1. We have audited the accompanying standalone financial statements of Gravita India Limited ('the Company'),
which comprise the Standalone Balance Sheet as at 31 March 2016, the Standalone Statement of Profit and Loss
(including Other Comprehensive Income), the Standalone Statement of Cash Flow and the Standalone Statement
of Changes in Equity for the year then ended, and notes to the standalone financial statements, including material
accounting policy information and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of the reports of the other auditors as referred to in paragraph 15 below, 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 ('Ind AS') specified
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other
accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2026, and
its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on
that date.

Basis for Opinion

3. We conducted our audit 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 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
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 together with the
audit evidence obtained by the other auditors, in terms of their reports referred to in paragraph 15 of the Other
Matter section below is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter

4. 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.

5. We have determined the matters 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

6. The Company's Board of Directors are responsible for the other information. The other information comprises the
information included in the Annual Report, but does not include the standalone 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 financial statements does not cover the other information and we will 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 when it becomes available 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.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance.

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

7. The accompanying standalone financial statements have been approved by the Company's Board of Directors.
The Company's Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect
to the preparation and presentation 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 Ind AS specified under section 133 of the Act and other 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

financial statements that give a true and fair view and are free from material misstatement, whether due to fraud
or error.

8. In preparing the standalone financial statements, the Board of Directors 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 the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

9. 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

10. 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 Standards 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 financial
statements.

11. As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act 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 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 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 Board of Directors' 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; and

• Obtain sufficient appropriate audit evidence regarding the business activities and financial statements of
the Company which includes financial information of its partnership firms and limited liability partnership
(LLPs), to express an opinion on the standalone financial statements. We are responsible for the direction,
supervision and performance of the audit of standalone financial statements of the Company of which
we are the independent auditors. For the partnership firms and LLPs included in the standalone financial
statements, which have been audited by the other auditors, such other auditors remain responsible for the
direction, supervision and performance of the audits carried out by them. We remain solely responsible for
our audit opinion.

12. 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.

13. 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.

14. 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.

Other Matter

15. The standalone financial statements include the Company's share in the net profit (including other comprehensive
income) of ? 1.63 crores for the year ended 31 March 2026 in respect of two partnership firms and one LLP,
whose financial statements have not been audited by us. These financial statements have been audited by the
other auditors whose reports have been furnished to us by the management, and our opinion on the standalone
financial statements, in so far as it relates to the amounts and disclosures included in respect of these partnership
firms and LLP, and our report in terms of sub-section (3) of section 143 of the Act in so far as it relates to the
aforesaid partnership firms and LLP, is based solely on the report of such other auditors.

Our opinion above on the standalone financial statements, and our report on other legal and regulatory
requirements below, are not modified in respect of the above matters with respect to our reliance on the work
done by and the reports of the other auditors.

Report on Other Legal and Regulatory Requirements

16. As required by section 197(16) of the Act, based on our audit, we report that the Company has paid remuneration
to its directors during the year in accordance with the provisions of and limits laid down under section 197 read
with Schedule V to the Act.

17. 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.

18. Further to our comments in Annexure A, as required by section 143(3) of the Act based on our audit, we report, to
the extent applicable, 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 of the accompanying standalone financial statements;

b) Except for the matters stated in paragraph 18(h)(vi) below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended), 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 standalone financial statements dealt with by this report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133
of the Act;

e) On the basis of the written representations received from the directors and taken on record by the Board
of Directors, none of the directors is disqualified as on 31 March 2026 from being appointed as a director in
terms 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 paragraph 18(b) above on reporting under section 143(3)(b) of the Act and paragraph 18(h)(vi)
below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);

g) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company as on 31 March 2026 and the operating effectiveness of such controls, refer to
our separate report in Annexure B wherein we have expressed an unmodified opinion; and

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, as detailed in note 36(a)(II) to the standalone financial statements, has disclosed the
impact of pending litigations on its financial position as at 31 March 2026;

ii. The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses as at 31 March 2026;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Company during the year ended 31 March 2026;

iv. a. The management has represented that, to the best of its knowledge and belief, as disclosed in note

54(viii) to the standalone financial statements, no funds have been advanced or loaned or invested
(either from borrowed funds or securities premium or any other sources or kind of funds) by the
Company to or in any persons or entities, including foreign entities ('the 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 ('the Ultimate Beneficiaries') or provide any guarantee, security or
the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, as disclosed in note
54(ix) to the standalone financial statements, no funds have been received by the Company from
any persons or entities, including foreign entities ('the 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; and

c. Based on such audit procedures performed as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the management
representations under sub-clauses (a) and (b) above contain any material misstatement.

v. The interim dividend paid by the Company during the year ended 31 March 2026 in respect of such
dividend declared for the previous year is in accordance with section 123 of the Act to the extent it
applies to payment of dividend;

vi. As stated in Note 54(x) to the standalone financial statements and based on our examination which
included test checks, except for instances mentioned below, the Company, in respect of financial year
commencing on 1 April 2025, has used accounting software for maintaining its books of account which
have a feature of recording audit trail (edit log) facility and the same have been 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, other than the
consequential impact of the exceptions given below. Furthermore, except for consequential impact
of matters mentioned below, the audit trail has been preserved by the Company as per the statutory
requirements for record retention.

1. The accounting software used for maintenance of accounting records is operated by a third-party
software service provider. In the absence of any information on existence of audit trail (edit logs)
for any direct changes made at the database level in the 'Independent Service Auditor's Assurance
Report on the Description of Controls, their Design and Operating Effectiveness' ('Type 2 report'
issued in accordance with SAE 3402, Assurance Reports on Controls at a Service Organization),
we are unable to comment on whether audit trail feature with respect to the database of the said
software was enabled and operated throughout the year.

2. The accounting software used for maintenance of employee records is operated by a third-
party software service provider. The 'Type 2 report' issued by the Independent Service Auditor in
accordance with ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of
Historical Financial Information, did not demonstrate whether the audit trail feature specifically
captures the details of what data was changed at the database level for a third-party accounting
software used for maintenance of employee records of the Company.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

Manish Agrawal

Partner

Membership No.: 507000

UDIN:26507000LJFZFU4151

Place: Jaipur

Date: 07 May 2026