25TH AGM TRANSCRIPT

Company Secretary

Mr. Vivek Dhariwal, the Chairman and Independent Director of the Company is present in the

Meeting, and he shall preside over the Annual General Meeting. I request him to occupy the Chair and commence the proceedings of this Annual General Meeting.

Welcome Address - Mr. Vivek Dhariwal, Chairman

Thank you, Mr. Ananta. Dear shareholders, Good Afternoon and a very warm welcome on this 25th

AGM of our Company. I am joining this meeting via video conferencing (VC) from London. As you are aware this meeting is being conducted through VC and it is in compliance with all the applicable circulars issued by Ministry of Corporate Affairs and Securities and Exchange Board of India. We made every effort to facilitate participation of all shareholders and also to ensure smooth voting process on the resolution being presented in this AGM. I sincerely thank all of you for taking time and joining us today. Also, I would like to express my sincere thanks to all our stakeholders for their continued support and trust in our company.

I’ll now start with introducing the directors and KMPs who are present in this AGM. First and foremost, we have our founder and our mentor Shri Ashok Kumar Windlass, Whole-time Director, he is joining us from Dehradun. We have Mr. Hitesh Windlass, Managing Director, joining us from

Gurgaon. We have Mr. Manoj Kumar Windlass, Joint Managing Director, joining us from Dehradun.

We have Mr. Pawan Kumar Sharma, Executive Director, joining us from Dehradun. We have Mrs.

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Prachi Jain Windlass, Non-Executive Director and Chairperson of the CSR committee, she is joining us from Mumbai and of course I would like to welcome Dr. Tarashree Singhal who has joined the

Board as a Non-Executive Independent Director this year and she is joining this meeting from

Dehradun. The Key Managerial Personnels who are present in this AGM are: Mrs. Komal Gupta, our

CEO & CFO, she has joined us from Gurgaon and of course as I always say, last but not the least

Company Secretary, Mr. Ananta Narayan Panda.

I also want to introduce Mr. Saurabh Verma, representative of our Statutory Auditor M/s J C Bhalla

& Co., Mr. Saurabh Jain, our Cost Auditor, and Mr. Sandeep Joshi, the Secretarial Auditor of the

Company, they have joined us through VC and I would request them to introduce themselves.

Company Secretary

I request everyone to switch on their camera.

Chairman

Shall I continue, Mr. Ananta?

Company Secretary

Yes. Saurabh Ji, can you please switch on your camera and introduce yourself and Sandeep please go ahead.

Mr. Saurabh Jain (Cost Auditor): Good afternoon to all shareholders and all stakeholders. I was the

Cost Auditor of the Company during financial year 2025-26 and I have joined this meeting from my office place, Saharanpur. Thank you.

Company Secretary

Thank you! Mr. Sandeep, please introduce yourself.

Chairman

You are on mute Mr. Sandeep Joshi Ji.

Mr. Sandeep Joshi (Secretarial Auditor): No sir, it is unmuted from my side. Thank you!

Chairman

Alright! Thank you and I also wish to inform the members that Mr. Gaurav Gulati,

Independent Director of the Company, has expressed his inability to attend this AGM due to prior commitments, he has conveyed his sincere regrets for not being able to be present today.

I further wish to inform the members that in his capacity as the Chairman of the Audit Committee and the Nomination and Remuneration Committee, Mr. Gaurav Gulati has authorized Mr. Hitesh

Windlass the Managing Director to be present in the meeting on his behalf. Accordingly, Mr. Hitesh

Windlass will respond to any query from the members relating to the Audit Committee and the

Nomination and Remuneration Committee.

Additionally, in his capacity as the chairman of the Stakeholder and Relationship Committee, Mr.

Gaurav Gulati has authorized Mr. Manoj Kumar Windlass our Joint Managing Director and member of the Stakeholder and Relationship Committee, to be present on his behalf and to respond to any query relating to the Stakeholder and Relationship Committee.

With that, I would now request Mr. Ananta Narayan Panda, Company Secretary, to confirm that requisite quorum is present and brief the shareholders regarding procedure of e-Voting and participation in this meeting. Ananta, over to you.

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Company Secretary

Thank you, Sir! In accordance with prevailing laws and circulars issued by MCA and SEBI, I confirm that requisite quorum is present through VC and the Meeting is in order.

