We have audited the financial statements of Dr. Agarwal's Eye Hospital Limited ("the Company"), which comprise the
Balance sheet as at March 31, 2026, the Statement of Profit and Loss, including the statement of Other Comprehensive
Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the
financial statements, including a summary of material accounting policies and other explanatory information.

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, as amended ("the Act") in the manner so required
and give a true and fair view in conformity with the 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, its cash flows and the changes in
equity 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), as 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 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 audit opinion on the 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
financial statements for the financial year ended March 31, 2026. These matters were addressed in the context of our audit
of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have
fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the financial statements section of
our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed
to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit
procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on
the accompanying financial statements.

Other Information

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.

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 and, in doing
so, consider whether such 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, 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 the 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 financial statements that give a true and fair view of the financial position, financial performance
including other comprehensive income, cash flows and changes in equity 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 read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. 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 the 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, 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 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.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement
of the 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 Act, we are also responsible for expressing
our opinion on whether the Company has adequate
internal financial controls with reference to 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.

• 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 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 financial statements, including the
disclosures, and whether the 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 financial statements for the
financial year ended March 31, 2026, and are therefore the
key auditmatters.Wedescribethese 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.

Other Matters

The financial information of the Company for the year
ended March 31, 2025, included in these financial
statements, have been audited by the predecessor auditor
who expressed an unmodified opinion on those statements
on May 28, 2025.

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 the "Annexure 1" a statement on the
matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, 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 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:(a) in
respect of one software used to maintain accounting
records whose servers are physically located outside
India as more fully described in Note 54 to the financial
statements; and (b) for the matters stated in the
paragraph (i)(vi) below on reporting under Rule 11(g);

c) The 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 financial statements
comply with the Accounting Standards specified under

Section 133 of the Act, read with Companies (Indian
Accounting Standards) 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 with reference to financial statements and
the operating effectiveness of such controls, refer to
our separate Report in "Annexure 2" to this report;

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

h) 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.

i) 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 financial
statements - Refer Note 42 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 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, as disclosed in Note 55
(xi) 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
or entity, 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;

b) The management has represented that, to the
best of its knowledge and belief, as disclosed in the
Note 55 (xi)to thefinancial statements, no funds have
been received by the Company from any person or
entity, 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; and

c) Based on such 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 (a) and (b) contain any material
misstatement.

v. The final dividend paid by the Company during the
year in respect of the same 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
Note 21.3 to the Financial Statements, the Board of
Directors of the Company have proposed final dividend
for the current 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.

vi. Based on our examination which included test checks,
as stated in Note 54 to the financial statements,
the Company has used accounting softwares for
maintaining its books of account 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 except that,

a) With respect to the software used by the Company
to maintain hospital management records which was
migrated to new application during the year where:

(i) there is no feature of recording audit trail in the
legacy software; and

(ii) the audit trail feature was not enabled for direct
changes to data when using certain access rights,
and was enabled for other changes during the year, in
respect of the new software; and

b) With respect to the audit trail feature for a software
used by the Company to maintain accounting records
that is operated by a third-party software service
provider,in the absence of Service Organization
Controls report covering the audit trail requirement
for direct changes to data when using certain access
rights, we are unable to comment on whether audit
trail feature of the said software:

(i) was enabled, operated or tampered, during the
year, and (ii) has been preserved as per the statutory
requirements for record retention.

Further, during the course of our audit, to the extent and
for the period for which audit trail feature is enabled and
operated, we did not come across any instance of audit trail
feature being tampered with.

Additionally, as stated in Note 54 to the financial
statements, the audit trail of relevant 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 those respective years.

For S.R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004

sd/-

per Aravind K

Partner

Membership Number: 221268
UDIN: 26221268BFJSOR1697

Place of Signature: Chennai, Tamil Nadu
Date: May 20, 2026