Devson Catalyst Ltd Auditor Reports

The Board of Directors,

Devson Catalyst Limited

(Formerly known as Devson Catalyst Private Limited)

Plot No. 214 to 218 GIDC Phase II Wadhwan City Surendranagar - 363030, Gujarat, India.

Dear Sir/Madam,

Reference: - Proposed Public Issue of Equity Shares of Devson Catalyst Limited.

1. We M/s O.M.M.S & Associates , Chartered Accountants have examined the attached Restated Financial Statements of Devson Catalyst Limited comprising the Restated Statement of Assets and Liabilities as at September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 , the Restated Statements of Profit and Loss and the Restated Cash Flow Statement for the period ended September 30, 2025 , March 31, 2025,March 31, 2024 and March 31, 2023 , the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these Restated Financial Statements (collectively, the Restated Financial Information), as approved by the Board of Directors of the Company at their meeting held on January 17, 2026 , for the purpose of inclusion in the Draft Red Herring Prospectus/Red Herring Prospectus/Prospectus (Offer Document) prepared by the Company in connection with its proposed SME Initial Public Offer of equity shares (SME 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 (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 Companys 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, relevant stock exchange and Registrar of Companies, Ahmedabad in connection with the proposed SME IPO. The Restated Financial Information has been prepared by the management of the Company on the basis of preparation stated in Note 1 of 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 is also responsible for identifying and ensuring that the Company complies with the Companies Act, SEBI ICDR Regulations and the Guidance Note.

3. We, M/s O.M.M.S & Associates, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and holds the peer review certificate dated 11 th February 2025 valid till 31 st January 2028.

4. 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 September 25,2025 , in connection with the proposed SME IPO 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; and d) The requirements of Section 26 of the Act and the SEBI ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the SEBI ICDR Regulations and the Guidance Note in connection with the SME IPO.

5. These Restated Financial Information have been compiled by the management from the Audited Financial Statements of the Company for the period ended 30 th September, 2025, 31 st March, 2025, 31 st March 2024 and 31 st March, 2023 which has been approved by the Board of Directors. The Audit of financial statements of the Company for the period ended September 30, 2025 and March 31, 2025 was conducted by M/s O.M.M.S & Associates and for the year ended March 31, 2024 and March 31, 2023 was conducted by M/s P. B. Nandola & Associates . Accordingly, reliance has been placed on the financial information examined by them for the said years. The financial report included for September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023.

6. For the purpose of our examination, we have relied on: a) Auditors report dated 16 th January, 2026 and 25 th September, 2025 respectively issued by M/s O.M.M.S & Associates on the financial statements of the company as at and for the year ended 30 th September, 2025 and 31 st March, 2025 as referred in Paragraph 5 above; b) Auditors report dated 01 st September, 2024 and 01 st September, 2023 respectively issued by M/s P. B. Nandola & Associates on the financial statements of the company for the year ended 31 st March, 2024 and 31 st March, 2023 as referred in Paragraph 5 above;

7. Based on our examination and according to the information and explanations given to us, we report that the Restated Financial Information have been prepared: a) The Restated Summary Statement of Assets and Liabilities as set out in this report, of the Company for the period ended September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 are prepared by the Company and approved by the Board of Directors. These Restated Summary 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 and Notes to Accounts as set out in Note 1 to this Report. b) The Restated Summary Statement of Profit and Loss as set out in this report, of the Company for the period ended September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 are prepared by the Company and approved by the Board of Directors. These Restated Summary 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 and Notes to Accounts as set out in Note 1 to this Report. c) The Restated Summary Statement of Cash Flow as set out in this report, Company for the period ended

September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 are prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Cash Flow 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 and Notes to Accounts as set out in Note 1 to this Report. d) After incorporating adjustments for the changes in accounting policies and regrouping/reclassifications, errors retrospectively, if any in the financial years/periods ended September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications. e) In accordance with the Act, SEBI ICDR Regulations and the Guidance Note. f) There were no qualifications in the Audit Reports issued by the Statutory Auditors as at and for the period ended

September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 which would require adjustments in these Restated Financial Statements of the Company. g) There was no change in accounting policies, which need to be adjusted in the Restated Summary Statements. h) There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statements. i) The company has not proposed any dividend in past effective for the said period. j) Do not require any adjustment for modification as there is no modification in the underlying audit reports.

