We have audited the accompanying Standalone Financial
Statements of TCPL Packaging Limited (“the Company”),
which comprise of 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 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 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 accounting principles generally
accepted in India, of the state of affairs of the Company as at March
31, 2026, its profit including other comprehensive loss, 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 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 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 Standalone 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 Standalone
Financial Statements for the Financial year ended March 31, 2026.
These matters were addressed in the context of our audit of the
Standalone 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 Standalone 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 Standalone Financial Statements.

Information Other than the Financial Statements and
Auditor’s Report Thereon

The Company’s Board of Directors are responsible for the other
information. The other information comprises the Directors
Report included in the Annual report, but does not include the
Standalone Financial Statements and our auditor’s report thereon.

Our opinion on the Standalone Financial Statements does not
cover the other information and we do not express any form of
assurance thereon.

In connection with our audit of the Standalone 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 Management 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 Standalone Financial Statements that give a true and fair
view of the financial position, financial performance including
other comprehensive loss, 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 Standalone 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 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 charged with governance are also responsible for overseeing
the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether
the Standalone 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
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 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 Financial Statements, including the disclosures,
and whether the Standalone 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 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 out weight 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 sub-section (11) of section 143 of the Act, we give
in the “Annexure 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 that:

(d) 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;

(e) 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;

(f) The Balance Sheet, the Statement of Profit and Loss
including the Statement of Other Comprehensive loss,
the Cash Flow Statement and Statement of Changes in
Equity dealt with by this Report are in agreement with
the books of account;

(g) In our opinion, the aforesaid Standalone Financial

Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules, 2015,
as amended;

(h) On the basis of the written representations received
from the directors 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;

(i) With respect to the adequacy of the internal financial
controls over financial reporting of the Company with
reference to these Standalone Financial Statements and
the operating effectiveness of such controls, refer to our
separate Report in “Annexure B” to this report;

(j) With respect to the matter to be included in the Auditor’s
Report under Section 197(16) of the Act, in our opinion
and according to the information and explanations given
to us, the remuneration paid by the Company to its
directors during the current year is in accordance with
the provisions of Section 197 of the Act.

(k) 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
Financial Statements - Refer Note 38 to the
Standalone Financial Statements;

ii. The Company has accounted for material foreseeable
losses for long-term contracts including derivative
contracts if any.

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company

iv. The Management has represented that, to the best
of its knowledge and belief:

a) 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,
recorded in writing or otherwise, that
the intermediary shall, either 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) No funds have been received by the Company
from any person(s) or entity(ies) including
foreign entities (“Funding Parties”), with
the understanding, recorded in writing or
otherwise, that the Company shall, either
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 audit procedures, as considered
reasonable and appropriate in the
circumstances, performed by us, we report that
nothing has come to our notice that has caused
us to believe that the representations as above
contain any material mis-statement.

v. The final dividend proposed in the previous year,
declared and paid during the year by the Company
is in compliance with the provisions of Section 123
of the Act.

vi. Based on our examination which included test
checks, the Company has used accounting software
for maintaining its books of account which has a
feature of recording audit trail (edit log) facility and
the same has been 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 in respect of the accounting software.
Additionally, the audit trail of 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 respective years.

For Singhi & Co.

Chartered Accountants
Firm Registration Number: 302049E

Sudesh Choraria

Partner

Date: May 28, 2026 Membership No: 204936

Place: Mumbai UDIN: 26204936WDCRQE1264