Black Opal Consultants Ltd Auditor Reports

FINANCIAL INFORMATION

(As required by Section 26 of Companies Act, 2013 read with Rule 4 of Companies (Prospectus and Allotment of Securities) Rules, 2014) To,

The Board of Directors

Black Opal Consultants Limited

(Formerly known as Black Opal Consultants Private Limited ) Shop No. 8, Ground Floor, C.S.C. AGCR Enclave Delhi 110092, India

Dear Sir/ Madam,

1. We have examined the attached Restated Consolidated Financial Statements of Black Opal Consultants Limited (formerly known as Black Opal Consultants Private Limited ) (hereinafter referred as the Company or Issuer ), comprising of Restated Consolidated Statement of Assets and Liabilities as at March 31, 2026, March 31, 2025 and March 31, 2024, the Restated Consolidated Statement of Profit and Loss (including other comprehensive income), the Restated Consolidated Cash Flow Statement for the financial years ended March 31, 2026, March 31 2025 and March 31, 2024, the Summary Statement of Significant Accounting Policies to the Restated Consolidated Financial Statements (collectively, the Restated Consolidated Financial Statements ), as approved by the Board of Directors of the Company at their meeting held on September 09, 2026 for the purpose of inclusion in the Red Herring Prospectus ( RHP ) and Prospectus 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 as amended (the Act) read with Rules 4 to 6 of the Companies (Prospectus and Allotment of Securities) Rules,2014, as amended from time to time ( the Rules ).

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended from time to time pursuant to the provisions of the Securities and Exchange Board of India ,1992 (the SEBI 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 Company s Board of Directors is responsible for the preparation of the Restated Consolidated Financial

Statements for the purpose of inclusion in the RHP and Prospectus to be filed with Securities and Exchange Board of India ( SEBI ), Registrar of Companies, Delhi I ( RoC ) and the Stock Exchanges where the equity shares of the Company are proposed to be listed ( Stock Exchanges ) in connection with the proposed IPO. The Restated Consolidated Financial Information has been prepared by the Management of the company. The responsibility of the Board of Directors includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Financial Statements. The Board of Directors are also responsible for identifying and ensuring that the Group complies with the Act, ICDR Regulations and the Guidance Note read with the SEBI Communication, as applicable.

3. 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 02, 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 Standalone 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.

4. These Restated Consolidated Financial Statements have been prepared and compiled by the management from the Audited financial statements of the Company for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024 are prepared in accordance with accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act, ( Indian GAAP ) read with the Companies (Accounting Standards) Rules, 2015, as amended which have been approved by the Board of Directors at their meetings held on September 09, 2026, September 25, 2025 and September 02, 2024 respectively.

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

a) Auditors reports issued by us dated September 09, 2026, September 25, 2025 and September 02, 2024 on the consolidated financial statements of the Group as at and for the years ended March 31, 2026, March 31, 2025 and March 31, 2024 as referred in Paragraph 4 above.

6. Our Work has been carried out in accordance with the Standards on Auditing under section 143 (10) of the Act, Guidance Note on reports in company Prospectuses (Revised 2016) and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India and pursuant to the requirements of Section 26 of the Act read with applicable rules and ICDR Regulations. This work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act and the ICDR Regulations in connection with the offer.

Opinion

7. In accordance with the requirements of Section 26 of Part I of Chapter III of the Act read with the Rules, the ICDR Regulations and the Guidance Note, we have examined the Restated Consolidated Financial Statements of the company which have been arrived after making adjustments and regrouping /reclassifications, which in our opinion were appropriate, and have been fully described in Annexure 35: Restated Summary Statement of Reconciliation of Restated Profit/ (Loss) to Profit/ (Loss) as per Audited Financial Statements and based on our examination, we report that :

i. The Restated Consolidated Statement of Assets and Liabilities of the Company as at March 31, 2026, March 31, 2025 and March 31, 2024 examined by us, as set out in Annexure 1 to this report, have been arrived at after making adjustments and regrouping/ reclassifications as in our opinion were appropriate.

ii. The Restated Consolidated Statement of Profit and Loss of the Company for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024 examined by us, as set out in Annexure 2 to this report, have been arrived at after making adjustments and regrouping/reclassifications as in our opinion were appropriate.

iii. The Restated Consolidated Statement of Cash Flows of the Company for financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, examined by us, as set out in Annexure 3 to this report, have been arrived at after making adjustments and regrouping/ reclassifications as in our opinion were appropriate.

