We have audited the accompanying financial statements
of Ellenbarrie Industrial Gases 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 (hereinafter referred to as the
"financial statements”).

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 Indian
Accounting Standards prescribed under section 133 of the
Act read with 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, its profit (including
other comprehensive income), changes in equity and its
cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the financial statements 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 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.

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 Annual Report but does not
include the financial statements and our auditor's report
thereon, which is expected to be made available to us after
that date.

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 identified
above 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.

If, based on the work we have performed on the other
information that we obtained prior to the date of this
auditor's report, 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.

RESPONSIBILITIES OF MANAGEMENT AND BOARD
OF DIRECTORS FOR THE FINANCIAL STATEMENTS

The Company's Management and Board of Directors are
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.

In preparing the financial statements, the Board of
Directors of the Company are 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.

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

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF
THE FINANCIAL STATEMENTS

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.

We give in "Annexure A”, a detailed description of Auditor's
responsibilities for Audit of the Financial Statements.

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 Act, we give in "Annexure B", a statement on the
matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.

2. 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 of the aforesaid financial
statements;

(b) In our opinion, proper books of account as
required by law relating to preparation of the
aforesaid financial statements have been kept
by the Company so far as it appears from our
examination of those books except for the
matter stated in the paragraph 2(h)(vi) and with
respect to one of the accounting softwares
used for payroll management, in the absence
of sufficient appropriate audit evidence, we are
unable to comment whether back-up of the
books of account and other books and papers
maintained in electronic mode, have been kept
in servers physically located in India on a daily
basis from November 01 2025, as explained in
Note 50 to the financial statements;

(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
maintained for the purpose of preparation of the
financial statements;

(d) In our opinion, the aforesaid financial statements
comply with the Ind AS specified under Section
133 of the Act;

(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 are disqualified as on March 31,
2026 from being appointed as a director in terms
of Section 164 (2) of the Act;

(f) The modification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 2(b) above
on reporting under Section 143(3)(b) and
paragraph 2(h)(vi) below on reporting under
Rule 11(g);

(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 C”; and

(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 has disclosed the impact of
pending litigations on its financial position
in its financial statements - Refer Note 40 to
the financial statements.

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses.

iii. There are no amounts which are 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 it's knowledge and
belief, as disclosed in the note 49(i) 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, 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 it's knowledge and
belief, as disclosed in the note 49(j)
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,
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.

C. Based on the audit procedures
performed 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)
contain any material mis-statement.

v. The Company has neither declared nor paid

any dividend during the year.

vi. Based on our examination which included
test checks, the Company has used certain
accounting softwares for maintaining its
books of account, which have a feature of
recording audit trail (edit log) facility, except
that:

I n case of one of the accounting software,
the audit trail feature was enabled at the
database level from April 29 2025 to log any
direct data changes, as explained in Note 50
to the financial statements; and

In case of another accounting software
used for payroll management, no audit trail
feature was enabled at the database level to
log any direct data changes, as explained in
Note 50 to the financial statements.

Further, where enabled, the audit trail
feature has operated throughout the year
for all relevant transactions recorded in the
said accounting softwares. Also, during the
course of our audit, we did not come across
any instance of audit trail feature being
tampered with, except as stated above.
Additionally, the audit trail of prior years has
been preserved by the Company as per the
statutory requirements for record retention
to the extent it was enabled and recorded
in respective years.

3. In our opinion, according to information, explanations
given to us, the remuneration paid or provided by
the Company to its directors is within the limits laid
prescribed under Section 197 of the Act.

For M S K A & Associates LLP

(Formerly known as M S K A & Associates)

Chartered Accountants

ICAI Firm Registration No. 105047W/W101187

Vikram Dhanania

Partner

Membership No. 060568

UDIN:26060568FEGBSB6300

Place: Bengaluru

Date: May 22 2026