We have audited the accompanying standalone financial
statements of Arihant Academy Limited (the "Company”), which
comprises the Standalone Balance Sheet as at 31st March, 2026,
the Standalone Statement of Profit and Loss, Standalone Cash
Flow Statement for the year then ended, and notes to the
standalone financial statements, including summary of significant
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 standalone financial
statements give the information required by the Companies Act,
2013 (the "Act”) in the mantner so required and give a true and fair
view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as at 31st
March, 2026, the profit, and its cash flows for the year ended on
that date.

Basis for Opinion

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
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 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.

Information Other than the Standalone Financial
Statements and Auditor's Report Thereon

The Company's management and Board of Directors are
responsible for the preparation of the other information. The
other information comprises the information included in the
Director's Report including Annexures to Director's Report, but
does not include the standalone financial statements and our
auditors' report thereon.

Our opinion on the 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.

Managements and Board of Director's Responsibility
for the Standalone Financial Statements

The Company's management and Board of Directors are
responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 ("the Act") with respect to the preparation
of these standalone financial statements that give a true and fair
view of the financial position, profit/loss, and cash flows of the
Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
(AS) specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014. 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 and ensuring their operating effectiveness and 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
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 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 also responsible for overseeing the
Company's financial reporting process.
realistic alternative but to do so.

The 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 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 scepticism
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 in the standalone financial statement made by
management and Board of Directors.

• 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 [i) planning the scope of our audit work and
in evaluating the results of our work; and [ii) 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 oudiL

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 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

As required by the Companies (Auditors' 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.

(A) As required by Section 143(3) of the Act, we report that:

• 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.

• 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.

• The standalone balance sheet, the standalone statement of
profit and loss, and the standalone cash flow statement dealt
with by this report are in agreement with the books of account.

• In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section
133 of the Act read with Rule 7 of the Companies (Accounts)
Rules, 2014.

• On the basis of the written representations received from the
directors as on 31st March 2026, and taken on record by the
Board of Directors, none of the directors is disqualified as on 31st
March 2026 from being appointed as a director in terms of
Section 164(2) of the Act;

• 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".

(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, 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
on its financial position in its standalone financial statements -
Refer Note 27

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

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

(iv) (a) On the basis of written representations received and
taken on record from the management, no funds other than as
disclosed in the notes to the accounts have been advanced or
loaned or invested 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;

(b) further, management has represented that no funds other as
disclosed in the notes to the accounts 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; and

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

(v) As stated in Note No. 35 to the standalone financial
statements, the Board of Directors of the company has
proposed final dividend for the year which is subject to the
approval of the 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.

(vi) 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 operated throughout the year
for all relevant transactions recorded in the software. However,
in case of one accounting software, option of generating report
is not available and the Company is following up with the vendor
to enable the same.

(vii) With respect to the matter to be included in the Auditors'

Report under Section 197(16) of the Act, in our opinion and
according to the information and explanations given to us,
managerial remuneration paid is as per the limits prescribed by
Section 197(5).

For G. P. KAPADIA & CO.

Chartered Accountants
(Firm Registration No. 104768W)

Prashant P. Shah
Partner

Membership No.: 104702
UDIN: 26104702VIYDIX5816

Place: Mumbai
Date: 28th May, 2026