8. Based on the above and according to the information and explanations given to us, we further report that the Restated Consolidated Financial Statements of the Company, as attached to this report and as mentioned in paragraph 7 above, read with Significant Accounting Policies (Annexure 4) have been prepared in accordance with the Act, the Rules, and the ICDR Regulations and;

a. Have been made after incorporating adjustments for the changes in accounting policies of the company in respective financial years to reflect the same accounting treatment as per the changed accounting policy for all the reporting years;

b. Have been made after incorporating adjustments for the material amounts in the respective financial years to which they relate;

c. There are no qualifications in the Auditor s Report on the audited financial statements of the company as at March 31, 2026, March 31, 2025 and March 31, 2024 which require any adjustments; and

d. There are no extra-ordinary items that need to be disclosed separately.

9. We have also examined the following Restated Standalone Financial Statements of the company set out in the Annexures prepared by the Management and approved by the Board of Directors for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024:-

1.	Restated Summary Statement of Share Capital	Annexure 5
2.	Restated Summary Statement of Reserves and Surplus	Annexure 6
3.	Restated Summary Statement of Long-Term Borrowings	Annexure 7
4.	Restated Summary Statement of Long-Term Provisions	Annexure 8
5.	Restated Summary Statement of Other Long-Term Liabilities	Annexure 9
6.	Restated Summary Statement of Short-Term Borrowings	Annexure 10
7.	Restated Summary Statement of Trade Payables	Annexure 11
8.	Restated Summary Statement of Other Current Liabilities	Annexure 12
9.	Restated Summary Statement of Short-Term Provisions	Annexure 13
10.	Restated Summary Statement of Property Plant & Equipment	Annexure 14.1
11.	Restated Summary Statement of Intangible Assets	Annexure 14.2
12.	Restated Summary Statement of Intangible Assets Under Development	Annexure 14.3
13.	Restated Summary Statement of Non-Current Investments	Annexure 15
14.	Restated Summary Statement of Deferred Tax Asset/ (Liability)	Annexure 16
15.	Restated Summary Statement of Long-Term Loans and Advances	Annexure 17
16.	Restated Summary Statement of Other Non-Current Assets	Annexure 18
17.	Restated Summary Statement of Current Investments	Annexure 19
18.	Restated Summary Statement of Inventories	Annexure 20
19.	Restated Summary Statement of Trade Receivables	Annexure 21
20.	Restated Summary Statement of Cash and Bank Balance	Annexure 22
21.	Restated Summary Statement of Short Terms Loans and Advances	Annexure 23
22.	Restated Summary Statement of Other Current Assets	Annexure 24
23.	Restated Summary Statement of Revenue from Operations	Annexure 25
24.	Restated Summary Statement of Other Income	Annexure 26
25.	Restated Summary Statement of Change in Inventory WIP	Annexure 27
26.	Restated Summary Statement of Employee Benefits Expense	Annexure 28
27.	Restated Summary Statement of Finance Cost	Annexure 29
28.	Restated Summary Statement of Other Expenses		Annexure 30
29.	Restated Summary Statement of Other Notes to Accounts		Annexure 31
30.	Restated Summary Statement of Related Party Disclosures		Annexure 32
31.	Restated Summary Statement of Additional Regulatory Information		Annexure 33
32.	Restated Summary Statement of Financial Ratios		Annexure 34
	Restated Summary Statement of Reconciliation of Profit/ (Loss) as Per Audited
33.			Annexure 35
	Financial Statements to Restated Profit/ (Loss)
	Restated Summary Statement of Reconciliation of Equity as Per Audited Financial
34.			Annexure 36
	Statements to Restated Equity
	Restated Summary of Reconciliation of Liabilities Arising from Financing
35.			Annexure 37
	Activities
36.	Restated Summary of Capitalisation Statement		Annexure 38
37.	Restated Summary Statement of Dividend		Annexure 39
38.	Restated Statement of Financial Indebtedness		Annexure 40
39.	Restated Summary Statement of Other Financial Information		Annexure 41
40.	Restated Summary Statement of Employment Benefit Obligations		Annexure 42
41.	Restated Summary Statement of Tax Shelter		Annexure 43

Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

11. 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.

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

13. Our report is intended solely for use of the management for inclusion in the Offer Document to be filed with Securities and Exchange Board of India ( SEBI ), Registrar of Companies, Delhi I ( RoC ) and the Stock Exchanges where the equity shares of the Company are proposed to be listed ( Stock Exchanges ) 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 J P M G & ASSOCIATES LLP
CHARTERED ACCOUNTANTS
ICAI Firm Registration Number: 513522C/N500382
Peer Review Number: 016358
(CA Saurabh Jain)
PARTNER
M. No. 532013
UDIN: 26532013MAEHEJ8805
Place : Delhi
Date : September 09, 2026