We have audited the accompanying standalone financial results of Chemkart India Limited ("the Company"),
for the half year and year ended March 31, 2026 ("the Statement"), attached herewith along with notes
thereto, being submitted by the Company pursuant to the requirements of Regulations 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
(I) is presented in accordance with the requirements of Regulations 33 of the Listing Regulations; and
(ii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the
Indian Accounting Standards and other accounting principles generally accepted in India of the net profit
and other financial information of the Company for the half year and year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10)
of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in the
Auditor's Responsibilities for the Audit of the Standalone Financial Results 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 ("the ICAI") together with the ethical requirements that are relevant to our audit of the
Statement 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 obtained by us is sufficient and appropriate to provide a basis for our audit
opinion on the standalone financial results.
Emphasis Of Matter
We draw attention to Note 7 to the financial results regarding uncertainty relating to the outcome of pending
litigation with the Customs Authorities. The Company has paid Custom Duty amounting to Rs. 1,474.26 lakhs, which
has been shown as recoverable from Government Authorities, based on the management's assessment that the
same is recoverable and accordingly no provision has been considered necessary in the financial results.
Our opinion is not modified in respect of this matter.
Management's Responsibilities for the Statement
This Statement has been prepared on the basis of the audited standalone financial statements for the half year and
year ended March 31, 2026, of the Company. The Company's Board of Directors are responsible for the preparation
of these standalone financial results that give a true and fair view of the net profit and other financial information in
accordance with the applicable accounting standards prescribed under Section 133 of the Act, read with relevant
rules issued thereunder and other accounting principles generally accepted in India and in compliance with
Regulation 33 of the Listing Regulations.
This responsibility 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 results that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the standalone financial results, the 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 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 are also responsible for overseeing the financial reporting process of the Company.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole is 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 results.
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 results, 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 resuffi'ng from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentafi'ons, 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 an adequate internal financial control system 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 accounfi'ng estimates
made by the Board of Directors.
- Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of
the requirements specified under Regulations 33 of the Lisfi'ng Regulations.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounfi'ng
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attenfi'on in our auditor's report to
the related disclosures in the Statement 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 condifi'ons may cause the Company to cease to confi'nue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and
whether the Statement represents the underlying transactions and events in a manner that achieves fair
presentafi'on.
- Obtain sufficient appropriate audit evidence regarding the Standalone Financial Results of the Company to
express an opinion on the Standalone Financial Results.
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 Statement
may be influenced. We consider quantitative materiality and qualitative factors (i) in planning the scope of our audit
work and in evaluafing the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
standalone financial results.
We communicate with those charged with governance regarding, among other matters, the planned scope and
fiming 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.
Other Matter
a) The Statement includes the results for the half year ended March 31, 2026 being the balancing figure
between audited figures in respect of the full financial year and the published unaudited - year to date
figures up to the half year ended September 30, 2025 which were subject to limited review by us, as
required under the Listing Regulations.
b) The comparative financial information of the Company for the year ended March 31, 2025 were audited by
predecessor auditor who expressed an unmodified opinion on those financial statements vide their report
dated June 09, 2025. The figures for the half year ended March 31, 2025 are the balancing figures between
audited figures for the full financial year and for the half year ended September 30, 2024.
Our opinion on the Statement is not modified in respect of the above matters.For Bagaria & Co., LLPChartered Accountants
(Firm Registration No.113447W/W-100019)
Dhaval Gala
Partner
Membership No.123411
UDIN: 26123411FVSLSU9815
Place: Mumbai
Date: May 18, 2026
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