Panacea Biotec Ltd. — Interim / Quarterly Report 2025

Nov 14, 2025

November 14, 2025

The Manager, Listing Department The National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 NSE Symbol: PANACEABIO

BSE Limited Corporate Relationship Department, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001

BSE Scrip Code: 531349

Sub: Standalone and Consolidated Unaudited Financial Results (Provisional) along with Limited Review Report for the quarter and half year ended September 30, 2025

Ref: Regulation 30 & 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

In continuation to our letter dated November 04, 2025, 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. November 14, 2025, 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 half year ended September 30, 2025. The same were also reviewed by the Audit Committee in its meeting held on November 14, 2025. A copy of the said 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. 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 half year ended September 30, 2025, are accessible to the Investors, is being sent for publication in newspapers.

The meeting of the Board of Directors commenced at 11:30 A.M. and concluded at 03:35 P.M.

This is for your information and records please.

Thanking you Sincerely yours, for Panacea Biotec Limited Vinod Goel Group CFO and Head Legal Vinod Goel Digitally signed by Vinod Goel Date: 2025.11.14 17:10:47 +05'30'

& Company Secretary

Encls: As above

												(t in Lakh except oer share)
Pa n a cea Biotec lu11.•v ,l,o" ,,. .,.,f>pnrt of hi<	Extract of Standalone and Consolidated Financial Results (Unaudited) for the Quarter and Half Year Ended September 30, 2025
	Standalone Consolidated
	Quarter Ended				Half Year Ended Year Ended		Quarter Ended			Half Year Ended		Year Ended
Particulars	30 2025	September June 30, 2025 September September September March 31, Se1itember June 30, 2025 September September September March 31,	30, 2024	30, 2025	30, 2024	2025	30, 2025		30 2024	30, 2025	30, 2024	2025
		(U naudited) (Unaudited) (U naudited) (U naudited) (Unaudited)						(Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Total income from operations	9,08 1	11 ,225	7,664	20,306	13,352	30,985	14, 11 3	16,670	14,735	30,783	26,307	55,909
Net Profit / (Loss) for the period/year (before tax, exceptional and/or extraordinary item)	(2,093)	(884)	130	(2,977)	(1,368)	(2 ,606)	(2 , 187)	(476)	199	(2,663)	(1,780)	(4 ,394)
Net Profit / (Loss) for the period/year before tax (after exceptional and/or extraordinary item)	(2,093)	(884)	130	(2 ,977)	(1 ,368)	(2,606)	( 1,9 17)	656	476	(1,26 1)	(1,229)	(795)
Net Profit / (Loss) for the period/year after tax (after exceptional and/or extraordinary item)	(1 ,564)	(670)	129	(2,234)	(1,249)	( 1,523)	( 1,40 1)	396	471	( 1,005)	(1, 117)	(872)
Total comprehensive income/(loss) for the period/year (comprising ofprofit/(loss) for the period/year (after tax) and other comprehensive income (after tax))	(1,563)	(668)	126	(2,23 I)	( 1,252)	( 1,5 I 8)	(1 ,402)	394	45 1	(1 ,008)	(1, 134)	(76 1)
Equity Share Capital (face value on I per share)	613	6 13	6 13	613	6 13	6 13	6 13	6 13	6 13	6 13	613	6 13
Eaming/(loss) per equity share, (annualised, except for quarters / half years): Basic and Diluted	(2.55)	( 1.09)	0.2 1	(3.65)	(2.04)	(2.49)	(2.27)	0.66	0.77	( 1.62)	(1.80)	(1.37)

Notes:

The above is an extract of the detailed fonnat of Quarterly and Half Yearly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 15. The fu ll fonnat of the Quarterly and Half Yearly Financial Results is available on the Stock Exchanges websites, NSE- http://www.nseindia.com, BSE- http://www.bseindia.com and is also available on the Company's website, http://www.panaceabiotec.com.

2 The said financial results for the Quarter and Half Year Ended September 30, 2025 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on November 14, 2025 and have been reviewed by the statutory auditors of the Company.

3 The financia l results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standard (" Ind-AS") notified under the Companies (Indian Accounting Standards) Rules, 20 15 as specified in section 133 of the Companies Act, 20 I 3.

