Kanishk Aluminium India Ltd Auditor Reports

The Board of Directors,

Kanishk Aluminium India Limited

(Formerly known as Kanishk Aluminium India Private Limited)

Plot No E-849 A, Fourth Phase Ricco Boranada,

Jodhpur, Rajasthan, India, 342001

Dear Sirs,

1. We have examined the attached Restated Financial Information of Kanishk Aluminium India Limited (Formerly known as Kanishk Aluminium India Private Limited) (the "Company" or the "Issuer") comprising the Restated Statement of Assets and Liabilities as at August 31, 2025, March 31, 202,5 March 31, 2024, & March 31, 2023 the Restated Statements of Profit and Loss and the Restated Cash Flow Statement for the five month period ended August, 2025 & financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, the Summary Statement of Significant Accounting Policies and other explanatory information (collectively, the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on December 01, 2025 for the purpose of inclusion in the Prospectus prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") on SME platform of BSE Limited (-BSE SME )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");

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").

Management s Responsibility for the Restated Financial Information

2. The Company‘s Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Prospectus to be filed with the BSE Limited in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in note 1 to the Restated Financial Information. The responsibility of the respective Board of Directors of the companies includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The respective Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

Auditor s Responsibility

3. 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 5th November 2024 in connection with the proposed IPO of equity shares of the Issuer;

b) The Guidance Note. 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 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.

Restated Financial Information

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

Audited financial statements as at and for the five month period ended August 31, 2025 and year ended March 31, 2025, March 31, 2024 and March 31,2023 prepared in accordance with Accounting Standard as prescribed under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on December 01, 2025, September 03, 2025 , September 02, 2024 & September, 01, 2023 respectively.

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

The reports issued by us dated on December 01, 2025, September 03, 2025 , September 02, 2024 & September, 01, 2023 on the financial statements of the Company as at and for five month period ended August 31,2025 and year ended March 31, 2025, March 31, 2024, March 31, 2023 as referred in Paragraph 4 above;

6. Based on our examination and according to the information and explanations given to us, we report that the Restated 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 & March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/ classifications followed as at and for the five month period ended August 31, 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, ICDR Regulations and the Guidance Note.

7. We have been subjected to the peer review process of the ICAI and hold a valid peer review certificate issued by the -Peer Review Board of the Institute of Chartered Accountants of India (-ICAI ).

8. 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.

9. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the dates of the report on audited financial statements mentioned in paragraph 4 above.

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, nor should this report be construed as a new opinion on any of the 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 Prospectus to be filed with the BSE Limited 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.

13. Report on Other Legal and Regulatory Requirements paragraphs with respect to our audit reports issued by us

Reporting on Audit Trail : The Company has used accounting software for maintaining its books of account for the period ended on August 31, 2025 which as per the certificate of expert provided by the management, has feature of recording audit trail (edit log) facility and the same has been operated throughout the period for all relevant transactions recoded in the software and there is no instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per statutory requirements for records retention.

In terms of our report attached.

For Mahaveer Gandhi And Associates

Chartered Accountants

FRN NO. 010756C

Sd/-

Mahaveer Gandhi

Partner

M.NO: 074020

Place: Jodhpur

Date:- 01/12/2025

UDIN:- 25074020BMICQD1245