Chairman, we have total number of shareholders present 64 and the quorum is present for the meeting.

Dear Members…. Good Afternoon to all of you!

The 25th AGM of your Company is being held through Video Conferencing (VC) in due compliance of relevant Circulars issued by MCA and SEBI.

Since this AGM is being held through VC, physical attendance of Members has been dispensed with.

Accordingly, the facility for appointment of proxies by the members is not available for this AGM.

Facility for joining this meeting through VC is made available for the Members for 30 minutes before and after the scheduled time of the commencement of the AGM. As requested in the AGM Notice, we hope that the Members have joined the meeting through their Laptops / iPads with high speed internet connectivity to have smooth experience of interaction during the meeting and also read through the detailed e-Voting procedure given therein.

All the Members who have joined this Meeting are placed on mute by the Host to avoid any disturbance arising from the background noise and to ensure smooth conduct of the Meeting. During the meeting, when the Chairman invites Questions from Members who have registered themselves as

Speakers, their names will be announced one by one and their mic will be unmuted by the Host.

We request the Speakers to switch on their video/audio after a gap of 2 seconds, after their names are called near the conclusion of the meeting and to express their views briefly, to help us manage the time. In case there is any connectivity issue at the speaker’s end, we will request the next Speaker to express his views or ask questions, if any and the opportunity may be provided to the earlier speaker after all other registered speakers have spoken.

Please note that only those Member who have not cast their votes through remote e-Voting which was open from 20th July, 2026 at 9.00 A.M. to 22nd July, 2026 up to 5.00 P.M., and who are participating in this meeting today, will have an opportunity to cast their votes during the AGM and till 15 minutes after conclusion of the meeting.

I now request Chairman Sir to kindly continue the proceedings of meeting, but before that, I would request to the Statutory Auditor, Mr. Saurabh Verma to kindly introduce himself at this meeting.

Statutory Auditor

Good afternoon, all! I am Saurabh Verma, from M/s J C Bhalla & Co. and I am sitting at the Noida office.

Company Secretary

Thank you! Over to you, Chairman.

Chairman

The Quorum being present I declare the meeting open and request the Company Secretary to explain the agenda items for the AGM and also provide the instructions and guidance to the shareholders attending this AGM. Mr. Ananta.

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Company Secretary

Thank you Sir! In conformity with Sections 170 and 189 of the Companies Act

2013, the Register of Directors and Key Managerial Personnel and their Shareholding and the

Register of Contracts or Arrangements in which Directors are interested including other documents mentioned in the Notice of this AGM, are placed electronically and are available for inspection by the Members during the AGM.

With the permission of members, the Notice of AGM dated 21st May, 2026 including the explanatory statement attached thereto pursuant to Section 102 of the Companies Act, 2013 convening the 25th

AGM having been circulated to the members is taken on record.

Under the Companies Act, 2013, there is no requirement of reading the Report of M/s J C Bhalla &

Co., our Statutory Auditors for the Financial Year ended 31st March, 2026, and the same does not contain any qualifications, observations or comments or other remarks on the financial transactions or matters which have any adverse effect on the functioning of the Company. I request Mr. Saurabh

Verma, our Statutory Auditors to explain their observations in the Auditors’ Report for the Financial

Year 2025-26. The Statutory Auditor may express their views on the Auditor’s reports. Thank you,

Mr. Saurabh Ji.

Mr. Saurabh Verma (Statutory Auditors): We have given our audit opinion on the Standalone and

Consolidated Financial Statements of the Company and we have given our unmodified opinion on the Financial Statements. I may ask the members who may have any question, I am happy to answer.

Company Secretary

We can take up these questions later on when we have a separate Q&A session.

Thank you Saurabh Ji. There are no qualifications, observations or comments or other remarks in the

Secretarial Audit Report for the financial year ended 31st March, 2026 issued by Mr. Sandeep Joshi

& Associates, Secretarial Auditor of the Company.

Now I invite Mr. Hitesh Windlass, Managing Director of our Company to address the Shareholders at the 25th Annual General Meeting. Over to you Sir.

Mr. Hitesh Windlass

Good afternoon, everyone!

Dear Stakeholders,

Warm greetings to all of you!

