We have audited the accompanying standalone financial statements of Nile Limited, which comprise the Standalone Balance
Sheet as at March 31, 2026, the Standalone Statement of Profit and Loss, including the statement of Other Comprehensive
Income, the Standalone Cash Flow Statement and the Standalone statement of changes in equity for the year then ended, and
a summary of significant accounting policies and other explanatory information.

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 Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at
31st March, 2026, and its profit and loss statement including statement of Other comprehensive Income, its cash flows and the
statement of changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). 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 made 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 we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.

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
preparation of 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 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.

The said other information is expected to be made available
to us after the date of this Audit Report. When the information
is furnished to us, we read the same and if we conclude that
there is a material misstatement therein, we are required to
communicate the same to those charged with governance and
the shareholders.

Management’s Responsibility for the Standalone Financial
Statements

The Company's Board of Directors is responsible for the
matters stated in Section 134(5) of the Companies Act, 2013
(“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 the statement of 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 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.

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 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 responsible for overseeing the
Company's financial reporting process.

Auditor’s Responsibility for the Audit of the Standalone
Financial Statements

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 risk, 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 l43(3)(i) of
the Act, we are also responsible for expressing our opinion
on whether the Company has 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 the 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 standalone
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 standalone 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
in dependence , and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our in
dependence 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 ofthe 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

A. As required by the Companies (Auditor's Report) Order
2020 (‘ the order ‘), issued by the Central Government
of India in terms of Subsection 11 of Section 143 of the
Companies Act, 2013, we give in the Annexure-A, a
statement on the matters specified in paragraphs 3 and
4 of the order to the extent applicable.

B. 1. As required by Section 143 (3) of the Act, 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 purposes 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, except of the
matters stated in point (f) below on reporting
under Rule 11(g) of the companies (Audit and
Auditors) Rules, 2014 (as amended)

(c) The Standalone Balance Sheet, the
Statement of Profit and Loss including the
statement of 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 Indian
Accounting Standards specified under
Section 133 of the Act.

(e) On the basis of the written representations
received from the directors as on 31st
March, 2026 taken on record by the Board of
Directors, none of the directors is disqualified
as on 31st 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 and the operating
effectiveness of such controls, refer to our
separate Report in “Annexure B”.

2. 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 impact of pending
litigation in Notes on Standalone Financial
Statements under ‘contingent liabilities and
commitments to the extent not provided for'.

(b) The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses.

(c) There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company.

(d) (i) The Management has represented that,

to the best of its knowledge and belief, 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, 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) contain any material misstatement.

(e) As stated in Note 11 to the standalone financial
statements:

The dividend declared and paid by the Company
during the year is in compliance with Section 123
of the Act.

(f) Based on our examination which included test
checks, the company has used an accounting
software for maintaining its books of accounts
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. Further, during the course of our audit
we did not come across any instance of audit trail
feature being tampered with.

3. 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 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 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 Gokhale & Co

Chartered Accountants
FRN: 000942S

Sd/-

Padam Kumar Kaliya

Partner

Place: Hyderabad Membership No. 243378

Date: 25^th May,2026 UDIN: 26243378YNUOCB3025