We have audited the standalone financial statements
of SRF Limited (the "Company") which comprise the
standalone balance sheet as at 31 March 2026, and
the standalone statement of profit and loss (including
other comprehensive income), standalone statement
of changes in equity and standalone statement of
cash flows for the year then ended, and notes to the
standalone financial statements, including material
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
("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 31 March 2026, and its profit and
other comprehensive loss, 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) specified under Section
143(10) of the Act. Our responsibilities under those SAs
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 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 obtained by us is sufficient and
appropriate to provide a basis for our opinion on the
standalone financial statements.

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.

Other Information

The Company's Management and Board of Directors
are responsible for the other information. The other
information comprises the information included in the
Company's annual report, but does not include the
financial statements and 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 in the 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.

Management's and Board of Directors'
Responsibilities for the Standalone
Financial Statements

The Company's Management and Board of Directors
are responsible for the matters stated in Section
134(5) of the Act with respect to the preparation
of these standalone financial statements that give
a true and fair view of the state of affairs, profit/
loss and other comprehensive income, changes in
equity and cash flows 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 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 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
Management and 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 is also responsible for
overseeing the Company's financial reporting process.

Auditor's Responsibilities 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 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.

• O btain 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.

• Ivaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by the Management and Board of Directors.

• Conclude on the appropriateness of the
Management and Board of Directors use of the
going concern basis of accounting in preparation
of standalone financial statements 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.

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
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

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,

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. I n 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. Ahe standalone balance sheet, the
standalone statement of profit and
loss (including other comprehensive
income), the standalone statement of

changes in equity and the standalone
statement of cash flows 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 Ind AS specified under
Section 133 of the Act.

e. An the basis of the written
representations received from the
directors between 1 April 2026 and 02
April 2026, 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. Ihe modification relating to the
maintenance of accounts and other
matters connected therewith are
as stated in the paragraph 2A(b)
above on reporting under Section
143(3)(b) of the Act and paragraph
2B(f) below on reporting under Rule
11(g) of the Companies (Audit and
Auditors) Rules, 2014.

g. W ith 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".

B. W ith 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:

a. Ahe Company has disclosed the

impact of pending litigations as at 31
March 2026 on its financial position
in its standalone financial statements
- Refer Note 31 to the standalone
financial statements.

b. Ahe Company has made provision,
as required under the applicable law
or accounting standards, for material
foreseeable losses, if any, on long-term
contracts including derivative contracts
- Refer Note 38 to the standalone
financial statements.

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

d (i) Ahe management has represented
that, to the best of its knowledge
and belief, as disclosed in the
Note 40(h)(viii) to the standalone
financial statements, no funds
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(s) or entity(ies),
including foreign entities
("Intermediaries"), with the
understanding, whether recorded
in writing or otherwise, that the
Intermediary shall 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) Ahe management has represented
that, to the best of its knowledge
and belief, as disclosed in the
Note 40(h)(ix) to the standalone
financial statements, no funds
have been received by the
Company from any person(s)
or entity(ies), including foreign
entities ("Funding Parties"), with
the understanding, whether
recorded in writing or otherwise,
that the Company shall directly or

indirectly, lend or invest in other
persons or entities identified in
any manner whatsoever by or
on behalf of the Funding Parties
("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 performed,
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. Ahe interim dividend declared and paid
by the Company during the year and
until the date of this audit report is in
accordance with Section 123 of the Act.

f. Aased on our examination which
included test checks, the Company
has used accounting softwares for
maintaining its books of account,
which have a feature of recording
audit trail (edit log) facility and, except
for the instances mentioned below
in respect of accounting softwares
used for maintaining general ledger
and related records, the same has
operated throughout the year for all
relevant transactions recorded in the
respective softwares:

(a) for certain tables of (i) goods and
service tax (GST) rate master for
the period from 1 April 2025 to
16 March 2026, and (ii) approval
records for change to vendors
and inventory masters, for the
period from 1 April 2025 to
22 March 2026, the feature of
recording audit trail (edit log)
facility was not enabled.

(b) for edit logs generated by one of
the accounting softwares, only
an authorized privileged user had
rights to make direct changes to
the edit log. However, the feature
of audit trail (edit log) facility for
recording any such changes was
not enabled for the period from
01 April 2025 to 16 March 2026,
and hence, we are unable to
determine whether any direct
changes to the edit logs were
made during this period.

For the periods where audit trail (edit
log) facility was enabled and operated
for the respective accounting softwares,
we did not come across, subject to our
comment in sub-paragraph (b) above,
any instance of the audit trail feature
being tampered with.

Fdditionally, except to the extent audit
trail was not enabled, 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:

Fn 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/
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 B S R & Co. LLP

Chartered Accountants
Firm's Registration No.:101248W/W-100022

Ashish Bansal

Partner

Place: Gurugram Membership No.: 077569

Date: 05 May 2026 ICAI UDIN:26077569LHAXQO1307