1. We have audited the accompanying standalone financial
statements of Alembic Pharmaceuticals Limited ('the
Company'), which comprise the Standalone Balance
Sheet as at 31 March 2026, the Standalone Statement of
Profit and Loss (including Other Comprehensive Income),
the Standalone Statement of Changes in Equity and the
Standalone Statement of Cash Flows for the year ended on
that date, and notes to the standalone financial statements,
including a summary of material accounting policies and
other explanatory information ('the standalone financial
statements').

2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 ('Act') in the manner
so required and give a true and fair view in conformity
with the Indian Accounting Standards prescribed under
section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, ('Ind
AS') and other accounting principles generally accepted
in India, of the state of affairs of the Company as at 31
March 2026, and its profit and other comprehensive

income, changes in equity and its cash flows for the year
ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards
on Auditing ('SAs') specified under section 143(10) of
the Act. Our responsibilities under those SAs are further
described in the Auditor's Responsibilities for the Audit of
the standalone financial statements section of our report.
We are independent of the Company 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
standalone financial statements 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 Code of Ethics. We believe
that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion on the
standalone financial statements.

Key Audit Matters

4. Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements of the current year.
These matters were addressed in the context of our audit
of the standalone financial statements as a whole, and in
forming our opinion thereon, and we do not provide a
separate opinion on these matters.

Other Information

5. The Company's Board of Directors are responsible for
the other information. The other information comprises
the information included in the Company's Board Report
including Annexures to the Board report, Management
Discussion & Analysis and Corporate Governance Report
but does not include the standalone financial statements
and our auditors' report thereon.

6. Our opinion on the standalone financial statements does
not cover the other information and we do not express
any form of assurance conclusion thereon.

7. In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information identified above and, in doing so, consider
whether the other information is materially inconsistent
with the standalone financial statements or our knowledge
obtained in the audit or otherwise appears to be materially
misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.

Responsibilities of Management and Those Chargedwith Governance for the Standalone FinancialStatements

8. The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act, with respect to
the preparation of these standalone financial statements
that give a true and fair view of the state of affairs, profit
and other comprehensive income, changes in equity and
cash flows of the Company in conformity with the Indian
Accounting Standards prescribed under section 133 of
the Act read with the Companies (Indian Accounting

Standards) Rules, 2015, as amended and other accounting
principles generally accepted in India. This responsibility
also includes maintenance of adequate accounting
records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection of the appropriate accounting software for
ensuring compliance with applicable laws and regulations
including those related to retention of audit logs; selection
and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and 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 statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

9. In preparing the standalone financial statements, 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.

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

Auditor's responsibilities for the audit of theStandalone Financial Statements

11. Our objectives are to obtain reasonable assurance
about whether the standalone financial statements 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 these standalone financial
statements. As part of an audit in accordance with SAs, we
exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

11.1. Identify and assess the risks of material misstatement
of the standalone financial statements, 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.

11.2. Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section
143(3)(i) the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls with reference
to standalone financial statements in place and the
operating effectiveness of such controls.

11.3. Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the Management.

11.4. Conclude on the appropriateness of the Management's
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
Company's ability 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 standalone financial
statements 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 Company to cease to continue as a
going concern.

11.5. Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent the

underlying transactions and events in a manner that
achieves fair presentation.

12. 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.

13. 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.

14. From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the standalone financial
statements of the current year and are therefore the key
audit matters. We describe these matters in our auditor's
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated
in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.

Other Matter

15. The standalone financial statements of the Company
for the year ended 31 March 2025 were audited by
predecessor Statutory auditors whose reports dated 6
May 2025 expressed an unmodified opinion on those
standalone financial statements. Our opinion is not
modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

16. As required by the Companies (Auditor's Report) Order,
2020 ('the Order'), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Act,
we give in the 'Annexure A' a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

17. As required by Section 143(3) of the Act, we report that:

17.1. We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.

17.2. In our opinion, proper books of accounts as required
by law have been kept by the Company so far as it
appears from our examination of those books.

17.3. The standalone balance sheet, the standalone
statement of profit and loss (including Other
Comprehensive Income), the statement of changes
in equity and the standalone cash flow statement
dealt with by this report are in agreement with the
books of account.

17.4. In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under
Section 133 of the Act read with the relevant rules
thereunder.

17.5. On the basis of the written representations received
from the directors as on 31 March 2026, taken
on record by the Board of Directors, none of the
directors is disqualified as on 31 March 2026 from
being appointed as a director in terms of Section
164(2) of the Act.

17.6. With respect to the adequacy of the internal financial
controls with reference to standalone financial
statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in 'Annexure B'.

17.7. In our opinion, and according to the information and
explanations given to us, the remuneration paid by the
Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act.
The remuneration paid to any director is not in excess of
the limit laid down under Section 197 of the Act.

18. With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014 (as amended),
in our opinion and to the best of our information and
according to the explanations given to us:

18.1. The Company has disclosed the impact of pending
litigations as at 31 March 2026 on its financial position
in its standalone financial statements - Refer Note
27(2) to the standalone financial statements;

18.2. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses.

18.3. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company.

18.4. The Management has represented, to best of
their knowledge and belief, that no funds have
been advanced or loaned or invested (either from
borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in
any other person(s) or entity(ies), including foreign
entities ('Intermediaries'), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the
Company ('Ultimate Beneficiaries') or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

18.5. The Management has represented, to best of their
knowledge and belief, that no funds have been
received by the Company from any person(s) or
entity(ies), including foreign entities ('Funding
Parties'), with the understanding, whether recorded
in writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party
('Ultimate Beneficiaries') or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries.

18.6. Based on such audit procedures, that have been
considered reasonable and appropriate in the
circumstances, performed by us, nothing has come
to our notice that has caused us to believe that the
representation under sub clause (i) and (ii) of Rule
11(e), as provided under para 18.4 and 18.5 above,
contain any material misstatement.

18.7. In our opinion, and according to information and
explanation given to us,

18.7.1. The final dividend proposed for the financial
year 2024-25, and declared and paid by the
Company during the year is in accordance
with Section 123 of the Act, as applicable.

18.7.2. The Board of Directors of the Company has
proposed final dividend for the financial year
2025-26, which is subject to the approval of
the members at the ensuing Annual General
Meeting. The amount of dividend proposed
is in accordance with section 123 of the Act,
as applicable.

18.8. Based on our examination which included test
checks, the company has used an accounting
software for maintaining its books of accounts
which has a feature of recording audit trail (edit log)
facility and the same was operational throughout
the year for all relevant transactions recorded in the
respective softwares. Further, during the course of
our audit, we did not come across any instance of
audit trail feature being tampered with.

Additionally, the Company has preserved the audit trail in

accordance with statutory record retention requirements.

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621

Ketan S Vikamsey

Partner

Place: Mumbai ICAI Membership No: 044000

Date: 15^th May, 2026 UDIN: 26044000JNVKBM2996