We have audited the accompanying standalone Ind AS
financial statements of Aaron Industries 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 standalone Ind AS financial statements, including a
summary of significant 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
standalone Ind AS 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 Indian
Accounting Standards prescribed under section 133 of
the Act read with the 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, 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 standalone Ind AS
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 Standalone 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 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 ICAI’s
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 standalone Ind AS
financial statements.

Other Information

The Company’s Board of Directors are responsible for
the other information. The other information comprises
the financial highlights, Management discussion and
analysis report, Company information, Notice of AGM
and Directors’ Report including corporate governance
report but does not include the standalone Ind AS
financial statements and our auditor’s report thereon.
The financial highlights, Management discussion and
analysis report, Company information, Notice of AGM
and Directors’ Report including corporate governance
report is expected to be made available to us after that
date of this auditor’s report.

Our opinion on the standalone Ind AS financial
statements does not cover the other information and
we will not express any form of assurance conclusion
thereon.

In connection with our audit of the standalone Ind AS
financial statements, our responsibility is to read the
other information identified above when it becomes
available 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.

Responsibilities of Management for the Standalone
Ind AS Financial Statements

The Company’s Board of Directors are responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation of these standalone Ind AS
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 by the Companies (Indian
Accounting Standards) Second Amendment Rules,
2019. 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 standalone Ind
AS financial statements that give a true and fair view
and are free from material misstatement, whether due
to fraud or error.

In preparing the standalone Ind AS 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
Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance
about whether the standalone Ind AS 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 Ind AS
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 standalone Ind AS 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 system 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 standalone Ind AS financial
statements, including the disclosures, and
whether the standalone Ind AS financial
statements represent the underlying transactions
and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
standalone financial statements may be influenced.
We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate
the effect of any identified misstatements in the
standalone financial statements.

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
Ind AS 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 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 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 standalone Ind AS
financial statements comply with the Accounting
Standards specified under Section 133 of the Act,
read with Companies (Indian Accounting
Standards) Rules, 2015, as amended by the
Companies (Indian Accounting Standards) Second
Amendment Rules, 2019;

(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 over financial reporting of the
Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure
A”. Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the
Company’s internal financial controls over financial
reporting.

(g) With respect to the other matters to be included in
the Auditor’s 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 by the Company to its
directors during the year is in accordance with the
provisions of section 197 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 on its financial position in
its standalone Ind AS financial statements -
Refer Note No.40 to the standalone Ind AS
financial statements;

ii) The Company did not have any material
foreseeable losses in long-term contracts
including derivative contracts during the year
ended March 31, 2026;

iii) There were no amounts which were 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 the notes to the accounts no
funds (which are material either individually
or in the aggregate) 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.

b. The Management has represented, that, to
the best of its knowledge and belief, as
disclosed in the notes to accounts, no
funds (which are material either individually
or in the aggregate) 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.

c. Based on the audit procedures that has
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
provide under (a) & (b) above contain any
material mis-statement.

v) As stated in Note 15.4 to the financial
statements, the Board of Directors of the
Company have proposed final dividend of Rs.
0.50/- per equity share for the year, which is
subject to the approval of the members at the
ensuing Annual General Meeting. The amount
of dividend proposed is in accordance with
Section 123 of the Act, as applicable.

vi) The reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 is
applicable from April 01, 2023.

Based on our examination which included test
checks, the company has used accounting
software 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, for the periods where audit trail (edit
log) facility was enabled and operated
throughout the year for the respective
accounting softwares, we did not come across
any instance of the audit trail feature being
tampered with.

As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”) issued by the Central Government
in terms of Section 143(11) of the Act, we give in
“Annexure B” a statement on the matters specified in
paragraphs 3 and 4 of the Order.

For D C Jariwala and Co.

Chartered Accountants
(Firm’s Registration No.104063W)

Sd/-

CA Darshak Patel
Proprietor

(Membership No.168005) Date: May 16, 2026

UDIN: 26168005BSXDIF1275 Place: Surat