We have audited the Standalone financial statements
of Bhageria Industries Limited ("the Company"), which
comprise the Standalone Balance Sheet as at March 31,
2025 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 then ended, and
notes to the Standalone financial statements, including
material accounting policies and other explanatory
information (hereinafter referred to as "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 (Act) in the manner
so required and give a true and fair view in conformity
with the Indian Accounting Standards ('Ind As') specified
under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and other
accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025
and its profit and other comprehensive income, changes
in equity and its Cash Flows for the year ended on that
date.

Basis for Opinion

We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. 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 together with
the ethical requirements that are relevant to our audit of
the Standalone Financial Statements under the provisions
of the Companies Act, 2013 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 material and appropriate to provide a basis
for our opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, 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.

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

The Company's Management and 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 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 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.

When we read the company's 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 necessary actions, as
applicable under the relevant laws and regulations.

Responsibilities of Management and those Charged with
Governance for the Standalone Financial Statements

The accompanying standalone financial statements have
been approved by the Company's Board of Directors.
The Company's Management and Board of Directors are
responsible for the matters stated in section 134(5) of
the Companies Act, 2013 ("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 accordance with
the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind As)
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 Management
and the Board of Directors 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.

Those Board of Directors are also responsible for
overseeing the Company's standalone 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 judgement 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 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
with reference to standalone 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 and Board of Directors.

• Conclude on the appropriateness of managements
and Board of Directors use of the going concern
basis of accounting in preparation of Standalone
Financial Statements 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.

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 for the financial year 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 1" a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

2. A. 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.

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 except for any
matters stated in paragraph 2 B(f) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as
amended). Further, the back-up of the books
of accounts and other books and papers of
the Company maintained in electronic mode
has been maintained on servers physically
located in India.

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 books of account.

d. In our opinion, the aforesaid standalone
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, 2025 taken on record by the Board of
Directors, none of the directors is disqualified
as on March 31, 2025 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 as on 31^st March, 2025 and
the operating effectiveness of such controls,
refer to our separate Report in "Annexure 2"
wherein we have expressed an unmodified
opinion

g. The modifications relating to the
maintenance of accounts and other matters
connected therewith in respect of audit trail
are as stated in the paragraph 2A(b) above
on reporting under Section 143(3)(b) of the
Act and paragraph 2B(f) below on reporting
under Rule 1 1 (g) of the Companies (Audit
and Auditors) Rules, 2014.

B. With respect to the other matters to be included
in the Auditors' 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:

a. The Company has disclosed the impact
of pending litigations on its Standalone
financial position in its financial statements
- Refer Note 46 to the Standalone Financial
Statements;

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

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

d. i. The management has represented that,

to the best of its knowledge and belief, as
disclosed in note no 62 to the accounts,
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 persons or entities, 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 ("Ultimate
Beneficiaries") by or on behalf of the
Company or

- provide any guarantee, security or the
like to or on behalf of the Ultimate
Beneficiaries

ii. The management has represented, that,
to the best of its knowledge and belief, as
disclosed in note no 62 to the accounts, no
funds have been received by the Company
from any persons or entities, 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 ("Ultimate
Beneficiaries") by or on behalf of the
Funding Party or

- provide any guarantee, security or the
like from or on behalf of the Ultimate
Beneficiaries

iii. 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), as
provided under (i) and (ii) above, contain
any material misstatement.

e. The final dividend declared and paid by the
Company during the year in respect of the
dividend declared for the previous year is in

accordance with section 123 of the Act to
the extent it applies to payment of dividend.

As stated in the note no.45 of Standalone
Financial Statements, the Board of Directors
of the Company has proposed final dividend
for the year which is subject to the approval
of the members at the ensuing Annual
General Meeting. The dividend declared is in
accordance with Section 123 of the Act to the
extent it applies to declaration of dividend.

f. 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 software.

Further, where audit trail (edit log) facility
was enabled and operated throughout the
year, we did not come across any instance of
audit trail feature being tampered with during
the course of our audit.

C. With respect to the matter to be included in the
Auditors' Report under section 197(16) of the
act:

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. The Ministry
of Corporate Affairs has not prescribed other
details under Section 197(16) which are required
to be commented upon by us.

For SARDA & PAREEK LLP

Chartered Accountants
FRN no. 109262W/W100673

Gaurav Sarda

Partner

Membership No. 110208
UDIN: 25110208BMINIR9814
Mumbai, 17th May, 2025