Gujarat Kidney & Super Speciality Ltd Auditor Reports

To,

The Members of Gujarat Kidney and Superspeciality Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofGujarat Kidney and Superspeciality Limited ("the Company"), 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 ended 31st March 2026, and notes to the standalone financial statements, including a summary of and other explanatory information.

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 (Ind AS) 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, of the state of affairs of the Company as at 31st March 2026, and its profit/loss including other comprehensive income, changes in equity and its 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 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 opinion.

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 for the financial year ended March 31, 2026. 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. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the standalone financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone financial statements. The results of our auditprocedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.

Emphasis of Matter Dues to Micro and Small Enterprises

Without qualifying our opinion, we draw attention to the fact that, as explained to us by the management and based on the information and records made available during the course of our audit, the Company does not presently maintain a dedicated system to specifically identify and classify trade payables that may fall within the definition of "micro" or "small" enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED Act"). Management has further represented that, considering the Companys historical payment practices and review of vendor communications, no supplier has intimated its status as a micro or small enterprise, and no demand for interest under Section 16 of the MSMED Act has been received in earlier years or during the current financial year. Consequently, no liability for such interest has been recognised in the Statement of Profit and Loss.

Based on our audit procedures and the explanations and representations provided by management, we are of the view that disclosure of this matter has been included in the financial statements.

Our opinion on the standalone financial statements isnot modified in respect of this matter.

Other Information

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.

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 and, in doing so, consider whether the 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.

Responsibilities of Management and Those Charged with Governance

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 standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity, and cash flows of the Company in accordance with the Ind AS 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 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 statement 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, management and board of directors are 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.

Auditorfs 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.

Report on Other Legal and Regulatory Requirements

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 "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order. 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 relating to preparation of the aforesaid standalone financial statements have been kept so far as it appears from our examination of those books except for the matters stated in the paragraph g(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014. c. The Balance Sheet, Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity, and Statement of Cash Flows are in agreement with the books of account. d. In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under section 133 of the Act. e. On the basis of written representations received from the directors as on 31st March 2026 and 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 standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". g. 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, in our opinion and according to the explanations given to us: i. The Company does not have any pending litigations which would impact its financial position. 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. The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested by the Company to or in any other persons or entities with the understanding that the intermediary shall, directly or indirectly, lend or invest in other persons or entities identifiedby or on behalf of the Company, or provide any guarantee, security or the like on behalf of the ultimate beneficiaries. v. The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities with the understanding that the Company shall, directly or indirectly, lend or invest in other persons or entities identified by or on behalf of the funding party, or provide any guarantee, security or the like on behalf of the ultimate beneficiaries. vi. Reporting under Rule 11(g) Maintenance of Books of Account Using Accounting Software with Audit-Trail Feature Based on our examination, which included test checks, and except for the instances mentioned below, the Company has used accounting software for maintaining its books of account, which has a feature of recording an audit trail (edit log) and the same has operated throughout the year for all relevant transactions recorded in the respective software: i. feature of recording audit trail (edit log) facility was not enabled throughout the year for certain fields at the application layer of the accounting software used for maintaining general ledgers relating to journal entries, inventory and consumption, property, plant and equipment and payroll records. ii. The feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct data changes for the accounting software used for maintaining the books of accounts.

Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

Annexure A to the Independent Auditorfs Report

The statement on the matters specified in paragraphs 3 and 4 of the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of section 143(11) of the Companies Act, 2013 ("the Act"), is as under:

(i) Property, Plant and Equipment and Intangible Assets a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its Property, Plant and Equipment and relevant details of right of use of assets. b) The Company has maintained proper records showing full particulars of intangible assets. c) As explained to us, the management verified the Property, Plant and has physically Equipment at reasonable intervals; no material discrepancies were noticed on such verification. d) The title deeds of immovable properties disclosed in the financial statements are held in the name of the Company. In respect of the immovable properties that have been taken on lease and disclosed as Right of use assets as at the Balance Sheet date, the lease agreement is duly executed in favour of the Company. e) The Company has not revalued any of its Property, Plant and Equipment (including right of use of assets) and intangible assets during the year. f) No proceedings have been initiated during the year or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988.

(ii) Inventories a) Physical verification of inventories has been conducted management. In our opinion and according to the information and explanations given to us, the coverage and procedure of such verification by the Management is appropriate having regard to the size of the company and nature of its operations. No discrepancies of 10% or more in aggregate for each class of inventories were noticed on such physical verification of inventories when compared with books of accounts. b) According to the information and explanations given to us, the Company has not been sanctioned working capital limits in excess of 5 crores in aggregate, from banks or financial institutions, on the basis of security of current assets.

(iii) Investments, Loans and Advances a) Aggregate amount and year-end balance

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b) Loans/advances granted repayable on demand or without specifying terms/period of repayment

(iv) Compliance with Sections 185 and 186 a) According to the information and explanations given to us, the Company has not advanced any loan, given any guarantee, or provided any security to any director of the Company or to any other person in whom the director is interested during the year. Accordingly, the provisions of Section 185 of the Companies Act, 2013 are not applicable to the Company for the year. b) According to the information and explanations given to us, in respect of loans given, investments made, guarantees provided, and security given by the Company during the year, the Company has complied with the provisions of Section 186 of the Companies

Act, 2013, including the limits prescribed under sub-section (2), the requirement of a special resolution where such limits were exceeded, the restriction on investment through more than two layers of investment companies, and the prescribed rate of interest requirements.

(v) Deposits a) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of Sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to the Company.

