We have audited the accompanying standalone Ind AS financial statements of ARIHANT CAPITAL MARKETS LIMITED
(“the Company”), which comprise the Balance Sheet as at March 31,2025, the Statement of Profit and Loss, (including the
statement of Other Comprehensive Income), Statement of Changes in Equity and statement of Cash Flows for the year
then ended, and notes to the standalone Ind AS financial statements, including, a summary of material accounting policies
and other explanatory information. (Hereinafter referred to as the “standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind
AS 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 Standard prescribed under section 133 of the act read
with the companies (Indian Accounting Standards) rules,2015 as amended, (“Ind AS”) and other principles generally
accepted in India, of the state of affairs of the Company as at 31st March, 2025, and its Profit, and other comprehensive
income, changes in equity and its cash flows for the year ended on that date.

Basis forOpinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the 'Auditor's Responsibilities for the Audit of the standalone Ind AS 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 together with the ethical requirements that are relevant to our audit of the standalone Ind AS financial
statements under the provisions of the Companies Act, 2013 and the Rules there under, 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 Ind AS financial
statements.

Key Audit Matters

Key audit matters ('KAM') are those matters that, in our professional judgment, were of most significance in our audit of the
standalone Ind AS financial statements of the current period. These matters were addressed in the context of our audit of
the standalone Ind AS 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 Ind AS financial statements and Auditor's Report Thereon

The Company's Management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board's Report including Annexure to
Board's Report, Business Responsibility Report, Corporate Governance and Shareholder's Information, but does not
include the Standalone Ind AS financial statements and our auditor's report thereon.

Our opinion on the standalone Ind AS 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 Ind AS financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether such other information is materially inconsistent with the standalone
Ind AS financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Based
on the work we have performed, we conclude that there is no material misstatement of this other information;

Management's Responsibility forthe Standalone Ind AS financial statements

The Company's Management and Board of Directors are responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view
of the state of affairs, Profit/Loss (and 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. 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 Ind AS 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 Ind AS financial statements, management and Board of Directors are 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 do so.

The Management and Board of Directors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibility forthe standalone Ind AS financial statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS 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 Ind AS financial statements.

As part of audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughouttheaudit. Wealso:

1. Identify and assess the risks of material misstatement of the standalone Ind AS 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.

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) of the Companies Act, 2013, 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.

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

4. 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 standalone Ind AS 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 cond itions may cause the Company
to cease to continue as a going concern.

5. Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the
disclosures, and whether the standalone Ind AS financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.

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 Ind AS 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. As required by the Companies (Auditor's Report) Order, 2020, issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013, we give in the 'Annexure A', a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. 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, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration
paid/provided by the Company to its directors during the year is in accordance with the provisions of section 197
of the Act.

3. Further, 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 and Loss (including the Statement of Other Comprehensive
Income), the 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 Ind AS financial statements comply with the Ind AS specified under
Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by
the Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a
director in terms of Section 164 (2) of the Companies Act, 2013.

(f) With respect to the adequacy of the internal financial control over financial reporting of the company with reference
to these Standalone Ind AS financial statements and the operating effectiveness of such control, 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 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, as detailed in note 40 to the Standalone Ind AS financial statements, has disclosed the impact
of pending litigations on its financial position as at 31 March 2025.

(ii) The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative contracts;

(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 it's knowledge and belief, other than as disclosed in

the notes to the accounts, 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.

(b) The management has represented, that, to the best of it's knowledge and belief, other than as
disclosed in the notes to the accounts, 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.

(c) Based on such audit procedures that the auditor has considered reasonable and appropriate in
the circumstances, nothing has come to their notice that has caused them to believe that the
representations under sub-clause (a) and (b) contain any material mis-statement.

(v) (a) The final dividend proposed in the previous year, declared and paid by the Company during the

year is in accordance with section 123 of the act, as Applicable.

(b) No interim dividend was declared and paid by the company during the year.

(c) The Board of directors of the company have proposed final 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.

(vi) Based on our examination, which included test checks, the Company has used accounting software
for maintaining its books of account for the financial year ended March 31,2025 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 and under proviso to Rule
3(1) of the Companies (Accounts) Rules, 2024 the audit trail has been preserved by the company as
per the statutory requirements for record therein.

For: Arora Banthia & Tulsiyan
Chartered Accountants
Firm Registration No. 007028C

(CAAjay Tulsiyan)

Partner

M. No.: 074868

UDIN: 25074868BMUIJE5992

Indore, 10^lh May, 2025