We have audited the accompanying standalone financial statements
of Marksans Pharma 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 Matter

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 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

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, Director's
Report, Corporate Governance Report and Business Responsibility
and Sustainability Report but does not include the standalone
financial statements and our auditor's report thereon.

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 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 on the other information
that we obtained prior to the date of this auditor's report, 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 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 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, 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 of these standalone financial statements.

We give in "Annexure A" a detailed description of Auditor's
responsibilities for Audit of the 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 of the 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 purposes of our audit of the
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) of the Companies
(Audit and Auditors) Rule, 2014.

(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 of preparation of
the standalone financial statements.

(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 April 1, 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) of the Act.

(f) The reservation 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) of the Act and paragraph 2 (h)(vi) below on
reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rule, 2014.

(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 of our information and according
to the explanations given to us:

i. The Company does not have any pending litigations
which would impact its financial position.

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, 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 its knowledge and belief, as disclosed in the Note
46(h)(1) 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 persons or entities,
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
46(h)(2) to the standalone financial statements, no
funds have been received by the Company from
any persons or entities, 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) contain
any material mis-statement.

v. On the basis of our verification, we report that:

a) 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.

b) The Board of Directors of the Company have
proposed final dividend for the year 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. Refer
Note 43 to the standalone financial statements.

vi. Based on our examination which included test checks,
the Company has used an accounting software for
maintaining its books of account which 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 an accounting software to log any direct data
changes as explained in Note 46(m) to the standalone
financial statements.

Further, where enabled, audit trail feature has been operated
for all relevant transactions recorded in the accounting
software. 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 years 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
read with Schedule V of the Act.

For M S K A & Associates LLP

(Formerly known as M S K A & Associates)
Chartered Accountants
ICAI Firm Registration No. 105047W/W101187

Nitin Tiwari

Partner

Membership No.: 118894
UDIN: 26118894HSPOFW5298

Place: Mumbai
Date: May 26, 2026