Galaxy Medicare Ltd Auditor Reports

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 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 together with the ethical requirements that are relevant to our audit of the Financial Statements
under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the Financial Statements.

We draw attention to following Note of the Financial Results:

I) Note no. 21 of the Financial Results, where the Company has paid ? 50 lakh as advance to the
Book Running Lead Manager (BRLM) appointed for the IPO before receipt of IPO proceeds but
the same has not been adjusted by the BRLM while recovering its IPO fees from Escrow
Collection Account.

The Companys Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis; Boards Report but
does not include the Financial Statements and our auditors report thereon.

Our opinion on the 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 Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to
be materially misstated.

Based on the work we have done, if we conclude that there is a material misstatement of this other
information, we are required to report that fact. Presently, we have nothing to report in this regard.

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with
respect to the preparation of these Financial Statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified under Section
133 of the Act, read with Companies (Accounting Standards) Rules, 2021 as amended as applicable.

This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting implementation
and maintenance of accounting policies; making judgments and estimates that are reasonable and
prudent; and 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 Financial Statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, 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 Management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Companys financial reporting process.
Auditors Responsibilities for the Audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 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 Financial Statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient 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 system
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 doubt on the Companys ability to continue as 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 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 Financial Statements, including the
disclosures, and whether the Financial Statements represent the underlying transactions and
events in a mannerthat achieves fair presentation.

- We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any 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.

1. As required by the Companies (Auditors Report) Order 2020 (the Order) issued by the Central
Government of India in terms of Sub-section (11) of Section 143 of the Act, we give in the Annexure
-A, a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. (A) 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
knowledgeand beliefwere necessary forthe purposes of ouraudit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far
as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by
this report are in agreement with the books of account;

(d) In our opinion, the aforesaid Financial Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Companies (Accounting Standards) Rules, 2021
as amended;

(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 over financial reporting of the
Company and the operating effectiveness of such controls, refer our separate report in Annexure
B.

(g) With respect to the matters to be included in the Auditors Report in accordance with the
requirements of Section 197 (16) of the Act as amended: In our opinion and according to the
information and explanations given to us, the remuneration paid by the Company to its directors
during the current year is in accordance with the provisions of Section 197 of the Act read with
Schedule V of the Act; and

(B) 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 pending litigations, the liabilities in respect of which is either provided for or
disclosed as Contingent Liabilities- Refer Para 10 of Note 29 to the Standalone Financial
Statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) 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 or entity, including foreign entity ("Intermediaries"), with
the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
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 (which
are material either individually or in the aggregate) have been received by the Company from
any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, 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 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-clause (i) and (ii) of Rule 11 (e), as provided under (a) and (b) above,
contain any material misstatement; and

v. a. The Final Dividend for FY 2024-25 paid in 2025-26 is in accordance with Section 123 of the Act;

b. The Interim Dividend declared and paid during the financial year 2025-26 is in compliance
with Section 123 of the Act;

c. The Proposed Final Dividend which is subject to approval by the shareholders in the ensuing
Annual General Meeting is in compliance with Section 123 of the Act.

vi. Based on our examination, which includes test checks, the Company has maintained books of
account using accounting software which has a feature of recording audit trail (edit log) facility as
required under Rule 3(1) of the Companies (Accounts) Rules, 2014, and the same has been
operated throughout the year for all relevant transactions recorded in the software.

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

Further, maintenance and preservation of the audit trail in accordance with the statutory requirements
for record retention has been complied with for the relevant accounting year.

Place: Bhubaneswar (CA B.R. MOHANTY)

Date: 29th May 2026 PARTNER

(Referred to in paragraph 1 of Report on Other Legal and Regulatory
Requirements of our report of even date).

i. In respect of the Companys Property, Plantand Equipment and Intangible Assets:

(a) The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment;

(b) The Company has maintained proper records showing full particulars of Intangible assets.

(c) 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 a regular programme of
physical verification of its Property, Plant and Equipment by which all property, plant and
equipment are verified in a phased manner over a period of three years. In accordance with
this programme, certain property, plant and equipment were verified during the year. In our
opinion, this periodicity of physical verification is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were noticed on such
verification.

(d) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of immovable properties (other
than immovable properties where the Company is the lessee and the leases agreements are
duly executed in favour of the lessee) disclosed in the standalone financial statements are
held in the name of the Company.

(e) 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 revalued its Property, Plant
and Equipment (including Right of Use assets) or intangible assets or both during the year.

(f) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there are no proceedings initiated or pending
against the Company for holding any benami property under the Prohibition of Benami
Property Transactions Act, 1988 and rules made thereunder.

ii. In respect of Companys Inventory:

(a) The inventory, except goods-in-transit and stocks lying with third parties, has been physically
verified by the management during the year. In our opinion, the frequency of such verification
is reasonable and procedures and coverage as followed by management were
appropriate. No discrepancies were noticed on verification between the physical stocks and
the book records that were more than 10% in the aggregate of each class of inventory.

(b) The Company has availed working capital limits exceeding 0 5 crore in aggregate from bank
/or financial institutions during the year on the basis of security of current assets of the
Company. The quarterly returns/statements submitted by the Company to the banks/
financial institutions are based on the un-audited books of accounts/data and which
generally in agreement with the un-audited books of accounts subject to certain upwards
and downwards variation as given below:

(Amount in Lakhs)

In our opinion, the Company has, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial reporting were
operating effectively as at March 31,2026, 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 on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.

Place: Bhubaneswar (CA B.R. MOHANTY)

Date: 29th May 2026 PARTNER