We have audited the accompanying standalone financia
Statements of Valiant Laboratories Limited ("the Company"'
which comprises the Balance sheet as at 31^st March 2026, the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statemen
of Cash Flows for the year ended on that date and notes to the
financial statements, including a summary of material 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 Financia'
Statements give the information required by the Companies Act
2013 (the "Act") in the manner so required and give a true anc
fair view in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act, ("Ind AS") and othei
accounting principles generally accepted in India, of the state o
affairs of the Company as at March 31, 2026 and its profit, tota'
comprehensive income, changes in equity and its cash flows fo
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 ("SA"s) 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 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 ethical
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
obtained by us is sufficient and appropriate to provide a basis for
our audit opinion on the Standalone Financial Statements.

Key audit Matter

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.

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

The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Management Discussion and Analysis,
Board's Report including Annexures to Board's Report,
Business Responsibility and Sustainability Report, Corporate
Governance and Shareholder's Information, but does not
include consolidated financial statements, Standalone 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 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.

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.

Responsibilities of Management and Those Charged
with Governance 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, changes in
equity and cash flows of the Company in accordance with the
Ind AS and 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 of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and
application of appropriate implementation and maintenance
of 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.

Those Board of Directors are 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 statement 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 Standards on Auditing,
specified under section 143(10) of the Act 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 statement, 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 Companies Act, 2013, 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 the management and the
Board of Directors.

• Conclude on the appropriateness of the Board of Directors'
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 statement 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; and

• Evaluate the overall presentation, structure and content
of the standalone financial statement, including the
disclosures, and whether the financial statement represent
the underlying transactions and events in a manner that
achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone
financial statement that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statement
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
standalone financial statement.

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

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 I"
a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

Further to our comments in Annexure I, as required by section
143(3) of the Act based on our audit, we report, to the extent
applicable, 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 purpose of our audit of the
accompanying standalone financial statements;

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, including the manner
prescribed in Rule 3(1) of Companies (Accounts) Rules, 2014;

c) The Standalone Balance Sheet, the Statement of Profit and
Loss including the Statement of Other Comprehensive
Income, the Cash Flow Statement and Statement of Changes
in Equity 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 Indian Accounting Standards
specified under Section 133 of the Act. read with Rule 7 of
the Companies (Accounts) Rules, 2014.

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 with reference to Standalone Financial Statements
of the Company as on 31^st march 2026 and the operating
effectiveness of such controls, refer to our separate Report
in "Annexure II". Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of
the Company's internal financial controls with reference to
Standalone Financial Statements; and

g) As required by section 197(16) of the Act, based on our
audit, we report that the Company has paid remuneration
to its directors during the year in accordance with the
provisions of and limits laid down under section 197 read
with Schedule V to the Act

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

i. The Company, as detailed in note 35 to the Standalone
Financial Statements, has disclosed the impact of
pending litigations on its financial position as at
31^st March 2026.

ii. The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses as at 31^st March 2026 in for
Refer Note 34 to the Standalone Financial Statements.

iii. There has been no delay in transferring amounts
required to be transferred, to the Investor Education
and Protection Fund by the Company during the year
ended 31^st March 2026;

iv. (a) The Management has represented that, to the best

of its knowledge and belief, other than disclosed
in the notes, 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 or entity, including foreign entity
("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;

vi. Based on our examination, which included test checks,
the Company has used accounting software systems
for maintaining its books of account for the financial
year ended March 31, 2026 which have the feature of
recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant
transactions recorded in the software systems.

Further, during the course of our audit we did not
come across any instance of the audit trail feature
being tampered with.

Furthermore, the audit trail has been preserved by
the Company as per the statutory requirements for
record retention.

For RAMAN S SHAH & CO

Chartered accountants
Firm Registration No.: 111919W

Raman S Shah

Proprietor

Place: Mumbai Membership No. 033272

Date: 14^th May,2026 UDIN: 26033272BIOLXV7916