We have audited the accompanying Ind-AS financial
statements of GILLETTE INDIA LIMITED (“the
Company”), which comprise the Balance Sheet
as at March 31, 2026, the Statement of Profit and
Loss (including Other Comprehensive Income), the
Statement of Changes in Equity, the Statement of
Cash Flows, for the year then ended and the Notes
to the Ind-AS financial statements, including a
summary of material accounting policies and other
explanatory information (hereinafter referred to as
‘Ind-AS financial statements’). In our opinion and
to the best of our information and according to
the explanations given to us, the aforesaid Ind-AS
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
with other accounting principles generally accepted
in India, of the state of affairs of the Company as
at March 31, 2026, the profit, total 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 Ind-AS financial
statements in accordance with the Standards on
Auditing (SAs) 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 Ind-AS 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 Ind-AS 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 Ind-AS financial statements of
the current period. These matters were addressed
in the context of our audit of the Ind-AS 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 Ind-AS 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 Ind-AS 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 Ind-AS 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 Ind-AS 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 Ind-AS 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 and describe actions applicable
under the applicable laws and regulations.

Responsibilities of Management and Those Charged
with Governance for the Ind-AS 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 Ind-AS
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 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 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 Ind-AS
financial statements that give a true and fair view
and are free from material misstatement, whether
due to fraud or error.

In preparing the Ind-AS 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.

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

Auditor’s Responsibilities for the Audit of the Ind-AS
Financial Statements

Our objectives are to obtain reasonable assurance
about whether the Ind-AS 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 Ind-AS 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 Ind-AS 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) 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.

• 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 Ind-AS 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 Ind-AS financial statements,
including the disclosures, and whether the Ind-
AS financial statements represent the underlying
transactions and events in a manner that
achieves fair presentation.

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 Ind-
AS 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

The figures for the current year are for a period of
twelve months ended March 31, 2026, while those
of the previous financial year are for a period of nine
months from July 1, 2024, to March 31, 2025, and
consequently, the same are not comparable.

Our opinion on the Ind-AS financial statements is not
modified in respect of the above matter.

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 the Act, we give in the “Annexure
A” a statement on the matters specified in
paragraphs 3 and 4 of the said 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 appears from our
examination of those books, except for the
matter stated in paragraph 2(h)(vi) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014.

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

d) In our opinion, the aforesaid Ind-AS financial
statements comply with the Accounting
Standards specified under Section 133 of
the Act, read with relevant rules issued
thereunder.

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

f) The observation 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) of the Companies (Audit and
Auditors) Rules, 2014.

g) With respect to the adequacy of the internal
financial controls with reference to the Ind-
AS financial statements of the Company and
the operating effectiveness of such controls,
refer to our separate Report in “Annexure B”.

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 (“the Rules”), 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 Ind-AS financial
statements - Refer Note 36 to the Ind-
AS 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.

iv) The Management has represented that:

a) to the best of its knowledge and
belief, as disclosed in Note 42(a)(v)
to the Ind-AS 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 entity(ies) (“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) to the best of its knowledge and
belief, as disclosed in Note 42(a)(vi)
to the Ind-AS 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, 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;

Based on such audit procedures
performed by us which are 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) of the Rules, as
provided under (a) and (b) above, contain
any material misstatement.

v) As per information and explanation
furnished by Management and based
on the records of the Company, the
dividend proposed in the previous year,
as well as the interim dividend declared
and paid by the Company during the year
is in accordance with Section 123 of the
Act.

The Board of Directors of the Company
have proposed a final dividend for the
year ended March 31, 2026, which is
subject to the approval of the members
at the ensuing Annual General Meeting.
The proposed dividend is in accordance
with Section 123 of the Act.

vi) As detailed in Note No. 44: Notes to
Financial Statements, the Company
uses applications hosted on P&G
Group's global servers and certain third-
party Software-as-a-Service (SaaS)
applications which have a feature of

recording audit trail (edit Log) facility
at the application level as well as at
database level.

The audit trail at application level as
well as at database level for software
programs used by the Company have
operated throughout the year for all
relevant transactions recorded in the
software programs, except as stated
below:

• The audit trail in respect of direct
access to the database which
is available with third-party
software service providers has
been validated through review of
Service Organization Controls (SOC)
Reports. However, the SOC Reports
do not cover the full period under
audit and consequently, we are
unable to comment on whether the
audit trail feature for direct access
to the database was enabled and
operated for the period not covered
by the SOC Reports, nor are we able
to comment on whether the audit
trail has been preserved as per the
statutory requirement. The SOC
Reports for the current year cover
the periods of the previous year
which were not covered earlier and
confirm the existence of an audit
trail in respect of direct access to
the database.

• In respect of the applications hosted
on P&G Group’s global servers, the
audit trail has been preserved by
the Company as per the statutory
requirements for record retention,
except for audit trail for direct
access to the database for certain
Inventory Management applications,
which have been retained with
effect from June 1, 2023, and April
7, 2024, respectively, and in respect
of the Pricing and Procure to Pay
applications the same has been
retained with effect from June 1,
2025.

We have also not observed instances of the
audit trail feature having been tampered with
during the period for which these records
were available.

3. According to information and explanations given
to us and based on our examination of the
records of the Company, the Company has paid /
provided managerial remuneration in accordance
with the requisite approvals mandated by the
provisions of Section 197 of the Act.

For KALYANIWALLA & MISTRY LLP
CHARTERED ACCOUNTANTS

Firm Reg. No.: 104607W / W100166

Roshni R Marfatia
PARTNER

M. No.: 106548
UDIN: 26106548DLSXCY1277
Mumbai: May 27, 2026