It gives us immense pleasure to address you as we conclude another successful financial year for

Windlas Biotech. FY26 was a year that reaffirmed the strength of our business model, the resilience of our operating platform, and our ability to deliver consistent performance.

The Indian Pharmaceutical Market (IPM) registered a volume growth of 2.7% during FY26. Against this backdrop, Windlas Biotech delivered another year of strong growth, with revenue increasing by

19% year-on-year to ₹ 9,041 Millions. This performance highlights our unwavering focus on

4 scalability, durability and profitability, while reinforcing the trust and confidence our customers continue to place in us.

The year was not merely about delivering growth, but about enhancing the quality of that growth. We reported our highest ever post-listing Earnings Per Share (EPS) of Rs 31.60, while maintaining both

Return on Capital Employed (ROCE) and Return on Equity (ROE) above the 25% mark.

These achievements reflect the effectiveness of our operating discipline, prudent capital allocation and strong execution capabilities. Equally important, the Company generated ₹ 1,049 Millions of net operating cash flows during the year and closed FY26 with a strong net liquidity position of ₹ 2,507

Millions. In an environment where liquidity and capital efficiency are becoming increasingly critical, these metrics place the Company in a position of distinct strength.

The pharmaceutical industry continues to benefit from increasing healthcare awareness, rising income levels, expanding healthcare access, growing penetration of government healthcare initiatives and sustained demand for high-quality affordable medicines. Simultaneously, regulatory standards across markets are becoming more stringent, creating opportunities for companies that possess strong quality systems, advanced manufacturing infrastructure and proven execution capabilities.

On the manufacturing front, our Plant-4 and Plant-5 (Injectable Facility) successfully received GMP certification from the Philippines, further strengthening our regulatory credentials and international market opportunities. Our Injectable Facility and Plant-2 Extension continued to contribute meaningfully to overall business growth, validating the strategic investments made in recent years.

Additionally, Plant-6 achieved mechanical completion during FY26, and we remain on track for its commercialization during the first half of FY27. This facility will further enhance our manufacturing capabilities and support our next phase of growth.

As we look ahead, our outlook for the Indian pharmaceutical industry remains positive. We are confident that the structural investments undertaken over the past few years, combined with our strong customer relationships, differentiated capabilities and robust balance sheet, provide a strong foundation for sustained growth. Our priorities remain on diversifying our customer base, improving operational efficiencies, expanding dosage-form capabilities, retaining and rewarding our talent pool and continuing to create long-term value for all stakeholders.

On behalf of the Board and management team, we would like to express our sincere gratitude to our shareholders, customers, business partners, employees and all other stakeholders for their continued trust, support and confidence in Windlas Biotech. We remain committed to building a stronger, more resilient and future-ready organisation while consistently delivering sustainable growth and value creation.

Thank you!

Company Secretary

Thank you, Sir!

Now, I invite Mrs. Komal Gupta, CEO & CFO of our Company to address our Shareholders.

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Mrs. Komal Gupta

Thank you Ananta! Good afternoon, everyone.

Dear Stakeholders,

I am delighted to share that FY26 was a defining year for Windlas Biotech on multiple fronts. Beyond the financial performance, the year highlighted the resilience and consistency with which the business continued to scale amid a dynamic operating environment. The Company surpassed the ₹ 9,000

Millions annual revenue for the first time, closing FY26 with revenues of ₹ 9,041 Millions, reflecting a 19% YoY growth. Our Company also extended its track record to 13 consecutive quarters of record revenue.

In an environment characterized by evolving market dynamics, increasing regulatory expectations and changing customer requirements, we remained committed to operational excellence and strategic execution. Our investments in capabilities, customer-centric approach and disciplined capital allocation continued to generate momentum across the business, positioning the Company strongly for the next phase of its journey.

Our Generic Formulations CDMO vertical continued to be the primary growth engine, delivering revenue of ₹ 6,637 Millions during FY26, representing a growth of 20% YoY. We believe our growing relevance as a dependable, quality-focused and agile manufacturing partner continues to strengthen our position within the CDMO ecosystem. Through continued customer additions, increasing wallet share and a broader product portfolio, we remain well-positioned to capitalize on emerging opportunities within the pharmaceutical manufacturing landscape.

