We have audited the accompanying financial statements of Jaro Institute of Technology Management & Research Limited
("the Company”) (in which are included financial statements of its Employee Welfare Trust), 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 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 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, and its profit
(including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) specified under
section 1-43(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.

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 of the current period. 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.

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 Director’s report but does not include the financial statements and our auditor's report thereon, which
we obtained prior to the date of this auditor's report, and the Company’s Annual Report 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 and will 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 / Board of Trustees for the Financial Statements

The Company's Management and Board of Directors / Board of Trustees of the Employee Welfare Trust ("the Trust") 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 / Trust 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 statement 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 / Board of Trustees 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 / Board of Trustees either intends
to liquidate the Company / Trust or to cease operations, or has no realistic alternative but to do so.

The Board of Directors / Board of Trustees is also responsible for overseeing the Company's / Trust’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 (ll) 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 hove 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.

(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) 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”.

(g) 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 32 to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts

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. 1) To the best of our knowledge and belief, as disclosed in the Note 42(ii)(a) 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.

2) To the best of our knowledge and belief, as disclosed in the Note 42(ii)(b) 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.

3) 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 interim dividend declared and paid by the Company during the year and until the date of this audit report
is in accordance with section 123 of the Act.

vi. Based on our examination, which included test checks, the Company has used an accounting software 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. Further, during the course
of our audit, we did not come across any instance of audit trail feature being tampered with. Additionally,
the audit trail of previous year has been preserved by the Company from June 13, 2023 as per the statutory
requirements for record retention prescribed under Rule ll(g) of the Companies (Audit and Auditors) Rules,
2014.

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 read with Schedule V of the Act.

For M S K A & Associates LLP (FormerlyknownosMSKAS Associates)

Chartered Accountants

ICAI Firm Registration No: 105047W/W101187

Viren Soni

Partner

Membership No: H7694

UDIN: 26H7694BEBJOD2789

Place: Mumbai

Date: May 7, 2026