We have audited the accompanying standalone
financial statements of Vishnu Chemicals Limited ("the
Company”), which comprise the Standalone Balance
Sheet as at March 31, 2026, 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 for the year ended
on that date, and a summary of the significant accounting
policies and other explanatory information (hereinafter
referred to as "the standalone financial statements”).

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
prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015,
as amended, ("Ind AS”) and other accounting principles
generally accepted in India, of the state of affairs of the
company as at March 31, 2026, and its profit and total
comprehensive income, its cash flows and the changes in
equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial
statements 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 independence 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 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. We have
determined the matters described below to be the key
audit matters to be communicated in our report.

1. Revenue Recognition (See Note 1.B(i) and 24 to
Standalone Financial Statements)

The Key Audit Matter:

Revenue recognition being the significant component
of the operations of the standalone financial
statements, it was identified as the key audit matter.
Revenue is recognised when the risks and rewards of
the underlying goods are transferred to the customer.
And when it is deemed probable that the economic
benefits will flow to the Company and can be reliably
measured.

As such, the determining factor in the reported
performance of the company is the timing of revenue
recognition- with an inherent risk of it being done
before the defined parameters to do so are met.

Audit Measures adopted to validate KAM included
the following:

• Appropriateness of the revenue recognition
accounting policies adopted by the company
were assessed to ascertain their compliance
with Ind AS 115 "Revenue from Contracts with
Customers”;

• Evaluating the design and implementation of
the controls in respect of revenue recognition;

• Operational effectiveness of relevant controls
with respect to revenue recognition were tested.

Information Other than the Standalone Financial
Statements and Auditor's Report Thereon:

The Company’s Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management’s
Discussion and Analysis report as contained in the Annual
Board’s Report including Annexures therein, Business
Responsibility & Sustainability 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. We have
nothing to report in this regard.

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 Act with
respect to the preparation of these standalone financial
statements that give a true and fair view of the financial
position, financial performance, total comprehensive
income, changes in equity and cash flows of the Company
in accordance with the Ind AS and other accounting
principles generally accepted in India. 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 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,
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 management
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
scepticism 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.

• Obtain an understanding of internal financial
controls 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 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 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 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 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 paragraph 3 and 4 of the
Order, to the extent applicable

2. A. As required by Section 143(3) of the Act, based

on our audit 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 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 Flow dealt with by this Report are
in agreement with the relevant books of
account.

d) In our opinion, the aforesaid standalone
financial statements comply with the
Ind AS specified under Section 133 of the
Act, read with Rule 7 of the Companies
(Accounts) Rules, 2015, as amended;

e) On the basis of the written representations
received from the directors as on March
31, 2026 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 adequacy of the internal
financial controls over financial reporting
of the Company and the operating
effectiveness of such controls, refer to
our separate Report in "Annexure B”. Our
report expresses an unmodified opinion on
the adequacy and operating effectiveness
of the Company’s internal financial controls
over financial reporting.

g) In our opinion, the managerial remuneration
for the year ended March 31, 2026 has been
paid / provided by the Company to its
directors in accordance with the provisions
of section 197 read with Schedule V to the
Act;

B. 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 standalone Ind AS financial
statements - Refer Note 36.

ii. The Company did not have any material
foreseeable losses on long-term contracts
including derivative contracts.

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

iv. a. 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(s) or entities, including foreign
entities ("Intermediaries”), with the
understanding whether recorded in
writing or not that the intermediary
shall whether directly or indirectly
lend or invest in other persons or
entities identified in any manner
by or on behalf of the company
(Ultimate Beneficiaries) or provide
any guarantee, security or the like on
behalf of ultimate beneficiaries.

b. 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(s) or entities
including foreign entities ("Funding
Parties”) with the understanding
that such 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 guarantee,
security or the like on behalf of the
Ultimate beneficiaries.

c. Based on the audit procedures
performed, we report that nothing has
come to our notice that has caused
us to believe that the representations
given under sub-clause (i) and (ii) by
the management contain any material
mis-statement.

v. In our opinion Company has complied with
section 123 of the Companies Act,2013
with respect to dividend declared/paid
during the year.

vi. As required under Rule 11(g) of Companies
(Audit and Auditors) Rules, 2014, we report
that:

Based on our examination, which included
test checks, the Company has used an
accounting software for maintaining its
books of account for the year ended March
31, 2026 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 the audit trail feature being tampered
with and the audit trail has been preserved
by the Company as per the statutory
requirements for record retention.

For Jampani & Associates
Chartered Accountants
(Firm's Registration No. 016581S)

Sd/-

Trinadha Rao Marisetty
Partner

Place: Hyderabad (Membership No. 207990)

Date: 30 May 2026 UDIN: 26207990GFOVEM3237