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

Place: New Delhi Date: November 14, 2025

Panacea Biotec Limited Regd. Office: Ambala-Chandigarh Highway, Lalru- 14050 1, Punjab CIN: L331 17P8 1984PLC022350 -Ph. No. 9 1-11-4 1679000, Fax: 91-11-41679070, Website: https://www.panacea-biotec.com, E-mail: Corporate@panaceabiotec.com

Panacea Biotec ,,n,,,_, ,,,.,.,,,.,.,,pp,~rl t)I l,f,-

I Income:

II Ex penditure:

-- Statement of Standalone and Consolidated Financial Results (Unaudited) .,., \ for the Quarter and Half Year Ended September JO, 2025

		Quarter Ended			Half Year Ended	Year Ended		Quarter Ended			Half Year Ended	Year Ended
	September 30, 2025	June 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024	2025	March 31, September June 30, 30, 2025	2025	30, 2024	September September September March 31, 30, 2025	30, 2024	2025
			(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaud ited)				)		(Audited) (Unaudited (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
a) Revenue from operations	9,081	11 ,225	7,664	20,306	13 ,352	30,985	14, 11 3	16,670	14,735	30,783	26,307	55,909
b) Other income	36 1	495	341	856	721	1,662	640	567	465	1,207	845	2,066
Total Income	9,442	11,720	8,005	21,162	14,073	32,647	14,753	17,237	15,200	31,990	27,152	57,975
a) Cost of raw and packing materials consumed	2,688	6,094	2,204	8,782	3,648	12,401	4,658	7,271	4, 177	11 ,929	8,20 1	21 ,407
b) Purchase of traded goods	78	114		192		I 75	19 1	201		392		760
c) Changes in in ventori es of finished goods, traded goods and work-in-progress	1,774	6	(433)	1,780	89	(2,306)	1,045	250	142	1,295	290	(2,2 13)
d) Employee benefits expense	2,704	2,537	2,445	5,24 1	4,598	9,702	4,771	4,572	4,344	9,343	8,094	17,305
e) Finance cost	593	600	376	1,193	697	1,546	2 14	86	98	300	185	388

b) Purchase of traded goods	78	114		192		I 75	19 1	201		392		760
c) Changes in in ventori es of finished goods, traded goods and work-in-progress	1,774	6	(433)	1,780	89	(2,306)	1,045	250	142	1,295	290	(2,2 13)
d) Employee benefits expense	2,704	2,537	2,445	5,24 1	4,598	9,702	4,771	4,572	4,344	9,343	8,094	17,305
e) Finance cost	593	600	376	1,193	697	1,546	2 14	86	98	300	185	388
f) Depreciat ion and amortisation expense	49 1	477	509	968	1,0 17	2,029	834	839	868	1,673	1,74 1	3,481
g) Other expenses	3,207	2,776	2,774	5,983	5,392	11 ,706	5,227	4,494	5,372	9,72 1	10,42 1	21,241
Total expenses	11,535	12,604	7,875	24,139	15,441	35,253	16,940	17,713	15,001	34,653	28,932	62,369
III Profit/(loss) before tax and exceptional item (1-11)	(2,093)	(884)	130	(2,977)	(1,368)	(2,606)	(2,187)	(476)	199	(2,663)	(1,780)	(4,394)
IV Exceptional items (refer note 5)							270	1, 132	277	1,402	55 1	3,599
V Prolit/(loss) before tax (IIl+IV)	(2,093)	(884)	130	(2,977)	(1,368)	(2,606)	(1 ,917)	656	476	(1 ,261)	(1,229)	(795)
VI Tax expense:
a) Current tax (net)							3		0	3	0	I
b) Deferred tax charge/(created) (refer note 6)	(529)	(214)	I	(743)	( I 19)	(1,083)	(5 I 9)	260	5	(259)	(! 12)	76
T olal tax expenses	(529)	(214)	1	(743)	(I 19)	(1 ,083)	(516)	260	5	(256)	(112)	77
VII Net Profit/(loss) after tax for the period/year (V-VI)	(1,564)	(670)	129	(2,234)	(1 ,249)	(1,523)	(1,401)	396	471	(1,005)	(1 ,1 17)	(872)
VIII Profit/(loss) for the period/year attributable to:
i) Owners of the Company	(1,564)	(670)	129	(2,234)	(1 ,249)	(1 ,523)	(1,392)	405	480	(987)	(1 , 100)	(837)
ii) Non-controlling interest							(9)	(9)	(9)	( 18)	(! 7)	(35)
IX Other com1>rehensive income/(loss):
a) i) Items that wi ll not be reclassifi ed to profit or loss	2	2	(4)	4	(4)	7	(I)	(3)	( I 3)	(4)	(23)	(8)
ii) Income tax related to above	(!)		I	(I)	I	(2)		I	3	I	6	2
b) i) It ems that wi ll be reclassifi ed to profit or loss									(IO)			117
ii) Income tax related to above
X Total comprehensive income/(loss) for the period/yea r (Vll+IX)	(1,563)	(668)	126	(2,231 )	(1 ,252 )	(1,518)	(1 ,402)	394	451	(1,008)	(1,134)	(761)
XI Total comprehensive income/(loss) attri butable to:
i) Owners of the Company	(1,563)	(668)	126	(2,23 I)	(1 ,252)	(1 ,5 18)	( 1,393)	403	460	(990)	( I , 117)	(726)
ii) Non-controlling interest							(9)	(9)	(9)	(! 8)	( 17)	(35)
XII Paid-up equity share capital (face value of~ I/- each)	613	6 13	613	613	613	6 13	6 13	6 13	6 13	6 13	6 13	6 13
XIII Other equity						30,784						82,866
XIV Earning/(loss) per equity share (annualised, except for quarters/ half years)
Basic and Diluted (in ~)	(2.55)	(1.09)	0.21	(3.65)	(2 04)	(249)	(2.27)	0.66	0.77	( 1.62)	(1.80)	(1.37)

