We have audited the accompanying Standalone Financial Statements
of Acutaas Chemicals Limited ("the Company"), which comprise the
Balance Sheet as at March 31, 2026, the Statement of Profit and Loss
(including Other Comprehensive Income), Statement of Changes in
Equity and the Statement of Cash Flows for the year ended on that date,
and notes to the Standalone Financial Statements, including a summary
of material accounting policies 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, 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") and other accounting

principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2026 and its profit and other comprehensive
income, the 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 Companies Act, 2013. 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 Chartered Accountants of India
("ICAI") together with the ethical requirements that are relevant to our
audit of the Standalone Financial Statements under the provisions of
the Companies Act, 2013 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 that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our 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 year. 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 (Other information)

• 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 accompanying
Standalone Financial Statements and our auditor's report thereon.

Our opinion on the accompanying 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 and, in doing so,
consider whether the other information is materially inconsistent
with the Standalone Financial Statements or our knowledge

obtained during the course of our 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
Board of Directors for the Standalone
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
Standalone Financial Statements that give a true and fair view of the
financial position, financial performance including other comprehensive
income, changes in equity and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including
Ind AS 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 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, 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 Board of Directors are responsible for overseeing the Company's
financial reporting process.

Auditor's Responsibility 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.

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
Standalone 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 financial controls 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 Standalone
Financial Statements 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 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 Financial Statements, including the disclosures,
and whether the Standalone Financial Statements represent the
underlying transactions and events in a manner that achieves
fair presentation.

Materiality is the magnitude of misstatements in the Standalone Financial
Statements that, individually or in aggregate, makes it probable that
the economic decisions of a reasonably knowledgeable user of the
Standalone Financial Statements may be influenced. We consider
quantitative materiality and qualitative factors in:

• planning the scope of our audit work and in evaluating the results
of our work; and

• to evaluate the effect of any identified misstatements in the Standalone
Financial Statements.

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 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.

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 Section 143(11) 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. As required by Section 143(3) of the Act, based on our audit
report 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 it appears from
our examination of those books.

c. The balance sheet, the statement of profit and loss, including
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 our opinion, the aforesaid Standalone Financial
Statements comply with the Indian Accounting Standards
specified under Section 133 of the Act.

e. On the basis of 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 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 Standalone Financial Statements
of the Company and the operating effectiveness
of such controls, refer to our separate Report in
"Annexure B". Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of
the Company's internal financial controls with reference to
Standalone Financial Statements.

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 read with Schedule V 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, as amended
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 as at March 31, 2026 on its financial
position in its Standalone Financial Statements. Refer
Note 40 to the Standalone Financial Statements.

ii. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses under the applicable
law or accounting standards.

iii. There has been no amounts which were required to be
transferred, to the Investor Education and Protection
Fund by the Company, if any;

iv. a. 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 kind
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 person
or entity identified in any manner whatsoever by or
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, no funds have been
received by the company from any person or entity

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 person or entity
identified in any manner whatsoever by or 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 that were
considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has
caused us to believe that representations under sub
clause (a) and (b) contain any material mis-statement.

v. On the basis of our verification, we report that 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 Companies Act
2013 to the extent it applies to payment of dividend.

The Board of Directors of the Company has proposed
final dividend for the year, which is subject to the
approval of 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 Statement of Changes
in Equity in 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 for the year ended
March 31, 2026 which have the feature of recording
audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions
recorded in the software systems. Further, during
the course of our audit 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.