We have audited the accompanying financial statements of
Mangalam Cement Limited ("the Company"), which comprise the
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 financial statements, including a
summary of material accounting policies and other explanatory
information (hereinafter referred to as "the financial statements").

In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid 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 accounting principles generally accepted in
India, ofthe state of affairs ofthe Company as at March 31,2026,
its profit including other comprehensive income, the changes in
equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit ofthe financial statements in accordance
with the Standards on Auditing (SAs), as specified under section
143(10) ofthe Act. Our responsibilities underthose Standards are
further described in the 'Auditor's Responsibilities for the Audit of
the Financial Statements' section of our report. We are independent
ofthe 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
financial statements under the provisions of the Act and the Rules
thereunder, and we have fulfilled ourotherethical responsibilities
in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence obtained by us is sufficient and
appropriate to provide a basis for our audit opinion on the 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 financial
statements for the financial year ended March 31, 2026. These
matters were addressed in the context of our audit ofthe financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters. We have
determined the matters described below to be the key audit matters
to be communicated in our report.

Other Information

The Company's Board of Directors are responsible for the other
information. The other information comprises the information included
in the Report ofthe Directors, Management Discussion & Analysis,
Corporate Governance Report and Business Responsibility and
Sustainability Reporting including Annexures, but does not include
the financial statements and our auditor's reports thereon. Our
opinion on the 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 financial statements, our
responsibility is to read the other information identified above when
it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the 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 forthe 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 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 Indian Accounting Standards (Ind
AS) 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 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 ofadequate
internal financial controls, that were operating effectively for ensuring
the accuracy and completeness ofthe accounting records, relevant

to the preparation and presentation of the Financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the 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 ofaccounting unless management either
intends to liquidate the Company orto cease operations, or has no
realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Financial
Statements

Our objectives are to obtain reasonable assurance about whether
the 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 ofthese 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
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, orthe 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)(i) of the Act, we
are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with
reference to financial statements 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 management.

• Conclude on the appropriateness of 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 financial statements or, if such disclosures are
inadequate, to modifyouropinion. Ourconclusions are based
on the audit evidence obtained upto 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 financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions
and events in a mannerthat achieves fair presentation.

Materiality is the magnitude of misstatements in the financial
statements that, individually or in aggregate, makes it probable that
the economic decisions of a reasonably knowledgeable user of the
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 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 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 ofsuch communication.

Report on Other Legal and Regulatory Requirements

1. 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, wegive
in the "Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order.

2. A. Asrequired bySection 143(3)oftheAct,wereportthat:

(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 except for the
matters stated in paragraph 2B(f) below on reporting
under Rule 11(g) ofthe Companies (Audit and Auditors)
Rules, 2014;

(c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, the Statement
of Changes in Equity and the Statement of Cash Flows
and dealt with by this Report are in agreement with the
books of account;

(d) In our opinion, the aforesaid financial statements comply
with the Indian Accounting Standards (Ind AS) specified
under Section 133 of the Act, read with Companies
(Indian Accounting Standards) Rules, 2015, as amended
from time to time;

(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 March31,2026 from being appointed
as a director in terms of Section 164 (2) ofthe Act;

(f) The modifications relating to the maintenance of
accounts and other matters connected therewith are
as stated in the paragraph 2A(b) above on reporting
under Section 143(3)(b) of the Act and paragraph 2B(f)
below onreportingunderRule11(g) of the Companies
(Audit and Auditors) Rules, 2014;

(g) With respect to the adequacy of the internal financial
controls with reference to these financial statements
ofthe Company and the operating effectiveness ofsuch
controls, refer to our separate Report in "Annexure B"
to this report;

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

a. The Company has disclosed the impact of pending
litigations on its financial position in its financial
statements - Refer Note 43.2 to the financial statements;

b. The Company did not have any material foreseeable
losses in long-term contracts including derivative
contracts;

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

d. (i). Themanagementhasrepresentedtousthat,to

the best of it's knowledge and belief, as disclosed
in the Note 46(a) to the financial statements, 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 persons or entities,
including foreign entities ("Intermediaries"), with
the understanding, whether recorded in writing
or otherwise, that the Intermediaries 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
orthe like on behalfofthe Ultimate Beneficiaries;

(ii) . The management has represented to us, that, to

the best of it's knowledge and belief, as disclosed
in the Note 46(a) to the financial statements, no
funds have been received by the Company from
any persons or entities, 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;

(iii) . Based on such audit procedures, we have

considered reasonable and appropriate in the
circumstances, nothing has come to our notice
that has caused us to believe that the
representations under sub-clause (i) and (ii) of
rule 11(e), as provided under d(i) and d(ii) above,
contain any material misstatement;

e. As stated in Note 43.13 to the financial statements

i. The dividend proposed in the previous year,
declared and paid by the Company during the
year is in accordance with Section 123 oftheAct,
as applicable.

ii. The Board of Directors of the Company have
proposed dividend for the year 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.

f. Based on our examination, which included test checks,
the Company has used accounting software (SAP) for
maintaining its books of account for the year ended
March 31,2026,which have a feature ofrecording audit
trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded
in accounting software, except for audit trail feature at
the database level to log any direct data changes.
Further, during the course of audit we did not come
across any instance of audit trail feature being tampered
with.Additionally,the audittrail has been preserved by
the company as per the statutory requirements for
record retention.

C. With respect to the matter to be included in the Auditor's
Report under Section 197(16)ofthe Act:

In our opinion and according to the information and
explanations given to us, the managerial remuneration paid/
provided bythe Companyfortheyearended March 31,2026
is in accordance with the reporting under section 197 read
with Schedule V to the Act;

For Singhi & Co.

Chartered Accountants
Firm Reg. No. 302049E

Rishhabh Surana
Partner

Date: May 16,2026 Membership No.: 530367

Place: Kolkata UDIN: 26530367AADOLB5458