National Peroxide Ltd Auditor Reports

TO THE MEMBERS OF

NATIONAL PEROXIDE LIMITED

(formerly known as NPL Chemicals Limited)

REPORT ON THE AUDIT OF THE REVISED IND-

AS FINANCIAL STATEMENTS

This Report supersedes our Report dated April 30, 2026

Opinion

We have audited the accompanying Revised Ind-AS financial statements ofNational Peroxide Limited (formerly known as NPL Chemicals Limited) ("the Company"), which comprise the Revised Balance Sheet as at March 31, 2026, the Revised Statement of Profit and Loss (including Other Comprehensive Income), the Revised Statement of Changes in Equity, the Revised Statement of Cash Flows for the year then ended and the Notes to the Revised Ind-AS financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "the revised Ind-AS financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid revised Ind-AS 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 prescribed under section 133 of the

Act read with the Companies (Indian Accounting Standard) Rules, 2015, as amended, (Ind-AS) and with other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, the profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the revised Ind-AS financial statements in accordance with the Standards on Auditing

(SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Revised Ind-AS 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 revised Ind-AS financial statements under the provisions of the Companies Act, 2013 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.

Emphasis of Matter

We draw attention to Note 48 to the revised Ind-AS financial statements in respect of restatement of certain figures of the current year as at and for the year ended March 31, 2026 due to correction of the error as mentioned in the said note in respect of incorrect configuration relating to processing of invoices of natural gas in the ERP system. Our revised audit report is with reference to these revised Ind-AS financial statements.

Our opinion is not modified in respect of the above matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the revised Ind-AS financial statements of the current period. These matters were addressed in the context of our audit of the revised Ind-AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	How the matter was addressed in our audit
Revenue Recognition	Our audit procedures included:
Revenue is one of the key profit indicators and is susceptible to misstatement.	• Assessing the appropriateness of the revenue recognition accounting policies, by comparing the same with the applicable accounting standards.
We have considered cut-off as the key assertion insofar as revenue recognition is concerned since an inappropriate cut-off could lead to a material misstatement of the results for the year.	• Testing the design, implementation and operating effectiveness of the key controls with respect to dispatches/ deliveries.
Refer to Notes 2(b)(iii) and 27 in the revised Ind-AS financial statements.	• Performing substantive procedures for cut-offs by verifying the underlying documents, which include sales invoices, contracts, shipping documents and proof of deliveries where applicable.
	• Inventory reconciliations and circularisation of receivable balances.

Information Other than the revised Ind-AS financial

Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Revised Board of Directors report but does not include the accompanying revised Ind-AS financial statements and our revised auditors report thereon. The other information is expected to be made available to us after the date of this auditors report.

Our opinion on the revised Ind-AS 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 revised Ind-AS financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the revised Ind-AS financial statements our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and review the steps taken by the Management to communicate with those in receipt of the other information, if previously issued, to inform them of the revision.

Responsibilities of Management and Those Charged with Governance for the revised Ind-AS financial

Statements

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 revised Ind-AS financial statements that give a true and fair view of the revised financial position, revised financial performance (including other comprehensive income), revised changes in equity and the revised cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act. 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 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 revised Ind-AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the revised Ind-AS financial statements, the Board of Directors 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 Board of Directors 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 the Revised

Ind-AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the revised Ind-AS 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 revised Ind-AS 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 internal financial controls with reference to financial statements 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 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 manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the revised Ind-AS financial statements that, individually or in aggregate, make it probable that the economic decisions of the users of the revised Ind-AS financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the revised Ind-AS financial statements.

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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the revised Ind-AS financial statements of the current period and are therefore the key audit matters. We describe these matters in our revised auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

In accordance with the provisions of Standard on Auditing 560 (Revised) ‘Subsequent Events specified under section

143(10) of the Companies Act, 2013, our audit procedures, in so far as they relate to the revision to the Financial Statements, have been carried out solely on this matter and no additional procedures have been carried out for any other events occurring after April 30, 2026 (being the date of our earlier audit report on the earlier financial statements). Our earlier audit report dated April 30, 2026 on the earlier financial statements is superseded by this revised audit report on the revised Ind-AS financial statements.

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 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, to the extent applicable.

2) 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 have been kept by the Company so far as it appears from our examination of those books. c) The Revised Balance Sheet, the Revised Statement of Profit and Loss (including Other Comprehensive Income), the Revised Statement of Cash Flow and the Revised Statement of Changes in Equity, dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid revised Ind-AS financial statements comply with the Ind-AS specified under Section 133 of the Act, read with relevant rules issued thereunder. e) On the basis of the written representations received from the Directors of the Company as on March 31, 2026, taken on record by the Board of

