1. We have audited the accompanying standalone
financial statements of Mrs. Bectors Food Specialities
Limited ('the Company'), which comprise the
Standalone Balance Sheet as at 31 March 2026, 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,
which includes audited financial statements of Bector
Employee Welfare Trust ('the Trust') for the year
ended on that date.

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
2026, 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 together with audit evidence obtained by
the other auditor, in terms of their report referred to
in paragraph 15 of the Other matter section below
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, and based on the
consideration of the report of the other auditor
as referred to paragraph 15 below 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.

5. We have determined the matter described below
to be the key audit matter to be communicated in
our report.

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;

• 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; and

• Obtain sufficient appropriate audit evidence
regarding the business activities and financial
statements of the Company to express an opinion
on the standalone financial statements. We are
responsible for the direction, supervision and
performance of the audit of financial statements
of the Company of which we are the independent
auditors. For the Trust, included in the standalone
financial statements, which have been audited
by the other auditor, such other auditor remain
responsible for the direction, supervision and
performance of the audits carried out by them.
We remain solely responsible for our audit opinion.

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.

OTHER MATTER

15. We did not audit the financial statements of the Trust
included in the standalone financial statements of
the Company whose financial statements reflects
total assets of ? 66.74 millions as at 31 March 2026,
and the total revenues of ? 0.31 millions and net
cash inflows of ? 2.75 millions for the year ended
on that date. These financial statements have been
audited by the other auditor whose report has been
furnished to us by the management, and our opinion
on the standalone financial statements, in so far as
it relates to the amounts and disclosures included in
respect of this trust and our report in terms of sub¬
section (3) of section 143 of the Act in so far as it
relates to the aforesaid Trust, is based solely on the
report of such other auditor.

Further, the aforementioned financial statements
of the Trust have been prepared in conformity with
the Accounting Standards specified under Section
133 of the Act read with the Companies (Accounting
Standards) Rules, 2021 and other accounting
principles generally accepted in India ('IGAAP'). The
Company's management has converted the financial
statements of the Trust from IGAAP to accounting
principles enunciated under Ind AS specified under
Section 133 of the Act and other accounting principles
generally accepted in India. We have audited these
conversion adjustments made by the Company's
management. Our opinion on the standalone financial
statements, in so far as it relates to the amounts and
disclosures included in respect of such Trust, is based
on the reports of other auditor and the conversion
adjustments prepared by the management of the
Company and audited by us.

Our opinion above on the standalone financial
statements, and our report on other legal and
regulatory requirements below, are not modified in
respect of the above matters with respect to our

reliance on the work done by and the reports of the
other auditor.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

16. 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.

17. 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.

18. Further to our comments in Annexure A, as required
by section 143(3) of the Act based on our audit,
and on the consideration of the report of the other
auditor as referred to in paragraph 15 above, 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 matter stated in paragraph 18(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 2026 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 18(b)
above on reporting under section 143(3)(b)
of the Act and paragraph 18(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
2026 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 and based on the
consideration of the reports of the other auditor
as referred to in paragraph 15 above:

i. The Company, as detailed in note 43 to
the standalone financial statements, has
disclosed the impact of pending litigations
on its financial position as at 31 March 2026;

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 2026;

iii. There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company
during the year ended 31 March 2026;

iv. a. The management has represented

that, to the best of its knowledge
and belief, as disclosed in note
55(xi) 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 55(xii) 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 final dividend paid by the Company
during the year ended 31 March 2026 in
respect of such dividend declared for the
previous year is in accordance with section
123 of the Act to the extent it applies to
payment of dividend.

The interim dividend declared and paid by
the Company during the year ended 31
March 2026 and until the date of this audit
report is in compliance with section 123 of
the Act.

Further, as stated in note 22 to the
accompanying standalone financial
statements, the Board of Directors of the
Company have proposed final dividend
for the year ended 31 March 2026 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.

vi. As stated in note 57 to the standalone
financial statements and based on our
examination which included test checks,
except for matters mentioned below,

the Company, in respect of financial year
commencing on 01 April 2025, has used
accounting software for maintaining its
books of account which have a feature of
recording audit trail (edit log) facility and
the same have been 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 audit trail feature
being tampered with, other than the
consequential impact of the exception(s)
given below. Furthermore, except for
matters mentioned below the audit trail
has been preserved by the Company
as per the statutory requirements for
record retention.

Nature of exception noted Details of exception

Instances of accounting software for maintaining books of The audit trail feature was not enabled at the database level for
account for which the feature of recording audit trail (edit accounting software used from 01 April 2025 to 31 December
log) facility was not operated throughout the year for all 2025 to log any direct data changes, used for maintenance of
relevant transactions recorded in the software accounting records by the Company.

Instances of accounting software maintained by a third The accounting software used for maintenance of accounting
party where we are unable to comment on the audit trail records from 01 January 2026 to 31 March 2026 is operated by
feature at database level a third-party software service provider. In the absence of any

information on existence of audit trail (edit logs) for any direct
changes made at the database level in the 'Independent Service
Auditor's Assurance Report on the Description of Controls, their
Design and Operating Effectiveness' ('Type 2 report' issued in
accordance with SAE 3402, Assurance Reports on Controls at a
Service Organization), we are unable to comment on whether
audit trail feature with respect to the database of the said
software was enabled and operated throughout the period.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm's Registration No.: 001076N/N500013

Tarun Gupta

Partner

Place: Gurugram Membership No.: 507892

Date: 27 May 2026 UDIN: 26507892KNWEFG5672