Amtech Esters Ltd Auditor Reports

To,

The Board of Directors of

AMTECH ESTERS LIMITED

Flat No. 102, Plot No. A-3, Magnum House 1, Commercial Complex, Karam Pura, New Delhi -110015, India.

Dear Sir,

Reference: - Proposed Public Issue of Equity Shares of AMTECH ESTERS LIMITED

1. We Kansal Yogesh & Co., have examined the attached Restated Consolidated Financial Statement of AMTECH ESTERS LIMITED (hereunder referred to the Company, Issuer) and its subsidiary Croda Pigment Private Limited (the Holding Company and its subsidiaries constitute the Group), comprising the Restated Consolidated Statement of Assets and Liabilities as at November 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023, the Restated Consolidated Statement of Profit & Loss, the Restated Consolidated Cash Flow Statement for the Period/year ended November 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023, the statement of Significant Accounting Policies and other explanatory Information (Collectively the Restated Consolidated Financial Statement ) as approved by the Board of Directors in their meeting held on May 26, 2026 for the purpose of inclusion in the Draft Red Herring Prospectus (DRHP) in connection with its proposed Initial Public Offering (IPO) of equity shares.

2. These restated Summary Statement have been prepared in terms of the requirements of: a) Section 26 of Part I of Chapter III of the Companies Act, 2013 as amended (the Act);

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 as amended ( ICDR Regulations ); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2020) issued by the Institute of Chartered Accountants of India as amended from time to time. ( The Guidance Note )

3. The Companys Management is responsible for the preparation of the Restated Consolidated Financial Information which have been approved by the Board of Directors for the purpose of inclusion in the DRHP to be filed with Stock Exchange, Securities and Exchange Board of India, and Registrar of Companies, of relevant state in connection with the proposed IPO. The Restated Consolidated Financial Statements have been prepared by the management of the Company for the period/year ended on November 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023, on the basis of notes to restatement in the Restated Consolidated Financial Statement. The Board of Directors responsibility includes designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Financial Statement.

4. We have examined such Restated Consolidated Financial Information taking into consideration:

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated April 01, 2026, in connection with the proposed IPO of equity shares of the Company;

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 the Restated Consolidated Financial Statements; 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 IPO.

5. This Restated Consolidated Financial Statements have been compiled by the management from the Audited consolidated financial statements of the company as at and for the period/year ended on November 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023 which has been approved by the Board of Directors , prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India.

a) The Restated Consolidated Financial Statement have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any;

b) The Restated Consolidated Financial Statement have been made after incorporating adjustments for prior period and other material amounts in the respective financial year to which they relate;

c) Extra-ordinary items that need to be disclosed separately in the accounts has been disclosed wherever required;

d) Profits and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Polices as set out in Note 1 to this report;

e) Adjustments in Restated Consolidated Financial Statement have been made in accordance with the correct accounting policies;

f) There was no change in accounting policies, which needs to be adjusted in the Restated Consolidated Financial Statement;

g) There are no revaluation reserves, which need to be disclosed separately in the Restated Consolidated Financial Statement;

h) The Company has not paid any dividend during FY 2022-23, FY 2023-24, FY 2024-25 & for period ended 30.11.2025.

6. In accordance with the requirements of Part I of Chapter III of Act including rules made there under, ICDR Regulations, Guidance Note and Engagement Letter, we report that-

a) The Restated Consolidated Statement of Assets and Liabilities of the Company as at November 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023, is prepared by the Company and approved by the Board of Directors. These Restated Consolidated Statement of Assets and Liabilities have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies as set out in Note 1 to this Report.

b) The Restated Consolidated Statement of Profit and Loss of the Company for Financial period/year ended November 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023, is prepared by the Company and approved by the Board of Directors. These Restated Consolidated Statement of Profit and Loss have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies as set out in Note 1 to this Report.

c) The Restated Consolidated Statement of Cash Flow of the Company for Financial period/year ended November 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023, is prepared by the Company and approved by the Board of Directors. These Statement of Cash Flow, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies as set out in Note 1 to this Report.

