We have audited the accompanying Standalone Ind AS Financial Statements of Balmer Lawrie Investments
Limited (“the Company”), which comprise the Balance Sheet as at 31 March 2026, the Statement of Profit
and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes
in Equity for the year then ended, and notes to the Standalone Financial Statements, including a summary of
significant accounting policies and other explanatory information (hereinafter referred as “Standalone Financial
Statements”) .

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Standalone Ind AS 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 accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31,2026, its profit (including other
comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Ind As Financial Statements in accordance with the Standards on
Auditing (“SA”s) 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
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 ICAl’s Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
Standalone Ind AS 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. 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

The Company’s Board of Directors are responsible for the other information. The other information comprises
the information included in the Management Discussion and Analysis, Board’s Report including Annexures to
Board’s Report, Business Responsibility Report, Corporate Governance Report and Shareholder 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.

Responsibility of Management and those Charged with Governance for the Standalone Financial
Statements

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 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, 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.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s responsibilities for the Audit of Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 Financial Statements.

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 financial control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also

responsible for expressing our opinion on whether the Company has adequate internal financial controls with
reference to 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 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 financial information/financial statements of the
Company and its branches or the business activities within the Company to express an opinion on the
financial statements. We are responsible for the direction, supervision and performance of the audit of
financial statements of the Company and such branches included in the financial statements, of which we
are the independent auditors. For the other branches included in the financial statements, which have been
audited by the branch auditors, such branch auditors remain responsible for the direction, supervision and
performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the 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 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 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

1. As required under section 143(5) of the of the Companies Act, 2013, we give in the Annexure-A, a
Statement on the Directions / Sub-Directions issued by the Comptroller and Auditor General of India after
complying the suggested methodology of Audit, the action taken thereon and its impact on the accounts
and financial statements of the Company.

2. 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-8, a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable to the Company.

3. 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 purpose of our audit of the accompanying Standalone Financial
Statements;

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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss including the
Standalone Statement of Other Comprehensive Income, the Standalone Cash Flow Statement and
Standalone 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 Ind AS specified under
Section 133 of the Act, read with relevant rules thereunder;

e) The provisions of Section 164(2) of the Companies Act, 2013 are not applicable to Government
Companies in terms of notification No. GSR 463(E) dated 5^th June 2015 issued by the Ministry of
Company Affairs, Government of India.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company
as on 31 March 2026 and the operating effectiveness of such controls, refer to our separate Report in
Annexure-C; and

g) 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 have pending litigations which may impact on its financial position in its financial
statements Refer Note No 22

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, other than as
disclosed in the notes to the accounts, 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 (“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 (“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, other than as disclosed
in the notes to the accounts, 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;
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 representations
under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.

v) As stated in Note No. 30 to the accompanying Standalone Financial Statements:

a) The final 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.

b) The Board of Directors of the Company have declared the interim dividend for the year ended 31
March 2026 in accordance with the section 123(3) of the Companies Act 2013.

c) The Board of Directors of the Company have proposed Final Dividend for the year ended 31 March
2026 which is subject to the approval of the members at the ensuing Annual General Meeting. The
dividend proposed to be 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, in respect of financial year ended
31 March,2026, has continued to use an accounting software for maintaining its books of account which
has a feature of recording audit trail (edit log) facility and the same has 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. Furthermore, the audit trail has
been preserved by the Company as per the statutory requirements for record retention.

Krishna Kumar Chanani

Partner,

Membership No. 056045

K K Chanani & Associates

FRN No. 322232E

UDIN No. 26056045MBHWNA3323

Place: Kolkata
Date: May 21,2026