ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Hexagon Nutrition Ltd.

We have audited the Standalone Financial Statements of
Hexagon Nutrition Limited (hereinafter referred to as “the
Company”), which comprise the Standalone Balance sheet
as at March 31,2026, the Standalone Statement of Profit and
Loss (including Other Comprehensive Income), Standalone
Statement of Changes in equity, and Standalone Statement
of Cash flows for the year then ended on that date, and
notes to the Standalone Financial Statements, including
a summary of material accounting policies and other
explanatory information (hereinafter referred to as “the
Standalone Financial Statements).

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 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, its total
comprehensive income, its changes in equity and its cash
flows for the year ended on that date.

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. 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
Standalone Financial Statements 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 we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on
Standalone Financial Statements.

Emphasis of matter

a. We draw attention to Note 52 to the Standalone
Financial Statements, which describes the conversion
of the Company’s Compulsorily Convertible Preference
Shares (CCPS) into equity shares subsequent to the
reporting date.

b. We draw attention to Note 53 to the Standalone
Financial Statements, which describes the listing of
the Company’s equity shares on the stock exchange
subsequent to the reporting date.

c. We draw attention to Note 54 to the Standalone
Financial Statements, which describes the merger of
Hexagon Nutrition (Exports) Private Limited, a wholly
owned subsidiary of the Company, with Hexagon
Nutrition Limited, the Holding Company.

Our opinion on the Standalone Financial Statements is
not modified in respect of the above matters.

Key Audit Matters

Key Audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
Standalone Financial Statements of the current period.
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. We have determined the
matters described below to be the key audit matters to be
communicated in our reports.

Information other than the Standalone Financial
Statements and Auditors’ Report thereon

The Company’s Management and Board of Directors are
responsible for the other information. The other information
comprises the information 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 conclusion 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 Standalone
Financial Statements or our knowledge obtained during the
course of our 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 and Those
Charged with Governance for the Standalone
Financial Statements

The Company’s Management and Board of Directors are
responsible for the matters stated in section 134(5) of the
Companies Act, 2013 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 income, changes in equity
and cash flows of the Company in accordance with the Ind
AS and other accounting principles generally accepted in
India, including the 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 and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
implementation and maintenance of 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 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.

The Board of Directors is 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 Companies Act, 2013, 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 Standalone 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 consolidated
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 believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit
opinion on 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 of the current period 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 sub-section (11) of section 143 of
the Companies Act, 2013, 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 Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone
Statement of Cash Flows, and Standalone
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
Financial Statements comply with the Accounting
Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts)
Rules, 2014.

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 over financial reporting of the
Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure
B”.

g) I n our opinion and according to the information
and explanations given to us, the managerial
remuneration for the year ended March 31, 2026,
has been paid / provided by the Company to its
directors is in accordance with the provisions of
Section 197 read with Schedule V to 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,
in our opinion and to the best of our information
and according to the explanations given to us:

i. The Company does not have any pending
litigations which would impact its financial
position except as referred in Note 41 to the
Standalone Financial Statements.

ii. The Company did not have any material
foreseeable losses on 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, 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 its knowledge and
belief, 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 such audit procedures that
we have 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 provided
under (a) and (b) above, contain any
material misstatement.

v. The dividend declared or paid during the
year by the Company is in compliance with
section 123 of the Act.

vi. Based on our examination which included
test checks, the company has used an
accounting software for maintaining books
of account which has a feature of recording
audit trail (edit logs) facility and the same
has operated throughout the year for all
the relevant transaction 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
and the audit trail has been preserved by the
Company as per the statutory requirements
for record retention.

For S K Patodia & Associates LLP

Chartered Accountants

Firm Registration Number: 112723W/ W100962

Dhiraj Lalpuria

Partner

Membership Number: 146268

UDIN: 26146268UGAADD8029

Place : Mumbai

Date : June 30, 2026