B.L.Kashyap & Sons Ltd Auditor Reports

To the Members of B.L. Kashyap and Sons Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of B.L. Kashyap and Sons Limited (the Company), statements which comprise the Balance Sheet as at 31st March 2026, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including a summary of significant (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 the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,(IND AS) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2026, its profit and total comprehensive income, 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 Act. Our responsibilities under those Standards are further described in the Auditors 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 (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Emphasis of Matter

We draw attention to the following matters in the notes to the . Our opinion is not modified in standalonefinancial respect of these matters: a) Note 24 regarding the matterrelating to Provident Fund dues pending before the Honble High Court of Delhi, in respect of which the Companys liability, if any, is presently accounting policiesindeterminable and other explanatory information an amount of 15.00crorescontinues to be held as deposit with the Provident Fund Authorities. b) Note 12 regarding amount of Right of Recompensate with the Participant Lenders of the Corporate Debt Restructuring (CDR) package, which is yet to be quantified.

Right of Recompense is made of Rs 35 crores. c) Note 23 regarding exceptional items of 37.82 crores recognised during the year, comprising an additional provision of 20.00 crores for Right of Recompense under the CDR package (in addition to 15.00 crores provided in changes in equity and its theprecedingyear) and a write-off of 17.80 crores from contract assets pursuant to an arbitration settlement

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 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 report.

	Key Audit Matter	How our audit addressed the key audit matter
1.	Revenue recognition on construction contracts Ind AS (115) -	Our procedures included evaluating the design and operating effectiveness of key controls over revenue recognition, testing a sample of construction contracts, assessing the reasonableness of estimated costs to complete, verifying costs incurred with judgement in estimating supporting documents, evaluating significant assumptions used by management, and assessing the adequacy of disclosures in accordance with Ind AS 115.
	Revenue from construction contracts is recognised using the percentage of completion method, which requires significant total contract costs, stage of completion, variations, claims and liquidated damages. Accordingly, revenue recognition was considered a key audit matter.
2.	Recoverability of contract assets and trade receivables
	- The Company has material contract assets and trade receivables, including balances under dispute and amounts outstanding for extended periods. The assessment of recoverability and expected credit losses involves significant management judgement.	We evaluated the Company\u2019s impairment assessment, tested ageing reports, reviewed the status of disputed balances and arbitration matters, verified subsequent collections on a sample basis, assessed management\u2019s assumptions regarding recoverability and evaluated the adequacy of related disclosures under Ind AS 107 and 109.
3.	Measurement of expected credit loss on trade receivables and contract assets
	During the year, the Company recognised a significant credit loss allowance Amount (Rs.230.29 lakh in 2026 from Rs.64.30 in 2025) on trade receivables and contract assets. The determination of impairment under the expected credit loss model prescribed by Ind AS 109 involves significant credit risk, ageing of balances, historical default experience, recoverability of disputed receivables and forward-looking information.	Our audit procedures included evaluating the Company\u2019s impairment methodology under 109, testing the accuracy of ageing reports, assessing historical recovery trends, verifying increasein expected subsequent collections on a sample basis, challenging management\u2019s assumptions used in determining expected credit losses, evaluating adjustments made for forward-looking information and reviewing the adequacy of disclosures relating to impairment of financial assets. judgement regarding customer

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Companys Annual Report, but does not include the standalone financial statements and our auditors report thereon.

The Annual Report is expected to be made available to us after the date of this auditors report.

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 identified above when it becomes available and, in doing so, consider whether such 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 on the other information that we obtain prior to the date of this auditors report, we conclude that there is a material misstatement of such other information, we are required to report that fact.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate action in accordance with the applicable Standards on Auditing.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (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 income, changes in equity and cash flows of the Company in accordance with the Indian Accounting Standards 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.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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, the management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors 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 auditors 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 sufficient tothoserisks,andobtainauditevidencethatis 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 with reference to the standalone financial statements 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 managements 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 a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors 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 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 work; and (ii) to evaluate the effect of misstatementsinthefinancialinthe statements financial We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and 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 mattersthat were of most determine those 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 auditors report unless law or regulation precludes public disclosure about the matter 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 interestbenefits . ofsuchcommunication

