Aakaar Medical Technologies Ltd Auditor Reports

To,

The Board of Directors,

Aakaar Medical Technologies Limited

Dear Sirs / Madams,

We have examined the attached Restated Financial Information of Aakaar Medical Technologies Limited (the "Company") comprising the Restated Statement of Assets and Liabilities as at March 31,2025, March 31,2024 and March 31,2023, the Restated Statement of Profit and Loss, the Restated Cash Flow Statement for the year ended March 31,2025, March 31,2024 and March 31,2023, the Summary Statement of Material Accounting Policies, and other explanatory information (collectively, the "Restated Financial Information"), as approved by the Board of Directors of the Company for the purpose of inclusion in the Draft Red Hearing Prospectus/ Red Hearing Prospectus/Prospectus ("DRHP/RHP/Prospectus") (referred to as the "Offer Document") in connection with its proposed offering of equity share of face value of Rs. 10 each of the Company (the "Offering"). The Restated Financial Information, have been prepared by the management of the Company in accordance with the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the "Act") read with Rules 4 to 6 of Companies (Prospectus and Allotment of Securities) Rules, 2014 ("the Rules");

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended from time to time in pursuance of provisions of Securities and Exchange Board of India Act, 1992 ("ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note").

Management Responsibility for the Restated Financial Information

The Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the offer document to be filed with Securities and Exchange Board of India ("SEBI"), National Stock Exchange of India Limited ("NSE") and Registrar of companies, Mumbai in connection with the proposed IPO. The Restated Financial Information has been prepared by the management of the Company on the basis of preparation stated in the notes to the Restated Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

Auditors Responsibilities

1. We have examined the Restated Financial Information taking into consideration:

a. The terms of reference and terms of our engagement agreed upon vide our engagement letter dated April 25, 2024 requesting us to carry out the assignment, in connection with the offering.

b. The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

c. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting Restated Financial Information; and

d. The requirements of Section 26 of the Act and the ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the offering.

These Restated Financial Information has been compiled by the management of the company from audited financial statements for the year ended March 31,2025, March 31,2024 and March 31,2023, which have been approved by the Board of Directors. These audited financial statements were prepared by the Company in accordance with Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standard ("AS") prescribed under section 133 of the Act read with Rule 7 of the companies (Accounts) Rules, 2014 (as amended), and with the relevant provisions of the Act, a pronouncement of the institute of Chartered Accountant of India ("ICAI").

2. For the purpose of our examination, we have relied on:

a. Independent Auditors Report issued by us dated May 27, 2025 on the financial statements of the Company as at and for the year ended March 31,2025 as referred in para above.

b. Independent Auditors Report issued by us dated September 5, 2024 on the financial statements of the Company as at and for the year ended March 31,2024 as referred in para above.

c. Independent Auditors Report issued by previous auditor Madhav Joshi & Associates dated September 2, 2023 on the financial statements of the Company as at and for the year ended March 31,2023 as referred in para above.

3. Based on our examination and according to the information and explanations give to us, as at March 31,2025 and for the year ended March 31,2024 and March 31,2023 and in accordance with the requirements of section 26 of part 1 of Chapter III of the Act, the ICDR Regulations and the Guidance Note, we report that the Restated Financial Information of the Company:

a. has been arrived at after incorporating adjustments for the changes in accounting policies, material errors and regrouping/ reclassifications retrospectively in the financial years ended March 31,2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the year ended March 31,2025.

b. there are no qualifications in the auditors report on the audited financial statements of the Company for the year ended March 31, 2025 and for each of the years ended March 31, 2024 and 2023, which require any adjustments to the Restated Financial Information.

c. has been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

4. We have not audited any financial statements of the Company as of the year ending prior to March 31, 2024. Accordingly, we express no opinion on the financial position, results of operations, and cash flows of the Company of for any year ending prior to March 31, 2024.

5. This report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by us or the previous auditor, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

6. We, M/s C B Mehta & Associates, Chartered Accountants, have been subjected to the peer review process of the Institute of Chartered Accountants of India (‘ICAI) and hold the peer review certificate no. 017369 having effective date from July 04, 2024 to July 31, 2027.

7. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements.

8. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

9. Our report is intended solely for use of the Board of Directors for inclusion in the offer document to be filed with Security Exchange Board of India, National Stock Exchange and Registrar of Companies. Mumbai in connection with the proposed SME IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.

For C B Mehta & Associates

Chartered Accountants

Firm No. 124978W

Sd/-

C B Mehta

Proprietor

MRN: 116543

Place: Mumbai

Date: June 14, 2025

UDIN: 25116543BMJPML8744