S.No Particulars Standalone Consolidated

(f in Lakh except per share)

Statement of Assets and Liabilities	(tin Lakhl
		Standalone	Consolidated
Pa rticula rs	30, 2025	September Mar ch 31 , 2025	September 30, 2025	March JI, 2025
	(Unaud ited)	Audited	(Unaudited)	Audited
ASSETS
(I) Non-current assels
a) Property, plant and equipment	34, 152	34,750	53,285	54,339
b) Capital work in progress	9,659	8,740	10,983	9,35 1
c) Investment Property	6,904	6,823	1,565	1,580
d) Intangible assets	173	57	776	772
e) Intangible assets under development	3,354	3, 164	3,778	3,454
f) Financial Assets
i) Investments	27	27	7	7
ii) Loans			3
iii) Other fina ncial assets	268	230	660	608
g) Income tax assets (net)	625	585	976	823
h) Other non-current assets Sub-total	73	69	11 9	394
	55,235	54.445	72. 152	71,328
(2) Current assets
a) Inventories b) Financial Assets	12,0 13	15,2 10	19,533	2 1,367
i) Investments			326	3 I 5
ii) Trade receivables	2,773	2,085	7,622	7,256
iii ) Cash and cash equi valents	1,485	3,850	6,367	8,213
iv) Bank balance other than cash and cash equi valents	1,5 I I	2,366	1,794	2,484
v) Loans	208	177	297	257
vi) Other financial assets	3,4 12	1,640	4,348	6,900
c) Other current assets	8,490	7, 174	13,01 I	10,855
Sub-total	29,892	32 ,502	53,298	57,647
Total Assets	85, 127	86,947	125,450	128,975
EQUITY AND LIABILITIES
Equity
a) Equity share capital	613	613	6 13	613
b) Other equity	28,553	30,784	82,028	82,866
Sub-total Non-controlling Interest	29, 166	31,397	82,64 1 (435)	83,479 (41 7)
Total Eq uity	29,166	31,397	82,206	83,062
Liabilities
(1) Non-current liabilities
a) Financial liabi li ties
i) Borrowings	17,040	16,05 I	2,290	2,221
ii) Other fin ancia l li abiliti es	644	965	46	46
b) Provisions	2, 112	1,995	3,798	3,534
c) Deferred tax li abilities (net) d) Other non-current li abilities	656	1,398	2,068 534	2,3 28 1,085
(2) Current liabilities a) Financial liabilities
i) Borrowi ngs	10,963	6,794
ii) Trade payables:
Total outstand ing dues of micro and small enterprises	1,165	955	1,834	1,4 18
Total outstanding dues of creditors other than micro and small enterprises	11 ,006	15,528	16,695	21 , 158
iii) Other fin ancial liabilities	1.227	924	1, 152	938
b) Other current li abiliti es	8,056	7,847	11 ,284	9,549
c) Provisions	3,092	3,093	3,539	3,635
d) Current tax li abi lities (11 et) Sub-total	55,961	55,550	4 43,244	I 45,913
Tota l Equity and Liabilities	85, 12 7	86,947	125,450	128 975