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (the Order), issued by the Central Government of India in terms of Section 143(11) of the Act, we give in 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 doubtontheCompanysabilityto continueas appears from our examination of those books. c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows 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 Indian Accounting Standards specified under Section 133 of the Act. e) On the basis of the written representations received from the directors as on 31st March 2026, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 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 with reference to these standalone financial statements and the operating effectiveness of such controls, refer to our separate Report in any identified Annexure B . g) With respect to the other matter to be included in the Auditors Report in accordance with the requirements of Section 197(16) of the Act, as amended: audit findings, including any significant In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the year 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 Auditors 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 or financial statements. Refer Note 24 to the standalone financial statements.

(II) The Company has made provision, as required under the applicable law or Indian Accounting Standards, for material foreseeable losses, if any, on long-term contracts, including derivative contracts.

(III) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year.

(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, 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, 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 the audit procedures performed by us that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clauses (a) and (b) contain any material misstatement.

(V) The Company has not declared or paid any dividend during the year.

(VI) Audit Trail Reporting [(Rule 11(g)]

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 operated throughout the year for all relevant transactions recorded in the software, except for the instances, if any, covered by the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014.

Further, during the course of our audit, we did not come across any instance of the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1 April 2023, reporting under Rule 11(g) is based on our examination of the audit trail maintained by the Company for the financial year ended 31 March 2026.

		For Sood Brij & Associates
		Chartered Accountants
		ICAI Firm Registration Number 00350N
Place: New Delhi
Dated:	28 th May, 2026	Arul Sood
		Partner
		Membership Number.566030
		UDIN:26566030RKBJWI2782

Annexure A to the Independent Auditors Report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date to the members of

B.L. Kashyap and Sons Limited on the standalone financial statements for the year ended 31 March 2026)

Clause	Auditor\u2019s comments / observations
(i(a)(A)	The Company has maintained proper records showing full particulars, including quantitative details and situation, of Property, Plant and Equipment.
(i)(a)(B)	The Company has maintained proper records showing full particulars of intangible assets.
(i)(b)	The Property, Plant and Equipment have been physically verified by the management during the year in accordance with a phased programme of verification, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.
(i)(c)	The title deeds of all the immovable properties, other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee, are held in the name of the Company as at the balance sheet date.
(i)(d)	The Company has not revalued its Property, Plant and Equipment (including Right-of-Use assets) or intangible assets during the year.
(i)(e)	No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.
(ii)(a)	The inventory (net carrying amount 11,891.49 lakhs, comprising raw materials/construction materials of 8,421.69 lakhs and stock-in-trade of 3,469.80 lakhs), has been physically verified by the management during the year. In our opinion, the coverage and procedure of such verification by the management noticed in aggregate or for individual items which were 10% or more of the total inventory.
(ii)(b)	The Company has been sanctioned working capital limits in excess of 5 crore, in aggregate, from banks on the basis of security of current assets. In our opinion, the quarterly returns/statements comprising inventory and trade receivables submitted by the Company to the banks during the year are in agreement with the books of account.
	According to the information and explanations given to us and on the basis of our examination of the records of the company, the Company has not, made investments in, provided any security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability partnerships or any other parties during the year. The company has provided guarantees to the companies and other parties.
	Based on the audit procedures carried on by us and as per the company has provided guarantees to the companies (Contingent in nature) and other the information and explanations given to us, the parties as below:

	Particulars	Guarantee ( in lakh)
(iii)(a)
	Aggregate amount provided/granted during the year ended 31st March 2026
	-Subsidiaries	-
	- Others	6,821.22
	Outstanding as at Balance Sheet date 31st March 2026
	- Subsidiaries	300.00
	- Others	9,278.71

