1. We have audited the accompanying standalone financial statements of Kajaria Ceramics Limited (‘the
Company'), which comprise the Standalone Balance Sheet as at 31 March 2025, the Standalone Statement
of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flow and the
Standalone Statement of Changes in Equity for the year then ended, and notes to the standalone financial
statements, including material accounting policy information and other explanatory information.

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 (‘the Act') in the
manner so required and give a true and fair view in conformity with the Indian Accounting Standards (‘Ind
AS') specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,
2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as
at 31 March 2025, and its profit (including other comprehensive income), its cash flows and the changes in
equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing 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 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.

Key Audit Matter

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 period. 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.

Information other than the Standalone Financial
Statements and Auditor’s Report thereon

6. The Company's Board of Directors are responsible
for the other information. The other information
comprises the information included in the Annual
Report, but does not include the standalone
financial statements and our auditor's report
thereon. The Annual Report is 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 will 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 identified above when it becomes
available 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.

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

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

7. The accompanying standalone financial statements
have been approved by the Company's Board
of Directors. The Company's Board of Directors
are responsible for the matters stated in section
134(5) of the Act with respect to the preparation
and presentation 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 Ind AS specified under section 133 of
the Act 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 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 financial statements that
give a true and fair view and are free from material
misstatement, whether due to fraud or error.

8. 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.

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

Auditor’s Responsibilities for the Audit of the

Standalone Financial Statements

10. 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 Standards on Auditing 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.

11. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of
the Act 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)(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 Board of
Directors' 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; and

• 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 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

15. As required by section 197(16) of the Act, based
on our audit, we report that the Company has
paid remuneration to its directors during the year
in accordance with the provisions of and limits
laid down under section 197 read with Schedule
V to the Act.

16. As required by the Companies (Auditor's Report)
Order, 2020 (‘the Order') issued by the Central
Government of India in terms of section 143(11) 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. Further to our comments in Annexure A, as

required by section 143(3) of the Act based on our

audit, we report, to the extent applicable, 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 purpose of our audit of
the accompanying standalone financial
statements;

b) Except for the matters stated in paragraph
17(h)(vi) below on reporting under Rule
11(g) of the Companies (Audit and Auditors)
Rules, 2014 (as amended), 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 standalone financial statements dealt
with by this report are in agreement with the
books of account;

d) In our opinion, the aforesaid standalone
financial statements comply with Ind AS
specified under section 133 of the Act;

e) On the basis of the written representations
received from the directors and taken on
record by the Board of Directors, none of the
directors is disqualified as on 31 March 2025
from being appointed as a director in terms of
section 164(2) of the Act;

f) The qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in, paragraph 17(b)
above on reporting under section 143(3)
(b) of the Act and paragraph 17(h)(vi)
below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended);

g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31 March
2025 and the operating effectiveness of
such controls, refer to our separate report in
Annexure B wherein we have expressed an
unmodified opinion; and

h) 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:

i. The Company, as detailed in note 38(b)
to the standalone financial statements,
has disclosed the impact of pending
litigations on its financial position as at
31 March 2025;

ii. The Company did not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses as at
31 March 2025;

iii. There has been no delay in transferring
amounts, required to be transferred, to
the Investor Education and Protection
Fund by the Company during the year
ended 31 March 2025;

iv. a. The management has represented

that, to the best of its knowledge and
belief, as disclosed in note 54(ii)(A) to
the standalone financial statements, no
funds have been advanced or loaned or
invested (either from borrowed funds or
securities premium or any other sources
or kind of funds) by the Company to or
in any person(s) or entity(ies), including
foreign entities (‘the 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 (‘the Ultimate Beneficiaries')
or provide any guarantee, security or the
like on behalf the Ultimate Beneficiaries;

b. The management has represented
that, to the best of its knowledge and
belief, as disclosed in note 54(ii)(B) to
the standalone financial statements,
no funds have been received by

the Company from any person(s) or
entity(ies), including foreign entities
(‘the 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; and

c. Based on such audit procedures
performed as considered reasonable
and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
management representations under
sub-clauses (a) and (b) above contain
any material misstatement.

v. The interim/final dividend declared and
paid by the Company during the year
ended 31 March 2025 and until the
date of this audit report is in compliance
with section 123 of the Act. Further, as
stated in note 57 to the accompanying
standalone financial statements, the
Board of Directors of the Company have
proposed final dividend for the year
ended 31 March 2025 which is subject
to the approval of the members at the
ensuing Annual General Meeting. The
dividend declared is in accordance with
section 123 of the Act to the extent it
applies to declaration of dividend; and

vi. As stated in note 58 to the standalone
financial statements and based on
our examination which included test
checks, the Company, in respect of
financial year commencing on 1 April
2024, has used an accounting software
for maintaining its books of account
which has a feature of recording audit
trail (edit log) facility and the same has
been operated throughout the year for
all relevant transactions recorded in
the software except that, the audit trail
feature was not enabled at the database
level for accounting software to log any
direct data changes. Further, during the
course of our audit we did not come
across any instance of audit trail feature
being tampered with in respect of the
accounting software where such feature
is enabled. Furthermore, the audit trail
has been preserved by the Company
as per the statutory requirements for
record retention.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

Nalin Jain

Partner

Membership No.: 503498

UDIN: 25503498BMHWAY9169

Place: New Delhi

Date: 06 May 2025