Makers Laboratories Ltd. — Audit Report / Information 2026

May 26, 2026

MAKERS Makers Laboratories Ltd.

Regd. Office : 54-D, Kandivali Indl. Estate, Kandivali (West), Mumbai - 400 067.

CIN: L24230MH1984PLC033389, website: www.makerslabs.com, e-mail: makers@makerslabs.com

THRU ONLINE FILING

May 26, 2026

BSE Ltd.
Phiroze Jeejeebhoy Towers
27th Floor, Dalal Street
Mumbai 400 023
Scrip Code : 506919

Dear Sirs,

A. Pursuant to Regulation 33 and other applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the following which were taken on record at the Meeting of the Board of Directors of the Company held today at Mumbai :

(i) Audited Financial Results (Standalone) for the 4th quarter and financial year ended 31st March, 2026;
(ii) Report of the Auditors on the Audited Financial Results (Standalone) for the 4th quarter and financial year ended 31st March, 2026;
(iii) Audited Financial Results (Consolidated) for the financial year ended 31st March, 2026; and
(iv) Report of the Auditors on the Audited Financial Results (Consolidated) for the financial year ended 31st March, 2026.

B. We are also enclosing herewith a declaration stating that the Audit Reports on the Standalone and Consolidated Financial Results for the financial year ended 31st March, 2026 are with unmodified opinion.

Kindly note that the Board meeting started at 11.30 a.m. and concluded at 12.45 p.m.

This is for your information and record.

Thanking you

Yours faithfully
For Makers Laboratories Limited

Piyush Ajmera
Company Secretary
ACS 58712

Tel.No. : 022 - 68572800 , Fax No. : 022 - 28688544

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Makers Laboratories Limited

Regd. Office : 54D, Kandivli Industrial Estate, Kandivli (W), Mumbai 400 067

CN: L24230MH1984PLC033389

Tel: +91 22 28688544 E-mail: investors@makerslabs.com, Website: www.makerslabs.com

STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2026

(All Figures are Rupees in Lacs unless otherwise stated)

Sr. No.	Particulars	Quarter Ended	Year Ended
		31.03.2026	31.12.2025
		Unaudited	Unaudited
I
II
III
IV	Revenue from Operations	1,127.46	1,270.49
Other Income	2.46	0.25	2.53
Total Income (I + II )	1,129.92	1,270.74	972.60
Expenses:
V
VI
VII
VIII	a) Cost of materials consumed	99.60	124.38
b) Purchases of stock-in-trade	571.84	400.77	374.73
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(72.14)	115.38	40.89
d) Employee benefit expenses	226.97	240.5	220.26
e) Finance Cost	12.26	15.18	9.24
f) Depreciation and amortisation expense	69.20	70.72	69.21
g) Other expenses	338.31	317.96	323.53
Total Expenses (IV)	1,246.04	1,284.89	1,169.70
Profit/(Loss) Before exceptional Items and Tax (III - IV)	(116.12)	(14.15)	(197.10)
IX
X
XI
XII
XIV	Exceptional Items income/(expenses)	-	-
Profit/(Loss) Before Tax (V+VI)	(116.12)	(14.15)	(197.10)
Tax Expense
Current Tax	-	-	-
Short / Excess Provision of earlier years	-	-	(0.06)
Deferred Tax (Asset) / Liability	(19.75)	3.07	(56.86)
Profit/(Loss) for the period from Continuing Operations (VII-VIII)	(96.37)	(17.22)	(140.19)
Other Comprehensive Income
Items that will not be reclassified subsequently to profit or loss
(a) Actuarial gain / (loss )	9.90	0.59	(5.25)
X
XI
XII
XIV	Tax Effect thereon	-	-
(b) Fair Value change through Other Comprehensive Income	1.75	0.76	(1.85)
Tax Effect thereon	(0.25)	(0.11)	0.63
Other Comprehensive Income / (Loss) for the period, net of tax	11.40	1.24	(6.47)
Total Comprehensive Income after tax (IX + X)	(84.97)	(15.98)	(146.66)
Paid-up equity share capital (Face value of Rs.10/- each)	590.04	590.04	590.04
Other Equity
Earnings per share (of Rs.10/- each) - Not annualised:
Basic & Diluted	(1.63)	(0.29)	(2.38)

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Notes:

1. The above audited financial results as reviewed by the Audit Committee, were approved and taken on record by the Board of Directors in their meeting held on May 26, 2026.

2. The above standalone financial results are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 and are in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as Amended). The Statutory Auditors of the Company have reviewed the financial results for the quarter and year ended March 31, 2026 and have issued an unmodified report thereon.

