We have audited the accompanying Standalone
Financial Statements of Greenlam Industries
Limited ("the Company"), which comprise the
balance sheet as at March 31, 2025, the statement
of profit and loss (including other comprehensive
income), the statement of changes in equity and
statement of cash flows for the year then ended,
and notes to the Standalone Financial Statements,
including a summary of the 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 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 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 March 31 2025, the 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 of the Standalone 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
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 Companies Act, 2013 and the Rules thereunder,
and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the ICAI's
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 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. 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.

We have determined the matters described below to
be the key audit matters to be communicated in our
report. The results of our audit procedures, including
the procedures performed to address the matters
below, provide the basis for our audit opinion on the
accompanying Standalone Financial Statements.

Information Other than 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 Company's annual
report particularly with respect to the Management
Discussion and Analysis, Board's Report including
Annexures to Board's Report, Business Responsibility
Report and Corporate Governance Report, but does
not include the Standalone Financial Statements and
our auditor's report thereon. The other information 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 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 other information identified above,
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

The Company's Board of Directors are 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 Ind AS and the 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 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 do so.

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

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
based on 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:

Ý 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.

Ý Obtain an understanding of internal financial
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 system in place and
the operating effectiveness of such controls.

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

Ý 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 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.

Ý 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 it 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. 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 "Annexure A" a Statement
on the matters specified in paragraphs 3 and 4 of
the Order to the extent applicable.

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 purpose 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 other comprehensive
income), the statement of cash flow and
statement of change in equity 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
Indian Accounting Standards specified
under section 133 of the Act read with Rule
7 of the Companies (Accounts) Rules, 2014.

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

(f) With respect to the adequacy of the
internal financial controls with reference
to Standalone Financial Statement of the
Company and the operating effectiveness
of such controls, refer to our separate Report
in "Annexure B" Our report expresses an
unmodified opinion on the adequacy and
operating effectiveness of the Company's
internal financial controls with reference to
the Standalone Financial Statements.

(g) In our opinion, and to the best of our
information and according to the
information given to us, the managerial
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 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 has disclosed the impact
of pending litigations on its financial
position in its Standalone Financial
Statements (Refer Note No. 40 to the
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 (refer Note 26.1
to Standalone Financial Statements)

iv. (a) The Management has

represented to us 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 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 to us 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 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 the audit 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 representations
under sub-clause (i) and (ii) of
Rule 11(e), as provided under
(a) and (b) above, contain any
material misstatement.

v. As stated in Note No. 50 to the

Standalone Financial Statements

(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) 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 an accounting software
for maintaining its books of account
which has a feature of recording
audit trail (edit log) facility. The Audit
trail feature has operated throughout
the year for all relevant transactions
recorded in the software and has not
been tampered with and the audit trail
has been preserved by the Company
as per the statutory requirements for
records retention.

For S S Kothari Mehta & Co.LLP

Chartered Accountants

Firm Registration No. 000756N/ N500441

Naveen Aggarwal

Partner

Membership No. 094380

UDIN: 25094380BMKXGU347

Place: New Delhi

Date: May 30, 2025