We have audited the accompanying standalone
financial statements of Chemfab Alkalis Limited

(the "Company"), which comprise the Balance Sheet
as at 31 March 2026, and the Statement of Profit and
Loss (including Other Comprehensive Income), the
Cash Flow Statement and the Statement of Changes
in Equity for the year ended on that date, and notes
to the 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, ("Ind AS")
and other accounting principles generally accepted
in India, of the state of affairs of the Company as at
31 March 2026, its profit and other comprehensive
income, its cash flows and the changes in equity 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 ("SA"s) specified under section 143(10) of
the Act. Our responsibilities under those Standards
are further described in the Auditor's Responsibility
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 made 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 obtained by us 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 OTHER THAN THE 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
Management Discussion and analysis, Board's
report including annexures to the Board's report
and Corporate Governance, but does not
include the consolidated financial statements,
standalone financial statements and our auditor's
report thereon. The Management Discussion and
analysis, Board's report including annexures to
the Board's report and Corporate Governance
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 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 during
the course of our audit or otherwise appears to
be materially misstated.

• When we read the Management Discussion and
analysis, Board's report including annexures to the
Board's report and Corporate Governance, if we
conclude that there is a material misstatement
therein, we are required to communicate the
matter to those charged with governance as
required under SA 720 The Auditor's responsibilities
Relating to Other Information.

RESPONSIBILITIES OF MANAGEMENT AND
BOARD OF DIRECTORS 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, cash flows and
changes in equity of the Company in accordance
with the accounting principles generally accepted in

India, including 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
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.

In preparing the standalone 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 the Board of Directors
either intend to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

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

AUDITOR'S RESPONSIBILITY 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 financial
controls 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 standalone
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 the 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 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.

• 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 financial controls 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.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by Section 143(3) of the Act, based on

our audit, 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, except for not
keeping backup on a daily basis of such
books of account maintained in electronic
mode (with regards to payroll) in a server
physically located in India (refer Note 51(xiii)
to the standalone financial statements) and
not complying with the requirement of audit
trail as stated in (i)(vi) below.

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

d) In our opinion, the aforesaid standalone
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 31 March
2026 taken on record by the Board of
Directors, none of the directors is disqualified
as on 31 March 2026 from being appointed
as a director in terms of Section 164(2) of the
Act.

f) The modifications relating to the
maintenance of accounts and other matters
connected therewith, are as stated in
paragraph (b) above.

g) With respect to the adequacy of the
internal financial controls with reference
to standalone financial statements of the
Company and the operating effectiveness
of such controls, refer to our separate Report
in "Annexure A". Our report expresses an
unmodified opinion on the adequacy and
operating effectiveness of the Company's
internal financial controls with reference to
standalone financial statements.

h) 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.

i) 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 has disclosed the impact
of pending litigations on its financial
position in its standalone financial
statements - Refer Note 38 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 a delay in transfer of
amounts, required to be transferred, to
the Investor Education and Protection
Fund by the Company of Rs. 2.87 Lakhs
which has not yet been transferred
to said fund - Refer Note 26 to the
standalone financial statements.

iv. (a) The Management has represented

that, to the best of its knowledge
and belief, as disclosed in the note
51(viii) 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
person(s) or entity(ies), including
foreign entities ("Intermediaries"),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall, 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 its knowledge
and belief, as disclosed in the note
5l(ix) to the financial statements,
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, 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 the audit procedures
performed 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. 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.

As stated in note 50 to the standalone
financial statements, the Board of
Directors of the Company has proposed
final dividend for the year which is subject
to the approval of the members at the
ensuing Annual General Meeting. Such
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 systems for
maintaining its books of account for
the financial year ended 31 March 2026
which have the feature of recording
audit trail (edit log) facility and the
same has operated throughout the year
for all relevant transactions recorded
in the software systems except that in

respect of a software managed by a
third party software service provider
for maintaining payroll records by the
management,

a) the feature of recording audit trail
(edit log) facility was not enabled
for two days (from 01 April 2025 to
02 April 2025).

b) in the absence of an independent
auditor's report covering the audit
trail requirement for the audit/
examination period from 01 January
2026 to 31 March 2026, we are unable
to comment whether the audit trail
feature of the said software was
enabled and operated for the audit
period01 January 2026 to 31 March
2026, for all relevant transactions
recorded in the software related to
payroll or whether there was any
instance of the audit trail feature
been tampered with.

Further, during the course of our
audit we did not come across any
instance of the audit trail feature
being tampered with and the
audit trail has been preserved by
the Company as per the statutory
requirements for record retention
(from 1 April 2023) for the software
system where the audit trail was
enabled and operating. (Refer Note
51 (xiii) to the financial statements).

2. As required by the Companies (Auditor's Report)
Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) of the
Act, we give in "Annexure B" a statement on the
matters specified in paragraphs 3 and 4 of the
Order.

For Deloitte Haskins & Sells LLP

Chartered Accountants
(Firm's Registration No. 117366W/W-100018)

Place: Chennai P Usha Parvathy

Date: 13 May 2026 Partner

Membership No.: 207704
UDIN: 26207704SVCRQQ4142