1. We have audited the accompanying standalone Ind AS financial statements of Auro Laboratories
Limited ("the Company") which comprise the Balance Sheet as at 31^st March, 2026, the Statement of
Profit and Loss including Other Comprehensive Income, the Cash Flow Statement, the Statement of
Changes in Equity for the year ended on that date, and a summary of the material accounting policies
and other explanatory information.

Opinion

2. In our opinion and to the best of our information and according to the explanations given to us, the
accompanying 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
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^st March 2026, the profit, total comprehensive income, changes in
equity and its cash flows for the year ended on that date.

Basis of Opinion

3. We conducted our audit of the standalone financial statements in accordance with the Standards on
Auditing (SAs) 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 together with the ethical requirements that
are relevant to our audit of the 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, 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 audit report.

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

5. The Company's Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Board's Report including Annexures to
Board's Report, and Shareholder's Information, but does not include the standalone financial
statements and our auditor's 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.

Responsibilities of Management for the Standalone Financial Statements

6. 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, cash flows
and changes in equity of the Company in accordance with the accounting principles generally
accepted in India including the Indian Accounting Standards (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 fraud 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 control, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the 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 also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibility for the Audit of the Standalone Financial Statements

7. 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 an adequate internal financial
controls system 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 financial statements that individually or in
aggregate makes it probable that the economic decision of reasonably knowledgeable user of the
financial statements may be influenced. We considered quantitative materiality and qualitative
factors in (i) planning the scope of our work and in evaluating the results of our work (ii) to evaluate
the effect of any identified misstatement in the 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 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 & Regulatory Requirements

8. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) of the Act and on the basis of such checks of the books and
records of the Company as we considered appropriate and according to the information and
explanations given to us, we give in the Annexure I a statement on the matters specified in
paragraphs 3 and 4 of the Order.

9. (A) As required by Section 143(3) of the Act, 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 purposes 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 the 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 Accounting Standards
specified under Section 133 of the Act.

e) On the basis of written representations received from the Directors as on 31^st March, 2026, taken on
record by the Board of Directors, none of the directors are disqualified as on 31^st March, 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 financials control over financial reporting of the
Company and the operative effectiveness of such controls, refer to our separate report in "Annexure
II".

(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 No 29 to the Standalone Financial Statements)

ii. The Company does not have any long-term contracts, including derivatives contracts for which
there were any material foreseeable losses.

iii. There are no amounts required to be transferred to the Investor Education and Protection Fund by
the Company.

iv. As per the management representation we report,

(a) no funds have been advanced or loaned or invested by the Company to or in any other person(s) or
entities, including foreign entities ("Intermediaries"), with the understanding that intermediary shall
whether directly or indirectly lend or invest in other persons or entities identified in any manner by
or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on
behalf of the Ultimate beneficiaries.

(b) no funds have been received by the Company from any person(s) or entities, including foreign
entities ("Funding Parties"), with the understanding that such 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 guarantee, security or the like on
behalf of the Ultimate beneficiaries.

(c) Based on the audit procedures performed, we report that nothing has come to our notice that has
caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) of the
Companies (Audit and Auditors) Rules, 2014 as provided under (a) and (b) above, contain any
material misstatement.

v. Since the company has not declared or paid any dividend during the year, the question of

commenting on whether dividend declared or paid is in accordance with Section 123 of the Act, does
not arise.

vi. Based on the audit procedures performed in terms of Proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 for maintaining books of account using accounting software which has a
feature of recording audit trail (edit log) facility, we report that the Company has maintained the
books of accounts in the software which has a feature of recording audit trail of transactions entered
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, where audit trail (edit log) facility was enabled and
operated in the previous year, the audit trail has been preserved by the Company as per the statutory
requirements for record retention.

(C) With respect to the 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 explanation given to us, the
remuneration paid/provided by the Company to its directors during the year is in accordance with
the provisions of Section 197 read with Schedule V to the Act.

For and on behalf of
B. L. Dasharda & Associates
Chartered Accountants
F.R. No.: 112615W

Sushant Mehta
Partner

Place: Mumbai M.No. : 112489

Dated: 29^th May, 2026
UDIN: 26112489ZEDZII1128