3. The Company has only one reportable segment viz. 'Pharmaceuticals' and as such there are no separate reportable segment as per Indian Accounting Standard "Operating Segment (Ind AS-108)"

4. Other Income of the previous year ended 31st March 2025 includes profit on sale of Property, Plant and Equipment amounting to Rs 1,010.00 lacs and hence the same is not comparable with the current year ended 31st March 2026.

5. The figures of the quarter ended March 31, 2026 and March 31, 2025 are the balancing figures between the figures for the audited full financial year and year to date unaudited figures up to the third quarter of the respective financial years which were subjected to limited review by the statutory auditors.

6. The Company post notification of new labour code has evaluated its implication on employee benefits and considered the same while making provision for employee benefits including actuarial based gratuity and leave provisions in the financial results. On account of the change the incremental impact is Rs. 10.92 lacs is charged to the Profit and Loss statement.

7. Figures of the previous period have been regrouped to confirm to the figures of the current period's classification wherever necessary.

By Order of the Board
For Makers Laboratories Limited

Seahill Parikh
Wholetime Director & CEO
(DIN 00400079)

Place : Mumbai,
Date : May 26,2026

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Makers Laboratories Limited
Audited Standalone Statement of Assets and Liabilities as at March 31, 2026
(All Figures are Rupees in Lacs unless otherwise stated)

Particulars	As at March 31, 2026	As at March 31, 2025
ASSETS
(1) Non-current Assets
(a) Property, Plant & Equipment	2,579.80	2,792.78
(b) Capital Work-in-Progress	5.64	3.61
(c) Right Of Use Asset	109.88	141.27
(d) Other Intangible Assets	1.83	3.72
(e) Intangible Assets Under Development	-	-
(f) Financial Assets
(i) Investments	2,259.78	2,258.83
(ii) Loans	-	-
(iii) Others	88.21	87.29
(g) Deferred Tax Asset (Net)	-	-
(h) Other Non-current Assets	305.31	246.06
	5,350.45	5,533.56
(2) Current Assets
(a) Inventories	1,064.03	780.99
(b) Financial Assets
(i) Investments	-	-
(ii) Trade receivables	596.88	567.05
(iii) Cash and Cash Equivalents	1.71	1.80
(iv) Bank Balances other than (iii) above	0.81	2.43
(v) Loans	-	0.17
(vi) Others	34.86	23.63
(c) Current Tax Assets (Net)	-	-
(d) Other Current Assets	304.99	229.90
	2,003.28	1,605.97
TOTAL ASSETS	7,353.73	7,139.53
EQUITY & LIABILITIES
EQUITY
(a) Equity Share Capital	590.04	590.04
(b) Other Equity	4,853.37	5,017.50
Total Equity	5,443.41	5,607.54
LIABILITIES
(1) Non-current Liabilities
(a) Financial Liabilities
(i) Borrowings	-	-
(ii) Lease Liability	87.65	118.06
(iii) Other Financial Liabilities	-	-
(b) Provisions	26.13	17.48
(c) Deferred Tax Liabilities (Net)	20.36	49.01
(d) Other Non-current Liabilities	-	-
	134.14	184.55
(2) Current Liabilities
(a) Financial Liabilities
(i) Borrowings	270.28	29.64
(ii) Lease Liability	30.41	27.66
(iii) Trade Payables
- Due to Micro Enterprises and Small Enterprises	240.47	88.95
- Due to Other than Micro Enterprises and Small Enterprises	515.80	537.52
(iv) Other financial liabilities	365.61	373.96
(b) Other Current Liabilities	258.76	178.46
(c) Provisions	94.85	111.25
(d) Current Tax Liabilities (Net)	-	-
	1,776.18	1,347.44
TOTAL EQUITY AND LIABILITIES	7,353.73	7,139.53

SCHEDULED CERTIFICATION
SCHEDULED CERTIFICATION
SCHEDULED CERTIFICATION

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Makers Laboratories Limited
CIN : L24230MH1984PLC033389
Audited Standalone Cash Flow Statement for the year ended March 31, 2026
(All Figures are Rupees in Locs unless otherwise stated)