The Trade Generics & Institutional vertical recorded revenue of ₹ 1,946 Millions during FY26, reflecting a growth of 13% YoY. This business continues to hold significant strategic relevance, supported by increasing acceptance of generic medicines, expanding healthcare access and favourable policy. initiatives. We remain committed to delivering accessible, affordable and authentic medicines while deepening our presence across our target markets.

Our Exports vertical delivered strong momentum, with revenue increasing 40% YoY to ₹ 458

Millions during FY26. This performance is a testament to the investments made over the past few years and position us well for our continued expansion in regulated and semi regulated markets.

From a profitability perspective, the underlying performance of the business remained robust, reflecting our continued focus on operational discipline, productivity enhancement and prudent cost management while simultaneously investing for future growth.

Adjusted for non-cash ESOP expenses (₹ 166 Millions):

EBITDA stood at ₹ 1,214 Millions, with an EBITDA margin of 13.4%

PAT stood at ₹ 831 Millions, with a PAT margin of 9.2%

On a reported basis

EBITDA increased 11% YoY to ₹ 1,047 Millions

PAT grew 9% YoY to ₹ 665 Millions

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EPS ₹ 31.60 YoY growth 8%

ROCE & ROE > 25%

Cash generated from operations ₹ 1,049 Millions.

₹ 2,507 Millions. Strong Net Liquidity & Net Debt free

We also remained focused on maintaining a balanced and prudent approach towards capital allocation throughout the year. While continuing to invest in growth opportunities and future capabilities, we remained committed to delivering value to shareholders. The successful completion of the ₹ 470

Millions buyback, without promoter participation, reflected the Board’s confidence in the intrinsic strength and long-term potential of the business. Further, in line with our dividend policy, the Board has proposed a dividend of ₹ 130 Millions (₹ 6.30 per share) for FY26.

As we enter the next phase of growth, we remain focused on strengthening our capabilities, unlocking efficiencies and broadening reach across key markets. With a strong foundation in place, we are optimistic about the opportunities ahead and remain committed to delivering sustainable, long-term value for stakeholders.

We thank our shareholders, customers, partners, employees, and all stakeholders for their continued trust and support.

Thank You!

Company Secretary

Thank you, Ma’am!

Now, I will read and explain items of the business mentioned in the Notice one by one. The Statement under Section 102 of the Companies Act for Item No. 5and 6 are given in the Notice.

All resolutions included in the Notice have already been put to vote through remote e-Voting and are also being put for e-Voting during the AGM. Therefore, no resolution is required to be proposed or seconded by the Members at the AGM.

The first item in the Notice is for adoption of the Audited Standalone and Consolidated Financial

Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Auditors and the Board of Directors’ thereon to be approved as an Ordinary Resolution.

The next item is, Item No. 2 of the Notice is regarding declaration of Dividend of ₹ 6.30/- per Equity

Share for the financial year 2025-26, to be approved as an Ordinary Resolution.

Item No. 3 of the Notice is regarding re-appointment of Mr. Hitesh Windlass, Managing Director of the company, who is liable to retire by rotation and being eligible offers himself for reappointment to be approved as an ordinary resolution.

Item No. 4 of the Notice is regarding the reappointment of Mrs. Prachi Jain Windlass, director, who is liable to retire by rotation and being eligible offers herself for reappointment to be approved as an ordinary resolution.

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Item No. 5 this is a Special Business, and this is regarding ratification of remuneration of the Cost

Auditor, to be approved as an Ordinary Resolution.

Item No. 6, is again special business, this is regarding the appointment of Dr. Tarashree Singhal as an Independent Director of the company for a period of five years to be approved as Special

Resolution.

Now let me read out the procedure for e-Voting.

Members are aware that the Company has provided its Members Remote e-Voting facility as mentioned in the Notice of this meeting. The Remote e-Voting concluded on 22nd July, 2026 at 5.00

P.M.

In line with the provisions of the Companies Act 2013, voting by show of hands is not permitted at the general meeting where remote e-Voting has been offered to the Members. So therefore, arrangements have been made for Members who are present at the Meeting but have not cast their votes by availing Remote e-Voting facility, to exercise their vote by use of e-Voting during the AGM.