(iii)(b)	In our opinion, having regard to the nature of the transactions, the commercial rationale, and the supporting evidence obtained during the audit, the terms and conditions of the outstanding loans granted to subsidiaries, as well as the guarantees and securities provided, are, prima facie, not prejudicial to the interest of the Company.
(iii)(c)	In respect of the loans granted by the Company, the loans are repayable on demand and no schedule for repayment of principal has been stipulated. Accordingly, reporting on the regularity of repayment of principal is not applicable.
	Further, as the loans are interest-free, reporting on the regularity of payment of interest is also not applicable.
(iii)(d)	As the loans are repayable on demand, there is no amount overdue for more than ninety days as at the balance sheet date in the manner contemplated by this clause.
(iii)(e)	No loan or advance in the nature of loan granted, which had fallen due during the year, has been renewed or extended, or fresh loans granted to settle the over dues of existing loans given to the same parties.
Clause		Auditor\u2019s comments / observations
(iii)(f)		The Company has not granted any loans or advances in the nature of loans during the year. The Company although has outstanding loans aggregating 38,315.03 lakhs given to its subsidiaries which are receivable on demand. Such loans represent 100% of the aggregate outstanding loans as at the year end and have been granted to related parties (subsidiaries) as defined under Section 2(76) of the Act.
(iv)		In our opinion, in respect of investments made, guarantees provided, securities given and loans granted by the Company, the provisions of Sections 185 and 186 of the Companies Act, 2013 have been complied with, wherever applicable.
(v)		The Company has not accepted any deposits or amounts which are deemed to be deposits from the public within the meaning of Sections 73 to 76 of the Act and the rules made thereunder. Accordingly, clause 3(v) of the Order is not applicable.
(vi)		The Central Government has specifiedmaintenance of cost records under Section 148(1) of the Companies Act, 2013 in respect of the Company\u2019s products. We have broadly reviewed the books and records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have not, however, made a detailed examination of such records with a view to determining whether they are accurate or complete.
(vii)(a)		According to the information and explanations given to us and on the basis of our examination of the records, statutory dues, including Goods and Services Tax, Provident Fund, Employees\u2019 State Insurance, Income Tax, Duty of Customs, cess and other material statutory dues have generally been regularly deposited with the appropriate authorities, and no undisputed amounts were outstanding as at 31st March 2026 for a period of more than six months from the date they became payable, except for delays in deposit of employer\u2019s ESI amounted to 183.9 lakh shown as payable at the year- end overdue by more than six months.

Nature Of Dues	Undisputed Amount Arrear More than Six Months (in Lakhs)
E.S.I.C	183.90

According to the information and explanations given to us, statutory dues relating to Goods and Services Tax and Excise Duty which have not been deposited on account of disputes are as follows:

(vii)(b)

Name of the Statute	Nature of Dues	Period to which the Months relates	Disputed Amount Not Deposited (In Lakhs)	Forum Where the Dispute is Pending
Central Excise Act, 1944	Duty of Excise (Penalty)	F.Y 2012-13	3.5	Tribunal CESTAT, Allahabad
Central Excise Act, 1944	Duty of Excise (Dispute)	F.Y 2025-26	5.58	AETO (enforcement) -cum proper Officer Excise and Taxation Sonipat Haryana
Goods and Service Tax Act, 2017, Haryana	GST (Including interest and Penalty	F.Y 2017-18	618.93	Joint Commissioner (Appellate Authority)
Goods and Service Tax Act, 2017, Haryana	GST (Including interest and Penalty	F.Y 2017-18	1167.31	Appeal Authority, Faridabad Haryana.
Goods and Service Tax Act, 2017, Kerala	GST (Including interest and Penalty	F.Y 2020-21 to F.Y 2021-22	116.50	Appeal to Appellate Authority GST, Cochin, Kerala
Provident Fund Act	Interest and Damages on Principal EPF	F.Y 2013-14 to F.Y 2018-19	238.22	High Court, Delhi
		Total	2150.04

According to the information and explanations given to us and on the basis of our examination of the records, we have (viii) not come across any transactions not recorded in the books of account which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 The Company has not defaulted in repayment of loans or borrowings or in payment of interest to any lender during (ix)(a) the year.

