1. We have audited the accompanying Standalone Financial
Statements of Anand Rathi Wealth Limited ('the Company’),
which comprise the Standalone Balance Sheet as at 31
March 2026, and the Standalone Statement of Profit And
Loss (including Other Comprehensive Loss), Standalone
Statement of Changes in Equity and Standalone 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 ('the Standalone Financial Statements’).
2. 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 ('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 31 March 2026,
and its Profit and Other Comprehensive Loss, Changes in
Equity and its Cash Flows for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards
on Auditing ('SAs’) specified under section 143(10)
of the Act. Our responsibilities under those SAs 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 is sufficient
and appropriate to provide a basis for our opinion on the
Standalone Financial Statements.
Key Audit Matters
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 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.
Other Information
5. The Company’s Board of Directors are responsible for the
other information. The other information comprises the
information included in the Company’s annual report but
does not include the Standalone Financial Statements and
our auditors’ report thereon.
6. Our opinion on the Standalone Financial Statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.
7. 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 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 Governance for the Standalone Financial
Statements
8. 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 State of Affairs, profit
and Other Comprehensive Loss, Changes in Equity and
Cash Flows of the Company 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 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 of the
appropriate accounting software for ensuring compliance
with applicable laws and regulations including those
related to retention of audit logs; 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.
9. 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.
10. 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
11. 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:
11.1. 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.
11.2. 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) 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.
11.3. Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the Management.
11.4. Conclude on the appropriateness of the
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.
11.5. 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.
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 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
15. 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.
16. As required by section 143(3) of the Act, we report that:
16.1. 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.
16.2. In our opinion, proper books of accounts as required
by law have been kept by the Company so far as it
appears from our examination of those books.
16.3. The standalone balance sheet, the standalone statement
of profit and loss (including Other Comprehensive Loss),
the Statement of Changes in Equity and the Standalone
Cash Flow Statement dealt with by this Report are in
agreement with the books of account.
16.4. In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified
under section 133 of the Act read with the relevant
rules thereunder.
16.5. On the basis of the written representations received
from the directors as on 01 April 2026 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.
16.6. 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’.
16.7. I n 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.
The remuneration paid to any director is not in excess of
the limit laid down under section 197 of the Act.
17. 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:
17.1. The Company does not have any pending litigations
which would impact its financial position.
Refer Note 34(a).
17.2. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses. Refer Note 34(b).
17.3. There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company.
17.4. The Management has represented, to best of their
knowledge and belief, 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.
17.5. The Management has represented, to best of their
knowledge and belief, 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.
17.6. Based on such audit procedures, that have been
considered reasonable and appropriate in the
circumstances, performed by us, nothing has come
to our notice that has caused us to believe that the
representation under sub clause (i) and (ii) of Rule
11(e), as provided under para 17.4 and 17.5 above,
contain any material misstatement.
17.7. In our opinion and according to the information and
explanations given to us,
a) 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 Act to the extent it applies to
payment of dividend.
b) The interim dividend declared and paid by the
Company during the year and until the date
of this report is in compliance with section
123 of the Act.
c) As stated in Note 39 to the standalone financial
statements, 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 dividend is declared in accordance
with section 123 of the Act to the extent it
applies to declaration of dividend.
17.8. 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.
Additionally, the audit trail has been preserved by
the Company as per the statutory requirements for
record retention.
For KKC & Associates LLP
Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621
Devang Doshi
Partner
Place: Mumbai ICAI Membership No: 140056
Date: 09 April 2026 UDIN: 26140056AOKHRJ8713
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