We have audited the accompanying financial results of Nature Wings Holidays Limited (the "Company") for the half
year ended March 31,2026 and the year-to-date results for the period from April 1, 2025 to March 31, 2026, attached
herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations") as amended.
In our opinion and to the best of our information and according to the explanations given to us these financial results:
i. are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) in this regard; and
ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the
applicable accounting standards and other accounting principles generally accepted in India of the net
profit and other financial information for the half year ended March 31, 2026 as well as the year-to-date
results for the period from April 1,2025 to March 31,2026.
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 (the Act). Our responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Results 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 results 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 obtained by us is sufficient and appropriate to
provide a basis for our opinion.
Emphasis of Matter
We draw attention to Note 8 regarding gross presentation of certain rcimbursement/pass-through recoveries under
Revenue from Operations, as such amounts are billed through a single invoice, with corresponding expenses
recognized separately. This has no impact on the profit of the Company.
Our opinion is not modified in respect of this matter.
Management's Responsibilities for the Financial Results
The half-yearly and year-to-date financial results have been prepared in accordance with the accounting policies
adopted in the annual financial statements of the Company. The Board of Directors is responsible for the preparation
and presentation of these financial results so as to give a true and fair view of the Company’s net profit or loss and
other financial information. The results have been prepared in compliance with the recognition and measurement
principles prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder,
generally accepted accounting principles in India, and Regulation 33 of the SEBI (Listing Obhuations and Disclosure
Requirements) Regulations. In fulfilling this responsibility, the Board is required to accounting
records for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.
The Board is also responsible for selecting and applying appropriate accounting policies, making reasonable and
prudent estimates and judgments, and establishing, implementing, and maintaining effective internal financial controls
to ensure the accuracy and completeness of the accounting records. These responsibilities are aimed at ensuring that
the financial lesults ate fiee from material misstatement, whether due to fraud or error, and present a true and fair
view of the Company's financial performance and position.
In preparing the financial results, 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.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Results
Our objectives are to obtain reasonable assurance about whether the financial results 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 results.
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 results, 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, but not for the purpose of expressing an opinion on the effectiveness
of the company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of related disclosures
made by 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 results 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 results, including the disclosures,
and whether the financial results 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.
We also performed procedures in accordance with circular issued by the SEBI under Regulation 33 (8) of the Listing
Regulations, to the extent applicable.
Other Matter
The financial results for the hall year ended March 3 1, 2026 have been derived as balancing figures, computed as the
difference between the audited financial figures for the full financial year and the unaudited year-to-date figures for
the first half of the current financial year. The said year-to-date figures for the first half were subjected to a limited
review by us in accordance with the applicable standards. It is hereby confirmed that the abovementioned matter has
no bearing on our report on the Statement, and accordingly, our opinion thereon remains unmodified.
For Maheshwari & Co.
Chartered Accountants
Firm’s Registration No. 105834W
Vikas Asawa
Partner
Membership No. 172133
UD1N: 26172133RMKPSJ2215
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