We have audited the accompanying financial statements
of GOPAL SNACKS LIMITED ("the Company"), which
comprise the Balance sheet as at March 31, 2026, the
Statement of Profit and Loss (including the Statement
of Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flow for the
year then ended and notes to the financial statements,
including a summary of material accounting policies and
other explanatory information (hereinafter referred to as
the "financial statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
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, changes in equity 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), as specified under section
143(10) of the Companies Act, 2013. Our responsibilities
under those Standards are further described in the
Auditor's Responsibilities for the Audit of the 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 audit opinion
on the financial statements.

Emphasis of Matter:

We draw attention to the note no. 60 of the financial
statement which describes that, a fire incident occurred
at one of the Company's plants located in Rajkot on
December 11, 2024, causing significant damage to
property, plant and equipment, inventory, and other
assets; however, there were no human casualties.
During the quarter ended March 31, 2025, the company
reported a loss of ' 471.85 million under the exceptional
item, which includes plant & machinery, factory building,
stock, and expenses incurred due to fire. Company has
adequate insurance cover for the loss incurred and claim
has been lodged for individual asset category based
on reinstatement of assets. The claim receivable is not
accounted for in the books and will be accounted and
shown as Exceptional item in Profit and Loss account
based on actual receipt. Total ' 374.64 million has been
received from insurance company during the current
financial year 2025-2026.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the financial statements for the financial year
ended March 31, 2026. These matters were addressed
in the context of our audit of the financial statements
as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters. For
each matter below, our description of how our audit
addressed the matter is provided in that context.

We have determined the matters described below to be
the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the financial
statements section of our report, including in relation
to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our
assessment of the risks of material misstatement of the
financial statements. The results of our audit procedures,
including the procedures performed to address the
matters below, provide the basis for our audit opinion on
the accompanying financial statements.

OTHER INFORMATION

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 financial statements and auditor's report
thereon.

Our opinion on the 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 financial statements,
our responsibility is to read the other information and,
in doing so, consider whether the other information is
materially inconsistent with the 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
FINANCIAL STATEMENT

The Company's Board of Directors are responsible for the
matters stated in section 134(5) of the Act with respect
to the preparation of these 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 read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. 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 judgements and estimates that are
reasonable and prudent; and the 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
statement 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 RESPONSIBILITIES FOR THE AUDIT
OF THE 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 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 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 SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material
misstatement of the 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)0) of the
Act, we are also responsible for expressing our
opinion on whether the Company has an adequate
internal financial control 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 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 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 financial statements, including the
disclosures, and whether the financial statements
represent the underlying transactions and events in
a manner that achieves fair presentation.

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 for the financial year ended March 31, 2026
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 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 A" a statement on
the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

2 A. As required by Section 143(3) of the Act, based
on our audit report 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.

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 except for the
matters stated in the paragraph 2(B)(f)
below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules,
2014.

c) The Balance Sheet, the Statement of Profit
and Loss (including Other Comprehensive
Income), the Statement of Cash Flow and
Statement of Changes in Equity dealt with
by this Report are in agreement with the
books of account.

d) In our opinion, the aforesaid financial
statements comply with the Indian
Accounting Standards specified under
Section 133 of the Act, read with relevant
rules issued thereunder.

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

f) The modification relating to the
Maintenance of accounts and other
matters connected there with are as
stated in the paragraph 2(A) (b) above
on reporting under section 143(3)(b) and
paragraph 2B(f) below on reporting under
Rule 11(g) of the Companies (Audit and
Auditors) Rules ,2014.

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". Our report expresses an unmodified
opinion on the adequacy and operating
effectiveness of the company's internal
financial controls with reference to
financial statements.; and

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 as amended, in our opinion and to the
best of our information and according to the
explanations given to us:

a) The Company has disclosed the impact of
pending litigations as at March 31, 2026
on its financial position in its financial
statements. Refer Note 38 to the financial
statements.

b) The Company did not have any long-term
contracts including derivative contracts
for which there were any material
foreseeable losses under the applicable
law or accounting standards.

c) There has been no delay in transferring
amounts, required to be transferred, to the

Investor Education and Protection Fund by

the Company during; and

d) (i) The Management has represented
that, to the best of its knowledge
and belief, as disclosed in Note no.
56 to the financial statements, no
funds (which are material either
individually or in the aggregate) 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 or entity, including
foreign entity ("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;

(ii) The Management has represented,
that, to the best of its knowledge
and belief, as disclosed in Note no.
56 to the financial statements, no
funds (which are material either
individually or in the aggregate)
have been received by the Company
from any person or entity, including
foreign entity ("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;

(iii) Based on the audit procedures that
have been 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 (i) and (ii) above, contain any
material misstatement.

e) The dividend declared or paid during the
year by the company is in accordance
with Section 123 of the companies Act
2013.

f) Based on our examination, which included
test checks, the Company has used
accounting software for maintaining its
books of account for the financial year
ended March 31, 2026 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's. Further, during
the course of our audit we did not come
across any instance of audit trail feature
being tampered with and the audit trail
has been preserved by the Company as
per the statutory requirements for record
retention.

C. With respect to the matter to be included in the
Auditor's Report under Section 197(16) of the
Act:

In our opinion and according to the information
and explanations given to us, the remuneration
paid/ payable by the Company to its directors
during the current year is in accordance with
the provisions of Section 197 of the Act. The
remuneration paid/ payable to any director
is not in excess of the limit laid down under
Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other
details under Section 197(16) of the Act which
are required to be commented upon by us.

For Maheshwari & Co.

Chartered Accountants
Firm's Registration No.105834W

Vikas Asawa

Partner

Place: Mumbai Membership No. 172133

Date: May 12, 2026 UDIN: 26172133OCPNHF5847