We have audited the accompanying Ind-AS financial
statements of TASTY BITE EATABLES LIMITED (the
"Company”), which comprise the Balance Sheet as at
March 31, 2026, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes
in Equity, the Statement of Cash Flows for the year then
ended and the Notes to the Ind-AS financial statements,
including a summary of material accounting policies and
other explanatory information (hereinafter referred to as "
Ind-AS financial statements”).

In our opinion and to the best of our information and
according to the explanations given to us, except for the
possible effects of the matter described in the 'Basis for
Qualified Opinion' section of our report, the aforesaid
Ind-AS 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 prescribed under section
133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended ("Ind-AS”) and with
other accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, 2026, the
profit, total comprehensive income, changes in equity and
its cash flows for the year ended on that date.

Basis for Qualified Opinion

As disclosed in note no. 43F to the accompanying Ind-AS
financial statements, the Company did not obtain prior
approval of the Audit Committee in respect of related party
transactions with a related party, aggregating to INR 48.92
million, as required under Regulation 23 (2) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations,
2015 ("Listing Regulations”), which have been subsequently
approved by the audit committee during the year.

As disclosed in note no. 43 F to the accompanying Ind-AS
financial statements, the Company did not obtain prior

approval of the shareholders as required under Regulation
23 (4) of the Listing Regulations, in respect of material
related party transactions with the said related party,
which exceeded the threshold specified in Schedule XII of
the Listing Regulations, by INR 94.47 million. Subsequent
thereto, the Company initiated postal ballot for the post
facto approval of the shareholders for the related party
transactions with the said related party, for which, the
shareholders gave their dissent and did not pass it. Pending
the final outcome of the Company's proposed actions as
detailed in the said note, we are unable to comment on the
possible consequential effects arising thereof.

We conducted our audit of the Ind-AS financial
statements 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 Ind-AS 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 (the "ICAI”) together with the ethical
requirements that are relevant to our audit of the Ind-AS
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 ICAI's Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to
provide a basis for our qualified audit opinion on Ind-AS
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
Ind-AS financial statements of the current period. These
matters were addressed in the context of our audit of the
Ind-AS 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 Ind-AS Financial
Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the
other information. The other information comprises the
Directors' Report, Business Responsibility and Sustainability
report and Corporate Governance report included in the
Annual Report, but does not include the Ind-AS financial
statements and our auditor's report thereon. The other
information is expected to be made available to us after the
date of this auditor's report.

Our opinion on the Ind-AS 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
identified above when it becomes available and, in doing
so, consider whether such other information is materially
inconsistent with the Ind-AS financial statements or our
knowledge obtained in the audit, or otherwise appears to
be materially misstated.

When we read the other information, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance.

Responsibilities of Management and Those
Charged with Governance for the Ind-AS
Financial Statements

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 Ind-AS 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.

In preparing the Ind-AS financial statements, the
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 the Board

of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the
Ind-AS Financial Statements

Our objectives are to obtain reasonable assurance about
whether the Ind-AS 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 Ind-AS
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 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 the 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.

Materiality is the magnitude of misstatements in the
financial statements that, individually or in aggregate,
makes it probable that the economic decisions of the users
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 Ind-AS 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 Ind-AS 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 sub-section (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 said Order, to
the extent applicable.

2) As required by section143(3) of the Act, we report that:

a) We have sought and except for the matter
described in the Basis for Qualified Opinion
paragraph, 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 appears from our examination of those
books, except for the matter described in the
Basis for Qualified Opinion paragraph and
for few instances where daily backup was not
performed and for the matter stated in paragraph
2 i) vi) 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 Changes in Equity and the
Statement of Cash Flows dealt with by this Report
are in agreement with the books of account.

d) Except for the possible effects of the matter
described in the Basis for Qualified Opinion
paragraph above, in our opinion, the aforesaid
financial statements comply with the Accounting
Standards specified under Section 133 of the
Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended.

e) The matter described in the Basis for Qualified
Opinion paragraph above and Qualified Opinion
paragraph of Annexure B to this report, in our
opinion, may have an adverse effect on the
functioning of the Company.

f) On the basis of the written representations
received from the Directors of the Company and
taken on record by the Board of Directors, none
of the Directors of the Company are disqualified
as on March 31, 2026, from being appointed as a
Director in terms of section 164(2) of the Act.

g) The qualification relating to the maintenance of
accounts and other matters connected therewith
are as stated in the Basis for Qualified Opinion
paragraph and paragraph 2) b) above and paragraph
2) i) vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

h) 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”.

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;

Based on such audit procedures performed
by us 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) of
the Rules as provided under iv) a) and iv) b)
above contain any material misstatement.

v) As per information and explanation
represented by the Management and based
on the records of the Company, the dividend
proposed in the previous year, declared
and paid by the Company during the year
is in accordance with Section 123 of the
Act, as applicable.

As stated in Note 18 to the Ind-AS 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 amount of dividend proposed
is in accordance with section 123 of the
Act, as applicable.

vi) Based 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
the same has operated throughout the year
for all relevant transactions recorded in the
respective accounting softwares. During
the course of our audit, we did not come
across any instance of audit trail feature
being tampered with.

Pursuant to the requirements of Rule 3(1)
of the Companies (Accounts) Rules, 2014,
and as required under Rule 11(g) of the
Companies (Audit and Auditors) Rules,
2014, the audit trail has been preserved
by the Company in compliance with the
applicable statutory requirements for record
retention except -

- for accounting software used for
inventory retained from April 1, 2024,

- for purchase requisition master
module of accounting software used
for property, plant and equipments
and stores, spares and consumables
retained from September 6, 2024,

- for January 21, 2025 and January 22,
2025 for accounting software used for
maintaining general ledger system,

- at database level retained
from April 1, 2025.

3) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements
of Section 197(16) of the Act, as amended:

In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions
of Section 197 of the Act.

For KALYANIWALLA & MISTRY LLP

CHARTERED ACCOUNTANTS
Firm Reg. No.: 104607W / W100166

Anil A. Kulkarni

PARTNER

Place: Pune M. No.: 047576

Date: May 29, 2026 UDIN:26047576DHPVFW2602