1. We have audited the accompanying standalone financial
statements of Ethos Limited (‘the Company'), which comprise the
Standalone Balance Sheet as at 31 March 2026, the Standalone
Statement of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Cash Flow and the
Standalone Statement of Changes in Equity for the year then
ended, and notes to the standalone financial statements,
including material accounting policy information and other
explanatory information.

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 (‘the Act') in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards
(‘Ind AS') specified under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015 and other
accounting principles generally accepted in India, of the state
of affairs of the Company as at 31 March 2026, and its profit
(including other comprehensive income), its cash flows and the
changes in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards
on Auditing 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 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.

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 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.

5. We have determined the matter described below to be the key
audit matter to be communicated in our report.

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

6. The Company's Board of Directors are responsible for the other
information. The other information comprises the information
included in the Annual Report, but does not include the standalone
financial statements and our auditor's report thereon. The Annual
Report, is expected to be made available to us after the date of
this auditor's report.

Our opinion on the standalone financial statements does not
cover the other information and we will 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 identified above
when it becomes available 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.

When we read the Annual Report, if we conclude that there is a
material misstatement therein, we are required to communicate
the matter to those charged with governance.

Responsibilities of Management and Those Charged with
Governance for the Standalone Financial Statements

7. 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 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 financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.

8. 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.

9. 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

10. 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 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 standalone financial statements.

11. 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 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 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 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; and

• 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 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

15. As required by section 197(16) of the Act, based on our audit, we
report that the Company has paid remuneration to its directors

during the year in accordance with the provisions of and limits laid
down under section 197 read with Schedule V to the Act.

16. 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 I a statement
on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

17. Further to our comments in Annexure I, as required by section
143(3) of the Act based on our audit, we report, to the extent
applicable, 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 financial statements dealt with by this
report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial
statements comply with Ind AS specified under section
133 of the Act;

e) On the basis of the written representations received from
the directors and 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;

f) With respect to the adequacy of the internal financial controls
with reference to financial statements of the Company as
on 31 March 2026 and the operating effectiveness of such
controls, refer to our separate report in Annexure II wherein
we have expressed an unmodified opinion;

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, as detailed in note 35 to the
standalone financial statements, has disclosed the
impact of pending litigations on its financial position
as at 31 March 2026;

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 were no amounts which were 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, as disclosed
in note 45(5) to the standalone financial

statements, no funds have been advanced or
loaned or invested (either from borrowed funds
or securities premium or any other sources or
kind of funds) by the Company to or in any
persons or entities, 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 (‘the Ultimate
Beneficiaries') or provide any guarantee, security
or the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the
best of its knowledge and belief, as disclosed
in note 45(6) to the standalone financial
statements, no funds have been received by the
Company from any persons or entities, including
foreign entities (‘the 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 management representations under
sub-clauses (a) and (b) above contain any
material misstatement.

v. The Company has not declared or paid any dividend
during the year ended 31 March 2026; and

vi. As stated in note 52 to the standalone financial
statements and based on our examination which
included test checks, the Company, in respect of
financial year commencing on 1 April 2025 to 31
March 2026, has used an accounting softwares for
maintaining its books of account which has a feature
of recording audit trail (edit log) facility and the
same have 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.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

Rohit Arora

Partner

Membership No.: 504774
UDIN: 26504774RQAMGA9823

Place: Gurugram
Date: 12 May 2026