Statement of Standalone and Consolidated Financial Results (Unaudited) for the Quarter and Half Year Ended September 30, 2025
Unaudited Se2:ment-wise Revenue, Results and Canital Emnloved
						(fin La khl
Particulars	Consolidated
		Quarter Ended		Half Year Ended	Consolida ted
	September	June 30, Sept ember		September	September
	30, 2025	2025	30, 2024	30, 2025	30, 2024	2025
		(Unaudited) (Una udited) (Unaudited) (Unaudited) (Unaudited)				(Aud ited)
a) Segment revenue
(i) Vaccines	9,08 1	11 ,225	7,662	20,306	13,349	30,984
(ii) Formulations Sub total	5,032 14, 113	5,445 16,670	7,073 14,735	10,477 30,783	12,958 26,307	24,925 55,909
Less: Inter segment revenue
Total se2:ment r evenue	14,113	16,670	14,735	30,783	26,307	55,909
b) Segment r esults
Profit(+)/ loss(-) before tax
(i) Vaccines	( 1,65 7)	(425)	364	(2,082)	(963)	( 1,652)
(ii) Formulations	(260)	1,08 I	11 2	82 1	(266)	857
Sub total	(1 ,9 17)	656	476	(1 ,26 1)	(1,229)	(795)
Other unallocated expenditure net of unallocated income and except ional items
Total Profit/(loss) before tax	(1 ,91 7)	656	476	(1 ,26 1)	(1 ,229)	(795)
c) Capital employed
Segment assets
(i) Vaccines	87,090	87,506	80, 18 I	87,090	80,18 1	89, 119
(ii) Formulations	38,360	40, 151	44, 127	38,360	44,127	39,856
Sub Total	125,450	12 7,657	124,308	125,450	124,308	128,975
Segment liabilities
(i) Vaccines	30,491	3 1,32 1	3 1,257	30,49 1	31,257	35,087
(ii) Formulations	12,753	12,672	10, 159	12,753	10, 159	10,826
Sub Total	43 ,244	43,993	41,416	43,244	4 1,416	45,9 13
Capital employed (Segment assets - segment lia bilities)
(i) Vaccines	56,599	56, 185	48,924	56,599	48,924	54,032
(ii) Formu lations	25,607	27,479	33,968	25.607	33,968	29,030
Total capital employed	82,206	83,664	82,892	82,206	82 ,892	83,062