Particulars		March 31, 2026	March 31, 2025
A.	Cash Flow from Operating Activities
1)	Net profit before taxation and extraordinary item	(201.13)	492.86
	Adjustments for :
	Depreciation	280.40	284.64
	Bad debts w/off	13.14	23.51
	Assets Scrap loss	-	2.04
	Sundry balances written back	(1.11)	(0.34)
	(Profit)/ Loss on sale of Property, Plant & Equipment	(0.77)	(1,010.34)
	Unwinding of Lease rent Income	-	(0.07)
	Unwinding of Lease rent Expenses	0.67	0.39
	Reversal on Loss on Leasehold property	-	(56.95)
	Interest income	(5.27)	(6.41)
	Dividend income	(52.52)	(0.04)
	Interest expense	46.51	90.88
2)	Operating profit before working capital changes	79.92	(179.83)
	Decrease / (Increase) in inventories	(283.04)	317.21
	Decrease / (increase) in Trade Receivables	(42.97)	107.16
	Decrease / (increase) in Other Financial assets	(11.39)	12.71
	Decrease / (increase) in Other assets	(75.34)	15.07
	Increase / (Decrease) in Trade Payables	130.91	(195.22)
	Increase / (Decrease) in Other Financial liabilities	(20.47)	(159.96)
	Increase / (Decrease) in Other liabilities	80.30	(16.37)
	Increase / (Decrease) in Provisions	(0.35)	(15.22)
3)	Cash generated from operation	(142.43)	(114.45)
	Income tax paid (net)	(59.68)	(44.23)
	Net cash from operating activities	(202.11)	(158.68)
B.	Cash Flow from Investing Activities
	Purchase of Property, Plant & Equipment including capital WIP & Intangibles	(31.14)	(242.39)
	Proceeds from Sale of Plant, Property and Equipment	1.44	1,850.06
	Movement in other bank balances	-	-
	Interest received	4.68	5.86
	Dividend received	52.52	0.04
	Net cash from / (used in) investing activities	27.50	1,613.57
C.	Cash Flow from Financing Activities
	Proceeds/ (Repayment) from short term borrowing (Net)	240.64	(689.63)
	Repayment of Non-Current borrowing	-	(38.89)
	Intercorporate deposit repaid	-	(750.00)
	Intercorporate deposit received	-	150.00
	Payment of lease Liability:
	- Interest	(12.34)	(19.10)
	- Principal	(27.66)	(25.12)
	Interest paid	(26.12)	(82.85)
	Net cash from / (used in) financing activities	174.52	(1,455.59)
	Net increase / (decrease) in cash and cash equivalents (A + B + C)	(0.09)	(0.70)
	Cash and cash equivalents at beginning of year	1.80	2.50
	Cash and cash equivalents at end of year	1.71	1.80
	Components of Cash & Cash equivalents :
	Cash and cheques on hand	0.62	0.23
	Balance with banks	1.09	1.57
		1.71	1.80

SCHMIDT IDENTIFICATION GROUP
033

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N V C & Associates LLP
Chartered Accountants
903-904, 9th Floor, Raheja Chambers, 213, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6752 7100 Email: nvc@nvc.in

Independent Auditor's Report on Audit of Annual Standalone Financial Results and Review of Quarterly Financial Results

To,
The Board of Directors of
Makers Laboratories Limited

Opinion and Conclusion

We have

a. Audited the Standalone Financial Results for the year ended March 31, 2026 and
b. Reviewed the Standalone Financial Results for the quarter ended March 31, 2026 (refer ‘Other Matters’ section below), which were subject to limited review by us,

both included in the accompanying “Statement of Standalone Financial Results for the quarter and year Ended March 31, 2026.” of Makers Laboratories Limited (“the Company”), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”)

(a) Opinion on Annual Standalone Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended March 31, 2026:

i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the year then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2026

With respect to the Standalone Financial Results for the quarter ended March 31, 2026, based on our review conducted as stated in paragraph (b) of Auditor’s Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2026, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

LLPIN - ACM-9656
Formerly Natvarlal Vepari & Co LLP
[Converted from Natvarlal Vepari & Co. (a partnership firm with registration no. BA-86186) into LLP w.e.f.23-03-2025]

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N V C & Associates LLP
Chartered Accountants
903-904, 9th Floor, Raheja Chambers, 213, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6752 7100 Email: nvc@nvc.in

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2026

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under Section 143(10) of the Companies Act, 2013 (the “Act”). Our responsibilities under those Standards are further described in paragraph (a) of Auditor’s Responsibilities section below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“the ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibilities for the Statement

This Statement, which includes the Standalone Financial Results is the responsibility of the Company’s Board of Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended March 31, 2026 have been compiled from the related audited standalone financial statements. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2026 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors is responsible for assessing the Company’s ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

LLP
LLPIN - ACM-9656
Formerly Natvarlal Vepari & Co LLP
[Converted from Natvarlal Vepari & Co. (a partnership firm with registration no. BA-86186) into LLP w.e.f.23-03-2025]

