1. We have audited the accompanying financial
statements of Stove Kraft Limited (“the
Company”), which comprise the Balance Sheet as
at March 31, 2026, and the Statement of Profit and
Loss (including Other Comprehensive Income),
the Statement of Changes in Equity and the
Statement of Cash Flows for the year then ended,
and notes to the 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 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 accounting principles
generally accepted in India, of the state of affairs
of the Company as at March 31, 2026, and total
comprehensive income (comprising of profit and
other comprehensive income), changes in equity
and its cash flows for the year then ended.

BASIS FOR OPINION

3. We conducted our audit in accordance with the
Standards on Auditing (SAs) 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
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 opinion.

EMPHASIS OF MATTER

4. We draw attention to Note 50 to the financial
statements that describes the search operations
carried out by the Income Tax Department at
various business premises of the Company in
November 2023. Subsequently, the Company
received notices and orders for various
assessment years, towards which the Company
has furnished details, filed appeals or rectification
application for the relevant assessment years.
For certain assessment years, the Income
Tax Department is yet to complete the tax
assessments. Management has assessed that
the search operations and the assessment/
reassessment for various assessment years are
not likely to have any material adverse impact on
the financial position of the Company.

Our conclusion is not modified in respect
of this matter.

KEY AUDIT MATTERS

5. Key audit matters are those matters that, in our
professional judgement, were of most significance
in our audit of the financial statements of the
current period. 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.

OTHER INFORMATION

6. The Company's Board of Directors is responsible
for the other information. The other information
comprises the information included in the
Annual report, but does not include the 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 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 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 and take appropriate
action as applicable under the relevant laws
and regulations.

RESPONSIBILITIES OF MANAGEMENT AND

THOSE CHARGED WITH GOVERNANCE FOR
THE FINANCIAL STATEMENTS

7. The Company's Board of Directors is 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,
changes in equity and cash flows of the Company
in accordance with the accounting principles
generally accepted in India, including the Indian
Accounting Standards 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 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 financial statements, 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 Board of Directors either intends
to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.

9. Those Board of Directors are also responsible
for overseeing the Company's financial
reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT
OF THE FINANCIAL STATEMENTS

10. 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.

11. As part of an audit in accordance with SAs, we
exercise professional judgement and maintain
professional scepticism 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 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.

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 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 the Companies (Auditor's
Report) Order, 2020 (“the 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 B” a statement on the matters
specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

16. 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, except for
the matters stated in paragraph 16(h)(vi)
below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules,
2014 (as amended).

(c) The Balance Sheet, the Statement of Profit
and Loss (including other comprehensive
income), the Statement of Changes in Equity
and the Statement of Cash Flows 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.

(e) On the basis of the written representations
received from the directors as on March 31,
2026 and 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) With respect to the maintenance of accounts
and other matters connected therewith,
reference is made to our remarks in paragraph
16(h)(vi) below.

(g) 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 A”.

(h) 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 has disclosed the impact
of pending litigations on its financial
position in its financial statements - Refer
Note 43(a) to the financial statements;

ii. The Company was not required to
recognise a provision as at March 31,
2026 under the applicable law or Indian
Accounting Standards, as it does not
have any material foreseeable losses
on long-term contracts. The Company
did not have any long term derivative
contracts for which there were material
foreseeable losses.

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
March 31, 2026.

iv. (a) The management has represented

that, to the best of its knowledge
and belief, as disclosed in Note
51(vii) to the 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, 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;

(b) The management has represented
that, to the best of its knowledge and
belief, as disclosed in the Note 51(vii)
to the 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,
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
that we 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 (a) and (b) contain any
material misstatement.

v. The final dividend paid by the Company
during the year, in respect of the
same declared for the previous year,
is in accordance with Section 123 of
the Act to the extent it applies to
payment of dividend.

As stated in Note 46 to the financial
statements, the Board of Directors of the
Company have proposed final dividend
for the year which is subject to the

approval of the members at the ensuing
Annual General Meeting. The dividend
declared is in accordance with Section
123 of the Act to the extent it applies to
declaration of dividend.

vi. Based on our examination, which
included test checks and reliance on
independent service auditors' report for
application maintained by third party
service provider, the Company has
used multiple accounting software for
maintaining its books of account which
has a feature of recording audit trail
(edit log) facility and that has operated
throughout the year for all relevant
transactions recorded in the software,
except in respect of one accounting
software, wherein the audit trail feature
was not enabled at the database level
to log any direct database changes.
During the course of performing our
procedures, other than the aforesaid
instance of audit trail not maintained
where the question of our commenting
does not arise, we did not notice any
instance of audit trail feature being
tampered with. Further, the audit trail, to
the extent maintained in the prior year,
has been preserved by the Company
as per the statutory requirements for
record retention.

17. The Company has paid/ provided for managerial
remuneration in accordance with the requisite
approvals mandated by the provisions of Section
197 read with Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016

Mohan Danivas S A

Partner

Date: May 12, 2026 Membership Number: 209136

Place: Bengaluru UDIN: 26209136FEWYME5690