8. 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 the period ended September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 proposed to be included in the Offer Document for the proposed SME IPO. a. Restated Statement of Share Capital, Reserves and Surplus as appearing in Note 2 and 3 to this report; b. Restated Statement of Long-Term Borrowings as appearing in Note 4 to this report; c. Restated Statement of principal terms of Secured Loans and Assets charged as security and Details of

Unsecured Loan as appearing in this report; d. Restated Statement of Deferred Tax (Assets) / Liabilities as appearing in Note 5 to this report; e. Restated Statement of Other Long-term liabilities and Long-Term Provision as appearing in Note 6 and 7 to this report; f. Restated Statement of Short-Term borrowings as appearing in Note 8 to this report; g. Restated Statement of Trade Payables as appearing in Note 9 to this report; h. Restated Statement of Other Current Liabilities as appearing in Note 10 to this report; i. Restated Statement of Short-Term Provisions as appearing in Note 11 to this report; j. Restated Statement of Property, Plant and Equipment and Intangible assets as appearing in Note 12 to this report; k. Restated Statement of Other Non-Current asset as appearing in Note 13 to this report; l. Restated Statement of Current Investment and Inventories as appearing in Note 14 and 15 to this report; m. Restated Statement of Trade Receivables as appearing in Note 16 to this report; n. Restated Statement of Cash and Cash Equivalents as appearing in Note 17 to this report; o. Restated Statement of Short-Term Loans and Advances as appearing in Note 18 to this report; p. Restated Statement of Other Current Assets as appearing in Note 19 to this report; q. Restated Statement of Revenue from Operations as appearing in Note 20 to this report; r. Restated Statement of Other Income as appearing in Note 21 to this report; s. Restated Statement of Cost of Material consumed and purchases of stock-in-trade as appearing in Note 22 and

23 to this report; t. Restated Statement of Change in inventories of finished goods, work in progress and stock in trade as appearing in Note 24 to this report; u. Restated Statement of Employee Benefit Expenses as appearing in Note 25 to this report v. Restated Statement of Finance Cost as appearing in Note 26 to this report. w. Restated Statement of Depreciation & Amortization as appearing in Note 27 to this report; x. Restated Statement of Other Expenses as appearing in Note 28 to this report; y. Restated Statement of Contingent Liabilities and Commitments as appearing in Note 29 to this report; z. Restated Statement of Related Party Transactions as appearing in Note 30 to this report; aa. Tax Shelter as appearing in Note 31 to this report; bb. Restatement of profits and reserves as appearing in Note 32 to this report; cc. Employee Benefit Note as appearing in Note 33 to this report; dd. Capitalization Statement as appearing in Note 34 to this report; ee. Restated Mandatory Accounting Ratio as appearing in Note 35 to this report; ff. Ratio analysis as appearing in Note 36 to this report; gg. Restated Statement of Other Disclosures as per Schedule-III of the Companies Act, 2013 in Notes 37 to this report.

9. 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. 10. We have no responsibility to update our report for events and circumstances occurring after the date of the report. 11. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Document to be filed with

Securities and Exchange Board of India, relevant 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.

12. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality

Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. 13. In our opinion, the above financial information contained in this report read with the respective Significant

Accounting Polices and Notes to Accounts as set out in Note 1 are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, SEBI ICDR Regulations, Engagement Letter and Guidance Note and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.

For, O.M.M.S & Associates
Chartered Accountants
Firm Reg. No: 135149W
Peer Review No: 019576

Sd/-
CA Chintan R Oza
Partner
Membership No: 147132
UDIN: 26147132GSMQOV8157

Date: January 17, 2026
Place: Ahmedabad