone 230 chemicals. Alongside these investments, we reinforced quality, Economic Review 35 Consolidated 304 compliance and manufacturing excellence while embedding sustainability across our operations. Industry and Business Review 39 Innovation and sustainability are inseparable at Hikal. By integrating Financial Review 71 scientific progress with operational excellence and environmental Strategic Review 73 responsibility, we are building a business that is more resilient, future-ready and trusted by global partners. Every investment Risk Management 78 we make today strengthens our ability to create long-term value: innovating what matters while sustaining what's next. For more information, visit: hikal.com Corporate Management ESG at Statutory Financial Overview Discussion and Analysis Hikal Reports Statements Happenings of the Year Strategic and ESG Operational Initiatives Environmental Fiscal 2025-26 marked another year of strike-through progress for Hikal across • Transitioned from remediation to • Initiated product-level carbon footprint assessments business performance, brand evolution, ESG and cultural priorities. enhanced operational excellence, for TBZ (Crop Protection) and FEMA (Animal Health) advancing quality, compliance, manufacturing systems, portfolio • Completed Scope 1, 2 and 3 GHG emissions diversification and asset optimisation accounting as part of the SBTi target Financial submission roadmap • Strengthened positioning in complex and high-value chemistries through • Successfully cleared the SEDEX SMETA audit for 17,126 3,021 2,328 investments in CDMO capabilities, the Jigani I facility and completed Responsible Care INR Million INR Million INR Million HPAPIs and advanced R&D infrastructure recertification in December 2025 Revenue Cash Flow from Operations EBITDA* • Enhanced supply chain resilience 20 through alternative sourcing, % 13.6 0.56 'A' credit rating selective backward integration and Reduction in water intensity per million rupee reduced dependence on single- of turnover since base year 2022-23 EBITDA Margin Net Debt to Equity by ICRA source geographies (maintained long-term) 43 • Continued disciplined deployment of capex towards high-return growth Reduction in GHG emissions opportunities, regulatory upgrades and (Scope 1 & 2) since base year 2022-23 debottlenecking initiatives Business Performance Brand and Portfolio Social Evolution • Partnered with SWASYA Solutions to enhance workplace and process safety standards across • Expanded into high-growth segments, all sites including Specialty Chemicals and 24,736 Personal Care, with initial commercial traction and product CSR beneficiaries commercialisation underway Pharmaceuticals Crop Protection Animal Health • Increased participation in CDMO Zero and innovator-led programmes, Our Pharmaceuticals business Our Crop Protection business Our Animal Health business gained strengthening long-term, high-visibility Fatalities is driven by improving demand recorded a steady recovery, momentum through increasing revenue streams across own products and CDMO, supported by improving customer engagement and normalised customer ordering customer demand, higher an expanding CDMO pipeline, Governance Cultural Milestones patterns and growing global Own Product volumes and strengthening its position in outsourcing opportunities. continued market normalisation specialised, innovation-led • Ranked among the top 5% globally with an The operationalisation of the following prolonged inventory segments for long-term growth. • Embedded a culture of safety, EcoVadis Gold Medal for sustainability performance. quality, compliance and continuous high-potency laboratory at our correction. While pricing • CDP report submitted under the Climate Change improvement, aligned with Pune R&D centre and the Panoli pressures persisted, the and Water categories, with ratings of 'B+' and global standards pilot plant further strengthened business remained focused 'B', respectively our capabilities in complex and on operational efficiency and • Advanced women’s participation across • Submitted the UN Global Compact Communication differentiated chemistries. portfolio optimisation. Hikal sites by strengthening workplace on Progress (CoP) report safety and facilities and creating greater opportunities for [Showing first 8,000 characters — download PDF for full document]