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N V C & Associates LLP
Chartered Accountants
903-904, 9th Floor, Raheja Chambers, 213, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6752 7100 Email: nvc@nvc.in

The Board of Directors of the Company is also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities

(a) Audit of the Standalone Financial Results for the year ended March 31, 2026

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2026 as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also :

• Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the

LLPIN - ACM-9656
Formerly Natvarlal Vepari & Co LLP
[Converted from Natvarlal Vepari & Co. (a partnership firm with registration no. BA-86186) into LLP w.e.f.23-03-2025]

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N V C & Associates LLP Chartered Accountants

903-904, 9th Floor, Raheja Chambers, 213, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6752 7100 Email: nvc@nvc.in

Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.

Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Standalone Financial Results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

(b) Review of the Standalone Financial Results for the quarter ended March 31, 2026

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2026 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 ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel 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 SAs specified under section 143(10) of the Act 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.

LLPIN - ACM-9656

Formerly Natvarlal Vepari & Co LLP

[Converted from Natvarlal Vepari & Co. (a partnership firm with registration no. BA-86186) into LLP w.e.f.23-03-2025]

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N V C & Associates LLP
Chartered Accountants
903-904, 9th Floor, Raheja Chambers, 213, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6752 7100 Email: nvc@nvc.in

Other Matters

The Statement includes the results for the quarter ended March 31,2026 and March 31, 2025 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report on the Statement is not modified in respect of this matter.

For N V C & Associates LLP
Chartered Accountants
FRN No: 106971W/W101085

Nuzhat Khan
Partner
Membership No.124960
Mumbai, Dated: May 26, 2026
UDIN: 26124960APKFBW9943

LLPIN - ACM-9656
Formerly Natvarlal Vepari & Co LLP
[Converted from Natvarlal Vepari & Co. (a partnership firm with registration no. BA-86186) into LLP w.e.f.23-03-2025]

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Makers Laboratories Limited
Regd. Office : 54D, Kandivli Industrial Estate, Kandivli (W), Mumbai 400 067
CIN : L24230MH1984PLC033389
Tel:+91 22 28688544 E-mail : investors@makerslabs.com , Website : www.makerslabs.com
Statement of Audited Consolidated Financial Results for quarter and year ended March 31, 2026
(All Figures are Rupees In Lacs)

		Quarter Ended			Year Ended
Sr. No.	Particulars	31-Mar-26	31-Dec-25	31-Mar-25	31-Mar-26	31-Mar-25
		Unaudited	Unaudited	Unaudited	Audited	Audited
I	Revenue from Operations	3,575.17	3,566.76	3,390.24	14,059.48	12,075.12
II	Other Income	76.09	32.60	12.13	170.96	1,188.64
III	Total Income (I + II )	3,651.26	3,599.36	3,402.37	14,230.44	13,263.76
IV	Expenses:
	a) Cost of materials consumed	1,098.33	1,529.15	1,307.91	4,453.55	4,237.73
	b) Purchases of stock-in-trade	571.84	400.77	374.73	2,220.36	1,459.64
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(186.39)	(346.36)	(285.26)	(116.51)	(290.74)
	d) Employee benefits expense	391.01	381.83	359.67	1,558.58	1,405.18
	e) Finance Cost	16.94	20.26	17.84	77.12	128.50
	f) Depreciation and amortisation expense	113.16	114.35	90.11	452.77	478.59
	g) Other expenses	1,173.02	1,184.81	1,324.88	4,469.64	4,424.70
	Total Expenses (IV)	3,177.91	3,284.81	3,189.88	13,115.51	11,843.60
V	Profit/ (Loss) Before exceptional Items and Tax (III-IV)	473.35	314.55	212.49	1,114.93	1,420.16
VI	Exceptional Items income/ (expenses)	-	-	(1.76)	-	(79.10)
VII	Profit/ (Loss) Before Tax (V+VI)	473.35	314.55	210.73	1,114.93	1,341.06
VIII	Tax Expense
	Current Tax	155.67	77.57	113.48	353.40	243.57
	Short /(Excess) Provision of earlier years	(15.17)	-	(0.06)	(4.39)	(0.06)
	Deferred Tax (Asset) / Liability	(23.10)	10.16	(60.77)	(20.16)	6.80
IX	Net Profit / (Loss) after tax but before non-controlling interests(VII-VIII)	355.95	226.82	158.08	786.08	1,090.75
X	Less: Share of non-controlling interests	(246.60)	(133.06)	(162.61)	(550.95)	(341.68)
XI	Net Profit / (Loss) after share of non-controlling interests (IX-X)	109.35	93.76	(4.53)	235.13	749.07
XII	Other Comprehensive Income
	(a) Actuarial gain / (loss)	14.22	(2.76)	(7.66)	3.97	(9.04)
	Tax Effect thereon	(1.12)	0.87	0.65	0.89	1.42
	(b) Fair Value change through Other Comprehensive Income	1.75	0.76	(1.85)	0.95	2.54
	Tax Effect thereon	(0.25)	(0.11)	0.63	(0.50)	(0.26)
	Other Comprehensive Income / (Loss) for the period, net of tax	14.60	(1.24)	(8.23)	5.31	(5.34)
XIII	Total Comprehensive Income after tax (IX + XII)	370.55	225.58	149.85	791.39	1,085.41
	Profit/(Loss) for the period attributable to :
	Owners of the parent	109.35	93.76	(4.53)	235.13	749.07
	Non-controlling interest - profit / (loss)	246.60	133.06	162.61	550.95	341.68
		355.95	226.82	158.08	786.08	1,090.75
	Other Comprehensive Income for the period attributable to :
	Owners of the parent	12.85	0.11	(7.27)	6.69	(3.13)
	Non-controlling interest - profit / (loss)	1.75	(1.35)	(0.96)	(1.38)	(2.21)
		14.60	(1.24)	(8.23)	5.31	(5.34)
	Total Comprehensive Income for the period attributable to :
	Owners of the parent	122.20	93.87	(11.80)	243.82	745.94
	Non-controlling interest - profit / (loss)	248.35	131.71	161.65	545.57	339.47
		370.55	225.58	149.85	791.39	1,085.41
XIV	Paid-up equity share capital (Face value of Rs.10/- each)	590.04	590.04	590.04	590.04	590.04
XV	Other Equity				6,702.37	6,460.55
XVI	Earnings per share (of Rs.10/- each) - Not annualised :
	Basic & Diluted	1.85	1.59	(0.08)	3.99	12.70

