Gujarat Kidney & Super Speciality Ltd Auditor Reports

To

The Board of Directors

Gujarat Kidney And Super Speciality Limited,

Plot No 1, City Surve No. 1537/A,

Jetalpur Road, Gokak Mill Compound,

Alkapuri, Vadodara, 390020

1. We have examined, the attached Consolidated Financial Information of Gujarat Kidney And Super Speciality Limited (the "Company" or "GKSL) and its subsidiary and entities under control (referred as Subsidiary Firms) (together referred to as "Group"), comprising the Consolidated Statement of Assets and Liabilities as at June 30, 2025, March 31, 2025, March 31, 2024, and March 31 2023, the Consolidated Statement of Profit and Loss (including other comprehensive income), the Consolidated Cash Flow Statement, the Consolidated Statement of Changes in Equity for the period ended on June 30, 2025, March 31, 2025, March 31, 2024, and March 31 2023, the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively, the "Consolidated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on 05.11.2025 for the purpose of inclusion in the Red Herring Prospectus ("RHP"), 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 (the "Act");

b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018, as amended ("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 (the "Guidance Note").

2. The Companys Board of Directors are responsible for the preparation of the Consolidated Financial Information for the purpose of inclusion in the Offer Documents to be filed with the Registrar of Companies, Ahmedabad, Gujarat, Securities and Exchange Board of India, National Stock Exchange of India Limited and BSE Limited in connection with the IPO. The Consolidated Financial Information has been prepared by the management of the Company on the basis of preparation stated in note no.2 to the Consolidated Financial Information. The respective Board of Directors of the companies included in the Group are responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Consolidated Financial Information.

The respective Board of Directors of the companies included in the Group are also responsible for identifying and ensuring that the Group/ each company within the Group complies with the Act, ICDR Regulations and the Guidance Note.

3. We have examined such 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 01.03.2025 in connection with the proposed IPO;

b. The Guidance Note, which 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 Ind AS Consolidated Financial Information; 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 Companies Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

4. These Consolidated Financial Information have been compiled by the management from:

a. The audited special purpose Interim Consolidated Ind AS financial statements of the Group as at and for the period ended June 30, 2025 (the "Interim Special Purpose Consolidated Ind AS Financial Statements") prepared in accordance with the basis and accounting policies mentioned in Note 2 to Interim Special Purpose Consolidated Ind AS Financial Statements, which have been approved by the Board of Directors at their meeting held on 05.11.2025;and

b. The audited Consolidated Ind AS financial statements of the Group as at and for the years ended on March 31, 2025 prepared in accordance with the Ind AS as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India (the "Consolidated Ind AS Financial Statements"), which have been approved by the Board of Directors at their meeting held on 15.09.2025;and

c. The audited special purpose Ind AS financial statements of the Company as at and for the years ended on March 31, 2024 and March 31, 2023 prepared in accordance with the Ind AS as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India (the "Special Purpose Ind AS Financial Statements 2024-22"), which have been approved by the Board of Directors at their meeting held on 15.03.2025

5. The information for the years ended March 31, 2024 and March 31, 2023, included in Restated Ind AS Consolidated Financial Information have been compiled from the Special Purpose Ind AS Financial Statements 2024-22 for the years March 31, 2024 and March 31, 2023 being prepared by the management by making all the adjustments required under the Ind AS to the audited financial statements of the Company as at and for the years March 31, 2024 and March 31, 2023 which were prepared in accordance with the accounting standards notified under section 133 of the Act (" Indian GAAP") and other accounting principles generally accepted in India, at the relevant time, which have been approved by the respective Board of Directors at their meetings held on 27.08.2024 and 25.09.2023 respectively, for the audited financial statements as at March 31, 2024 and March 31, 2023 and audited by the previous auditor, respectively.

We have audited Special Purpose Ind AS Financial Statements 2024-22 of the company for the years ended March 31, 2024, March 31, 2023 and March 31, 2022, prepared by the Company in accordance with the Ind AS for the limited purpose of consideration in preparation of Restated Ind AS Consolidated Financial

Information, in relation to proposed IPO. We have issued our report dated 15.03.2025 on Special Purpose Ind AS Financial Statements 2024-22 to the Board of Directors who have approved these Special Purpose Ind AS Financial Statements 2024-22 in their meeting held on 15.03.2025.

