1. We have audited the accompanying Standalone Financial
Statements of DAM Capital Advisors 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 ended on that date, and notes to
the Standalone Financial Statements, including a summary
of material accounting policies and other explanatory
information ('the Standalone Financial Statements').

2. 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 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 31 March 2026, and its
Profit and Other Comprehensive Income, Changes in Equity
and its Cash Flows for the year ended on that date.

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 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 ('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 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
on the Standalone Financial Statements.

Key Audit Matters

4. 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 year. 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 that there are
no Key audit matters to be communicated in our report.

Other Information

5. The Company's 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 Standalone Financial Statements and our
auditors' report thereon. The Other Information is expected to
be made available to us after the date of this auditor's report

6. Our opinion on the Standalone Financial Statements does not
cover the other information and we do not express any form
of assurance conclusion thereon.

7. In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other information
identified above when it becomes available 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.

8. 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 Standalone
Financial Statements

9. 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 State of Affairs, profit
and Other Comprehensive Income, Changes in Equity and
Cash Flows of the Company 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 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 of the assets
of the Company and for preventing and detecting frauds and

other irregularities; selection of the appropriate accounting
software for ensuring compliance with applicable laws and
regulations including those related to retention of audit logs;
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.

10. In preparing the Standalone Financial Statements, the 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 the Board of Directors either intends
to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

11. 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

12. 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:

12.1. 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.

12.2. 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(3X0 the Act, we are also responsible for
expressing our opinion on whether the Company has

adequate internal financial controls with reference
to Standalone Financial Statements in place and the
operating effectiveness of such controls.

12.3. Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the Management.

12.4. Conclude onthe appropriateness ofthe 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.

12.5. 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.

13. 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.

14. 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.

15. 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 year 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

16. 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 A' a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

17. As required by Section 143(3) of the Act, we report that:

17.1. 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

17.2. 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 18.8 below on
reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014 (as amended).

17.3. The standalone balance sheet, the standalone
statement of profit and loss (including Other
Comprehensive Income), the Statement of Changes
in Equity and the Standalone Cash Flow Statement
dealt with by this Report are in agreement with the
books of account.

17.4. In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified under
Section 133 of the Act read with the relevant rules
thereunder.

17.5. On the basis of the written representations received
from the directors as on 1 April 2026 to 9 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.

17.6. The modification relating to the maintenance of
books of account and other matters connected
therewith are as stated in the paragraph 17.2 above
on reporting under Section 143(3)(b) and paragraph
18.8 below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

17.7. With respect to the adequacy of the internal financial
controls with reference to Standalone Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in 'Annexure B.

17.8. In 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 to any director is not
in excess of the limit laid down under Section 197 of
the Act.

18. 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:

18.1. The Company has disclosed the impact of pending
litigations as at 31 March 2026 on its financial position
in its Standalone Financial Statements - Refer Note 34
to the Standalone Financial Statements;

18.2. The Company did not have any long-term contracts

including derivative contracts for which there were
any material foreseeable losses.

18.3. There were no amounts which were required to be

transferred to the Investor Education and Protection
Fund by the Company.

18.4. The Management has represented, to best of their

knowledge and belief, that 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.

18.5. The Management has represented, to best of their

knowledge and belief, that 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.

18.6. Based on such audit procedures, that have been

considered reasonable and appropriate in the
circumstances, performed by us, nothing has come
to our notice that has caused us to believe that the
representation under sub clause (i) and (ii) of Rule
11(e), as provided under para 18.4 and 18.5 above,
contain any material misstatement.

18.7. In our opinion and according to the information and

explanations given to us,

a) The final 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.

b) The Company has not declared and paid interim
dividend during the year and until the date of this
report.

c) As stated in Note 21 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 proposed
dividend is in accordance with Section 123 of
the Act to the extent it applies to declaration of
dividend.

18.8. Based on our examination which included test
checks, the company has used accounting softwares
for maintaining its books of accounts which has a
feature of recording audit trail (edit log) facility and
the same was operational throughout the year for
all relevant transactions recorded in the softwares
except that the audit trail was enabled in one
accounting software at the database level to log
any direct data changes from 15 February 2026 and
in other software from 19 December 2025. Further,
for the periods where audit trail (edit log) facility
was enabled and operated, we did not come across
any instance where the audit trail feature, had been
tampered with.

Additionally, other than the accounting softwares
where audit trail (edit log) facility was not enabled in

the previous year and up to the date mentioned above
in current year the Company has preserved the audit
trail in accordance with statutory record retention
requirements.

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621

Sd/-

Devang Doshi

Partner

ICAI Membership No: 140056
UDIN: 26140056JVNDLJ3075

Place: Mumbai
Date: 22 May 2026