We have audited the Standalone Financial Results for the half year ended 31st March, ,2026 (refer
“Other Matter“ section below), which were subject to limited review by us, both included in the
accompanying “standalone financial results for the half year and year ended 31st March, 2026 of
Sadhav Shipping Limited (the “Company“) (the “Statement¹¹), being submitted by the Company
pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (“the Listing Regulations¹¹) and measurement
principles laid down in Indian Accounting Standards IND-AS 34.

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. 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 (“ICAI“) together with the ethical requirements that
are relevant to our audit of the financial statements under the provisions of the Companies Act,
2013 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 we have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the financial statements.

Key Audit Matters

Key audit matters are those that, in our professional judgment, were of most significance in our
audit of financial statements of the current year. 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.

Responsibilities Of Management For The Financial Statements

The Statement which includes the Standalone Financial Results is the responsibility of the
Company’s Board of Directors and has been approved by them for the issuance. The Standalone
Financial Results for the half year and year ended 31t March, 2026 has been compiled from the
related audited standalone financial statements. This responsibility includes the preparation and
presentation ofthe Standalone Financial Results for the half year and year ended 31st March, 2026
that give a true and fair view of the net profit and other comprehensive income and other financial
information in accordance with the recognition and measurement principles laid down in the
Indian 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 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 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 Standalone Financial
Results that give a true and fair view and is free from material misstatement, whether due to fraud
or error.

In preparing the Standalone Financial Results, 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 of the Company is also responsible for overseeing the financial
reporting process of the Company.

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 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 SAs, we exercise professionaljudgment 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 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 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 auditors’ 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.

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 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 auditors’ 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 said Order“), issued by the
Central Government of India, in terms of sub-section (11) of Section 143 of the Act, we give in
the “Annexure A“, a statement on the matters specified in the paragraphs 3 and 4 of the said
Order.

2. 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 purposes 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.

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with
by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 ofthe Companies (Accounts) Rules, 2014.

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 adequacy internal financial controls system over financial reporting of the

company and the operating effectiveness of such controls as on 31s March, 2026, refer our

separate report in “Annexure B“. Our report expresses unmodified opinion on the adequacy and

101

operating effectiveness of the company’s internal financial controls over financial reporting.

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

i. The company does not have any pending litigations which would impact its financial position.

ii. The Company did not have any long term contracts including derivative contracts for which
there were any material foreseeable losses: and

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

iv. 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 31 March, 2026, which
has a feature of recording audit trail (edit log) facility and the same has been operated
throughout the year for all the relevant transactions recorded in the software. Further, during the
course of our audit we did not come across any instances of the audit trail features being
tampered with.

For M/s. Suvarna & Katdare.

Chartered Accountants,

Firm Registration No. 125080W

Ravindra Raju Suvarna
Partner

Mem. No. 032007

Date: 14/05/2026

UDIN No: 26032007LEKIXW6926