M
RESEARCH
INSTITUTE OF MANKAR
ANNUAL REPORT

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Notes:

1. The above unaudited consolidated financial results as reviewed by the Audit Committee, were approved and taken on record by the Board of Directors in their meeting held on 26th May, 2026.

2. The above consolidated financial results are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 and are in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as Amended). The Statutory Auditors of the Group Company have reviewed the financial results for the quarter and year ended March 31, 2026 and have issued an unmodified report thereon.

3. The group has two reportable segments viz. "Pharmaceutical" and "Chemical Manufacturing" as per Indian Accounting Standard "Operating Segment (Ind AS-108). Segment information is given here in below:

(All Figures are Rupees in Lacs)
Particulars	Quarter Ended			Year Ended
	31-Mar-26	31-Dec-25	31-Mar-25	31-Mar-26	31-Mar-25
	Unaudited	Unaudited	Unaudited	Audited	Audited
Segment Revenue
- Pharmaceutical	1,129.92	1,270.74	972.60	5,041.51	5,385.36
- Chemical Manufacturing	2,521.34	2,328.62	2,429.77	9,188.93	7,878.40
Segment Results - PBT
- Pharmaceutical	(116.11)	(14.16)	(197.11)	(253.63)	491.46
- Chemical Manufacturing	589.46	328.71	407.84	1,368.56	849.60
Total PBT	473.35	314.55	210.73	1,114.93	1,341.06
Tax	(117.40)	(87.73)	(52.65)	(328.85)	(250.31)
Total PAT	355.95	226.82	158.08	786.08	1,090.75
Segment Assets
- Pharmaceutical	5,109.32	4,947.97	4,895.12	5,109.32	4,895.12
- Chemical Manufacturing	11,552.60	10,504.78	9,899.70	11,552.60	9,899.70
Segment Liabilities
- Pharmaceutical	1,910.32	1,664.01	1,533.33	1,910.32	1,533.33
- Chemical Manufacturing	2,503.96	1,911.63	1,742.30	2,503.96	1,742.30

1. The figures of the quarter ended March 31, 2026 and March 31, 2025 are the balancing figures between the figures for the audited full financial year and year to date unaudited figures up to the third quarter of the respective financial years which were subjected to limited review by the statutory auditors.

2. The Group post notification of new labour code has evaluated its implication on employee benefits and considered the same while making provision for employee benefits including actuarial based gratuity and leave provisions in the financial results. On account of the change the incremental impact is Rs. 21.32 lacs is charged to the Profit and Loss statement.