6. For the purpose of our examination, we have relied on:

a. Auditors Report issued by us dated 05.11.2025 on the Special Purpose Interim Consolidated Ind AS Financial Statements of the Group as at and for the period ended June 30, 2025 as referred in Para 4 above.

b. Auditors Report issued by us dated 15.09.2025 on the Consolidated Ind AS Financial Statements of the Group as at and for the period ended March 31, 2025 as referred in Para 4 above.

c. the auditors reports issued by us dated 15.03.2025 on Special Purpose Ind AS Financial Statements 2024-22 as at and for the years ended March 31, 2024, March 31, 2023 and March 31, 2022 as referred in Paragraph 4 and 5 above

d. The auditors report issued by previous auditor namely Kumbhat & Co, of the company dated 27.08.2024 on audited the Indian GAAP financial Statements as at and for the year ended March 31, 2024, as referred in Paragraph 5 above.

e. The auditors report issued by previous auditor namely Vipul Shah & Co, of the company dated 25.09.2023 on the audited the Indian GAAP financial Statements as at and for the year ended March 31, 2023, as referred in Paragraph 5 above.

f. The auditors report issued by previous auditor namely Vipul Shah & Co, of the company dated 30.09.2022 on the audited the Indian GAAP financial Statements as at and for the year ended March 31, 2022, as referred in Paragraph 5 above.

7. We did not audit the financial statements of subsidiary and entities under control (referred as Subsidiary Firms) included in the Group as of and for the period/year ended June 30, 2025 and March 31,2025 as listed in Annexure I whose financial statements reflect total assets, total revenues and total cash flows (before consolidation adjustments) included in the Audited Consolidated Financial Statements for the relevant period as tabulated below. These financial statements have been audited by other auditor as detailed in Annexure I whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included in respect of such subsidiary and entities under control (referred as Subsidiary Firms), is based solely on the reports of such other auditor

Our opinion on the consolidated financial statements is not modified in respect of the matters above

(Rs. in Lacs)

particulars	As at / for the Period ended June 30, 2025	As at / for the Year ended March 31, 2025
Total assets	975.80	785.35
Total revenues	381.04	1,035.98

8. Based on our examination and according to the information and explanations given to us and also as per the reliance placed on the audit reports referred in paragraphs 6 submitted by the previous auditor of the Company and other auditors of the subsidiary and entities under control (referred as Subsidiary Firms) for the respective years, as applicable, we report that the Restated Ind AS Consolidated Financial Information:

a. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policy and grouping/classifications followed as at and for the period ended June 30, 2025;

b. do not require any adjustment for modification as there is no modification in the underlying audit reports; and

c. have been prepared in accordance with the Act, the ICDR Regulations and the Guidance Note.

9. The Ind AS Consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited Ind AS Consolidated Financial Statements mentioned in paragraphs 4 and 5 above and the Special Purpose Ind AS Financial Statements.

10. 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, or the previous auditors nor should this report be construed as a new opinion on any of the Standalone and Consolidated financial statements referred to herein.

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

12. Our report is intended solely for use of the Board of Directors for inclusion in the RHP to be filed with Securities and Exchange Board of India, and relevant 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.

Date: 05.11.2025	FOR Y. M. SHAH & Co. Chartered Accountants
Place: Vadodara	F. R. No.: 114124W

Yogesh Shah Partner

M. No. 044305

UDIN: 25044305BMOQTX5369

Annexure I

Entity	Nature of holding	Period/Year as of/Ended	Name of Auditor	Particulars
Raj Palmland Hospital Private Limited	Subsidiary	30 June 2025	K.K. Haryani & Co.	Audit report dated 01.10.2025 on Interim Special Purpose Ind AS Financial Statements
Gujarat Surgical Hospital	Subsidiary Firm	30 June 2025	NIRAV SHAH & ASSOCIATES	Audit report dated 11.09.2025 on Interim Special Purpose Ind AS Financial Statements
Surya Hospital and ICU	Subsidiary Firm	30 June 2025	RONAK S SHAH & ASSOCIATES	Audit report dated 11.09.2025 on Interim Special Purpose Ind AS Financial Statements

Entity	Nature of holding	Period/Year as of/Ended	Name of Auditor	Particulars
Raj Palmland Hospital Private Limited	Subsidiary	31 March 2025	K.K. Haryani & Co.	Audit report dated 12.09.2025 on Interim Special Purpose Ind AS Financial Statements
Gujarat Surgical Hospital	Subsidiary Firm	31 March 2025	NIRAV SHAH & ASSOCIATES	Audit report dated 11.09.2025 on Interim Special Purpose Ind AS Financial Statements
Surya Hospital and ICU	Subsidiary Firm	31 March 2025	RONAK S SHAH & ASSOCIATES	Audit report dated 11.09.2025 on Interim Special Purpose Ind AS Financial Statements