KD Green Industries Ltd Auditor Reports

To the Members of KD Green Industries Limited (Formerly known as Manbro Industries Limited)

Opinion

We have audited the accompanying standalone financial statements of KD Green Industries 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 then ended, and notes to the financial statements, including a summary of significant accounting policies 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 accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2026, and its net profit of ? 5.76 Million (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 Auditor s 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 (ICAI) together with the ethical requirements that are relevant to our audit. 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 of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and we do not provide a separate opinion on them.

Key Audit Matter

Auditor \u2019 s Response

Investments in Subsidiaries and Associate The Company has investments in subsidiaries and an associate amounting to \u20b9 425.00 Million as at the reporting date (31st March 2026).

Our audit procedures included: - Assessing the Companys accounting policy for investments for compliance with applicable Ind AS . - Verifying the existence and ownership of investments with reference to agreements, share certificates, and statutory records. - Verifying the cost of investments against acquisition documents, bank statements, and supporting records. - Evaluating the completeness and accuracy of disclosures in the financial statements.

Information Other than the Financial Statements and Auditors Report Thereon

The Company s Board of Directors is responsible for the preparation of the other information (comprising the Management Discussion and Analysis, Board s Report, Corporate Governance Report, etc.). 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, our responsibility is to read the other information and identify if it is materially inconsistent with the financial statements or our knowledge obtained during the audit. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance

The Company s 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. This responsibility also includes:

? Maintenance of adequate accounting records for safeguarding the assets of the Company and preventing/detecting frauds and other irregularities.

? Selection and application of appropriate accounting policies and making reasonable, prudent judgments and estimates.

? Design, implementation, and maintenance of adequate internal financial controls operating effectively to ensure the accuracy and completeness of records.

? Assessing the Companys ability to continue as a going concern, using the going concern basis of accounting unless management intends to liquidate the Company or cease operations.

Auditor s Responsibilities for the Audit of the Standalone 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 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 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 risks of material misstatement, design and perform audit procedures responsive to those risks, and obtain evidence that is sufficient to provide a basis for our opinion.

? Obtain an understanding of internal controls relevant to the audit to design appropriate procedures.

? Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management.

? Conclude on the appropriateness of managements use of the going concern basis of accounting.

? Evaluate the overall presentation, structure, and content of the standalone financial statements, including disclosures.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 143(3) of the Act, we report that:

o (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.

o (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.

o (c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity, and the Cash Flow Statement dealt with by this report are in agreement with the books of account.

o (d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act.

o (e) On the basis of 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.

o (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 to our separate report in Annexure B. Our report expresses an unmodified opinion.

o (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 to the best of our information 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. The Company is not required to transfer any amount to the Investor Education and Protection Fund.

? iv. (a) Management has represented that no funds have been advanced or loaned or invested by the Company to or in any other person or entity, including foreign entities (Intermediaries), with the understanding that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified by the Company (Ultimate Beneficiaries).

? iv. (b) Management has represented that no funds have been received by the Company from any person or entity, including foreign entities (Funding Parties), with the understanding that the Company shall directly or indirectly lend or invest in other persons or entities identified by the Funding Party (Ultimate Beneficiaries).

? iv. (c) Based on our audit procedures, nothing has come to our notice that causes us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.

? v. No dividend has been declared or paid by the Company during the period covered by this report.

? vi. The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility, and the same has been operated throughout the year for all relevant transactions. The audit trail feature has not been tampered with and has been preserved as per statutory requirements.

o (h) According to the information and explanations given to us, the Company has not paid remuneration to its directors during the current financial year; hence, the provisions of section 197 of the Act are complied with.

For V.N. PUROHIT & CO. Chartered Accountants Firm Registration No. 304040E

Sd/- O.P. Pareek Partner Membership No. 014238 UDIN: 26014238XHWNTW3327 Guwahati/New Delhi,

dated the 30th day of May 2026.