3. Other Income of the previous year ended 31st March 2025 includes profit on sale of Property, Plant and Equipment amounting to Rs 1,010.00 lacs and hence the same is not comparable with the current year ended 31st March 2026.

4. Figures for the previous period have been regrouped to confirm to the figures of the current period's classification wherever necessary.

Place: Mumbai,
Date: 26 May, 2026

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Makers Laboratories Limited
Audited Consolidated Statement of Assets and Liabilities as at March 31, 2026
(All Figures are Rupees in Lacs unless otherwise stated)

Particulars		As at March 31, 2026	As at March 31, 2025
ASSETS
(1) Non-current Assets
(a)	Property, Plant & Equipment	6,834.95	7,147.89
(b)	Capital Work-in-Progress	364.37	59.34
(c)	Right Of Use Asset	128.94	165.22
(d)	Other Intangible Assets	89.74	102.14
(e)	Intangible Assets Under Development	9.00	-
(f)	Financial Assets
	(i) Investments	15.37	14.42
	(ii) Loans	-	-
	(iii) Others	158.10	157.18
(g)	Deferred Tax Asset (Net)	-	-
(h)	Other Non-current Assets	366.58	321.62
		7,967.05	7,967.81
(2) Current Assets
(a)	Inventories	4,494.07	3,403.65
(b)	Financial Assets
	(i) Investments	1,157.40	-
	(ii) Trade receivables	1,986.35	2,803.59
	(iii) Cash and Cash Equivalents	19.68	24.29
	(iv) Bank Balances other than (iii) above	43.15	40.30
	(v) Loans	-	0.17
	(vi) Others	34.90	27.01
(c)	Current Tax Assets (Net)	-	-
(d)	Other Current Assets	959.32	528.00
		8,694.87	6,827.01
TOTAL ASSETS		16,661.92	14,794.82
EQUITY & LIABILITIES
EQUITY
(a)	Equity Share Capital	590.04	590.04
(b)	Other Equity	6,702.37	6,460.55
Equity attributable to the shareholders of the Holding company		7,292.41	7,050.59
Non Controlling Interest		4,955.23	4,468.60
LIABILITIES
(1) Non-current Liabilities
(a)	Financial Liabilities
	(i) Borrowings	102.90	205.74
	(ii) Lease Liability	100.79	135.82
	(iii) Other Financial Liabilities	-	-
(b)	Provisions	41.65	26.68
(c)	Deferred Tax Liabilities (Net)	766.77	787.34
(d)	Other Non-current Liabilities	-	-
		1,012.11	1,155.58
(2) Current Liabilities
(a)	Financial Liabilities
	(i) Borrowings	373.39	132.75
	(ii) Lease Liability	35.03	31.90
	(iii) Trade Payables	-	-
	- Due to Micro Enterprises and Small Enterprises	334.86	176.92
	- Due to Other than Micro Enterprises and Small Enterprises	1,632.60	992.94
	(iv) Other financial liabilities	566.35	433.70
(b)	Other Current Liabilities	272.10	219.08
(c)	Provisions	98.17	118.13
(d)	Current Tax Liabilities (Net)	89.67	14.63
		3,402.17	2,120.05
TOTAL EQUITY AND LIABILITIES		16,661.92	14,794.82

SCHEDULE OF REPORTING AND DEVELOPMENT
SCHEDULE OF REPORTING AND DEVELOPMENT

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MAKERS LABORATORIES LIMITED

Audited Consolidated Cash Flow Statement for the year ended March 31, 2026

(All Figures are Rupees in Lacs unless otherwise stated)