(ix)(b) The Company has not been declared a wilful defaulter by any bank or financial institution or other lender. (ix)(c) Term loans, where availed, were applied for the purpose for which they were obtained.

(ix)(d) Funds raised on short-term basis have not been utilised for long-term purposes.

The Company has not taken any funds from any entity or person on account of or to meet the obligations of its (ix)(e) subsidiaries or associates.

The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or (ix)(f) associate companies.

The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) (x)(a) during the year.

The Company has not made any preferential allotment or private placement of shares or fully/partly/optionally (x)(b) convertible debentures during the year.

(xi)(a) No fraud by the Company or any fraud on the Company has been noticed or reported during the year. (xi)(b) No report under Section 143(12) of the Act has been filed in Form ADT-4 by the auditors during the year. (xi)(c) No whistle-blower complaints received during the year.

(xii) The Company is not a Nidhi Company. Accordingly, clause 3(xii) of the Order is not applicable.

Transactions with related parties are in compliance with Sections 177 and 188 of the Act, where applicable, and the (xiii) details have been disclosed in the standalone financialstatements as required by the applicable Indian Accounting Standards.

The Company has an internal audit system commensurate with the size and nature of its business, as required under (xiv)(a) Section 138 of the Act.

(xiv)(b) The reports of the Internal Auditor for the period under audit have been considered by us.

The Company has not entered into any non-cash transactions with directors or persons connected with them within the (xv) meaning of Section 192 of the Act.

The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, (xvi) clauses 3(xvi)(a), (b) and (c) of the Order are not applicable. Based on the information and explanations provided by the (a)-(d) management and the audit procedures performed by us, there is no Core Investment Company within the Group as defined in the Core Investment Companies (Reserve Bank) Directions, 2016.

(xvii) The Company has not incurred cash losses during the current financial year and immediately preceding financial year. (xviii) There has been no resignation of the statutory auditors of the Company during the year. On the basis of the financial ratios (including current 1,15,024.57 lakhs over current liabilities of 94,941.21 lakhs), ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information (xix) knowledge of the Board of Directors and managements plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention which causes us to believe that any the date of the audit report that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date.

According to the information and explanations given to us, there are no unspent amounts towards corporate social Responsibility (CSR) on other than ongoing projects, requiring a transfer to a Fund specified (xx) companies Act, 2013 in compliance with second proviso to sub-section (5) of section 135 of the said Act. Accordingly, reporting under clause 3(xx) (a) of the Order is not applicable for the year This clause relates to consolidated financial statements and is addressed, where applicable, in the Annexure (xxi) report on the Consolidated Financial Statements.

	For Sood Brij & Associates
	Chartered Accountants
	ICAI Firm Registration Number 00350N
Place: New Delhi
Dated: 28 th May, 2026	Arul Sood
	Partner
	Membership Number.566030
	UDIN:26566030RKBJWI2782

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(f) under Report on Other Legal and Regulatory Requirements section of our report of even date to the members of

B.L. Kashyap and Sons Limited on the standalone financial statements for the year ended 31st March 2026)

Report on the Internal Financial Controls with reference to the aforesaid standalone financial statements under Clause (i) of

Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act) Opinion

We have audited the internal financial controls with reference to standalone financial statements of B.L. Kashyap and Sons Limited (the Company) as of 31st March 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to standalone financial were operating effectively as at 31 March 2026, based on the internal control over financialreporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the Guidance Note.)

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively forensuringtheorderlyandefficientconduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the CompaniesAct,2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial statements were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of such internal financial controls, material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. sufficient appropriate to provide a basis for our audit opinion on the Webelievethattheauditevidencewehaveobtainedis Companys internal financial controls system with reference to standalone financial statements

Meaning of Internal Financial Controls with Reference to Financial Statements

A companys internal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

	For Sood Brij & Associates
	Chartered Accountants
	ICAI Firm Registration Number 00350N
Place: New Delhi
Dated: 28 th May, 2026	Arul Sood
	Partner
	Membership Number.566030
	UDIN:26566030RKBJWI2782