Ardee Industries Ltd Auditor Reports

ON THE RESTATED FINANCIAL INFORMATION

To

The Board of Directors

Ardee Industries Limited Khasra No. 340, 1^st & 3^rd Floor, Village Sultanpur, Mehrauli New Delhi, India, 110030.

Dear Sirs,

1. We, Nangia & Co. LLP, Chartered Accountants have examined the attached Restated Financial Information of Ardee Industries Limited (the “Company” or the “Issuer”), which comprise of Restated Statement of Assets and Liabilities as at March 31, 2026, March 31, 2025 and March 31, 2024, the Restated Statement of Profit and Loss including Other Comprehensive Income, Restated Statement of Changes in Equity and Restated Statement of Cash Flows financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, the Summary statement of Significant Accounting Policies and other explanatory information (collectively, the “Restated Financial Information”) as approved by the Board of Directors of the Company at their meeting held on July 9^th, 2026 for the purpose of inclusion in the updated Draft Red Herring Prospectus (“UDRHP”)/ Red Herring Prospectus (“RHP”)/ Prospectus to be prepared by the Company in connection with its proposed Initial Public Offer of equity shares (“IPO”) prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013(the “Act”);

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 provision 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”).

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the UDRHP/RHP/ Prospectus to be filed with Securities and Exchange Board of India (“SEBI”), BSE Limited and National Stock Exchange of India Limited where the equity shares of the Company are proposed to be listed (“Stock Exchanges”) and the Registrar of Companies, Delhi, situated at Delhi (“ROC”), in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in note 2.1 to the Restated Financial Information. The Board of directors of the Company are responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of directors of the Company are also responsible for identifying and ensuring that the company complies with the Act, the ICDR Regulations and the Guidance Note.

3. We have examined such Restated 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 March 20, 2025 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 Financial Information.

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 proposed IPO.

4. These Restated Financial Information have been compiled by the management from:

a) The Audited financial statements of the company as at and for the financial years ended March 31, 2026 and March 31, 2025 prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS”) as prescribed under Section 133 of the Act read with Companies (Accounts) Rules 2014, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meetings held on June 30^, 2026 and September 1, 2025 respectively.

b) The Audited financial statements of the company as at and for the year ended March 31,2024 prepared in accordance with the Accounting Standards as prescribed under section 133 of the Act read with Companies (Accounts) Rules 2014, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meetings held on September 5, 2024.

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

a) Auditors report issued by us dated June 30, 2026 and September 1, 2025 on the financial statements of the company as at and for the financial years ended March 31, 2026 and March 31, 2025 respectively as referred in Paragraph 4 (a) above and

b) Auditors report issued by the previous auditors dated September 5, 2024 on the financial statements of the Company as at and for the financial year ended March 31, 2024, as referred in Paragraph 4 (b) above.

c) In respect of examination performed by Previous Auditors

The audit for the financial years ended March 31, 2024 was conducted by the Companys previous auditors, Mohan Gupta & Company, (the “Previous Auditors”) and accordingly reliance has been placed on the Restated Statement of Assets and Liabilities and the Restated Statement of Profit and Loss (including Other Comprehensive Income), Restated Statement of Changes in Equity and Restated Statement of Cash Flows, the Summary statement of Significant Accounting Policies and other explanatory information examined by them for the said year ended March 31, 2024. The examination report included for the said period is based solely on the examination report dated July 09, 2026 submitted by the Previous auditors. The Previous auditors have also confirmed that the 2024 Restated Statements:

1 have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2024 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.

2 have been prepared after incorporating Ind AS adjustments to the audited Indian GAAP financial statements as at and for the year ended March 31, 2024 as described in Note 45 to the Restated Financial Information

3 does not contain any qualifications requiring adjustments.

4 have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

6. Based on our examination and according to the information and explanations given to us and also as per the reliance placed on the examination report submitted by the Previous Auditors as at and for the years ended March 31,2024, we report that the Restated Financial Information:

a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial year ended March 31, 2024 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the year ended March 31, 2026 and March 31, 2025 .

b) have been prepared after incorporating Ind AS adjustments to the audited Indian GAAP financial statements as at and for the year ended March 31, 2024 as described in Note 46 to the Restated Financial Information

c) does not contain any qualifications requiring adjustments.

d) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

7. We have not audited any financial statements of the company as of any date or for any period subsequent to March 31, 2026. Accordingly, we express no opinion on the financial position, results of operations, cash flows and statement of changes in equity of the company as of any date or for any period subsequent to March 31, 2026.

8. This report should not in any way be construed as a reissuance or re-dating of any of the

previous audit reports issued by us, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

10. Our report is intended solely for use of the Board of Directors for inclusion in the UDRHP/

RHP / Prospectus to be filed with SEBI, BSE Limited and National Stock Exchange of India Limited and Registrar of Companies, Delhi, situated at Delhi in connection with the proposed 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 Nangia & Co. LLP

Chartered Accountants

ICAI FRN 002391C/N500069

Prateek Agrawal

Partner

Membership # 402826

Signed at Gurugram on July 09, 2026

UDIN: 26402826FKUVHP2360