	Year Ended
	Particulars	2025-26 2024-25
A. Cash Flow from Operating Activities
1) Net profit before taxation and extraordinary item	1,114.93	1,341.06
Adjustments for :
Depreciation	452.77	478.59
Bad debts w/off	13.14	39.77
Assets Scrap loss	-	81.14
Sundry balances written back	(1.11)	(0.34)
(Profit)/ Loss on sale of Property, Plant & Equipment	-	(991.83)
Unwinding of Lease rent Expenses	-	0.39
Reversal of Loss on Leasehold property	-	(56.95)
(Profit)/Loss on sale of Mutual funds	(15.54)	(27.22)
MTM Gain on Mutual fund	(8.41)	-
Rent	0.67	-
Interest income	(28.56)	(37.97)
Dividend income	(0.02)	(0.04)
Interest expense	70.56	125.40
	1,598.43	952.00
2) Operating profit before working capital changes
Decrease / (Increase) in inventories	(1,090.42)	(23.18)
Decrease / (increase) in Trade Receivables	804.10	(813.28)
Decrease / (increase) in Other Financial assets	(8.05)	9.60
Decrease / (increase) in Other assets	(425.85)	496.62
Increase / (Decrease) in Trade Payables	798.71	(500.18)
Increase / (Decrease) in Other Financial liabilities	90.36	(271.96)
Increase / (Decrease) in Other liabilities	(9.94)	6.26
Increase / (Decrease) in Provisions	3.34	(23.62)
3) Cash generated from operation	1,760.68	(167.74)
Income tax paid (net)	(332.11)	(240.15)
Net cash from operating activities	1,428.57	(407.89)
B. Cash Flow from Investing Activities
Purchase of Property, Plant & Equipment including capital WIP & Intangibles	(370.72)	(394.11)
Proceeds from Sale of Plant, Property and Equipment	8.50	1,882.14
(Purchase)/Sale of Mutual Funds	(1,133.45)	308.20
Movement in other bank balances	(0.85)	139.29
Interest received	27.97	39.14
Dividend received	0.02	0.04
Net cash from / (used) in investing activities	(1,468.53)	1,974.70
C. Cash Flow from Financing Activities
Proceeds/(Repayment) from short term borrowing (net)	240.64	(689.63)
Repayment of Non-Current borrowing	(102.84)	(141.63)
Intercorporate deposit repaid	-	(750.00)
Intercorporate deposit received	-	150.00
Payment of lease Liability
- Interest	(14.10)	(20.23)
- Principal	(31.90)	(27.31)
Interest paid	(56.45)	(105.12)
Net cash from/(used in) financing activities	35.35	(1,583.92)
Net increase / (decrease) in cash and cash equivalents (A + B + C)	(4.61)	(17.11)
Cash and cash equivalents at beginning of year	24.29	41.40
Cash and cash equivalents at end of year	19.68	24.29
Components of Cash & Cash equivalents :
Cash and cheques on hand	1.08	0.37
Balance with banks	18.60	23.92
	19.68	24.29

ELECTRONIC DEPARTMENT

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N V C & Associates LLP
Chartered Accountants
903-904, 9th Floor, Raheja Chambers, 213, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6752 7100 Email: nvc@nvc.in

Independent Auditor's Report on Audit of Annual Consolidated Financial Results and Review of Quarterly Financial Results

To,
The Board of Directors of
Makers Laboratories Limited

Opinion and Conclusion

We have,

a. Audited the Consolidated Financial Results for the year ended March 31, 2026 and
b. Reviewed the Consolidated Financial Results for the quarter ended March 31, 2026 (refer ‘Other Matters’ section below), which were subject to limited review by us

both included in the accompanying “Statement of Consolidated Financial Results for the quarter and year ended March 31, 2026” of Makers Laboratories Limited (the “Parent”) and its subsidiary (the Parent and its subsidiary together referred to as the “Group”), (the “Statement”) being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

(a) Opinion on Annual Consolidated Financial Results

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the audit reports of the other auditors on financial information of subsidiary referred to in Other Matters section below, the Consolidated Financial Results for the year ended March 31, 2026:

(i) includes the consolidated financial results of the Makers Laboratories Limited (Holding company) and Resonance Specialties Limited (Subsidiary)
(ii) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
(iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the year ended March 31, 2026.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2026

With respect to the Consolidated Financial Results for the quarter ended March 31, 2026, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor’s Responsibilities section below and based on the consideration of the review

LLPIN - ACM-9656
Formerly Natvarlal Vepari & Co LLP
[Converted from Natvarlal Vepari & Co. (a partnership firm with registration no. BA-86186) into LLP w.e.f.23-03-2025]

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N V C & Associates LLP
Chartered Accountants
903-904, 9th Floor, Raheja Chambers, 213, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6752 7100 Email: nvc@nvc.in

reports of other auditors referred to in ‘Other Matters’ section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended March 31, 2026, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2026

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under Section 143(10) of the Companies Act, 2013 (the “Act”). Our responsibilities under those Standards are further described in paragraph (a) of Auditor’s Responsibilities section below. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended March 31, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in ‘Other Matters’ section below, is sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent’s Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results for the year ended March 31, 2026, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended March 31, 2026 that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Boards of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for

LLPIN - ACM-9656
Formerly Natvarlal Vepari & Co LLP
[Converted from Natvarlal Vepari & Co. (a partnership firm with registration no. BA-86186) into LLP w.e.f.23-03-2025]

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N V C & Associates LLP
Chartered Accountants
903-904, 9th Floor, Raheja Chambers, 213, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6752 7100 Email: nvc@nvc.in

ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.