(vi) Cost Records a) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 148(1) of the Companies Act, 2013, related to Health care services, and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

(vii) Statutory Dues a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including goods and services tax, provident fund, employees state insurance, income-tax, cess and other statutory dues applicable to it. According to the information and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory dues were outstanding for a period of more than six months from the date they became payable.

(viii) Unrecorded Income a) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

(ix) Borrowings a) In our opinion, the Company has not defaulted in repayment of loans or other borrowings or interest thereon to any lender during the year. b) The Company has not been declared a wilful defaulter by any bank or financial institution or government or any government authority. c) Term loans were applied for the purposes for which they were obtained. d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, not been used during the year for long-term purposes by the Company.

e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from entities or person on account of or to meet obligations of its subsidiaries or associates. f) The Company has not raised loans on pledge of securities held in its subsidiaries, associates or joint ventures.

(x) Public Offerings a) In our opinion and according to the information and explanations given to us, the company has utilised the money raised by way of initial public offer for the purposes for which they were raised. Also, certain portion of money raised by way of initial public offer by the Company during the year have not yet been utilised. b) The Company has not made private placement of shares during the year as per the provisions of section 42 of Companies Act, 2013.

(xi) Fraud a) To the best of our knowledge, no fraud by the Company or no material fraud on the Company by its officers or employees has been noticed or reported during the year. b) To the best of my knowledge, no report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report. c) As represented to us by the management, there were no whistle blower complaints received by the company during the year.

(xii) Nidhi Company a) The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is no applicable.

(xiii) Related Party Transactions a) The Company has complied with provisions of Section 177 and 188 of the Act with respect to related party transactions and necessary disclosures have been made in thefinancial statements as required by the applicable accounting standards.

(xiv) Internal Audit a) The Company has an internal audit system commensurate with the size and nature of its business b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us.

(xv) Non-cash Transactions a) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence requirement to report on Clause 3(xv) of the Order is not applicable to the Company.

(xvi) Registration with RBI a) The provisions of Section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to report on Clause (xvi) (a) of the Order is not applicable to the Company. b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly, the requirement to report on Clause (xvi)(b) of the Order is not applicable to the Company. c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on Clause 3(xvi) of the Order is not applicable to the Company. d) There is no Core Investment Company part of the Group, hence, the requirement to report on Clause 3(xvi)(d) of the Order is not applicable to the Company.

(xvii) Cash Losses a) The Company has not incurred cash losses in the current financial year or in the immediately preceding financial year.

(xviii) Resignation of Auditors a) There has been no resignation of the statutory auditors during the year and accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

(xix) Financial Position a) According to the information and explanations given to us and on the basis of financial ratios, ageing and expected dates of realisation of assets and payment of liabilities, other information accompanying the financial statements, our knowledge of the Board and management plans, and based on our examination of the evidence supporting the assumptions, nothing has come to our attention that causes us to believe that any material uncertainty exists as on 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. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.

(xx) Corporate Social Responsibility a) In respect of Corporate Social Responsibility (CSR), the Company was required to spend 9.35 lacs during the year, against which the Company has spent 6.40 lacs, resulting in an unspent amount of 2.95 lacs which does not pertain to any ongoing project. In terms of the provisions of Section 135(5) of the Companies Act, 2013, the Company is required to transfer such unspent amount to a Fund specified in Schedule VII to the Act within a period of six months from the end of the financial year. As at the dateof this report, the said period of six months has not lapsed, and the Company has created a provision of 2.95 lacs in the books of account towards the said unspent CSR amount, to be transferred to the specified Fund within the prescribed time limit.

b) Accordingly, with respect to Clause 3(xx)(a) of the Order, the Company is required to transfer 2.95 lacs to a Fund specified in Schedule VII to the Act, within a period of six months of the expiry of the financial year, in compliance with second proviso to subsection (5) of Section 135 of the Act; as of the date of this report, the said transfer is not yet due. Reporting under Clause 3(xx)(b) of the Order is not applicable, as the amount does not pertain to any ongoing project.

ANNEXURE gBh TO THE INDEPENDENT AUDITORfS REPORT

(Referred to in paragraph 2(f) under gReport on Other Legal and Regulatory Requirementsh of our Independent Auditorfs Report) Report on the Internal Financial Controls with reference to Standalone Financial Statements under clause (i) of sub-section 3 of section 143 of the Companies Act, 2013

We have audited the internal financial controls with reference to standalone financial statements of Gujarat Kidney and Superspeciality 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.

Managementfs and Board of Directorsf Responsibility for Internal Financial Controls

The Companys management and Board of Directors are responsible for establishing and maintaining internal financial controls with reference to standalone financial statements based on the 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. These responsibilities include the design, implementation, and maintenance of adequate internal financial controls that were operating effectively to ensure the orderly and efficient conduct of the Companys 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 accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditorfs 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 with reference to standalone financial statements. Those Standards 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 with reference to the standalone financial statements operating effectiveness. Our audit of internal financial controls witheference to standalone financial statements included obtaining an understanding of internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal financial controls based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks whether due to fraud or error. ofmaterialmisstatementofthe

We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion financial controls thecompanysinternal with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to standalone financial statements

A Companys internal financial control with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles. This includes:

Maintenance of records that fairly reflect transactions and asset dispositions;

Reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements;

Prevention or timely detection of unauthorised use, acquisition, 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 standalone financial statements

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

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to standalone financial statements and such controls were operating effectively as at 31st March 2026, based on the internal control 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 ("ICAI").

GUJARAT KIDNEY AND SUPERSPECIALITY LIMITED