We have audited the accompanying standalone financial statements of Narmada Gelatines Limited Cthe Company^-), which comprises of
Balance Sheet as at March 31,2026, the Statement of Profit and Loss (Including Other Comprehensive Income), the Statement of Changes
In Equity and the Statement of Cash Flows for the year then ended, and notes to the standalone financial statements including a summary
of material accounting policies and other explanatory information,

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 (the 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 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 March 31,2026, its profit (Including other comprehensive Income), changes in equity and Its cash flows for the year ended
on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditor 's Responsibilities for the Audit of the 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 made 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 audit opinion on the
standalone financial statements,

Key Audit matters

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 period, We have determined that there are no key audit matters to communicate In our report,

Information Otherthan the Standalone Financial Statements and Auditor s report thereon

The Company's Board of Directors is responsible for the other information. The Other Information comprises the information Included In the
Board's Report including Annexures to the Board report but does not Include the standalone financial statements and our auditor's report
thereon. The reports are expected to be made available to us after the date of this auditor 's report.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other Information and, in doing so,
consider whether the other Information is materially inconsistent with the standalone financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.

When we read the report. If we conclude that there is a material misstatement therein, we are required to communicate the matter to
those charged with governance.

Management responsibilities for the Standalone Financial Statements

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 financial position, financial performance (Including other
comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally
accepted In India, including the Accounting Standards specified under Section 133 of the Act. 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 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.

In preparing the standalone financial statements, management 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
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to ao so.

The Board of Directors are also responsible for overseeing the Company s financial reporting process,

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

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:

• 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.

• 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)0) of the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the management.

• Conclude on the appropriateness of management s use of the going concern basis of accounting and, based on the oudlt
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
entity'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 standolone 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.

• 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.

Materiality Is the magnitude of misstatements in the standalone financial statements that Individually or In aggregate makes if probable
that the economic decisions of a reasonably knowledgeable user of the standalone financial statements 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 standalone financial statements,

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.

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 period 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.

Report on Other Legal and Regulatory Requirements

1. Pursuant fo 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,

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

(a) 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,

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

(c) The Balance sheet, the Statement of Profit & Loss (including other comprehensive income), Statement of Changes in Equity and
the Statement of Cash Flow dealt with by this Report are in agreement with the books of account,

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section
133 of the Act read with Companies (Indian Accounting Standards) Rules. 2015.

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

(0 With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in Annexure "B",

(g) With respect to the other matters to be Included in the Auditor's Report in accordance with the requirements of Section 197(16)
of the Act, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid
by the Company to its directors during the year is in accordance with the provisions of Section 197 of the Act.

(h) With respect to the matters to be included in the Auditor's report in accordance with the Rule 11 of the Companies (Audit and
Auditors) Rules. 2014, in our opinion and to the best of our Information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on Its financial performance In its standalone financial
statements. (Refer note no 36 to standalone financial statements

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

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

iv. (a) The Management has represented that, to the best of Its knowledge and belief, no funds (which are material either

Individually or In the aggregate) 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 or entity. Including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend to 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.

(b) The Management has represented, that, to the best of Its knowledge and belief, no funds (which are material either
Individually or in the aggregate) have been received by the Company from any person or entity, Including foreign
entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall,
whether, directly or indirectly, lend to 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.

(c) Based on the oudit procedures that have been considered reasonable and appropriate in the circumstances, 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) of
The Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b) above, contains any material
misstatement. (Refer Note no. 49 (v) & (vi) to the standalone financial statements)

v. The dividend paid by the Company during the year is in accordance with Section 123 of the Act, As stated In note 44 (c) to
the standalone financial statements, the Board of Directors of the Company has proposed final dividend for the year 2025-26
which is subject to the approval of the members at the ensuing annual general meeting. The proposed dividend declared is
In accordance with Section 123 of the Act to the extent it applies to the declaration of dividend.

vi. Based on our examination, which Included test checks, the Company has used accounting software for maintaining its
account books for the financial year ended March 31,2026 which has a feature of recording audit trail (edit log) facility and
the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course
of our audit we did not come across any instance of the audit trail feature being tampered with. The Company is In
compliance with the preservation of audit trail as per the statutory requirements for record retention.

For LODHA & CO LLP

Chartered Accountants

Firm registration No. - 301051E/ E300284

R. P. Baradiya

Race: Mumbai Partner

Date: May 25,2026 Membership No. 044101

UDIN: 26044101UXBXOP3319