We have also examined the following other financial information relating to the Company prepared by the Management and as approved by the Board of Directors of the Company and annexed to this report relating to the Company for Financial period/year November 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023, proposed to be included in the DRHP for the proposed IPO.

Restated Consolidated Statement of Share Capital	Note 3
Restated Consolidated Statement of Reserves and Surplus	Note 4
Restated Consolidated Statement of Long-Term Borrowings	Note 5
Restated Consolidated Statement of Other non-current liabilities	Note 6
Restated Consolidated Statement of Short-Term Borrowings	Note 7
Restated Consolidated Statement of Trade Payables	Note 8
Restated Consolidated Statement of Short-Term Provisions	Note 9
Restated Consolidated Statement of Other Current Liabilities	Note 10
Restated Consolidated Statement of Property, Plant and Equipment and Goodwill	Note 11
Restated Consolidated Statement of Deferred Tax Asset(net)/Liability (net)	Note 12
Restated Consolidated Statement of Long-Term Loans & Advances	Note 13
Restated Consolidated Statement of Non-Current Investment	Note 14
Restated Consolidated Statement of Non-Current Assets	Note 15
Restated Consolidated Statement of Inventories	Note 16
Restated Consolidated Statement of Trade Receivables	Note 17
Restated Consolidated Statement of Short Term Loans & Advances	Note 18
Restated Consolidated Statement of Cash & Cash Equivalents	Note 19
Restated Consolidated Statement of Other Current Assets	Note 20
Restated Consolidated Statement of Revenue From Operation	Note 21
Restated Consolidated Statement of Other Income	Note 22
Restated Consolidated Statement of Cost of Goods Consumed	Note 23
Restated Consolidated Statement of Changes in inventories	Note 24
Restated Consolidated Statement of Purchase of Stock in trade	Note 25
Restated Consolidated Statement of Employee Benefit Cost	Note 26
Restated Consolidated Statement of Finance Cost	Note 27
Restated Consolidated Statement of Other Expenses	Note 28
Restated Consolidated Statement of Provision for Taxation	Note 29
Restated Consolidated Statement of Earning Per Share	Note 30
Restated Consolidated Statement of Contingent Liabilities	Note 31
Restated Consolidated Statement of Capital Commitment	Note 32
Restated Consolidated Statement of Related Party Disclosure	Note 33
Subsequent Events	Note 34
Additional Regulatory Disclosures	Note 35
Reconciliation of Restated Profit	Note 36
Reconciliation of Equity and Reserves	Note 37
Notes regarding adjustments	Note 38
Capitalisation Statement	Note 39
Restated statement accounting ratio	Note 40
Employee benefits plans	Note 41
Detail required as per schedule III of the company act 2013	Note 42
Disclosure of Minority interest	Note 43

In our opinion and to the best of information and explanation provided to us, the Restated Consolidated Financial Statement of the Company, read with significant accounting policies as appearing in Note 2, are prepared after providing appropriate adjustments and regroupings as considered appropriate.

We, Kansal Yogesh & Co, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and our peer Review Certificate is valid as on the date of signing of this report.

The preparation and presentation of the Financial Statements referred to above are based on the Audited financial statements of the Company and are in accordance with the provisions of the Act and ICDR Regulations. The Financial Statements and information referred to above is the responsibility of the management of the Company.

The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by any other Firm of Chartered Accountants nor should this report be construed as a new opinion on any of the financial statements referred to therein.

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

In our opinion, the above Consolidated Financial Statements along with Notes 3 to 43 of this report read with the respective Significant Accounting Polices as set out in Note 2 are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Companies Act, ICDR Regulations, Engagement Letter and Guidance Note issued by ICAI .

Our report is intended solely for use of the management and for inclusion in the DRHP in connection with the Proposed SME IPO of Equity Shares of the Company and our report should not be used, referred to or distributed for any other purpose without our prior consent in writing.

Kansal Yogesh & Co.
Chartered Accountants
FRN : 33960N
Sd/-
Yogesh Kansal
Partner
M No: 521306
UDIN : 26521306QRYYPI9603
Place : Delhi
Date : May 26, 2026