In preparing the Consolidated Financial Results, the respective Boards of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Boards of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities

(a) Audit of the Consolidated Financial Results for the year ended March 31, 2026

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the year ended March 31, 2026 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Annual Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the Board.

LLPIN - ACM-9656
Formerly Natvarlal Vepari & Co LLP
[Converted from Natvarlal Vepari & Co. (a partnership firm with registration no. BA-86186) into LLP w.e.f.23-03-2025]

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N V C & Associates LLP
Chartered Accountants
903-904, 9th Floor, Raheja Chambers, 213, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6752 7100 Email: nvc@nvc.in

of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Annual Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

• Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.

• Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Information of the entities within the Group to express an opinion on the Annual Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of entities included in the Annual Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Annual Consolidated Financial Results, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Consolidated Financial Results.

We communicate with those charged with governance of the Parent and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our

LLPIN - ACM-9656
Formerly Natvarlal Vepari & Co LLP
[Converted from Natvarlal Vepari & Co. (a partnership firm with registration no. BA-86186) into LLP w.e.f.23-03-2025]

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N V C & Associates LLP
Chartered Accountants
903-904, 9th Floor, Raheja Chambers, 213, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6752 7100 Email: nvc@nvc.in

independence, and where applicable, related safeguards.

(b) Review of the Consolidated Financial Results for the quarter ended March 31, 2026

We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2026 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 ICAI. A review of interim financial information consists of making inquiries, primarily of the Company’s personnel 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 SA specified under section 143(10) of the Act 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.

The Statement includes the results of the entity as listed under paragraph (a)(i) of Opinion and Conclusion section above.

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, to the extent applicable.

Other Matters

a. We did not audit the financial statements of a subsidiary, Resonance Specialties Limited, whose financial statements reflect total assets of Rs. 9,246.73 lacs as at March 31, 2026, total revenue of Rs. 9,188.93 lacs and net cash outflow amounting to Rs. (4.52) lacs for the year ended on that date, as considered in the preparation of the consolidated Ind AS financial statements. The said financial statements have been audited by their respective independent auditor whose reports have been furnished to us by the Management and our opinion on the consolidated Ind AS financial statements, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the reports of the other auditor and the procedures stated by us in paragraph above. Our opinion on the Consolidated Financial Statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditor.

b. Attention is drawn to Note 4 to the Statement, which states that the consolidated financial results include the results for the quarter ended March 31, 2026 and March 31 2025, being balancing figure between audited figures in respect of the full year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report is not modified in respect of this matter.

LLPIN - ACM-9656
Formerly Natvarlal Vepari & Co LLP
[Converted from Natvarlal Vepari & Co. (a partnership firm with registration no. BA-86186) into LLP w.e.f.23-03-2025]

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N V C & Associates LLP
Chartered Accountants
903-904, 9th Floor, Raheja Chambers, 213, Nariman Point, Mumbai 400 021. Tel.: (91-22) 6752 7100 Email: nvc@nvc.in

Our report on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

For N V C & Associates LLP
Chartered Accountants
FRN No: 106971W/W101085

Nazhat Khan
Partner
Membership No.124960
Mumbai, Dated: May 26, 2026
UDIN: 26124960TESTYI6955

LLPIN - ACM-9656
Formerly Natvarlal Vepari & Co LLP
[Converted from Natvarlal Vepari & Co. (a partnership firm with registration no. BA-86186) into LLP w.e.f.23-03-2025]

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MAKERS Makers Laboratories Ltd.

Regd. Office: 54-D, Kandivali Indl. Estate, Kandivali (West), Mumbai - 400 067.

CIN: L24230MH1984PLC033389, website: www.makerslabs.com, e-mail: makers@makerslabs.com

26th May, 2026

BSE Ltd.
Phiroze Jeejeebhoy Towers
27th Floor, Dalal Street
Mumbai 400 023

Dear Sirs,

In compliance with the provisions of Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time and SEBI Circular No. Cir/CFD/CMD/56/2016 dated May 27, 2016, we hereby declare that the M/s. Natvarlal Vepari & Co. LLP, Statutory Auditors of the Company have issued Audit Report with unmodified opinion on the Audited Financial Statements of the Company for the financial year ended 31st March, 2026.

Yours faithfully

For Makers Laboratories Limited

Sandeep Kadam
Chief Financial Officer

For Makers Laboratories Limited

Piyush Ajmera
Company Secretary

Tel.No.: 022 - 68572800, Fax No.: 022 - 28688544