Statement of Cash Flows	$(5 \in \text{Lakh})$
		Standalone		Consolidated
Particulars	For Half	For Half	For Half	For Half
	Year Ended	Year Ended	Year Ended	Year Ended
	September	September	September	September
	30, 2025	30, 2024	30, 2025	30, 2024
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Cash flow from operating activities
Profit/(loss) before tax	(2,977)	(1, 368)	(1,261)	(1,229)
Adjustment for
Depreciation and amortisation expenses	968	1,017	1,674	1.741
Finance costs	1,193	697	300	185
Allowance for expected credit loss and doubtful advances	415	348		382
Interest income	(602)	(433)	(255)	(349)
Lease rental income	(255)	(233)	÷
Liabilities/provisions no longer required, written back		(5)		(13)
Income from Investments			(57)
Realized/Unrealised foreign exchange (gain) / loss	268	(49)	(57)	(46)
Bad debts and advances written off		3
Dividend received		(0)		(0)
Net (gain) / loss on redemption and fair valuation of investments Exceptional items (refer note 5 for details)			(1, 402)	(166) (551)
Operating profit/(loss) before working capital changes	(990)	(23)	(1,058)
Adjustments for working capital changes:				(46)
Inventories	3,197	722	1,834	1.111
Trade receivables	(678)	(1, 194)	6	(857)
Loans and other assets	(3,122)	(1, 144)	746	(1, 113)
Provisions and other liabilities	(4,187)	984	(1, 451)	1,984
Cash flow from/(used in) operating activities post working capital changes	(5,780)	(655)	77	1,079
Income tax (paid)/refund (net)	(40)	(53)	(154)	(117)
Net cash flow from/(used in) operating activities (A)	(5,820)	(708)	(77)	962
Cash flow from investing activities
Payment for property, plant and equipment and intangible assets (including capital	(1,798)	(1, 317)	(2,530)	(1, 589)
work in progress, intangibles under development and capital advances) (net)
Proceeds from sale of property, plant and equipment	$\overline{a}$	1
Income from investments Lease rental income			46	75
Interest received	243 226	102	255	349
Dividend income	$\overline{0}$	$\mathbf 0$	$\theta$	$\Omega$
Investment made			(7,650)	(7,650)
Redemption of investment			7,651	8,075
Investment in bank deposits	(4, 853)	(1, 115)	(4, 136)	(4, 871)
Redemption of bank deposits	5,679	1,267	4,825	4,826
Net cash flow from/(used in) investing activities (B)	(503)	(1,062)	(1, 539)	(785)
Cash flow from financing activities
Proceeds from non-current borrowings		2,613		$\overline{a}$
Proceeds from current borrowings	13,224	852	70
Repayment of non-current borrowings	(9,230)	L.	i.	i.
Proceeds from grant	155
Interest paid Net cash from/(used in) financing activities (C)	(192) 3,957	(1, 116) 2,349	(300) (230)	(127) (127)
Increase /(Decrease) in net cash and cash equivalents $(A+B+C)$	(2,366)	579	(1, 846)	50
Cash and cash equivalents at the beginning of the year	3,850	509	8,213	4,717
Effects of exchange rate changes on cash and cash equivalents held in foreign currency	1	(1)
Cash and cash equivalents at the end of the period	1,485	1,087	6,367	4,767

Notes:

• I. The financial results for the quarter and half year ended September 30, 2025 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on November 14, 2025, and have been reviewed by the statutory auditors of the Company.
• 1. The financial results have been prepared in accordance 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.
• 1. 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"):
• (i) Indian WOS: Panacea Biotec Pharma Limited ("PBPL") (material subsidiary) and Meyten Realtech Private Limited;
• (ii) Overseas WOS: Panacea Biotec (International) S.A. ("PBS"), Panacea Biotec Germany GmbH (WOS through PBS) and Panacea Biotec Inc. (WOS through PBPL); and
• (iii) Enterprises over which the Company exercises control*: PanEra Biotec Private Limited and Adveta Power Private Limited. *considered as a subsidiary for the purpose of consolidation as per Ind AS 110
• 1. For the half year ended September 30, 2025, the Company has incurred loss (before tax and exceptional items) oH.2,977 lakh (half year ended September 30, 2024: loss of ~1,368 lakh) and the Group has incurred a loss (before tax and exceptional items) of ~2,663 lakh (half year ended September 30, 2024: loss of ~1,780 lakh). The surplus funds remaining with the Group out of the sales of pharmaceutical formulations brands in India and Nepal in March 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.
• 1. During the half year ended September 30, 2025, the Group has recognised an exceptional income of ~1,402 Lakh under the "Exceptional Item" in the consolidated statement of profit and loss, which includes:
• (i) revenue of ~858 lakh (half year ended September 30, 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 Company & PBPL; and
• (ii) revenue of ~544 lakh (half year ended September 30, 2024: ~551 lakh), out of the remaining deferred consideration of ~2, 111 lakh as at March 31, 2025, from sale of domestic pharmaceutical brands of PBPL. The balance deferred consideration of ~1,567 lakh (September 30, 2024: ~5, 159 lakh) would be recognised in subsequent quarters/ years and is shown as Contract Liability in the consolidated financial statements of the Group.

