We have audited the accompanying Standalone Financial
Statements of J.G. CHEMICALS LIMITED ('the Company'), which
comprise the Standalone Balance Sheet as at 31^st March 2026,
the Standalone Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement of Cash
Flows and the Standalone Statement of Changes in Equity for
the year ended and notes to the standalone financial statements,
and 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 accounting principles generally
accepted in India including Indian Accounting Standards ('Ind AS')
prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS"),
of the state of affairs of the Company as at 31^st March 2026, its
profit including 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 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 ('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 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 for the financial year ended March 31,2026.
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 Management and the Board of Directors are
responsible for the other information. The other information
comprises the information included in the Company's annual
report but does not include the Standalone Financial Statements
and our auditor's report thereon. The Company's 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 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
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.

If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with
Governance for the Standalone Financial Statements

The accompanying Standalone Financial Statements have been
approved by the Company's Board of Directors. 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 State of affairs, Profit including 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 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. 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 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
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 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.

As part of an audit in accordance with Standards on Auditing,
we exercise professional judgment and maintain professional
scepticism 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(3X0 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 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 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

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.

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 purpose of our audit of the
accompanying Standalone Financial Statements;

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 Standalone Balance Sheet, the Standalone Statement
of Profit and Loss including Other Comprehensive Income,
the Standalone Statement of Cash Flows and Standalone
Statement of Changes in Equity dealt with by this Report
are in agreement with the books of accounts;

d. in our opinion, the aforesaid Standalone Financial Statements
comply with the Indian Accounting Standards specified
under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended from time
to time;

e. on the basis of the written representations received from
the directors as on 31^st March, 2026 and taken on record by
the Board of Directors, none of the directors are disqualified
as on 31^st March, 2026 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 Statements of the
Company and the operating effectiveness of such controls
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 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 by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details
under Section 197(16) of the Act which are required to be
commented upon by us.

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:

i. the Company does not have any pending litigations,
other than those disclosed in the Standalone Financial
Statements, which would materially impact its financial
position. Refer note no. 34 to the standalone financial
statement.

ii. the Company has made provision, as required under
the applicable laws or accounting standards, for
material foreseeable losses, if any, on long-term
contracts including derivative contracts.

iii. there is no amount, 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 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 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 of the Ultimate
Beneficiaries;

(b) The management has represented 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(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 attention
that causes us to believe that the management
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 paid by the company during the year
in respect of the same declared for the previous year is in
accordance with section 123 of the Act, to the extent it
applies to payment of dividend.

The Board of Directors of the Company has proposed
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. In our opinion and according to the information and
explanations given to us and based on our examination of

the records of the Company, the Company has maintained proper books of account including the relevant audit trail (edit log)
for the financial year ended March 31, 2026, as required under Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended),
and the same has been operated throughout the year for all relevant transactions recorded in the software. Further, the audit trail
feature has not been tampered with and has been preserved by the Company as per the statutory requirements.

For S. Jaykishan

Chartered Accountants
Firm's Registration No. 309005E

CA Ritesh Agarwal

Partner

Dated: The 14^th day of May, 2026 Membership No.: 062410

Place: Kolkata UDIN: 26062410AXOHTO2401