The facility for e-Voting is being provided by MUFG Intime India Pvt. Ltd. Members may log on to the e-Voting website https://instavote.linkintime.co.in and vote thereat on the resolutions, as per details mentioned in the Notice of this meeting. Members may note that e-Voting on the on the instavote platform will continue till 15 minutes from the conclusion of this AGM.

Members who have already voted by remote e-Voting prior to the meeting date and have also come to attend this meeting through VC shall not be entitled to vote again through e-Voting.

Now, I request Chairman Sir to kindly brief the shareholders on the appointment of scrutinizer for e-

Voting at this AGM. Over to you Sir. Chairman you are on mute.

Chairman

Mr. Sandeep Joshi, Company Secretary in practice, has been appointed as the scrutinizer to conduct the remote e-Voting and e-Voting process.

The Scrutinizer will submit a consolidated Scrutinizer’s Report on Remote er-Voting and e-Voting during the AGM, within two working days of conclusion of the AGM.

I authorize, Mr. Ananta Narayan Panda, Company Secretary, or in his absence Mrs. Komal Gupta,

CEO & CFO to declare the results of the voting. The results declared along with the consolidated

Scrutinizer’s Report shall be placed on the website of the Company and also on the website of MUFG

Intime India Private Limited. The results will simultaneously be forwarded to BSE Limited and

National Stock Exchange of India Limited for placing on their respective websites and shall also be displayed on the Notice Board at the Registered Office and Corporate Office of the Company.

I now invite the Members to express their views or ask questions arising out of the Financial

Statements and the Reports of the Board of Directors and Auditors thereon. We will take up the questions one by one and respond to them.

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Now, I request Company Secretary to announce the names of the members who have registered themselves as speakers at the AGM. Mr. Ananta please do.

The Company Secretary announced the names of speaker shareholders.

Mr. Hitesh Windlass (MD) and Mrs. Komal Gupta (CEO & CFO) satisfactorily replied to the queries of shareholders.

Company Secretary

Over to you, Chairman.

Chairman

So, thank you to all the speakers for asking such relevant and pertinent questions and for your comments and thank you, Mr. Hitesh and Mrs. Komal, for responding to those questions. I believe all questions and queries of the members have been replied to satisfaction. In the end, I sincerely thank everybody in this meeting for their participation in this AGM and with your consent,

I declare this meeting closed.

Company Secretary

I thank you once again for your participation in this AGM through VC to all the shareholders, board members, auditors and other stakeholders. I would like to draw your attention to the fact that e-Voting on Insta Voting Platform of MUFG Intime India Pvt. Limited is currently open and the voting shall remain active until 15 minutes from the conclusion of this AGM. So those shareholders who have missed out to vote at the remote e-Voting should vote at this meeting e-Voting.

I request Mr. Hitesh Windlass, our Managing Director and shareholder of the company, to propose a vote of thanks to the Chair.

Mr. Hitesh Windlass

Thank you very much, Vivek Ji, for your leadership, your guidance, and your advice throughout the year and at all the previous board meetings and this annual general meeting.

And otherwise also, it is really indeed a great pleasure and a privilege to work with you and learn from you. We hope that we are able to continue making strides like these and grow.

My thanks also to my father, the founder of this company, Mr. Ashok Kumar Windlass, who set the founding stone 25 years ago and worked tirelessly for decades to bring us to this point, to give us all an opportunity to actually contribute and do good. My special thanks to my brother Mr. Manoj, who was a tremendous person working extremely hard to build growth, customer relationships in all aspects of the business. Mr. Pawan Kumar Sharma, who's one of our first few employees, been with the company for almost 25 years. Mrs. Komal, almost 12 years and a fantastic run of almost 2.5 years with the unbreakable spirit and great desire to achieve new heights. And Mr. Ananta for driving us, keeping us compliant and making sure that every meeting and every aspect of the company are running well. The whole team behind the scenes, whom we don't see today, but who are the people who are making the machines work, who are making the decisions happen and bringing the net results that we see at the end of the day.

Thank you very much!

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Mrs. Komal Gupta

And thanks to our Statutory Auditors, Cost Auditors, and Secretarial Auditors for consistently working with us to grow, be vigilant about the compliances. Thank you!

Company Secretary

The Meeting now stands concluded. Thank You!

The meeting concluded at 2.05 p.m. (includes post expiry of 15 minutes time allocated to the

Shareholders to cast their votes at the AGM).

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