We have audited the accompanying standalone financial statements of IFB Agro Industries Limited (“the Company”), which comprise
the Balance Sheet as at March 31, 2026, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement
of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the standalone financial statements,
including material accounting policy information 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 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, 2026, and its 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 Act. Our responsibilities under those SAs 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 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 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.

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 the Annual Report, but does not include the standalone financial statements and our auditor's report thereon, which we obtained prior
to 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
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 Board of Directors for the Standalone Financial Statements

The Company's Management and 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,
changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including
the Indian Accounting Standards 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 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 financial statement 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, the Board of Directors of the Company 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 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 on the basis ofthese standalone financial statements.

We give in “Annexure A”, a detailed description of Auditor's Responsibilities for Audit ofthe Standalone Financial Statements.

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 sub-section (11) of section 143 of the Act, we give in “Annexure B”, a statement on the matters specified in paragraphs 3 and 4

ofthe Order, to the extent applicable.

2. As required by Section 143(3) ofthe 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 ofthe aforesaid standalone financial statements;

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid standalone financial
statements have been kept by the Company so far as it appears from our examination of those books except for the matters
stated in the paragraph 2 (h)(vi) below on reporting under Rule 11(g) and except that in the absence of sufficient appropriate
audit evidence for period after December 31, 2025, we are unable to comment whether back-up of the books of account and
other books and papers maintained in electronic mode for one of the accounting software (Adrenalin), have been kept in
servers physically located in India on a daily basis as explained in Note 43 to the standalone financial statements;

(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in
Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account maintained for
the purpose ofpreparation ofthe standalone financial statements;

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

(e) On the basis of the written representations received from the directors as on March 31, 2026 taken on record by the Board of
Directors, none of the directors are disqualified as on March 31, 2026 from being appointed as a director in terms of Section
164 (2) ofthe Act;

(f) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph
2(b) above on reporting under Section 143(3)(b) and paragraph 2(h)(vi) below on reporting under Rule 11(g);

(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 C”;

(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 ofour 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 32 (a) 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 are no amounts which are required to be transferred to the Investor Education and Protection Fund by the
Company during the year ended March 31, 2026.

iv. a) The Management has represented that, to the best of it's knowledge and belief, as disclosed in the note 41 (i) to the

standalone 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 it's knowledge and belief, as disclosed in the note 41 (j) to the
standalone 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 ofthe 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 mis-statement.

v. The Company has neither declared nor paid any dividend during the year.

vi. Based on our examination which included test checks, the Company has used two accounting softwares for maintaining
its books of account. One accounting softwares that the Company has used has a feature of recording audit trail (edit log)
facility, except that no audit trail feature was enabled at the database level in respect of this accounting software to log
any direct data changes as explained in Note 43 to the standalone financial statements.

In case of the second accounting software for maintaining its books of accounts, which is managed and maintained by a
third-party software service provider as explained in note 43 to the standalone financial statements, in absence of
sufficient and appropriate audit evidence for the period from January 1, 2026 to March 31, 2026 [non-availability of
SOC report] we are unable to comment whether the accounting software has a feature of recording audit trail (edit log)
facility and whether the same has operated throughout the year for all relevant transactions recorded in the software or
whether there is any instance of audit trail feature being tampered with. Additionally, we are unable to comment whether
the audit trail of prior year has been preserved by the Company as per the statutory requirements for record retention
prescribed under Rule 11(g) ofthe Companies (Audit and Auditors) Rules, 2014

Further, where enabled, audit trail feature has been operated for all relevant transactions recorded in both the accounting
softwares. Also, during the course of our audit, we did not come across any instance of audit trail feature being tampered
with in respect of such accounting software. Additionally, the audit trail of prior year has been preserved by the Company
as per the statutory requirements for record retention, to the extent it was enabled and recorded in respective years.

3. In our opinion, according to information, explanations given to us, the remuneration paid or provided by the Company to its
directors is within the limits laid prescribed under Section 197 of the Act and the rules thereunder.

For M S K A & Associates LLP

(Formerly known as M S K A & Associates)

Chartered Accountants

ICAI Firm Registration No.105047W/W101187

Vikram Dhanania

Partner

Place: Kolkata Membership No. 060568

Date: May 28, 2026 UDIN: 26060568FRMCMK5217