We have audited the Standalone Ind AS financial statements of Batliboi Limited (“the Company”), which
comprise the Balance Sheet as at 31st March 2026, and the Statement of Profit and Loss (including Other
Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year then
ended, and notes to the Standalone Ind AS financial statements, including a summary of material accounting
policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Standalone 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 pre¬
scribed under Section 133 of the Act, read with the 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 31st March , 2026, the loss and total other comprehensive income, changes in equity and its
cash flows for the year ended on that date.

2. Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of
the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Standalone 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 together with the ethical requirements that are relevant to our audit of the Standalone Ind
AS financial statements under the provisions of the Companies Act, 2013 and the Rules there under, 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 on Standalone Ind AS financial statements

3. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the Standalone Ind AS financial statements of the current year. These matters were addressed in the context of
our audit of the Standalone 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.

4. Information other than the Standalone 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 Directors Report, Corporate Governance Report and Management Discus¬
sion and Analysis, but does not include the Standalone 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 Standalone 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 Standalone Ind AS financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent with the
Standalone Ind AS financial statements, or our knowledge obtained in the audit or otherwise appears to be
materially misstated.

When we read the other information included in the above reports, if we conclude that there is material
misstatement therein, we are required to communicate the matter to those charged with governance and
determine the actions under the applicable laws and regulations.

Responsibilities of Management and Those Charged with Governance for the Standalone Ind AS
⁵ Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies
Act, 2013 (“the Act”) with respect to the preparation of these Standalone 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 Ind AS and 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 Standalone 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 Standalone Ind AS 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 management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

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

6. Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone 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 Standard 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 Ind AS financial statements.

As part of an audit in accordance with Standard on Auditing, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone 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) of the Companies Act, 2013, 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 Standalone 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 Standalone Ind AS financial statements,
including the disclosures, and whether the 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 Standalone Ind AS financial statements of the current year
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.

7. Other Matters

We did not audit the financial statement and other financial information in respect of one branch/division,
included in the Standalone Ind AS Financial Statements, whose financial statement reflect total assets of
Rs. 8,157.26 Lakhs as at 31st March 2026 and total revenue of Rs. 11,603.27 Lakhs, total net profit after
tax of Rs. 120.12 Lakhs, total comprehensive income of Rs. 120.12 Lakhs and net cash inflow of Rs.
78.74 Lakhs for the year ended 31st March 2026. These financial statement and other financial information
have been audited by branch auditor of the Company, whose reports has been furnished to us by the
management and our conclusion/opinion, so far as it relates to the affairs of the branch/division are based
solely on the report of branch/division auditor.

Our opinion is not modified in respect of these matter.

8. Report on Other Legal and Regulatory Requirements

i) 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 Companies Act, 2013, we give in
the ‘Annexure A’ a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable. Further, in case of reporting of various clauses as per the Order under section 143 (11) of the
Act, in respect of one branch, we have relied on the reporting done by the other auditor as specified in
paragraph 7 above.

ii) 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 Standalone Ind AS 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 Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the
Statement of Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement
with the books of account.

d) In our opinion, the aforesaid Standalone Ind AS financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as at 31st March 2026 taken on
record by the Board of Directors, none of the directors is disqualified as at 31st 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 financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in
“Annexure B”. Further, in case of reporting with respect to the adequacy of the internal financial controls
with reference to financial statements of the one branch, we have relied on the reporting done by the
other Auditor as specified in paragraph 7 above.

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.

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 has disclosed the impact of pending litigations on its financial position in its
Standalone Ind AS financial statements - Refer Note 24(a) to the Standalone 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 were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company;

iv. (a) The Management has represented that 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,
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 (Refer Note 40(i)(a) to Standalone Ind
AS financial statements);

(b) The Management has represented that 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 (Refer Note 40 (i)(b) to Standalone Ind AS financial statements); and

(c) Based on audit procedures 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 misstatement.

v. The final dividend, proposed in the previous year, is declared and paid by the Company during
the year is in accordance with Section 123 of the Act, as applicable. 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 amount of dividend proposed is in
accordance with section 123 of the Act, as applicable (refer note 41).

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 and the same has 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. and the audit trail has been preserved by the Company as per
the statutory requirements for record retention.

For Mukund M. Chitale & Co
Chartered Accountant
Firm Reg. No. 106655W

(Nisha Yadav)

Partner

Place: Mumbai M. No. - 135775

Date: 20th May 2026 UDIN - 26135775STJHNA1043