We have audited the accompanying Ind AS Financial Statements
of Aksharchem (India) Limited (“the Company") which comprise
the Balance sheet as at March 31, 2026, the Statement of Profit
and Loss (including the statement of Other Comprehensive
Income), Statement of Cash Flow and the Statement of Changes
in Equity for the year then ended, and notes to the 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 Ind AS Financial
Statements give the information required by the Companies Act,
2013, as amended (“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") read with accounting principles generally
accepted in India, of the state of affairs of the Company as at March
31, 2026, and its loss and other comprehensive income, its cash
fiowsandthechanges in equity fortheyearendedonthat date.

Basis forOpinion

We conducted our audit of the Ind AS Financial Statements in
accordance with the Standards on Auditing (Sas), as 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
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
auditopinionontheIndAS FinancialStatements.

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 for the financial year ended March 31,2026.
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 that there are no key audit
matters to communicate in our report.

Information other than Financial Statements and Auditor's
Reportthereon

The Company's Management and 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'sreportthereon.

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 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. 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
GovernancefortheInd 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
and presentation of these Ind AS Financial Statements that give a
true and fairviewofthefinancial position, financial performance
including other comprehensive income, cash fiows and changes
in equity of the Company in accordance with the accounting
principles generally accepted in India, including the Ind AS
specified under section 133 of the Act read with the Companies
(IndianAccounting 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
the 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,whetherduetofraudorerror.

In preparing the Ind AS Financial Statements, Management and
Board of Directors 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 Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

Those Board of Directors are also responsible for overseeing the
Company'sfinancial reporting processofthecompany.

Auditor's Responsibility for the Audit of the 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 infiuence the
economic decisions of users taken based on these Ind AS
Financial Statements.

As part of an audit in accordance with SAs, we exercise
professional judgmentandmaintain professional skepticism
throughout theaudit.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 riskof 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 Act, we are also responsible for expressing our opinion
on whether the Company has adequate internal financial
controls with reference to Ind AS Financial Statements in
place and theoperating effectiveness ofsuch 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 ceaseto 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
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, 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 publicinterest benefits ofsuch communication.

ReportonOtherLegaland 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
the “Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

2. (A) As required by Section 143(3)oftheAct,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 forthe purposesof ouraudit.

b) In ouropinion, 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 except for the matters
stated in paragraph 2(B)(f) below on reporting under Rule
11(g)oftheCompanies(AuditandAuditors) Rules,2014.

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

d) In ouropinion, theaforesaid Ind AS Financial Statements
comply with the Indian Accounting Standards specified
under Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules,2015,asamended.

e) On the basis of the written representations received
from the directors as on March 31,2026 taken on record
by the Board of Directors, none of the directors is
disqualified as on March 31,2026 from being appointed
as adirector interms of Section 164 (2) of the Act.

f) The qualification relating to the maintenance of
accounts and other matters connected therewith are as
stated in the paragraph 2(A)(b) above on reporting
under Section 143(3)(b) of the Act and paragraph 2(B)(f)
below on reporting under Rule 11(g) of the Companies
(Auditand Auditors) Rules, 2014.

g) With respect to the adequacy of the internal financial
controls with reference to these Ind AS Financial
Statements and the operating effectiveness of such
controls, refer to our separate Report in“Annexure B"to
thisreport.

(B) 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 totheexplanations given to us:

a) The Company has disclosed the impact of pending
litigations on its financial position in its Ind AS Financial
Statements - Refer Note 37 to the Ind AS Financial
Statements;

b) The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses;

c) There has been no delay in transferring amounts,
required to be transferred, to the Investor Education and
Protection Fund by the Company.

d) (i) The management has represented that, to the best

of its knowledge and belief, no funds have been
advanced or loaned or invested (either from
borrowed funds or share premium or any other
sources or kindof funds) bytheCompanytoorinany
other persons or entities, including foreign entities
(“Intermediaries") with the understanding, whether
recorded in writing or otherwise, that the
Intermediaryshall:

• directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries") by or on
behalf of the Companyor

• provide any guarantee, security or the like to or
on behalf ofthe Ultimate Beneficiaries.

(ii) The management has represented, that, to the best
of its knowledge and belief, 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 Companyshall:

• directly or indirectly, lend or invest in other
persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries") by or on
behalf ofthe Funding Partyor

• provide any guarantee, security or the like from or
on behalf ofthe Ultimate Beneficiaries; and

(iii) Based on such audit procedures as 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
(d)(i) and (d)(ii) contain any material misstatement.

e) The final dividend proposed in the previous year,
declared and paid by the Company during the year is in
accordance with Section 123 ofthe Act to the extent it
applies to payment ofdividend.

The Board of Directors have recommended a final
dividend forthefinancialyearendedon March 31,2026
subject to the approval of shareholders at the annual
general meeting. The dividend declared is in

accordance with Section 123 of the Act, as stated in
Note17.4 in financials.

f) 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 except the
feature of recording audit trail (edit log) facility was not
enabled at the application layer of the accounting
software relating to payroll for the period April 1,2025
to March 31, 2026. Further, during the course of our
audit we did not come across any instance of audit trail
feature being tampered with. The Audit trail has been
preserved by the company as per the statutory
requirementsfor record retention.

(C) With respect to the matter to be included in the
Auditor's Reportunder Section 197(16) ofthe Act:

In our opinion and according to the information and explanation
given to us, the remuneration paid during the current year by the
company to its directors is in accordance with the provisions of
Section 197 of the Act. The remuneration paid to any director by
the Company is not in excess ofthe limit laid down under Section
197 of the Act. The Ministry of Corporate Affairs has not
prescribed other details under Section 197(16) ofthe Act which
are required to be commented upon by us.

TALATI &TALATI LLP

Chartered Accountants
FRN:110758W/W100377

AnandSharma

Partner

Place: Ahmedabad Membership No: 129033

Date: 21/05/2026 UDIN: 26129033OCAMBS3500