• 1. The standalone financial results for the year ended March 31 , 2025, includes deferred tax created for Rs 416 lakhs on account of adjustments pertaining to earlier years. The consolidated financial results for the year ended March 31, 2025, includes deferred tax charge for Rs 270 lakhs on account of adjustments pertaining to earlier years.
• 1. The Company publishes standalone financial results along with the consolidated financial results. In accordance with Ind AS I 08, 'Operating Segments', the management has disclosed the segment information in the consolidated financial results of the Group for the half year ended September 30, 2025.
• 1. The necessary certificate / report in respect of the above results in terms of requirement of Regulation 33 of the SEBI (Listing Obligations and Other Disclosure Requirements) Regulations, 2015, has been placed before the Board of Directors.
• 1. Previous period amounts have been regrouped/ reclassified in compliance with Ind-AS to make them comparable with those of current period/ year.
• 1. '0' under "Rs. in Lakh" represents an amount less than Rs.50,000. Further, the figures shown in the tables may not exactly add up due to rounding off.
• 1. The above results are also available on the Company's website https://www.panaceabiotec.com

Place: New Delhi

Date: November 14, 2025

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

~ Rajesh Jain

Dr. Chairman and Managing Direct w t,,

Panacea Biotec Limited

Regd. Office: Ambala-Chandigarh Highway, Lalru-140501, Punjab CIN: L33 ll 7PB1984PLC022350, Ph. No. +91-11-4 I 679000, Fax: +91-11-41679070 Website: https://www.panaceabiotec.com, E-mail: corporate@panaceabiotec.com

Chartered Accountants

Suresh Surana & Associates LLP 2nd Floor, Tower-B, 8-37 Sector-1, Noida (NCR) - 201301 (UP), India T +91120 626 5555 newdelhi@ss-associates.com www.ss-associates.com LLP Identity No. AAB-7509

Independent Auditor's Limited Review Report on Unaudited Standalone Financial Results for the Quarter and Half Year ended September 30, 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 half year ended September 30, 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").
• 1. 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.
• 1. 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.

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Chartered Accountants

1. 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 Accountants ICAI Reg. No. 121750W/W100010

Digitally signed by KAPIL KEDAR Date: 2025.11.14 14:17:43 +05'30'

KAPIL KEDAR

Kapil Kedar Partner Membership No. 094902 UDIN: 25094902BMOJZQ8688

Dated: November 14, 2025 Place: New Delhi

Chartered Accountants

Suresh Surana & Associates LLP 2nd Floor, Tower-B, B-37 Sector-1, Noida (NCR)- 201301 (UP), India T +91120 626 5555 newdelhi@ss-associates.com www.ss-associates.com LLP Identity No. AAB-7509

Independent Auditor's Limited Review Report on Unaudited Consolidated Financial Results for the Quarter and Half Year ended on September 30, 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 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 half year ended September 30, 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").
• 1. 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 Compai:,ies 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.
• 1. 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.

1. Based on our review conducted and procedure performed as stated above and based on the consideration of the review reports of other auditors referred in 'Other Matters' section below, 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

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Chartered Accountants

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.

Other Matters

1. The unaudited consolidated financial results include the interim financial results of 6 subsidiaries (including 2 step down subsidiary) which have not been reviewed by their auditors, whose interim financial results reflect total assets of Rs. 9,370 Lakh as at September 30, 2025 and total revenue of Rs. 671 Lakh and Rs. 946 Lakh, total net profit/ (loss) after tax and total comprehensive loss of Rs. 73 Lakh and (Rs. 247 Lakh) for the quarter and half year ended September 30, 2025 respectively, and net cash inflow of Rs. 604 Lakh for the period from April 01 , 2025 to September 30, 2025, 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/W100010

KAPIL KEDAR

Digitally signed by KAPIL KEDAR Date: 2025.11 .14 14:19:03 +05'30'

Kapil Kedar Partner Membership No. 094902 UDIN: 25094902BMOJZR7577

Dated: November 14, 2025 Place: New Delhi

Chartered Accountants

Independent Auditor's Limited Review Report on Unaudited Consolidated Financial Results for the Quarter ended on June 30, 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

Name of the Holding Company

1) Panacea Biotec Limited

Name 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*
• 5) Meyten Realtech Private Limited
• 6) Adveta Power Private Limited*
• 7) 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.