We have audited the accompanying Standalone Financial
Statements of JOINDRE CAPITAL SERVICES LIMITED ("the
Company"), whichcomprise the Standalone Balance Sheet
as at March 31,2026, the Standalone Statement of Profit and
Loss (including Standalone Other Comprehensive Income),
Standalone Statement of Changes in Equity and the
Standalone Cash Flow Statement for the year then ended,
and a summary of the material accounting policies and other
explanatory information (herein after 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 Standard under section 133 of the Act read with
the Companies (Indian Accounting Standard) 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 standalone profit and standalone other
comprehensive income, standalone changes in equity and its
standalone 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
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 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 CharteredAccountants of India(ICAI) together
with the independence requirements that are relevant to our
audit ofthe Standalone Financial Statements under the
provisions of the Act and the Rules made thereunder, and
we have fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI's Code of Ethics. We
believe thatthe 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 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
preparation of the other information. The other information
comprises of the information included in the Management
Discussion and Analysis, Board's Report including Annexure
to Board's Report, Corporate Governance and Shareholder's
Information, 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 or conclusion thereon.

In connection with our audit of the Standard Standalone
Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materiality inconsistent with the Standalone
Financial Statements or our knowledge obtained during the
course of our audit or otherwise appears to be materiality
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 for the Standalone
Financial Statements

The Company's Board of Directorsis responsible for the
matters stated in section 134(5) ofthe Actwith respect to the
preparation of these Standalone Financial Statementsthat
give a true and fair view of the standalone financial position,
standalone financial performance and standalone cash flows
of the Company in accordance with 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 completenessof the
accounting records, relevant to the preparation and
presentation of the StandaloneFinancial Statements that give
a true and fair view and are free from material misstatement,
whether due to fraud orerror.

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 management either intends to
liquidate the Company or to cease operations, or has no
realistic alternative but to doso.

Those Board of Directors are 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 ofusers 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
skepticism 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
issufficient andappropriate 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
internalcontrol.

• 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 control 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 bymanagement.

• Conclude on the appropriateness of management's use
of the going concern basis of accounting and, based on
theaudit 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 causethe Company to cease
to continue as a goingconcern.

• 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 fairpresentation.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significantaudit findings, including
anysignificant deficiencies in internal control that we identify
during ouraudit.

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, relatedsafeguards.

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

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 A" a statement on the
matters specified in Clauses 3and 4 of the order, to the
extent applicable.

2. As required by Section 143(3) of the Act, based on our
audit we reportthat:

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
ouraudit.

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 thosebooks.

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

d) In our opinion, the aforesaid financial statements
comply with the Ind AS specified under Section 133
of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.

e) On the basis of the written representations received
from the directors as on March 31,2026 takenon
record by the Board of Directors, none of the
directors is disqualified as on March 31, 2026
frombeing appointed as a director in terms of
Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company
and the operating effectiveness of such controls,
refer to our separate report in "Annexure B".

g) The dividend declared or paid during the year and
subsequent to the year- end is in compliance with
Section 123 of the Act.

h) In our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the current year
is in accordance with the provisions of Section 197
of the Act.

i) 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, 2021,
in our opinion and to the best of our information
and according to the explanations given tous:

i. The Companyhas disclosed the impact of
pending litigations on its standalone financial
position in its Standalone Financial Statements.
Refer note 35 of Notes to the Standalone
Financial Statements

ii. The Companydid not have any long - term
contracts including derivative contracts for
which there were any material foreseeable
loses.

iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Educationand Protection Fund by
theCompany.

iv. (a) The management has represented that

to the best of it's knowledge and belief,no
funds have been advanced or loaned or
invested any funds (either from the
borrowed funds or share premium or any
other source or kinds of funds) by the
Company to or in any other person or
entity, 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.

(b) The management has represented, that,
to the best of it's knowledge and belief,
no funds have been received by the
Company from any person or entity,
including foreign entities, 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
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 iv(a) andiv(b) contain any
material mis-statement.

v. Based on our examination, which included
test checks, the company, has used accounting
software for maintaining its books of account,
which has a feature of recording audit trail
(edit log) facility and the same has been
operated throughout the year for all relevant
transactions recorded in the software, except
the feature of recording audit trail (edit log)
facility was not enabled at the database level
to log any direct data changes for the
accounting software used for maintaining the
records relating to Property, Plant and
Equipment records including Lease Liabilities
& Right of Use Assets (ROU).

Further, for the periods where audit trail (edit
log) facility was enabled and operated for the
respective accounting software, we did not
come across any instance of the 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 BANSHI JAIN & ASSOCIATES

Chartered Accountants
(FRN : 100990W)

PARAG JAIN

Partner

Place : Mumbai Membership No: 078548

Date : 29th May, 2026 UDIN: 26078548YKNQYA6773