We have audited the accompanying financial statements of
Navkar Corporation 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 ended, and notes to the financial statements,
including a summary of the material accounting policies 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 Ind AS 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
('Ind AS') 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, of the state of affairs of the Company as at March 31,
2026, its profit (including other comprehensive income), its
changes in equity and its cash flows for the year ended on that
date.

Basis for Opinion

We conducted our audit of the financial statement in accordance
with the Standards on Auditing (SAs) 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 Ind AS 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 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.

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 standalone 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 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 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 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, 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 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 (including other comprehensive income), changes
in equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Ind AS specified under Section 133 of the Act, read with relevant
rules issued thereunder. 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
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 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.

Auditors' 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 and
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 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 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 Section 143(11) 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.

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;

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;

c) The Balance Sheet, the Statement of Profit and
Loss (including other comprehensive income), the
statement of changes in equity and the Cash Flow
Statement dealt with by this Report are in agreement
with the books of account;

d) In our opinion, the aforesaid financial statements
comply with the Ind AS specified under Section 133 of
the Act, read with relevant rules issued thereunder;

e) On the basis of the written representations received
from the directors as on March 31, 2026 and 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 and;

f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company with
reference to these Ind AS financial statements of the
Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B";

g) With respect to the other matters to be included in the
Auditors' Report in accordance with the requirements
of Section 197(16) of the Act, as amended;

In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid or provided by the Company to its
directors during the year is in accordance with the
provisions of Section 197 of the Act read with Schedule
V of the Act;

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,
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 as at March 31, 2026 on its financial
position in its financial statements - Refer to
Note 32 on Contingent Liabilities 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 as at March 31,
2026;

iii. There were no amount which was 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 it's knowledge and belief, as disclosed
in Note 40 Other Statutory Information's, 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, 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 it's knowledge and belief, as disclosed
in Note 40 Other Statutory Information's,

to the Ind AS 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, 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 audit procedures which we
considered reasonable and appropriate in
the circumstances, nothing has come to their
notice that has caused them to believe that
the representations under sub-clause (a) and
(b) contain any material mis-statement.

v. The Company has not declared or paid any
dividend during the year in contravention of the
provisions of section 123 of the Companies Act,
2013.

vi. The reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 is applicable
from 1st April, 2023. Based on our examination
which included test checks, Company has used
accounting software for maintaining its books of
accounts, which have a feature of recording audit
trail (edit log) facility and the same has operated
throughout the year.

Further, for the periods where audit trail (edit log)
facility was enabled and operated during the year
for the respective accounting software, we did not
come across any instance of the audit trail feature
being tampered with.

For Uttam Abuwala Ghosh & Associates

Chartered Accountants
ICAI Firm Registration Number: 111184W

Ajaysingh Chauhan,

Partner

Membership No: 137918
UDIN:26137918EBESYN2699

Place: Navi Mumbai.

Date: 20^th April, 2026