Directors, none of the Directors of the Company are disqualified as on March 31, 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 the 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 to the best of our information and according to the explanations given to us: i) The Company has disclosed the impact of pending litigations on its financial position in its revised Ind-AS financial statements. ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at March 31, 2026. 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: a) to the best of its knowledge and belief, as disclosed in the revised Ind-AS financial statements, no funds 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 persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writingorotherwise,thattheIntermediary 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) to the best of its knowledge and belief, as disclosed in the revised Ind-AS financial statements, no funds have been received by the Company from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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; and c) Based on our audit procedures that have been considered reasonable and appropriateinthecircumstances,nothing has come to our notice that has caused us to believe that the representations made by the Management under sub-clause (i) and (ii) of Rule 11 (e) as provided under a) and b) above contain any material misstatement. v) The Board of Directors of the Company have proposed a final dividend for the current year, which is subject to approval of the members at the ensuing Annual General Meeting. The proposed dividend is in accordance with

Section 123 of the Act. vi) Based on our examination, which included test checks, the Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has 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 the audit trail feature being tampered with. Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record retention, except the audit trail in respect of master data, which was preserved with effect from January 18, 2024. vii) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 of the Act.

Annexure A to the Independent Auditors Report

The Annexure referred to in Paragraph 1 ‘Report on Other Legal and Regulatory Requirements in our Revised Independent Auditors Report to the members of the Company on the revised Ind-AS financial statements for the year ended March

31, 2026:

Statement on Matters Specified in paragraphs 3 & 4 of the Companies (Auditors Report) Order, 2020: i) (a) A) The Company has generally maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment. B) TheCompanyhasmaintainedproperrecords showing full particulars of intangible assets. (b) 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 program of physical verification of Property, Plant and Equipment so as to cover all the assets at periodic intervals which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain Property,

Plant and Equipment were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the freehold building is held in the name of the Company.

In respect of the assets taken on lease and disclosed as Right of use assets in the revised Ind-AS financial statements, the lease agreements are in the name of the Company except the following:

Description of property	Gross Carrying Value (as of March 31, 2026)	Held in the name of</b>	Whether promoter, director or their relative or employee	Period held	Reason for not being held in the name of the Company
Right of Use Assets - Land	969.65	Naperol Investments Limited (formerly known as National Peroxide Limited)	Entity within the promoter group	Since April 01, 2022	The right to use the land has been transferred to the Company under the Composite Scheme of Arrangement between National Peroxide Limited and Naperol Investments Limited. The Scheme has an appointed date of April 1, 2022, and became effective on September 11, 2023. The Company is currently in the process of completing the necessary agreements.

(d) 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 any of its property, plant and equipment or intangible assets during the year.

(e) According to the information and explanations provided to us and on the basis of our examination of the records of the Company, no proceedings have been initiated during the year or are pending against the Company as at March 31, 2026, for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)

(as amended) and rules made thereunder. ii) (a) The inventories (excluding goods-in-transit) were physically verified during the year by the Management at reasonable intervals. 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 the nature of its operations. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification of inventories when compared with the books of account.

(b) 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 been sanctioned working capital limits in excess of five crore rupees, in aggregate, from bank on the basis of security of current assets. In our opinion, the quarterly returns or statements filed by the Company with such a bank are in agreement with the books of account and the difference, if any, is on account of valuation, provisions, entries passed after submitting the quarterly returns to the bank etc., which are explainable items and not material in nature. iii) (a) According to the information and explanations given to us, the Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships any other parties during the year ended March 31,

2026. Accordingly, to that extent, the provisions of paragraph 3(iii)(a) of the Order are not applicable. The Company has made investments in mutual fund schemes and equity shares of a company.

The Company has not made any investments in firms, limited liability partnerships or any other parties during the year.

(b) According to the information and explanations given to us, the Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties during the year ended March 31, 2026. Accordingly, to that extent, the provisions of paragraph 3(iii)(b) of the Order are not applicable. The investment made during the year, prima facie, is not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us, the Company has not granted any loans or advances in the nature of loans, hence, the provisions of paragraph 3(iii)(c), (d), (e) and (f) of the Order are not applicable. iv) According to the information and explanations given to us, the Company has not advanced any loans to the persons covered under Section 185 of the Act.

In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 186 of the Act in respect of investments made. The Company has not granted any loans or provided any guarantees or securities to the parties covered under Section 186 of the Act. v) According to the information and explanations given to us, the Company has not accepted deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other applicable provisions of the Act and the rules framed thereunder apply. According to the information and explanations given to us, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal against the

Company in this regard. vi) The maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, 2013. We have broadly reviewed the books of accounts maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained by the Company. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. vi) (a) According to the information and explanations given to us and on the basis of the records examined by us, the Company is generally regular in depositing undisputed statutory dues including

Goods and Services tax (‘GST), Provident fund,

Employees State Insurance, Income-Tax, Sales

Tax, Service Tax, Duty of Customs, Duty of Excise,

Value Added Tax, Cess and any other statutory dues, with the appropriate authorities, wherever applicable and there are no undisputed dues which have remained outstanding as at March 31,

2026 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues outstanding of Goods and Service Tax (‘GST), Provident fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs,

Duty of Excise, Value Added Tax, Cess and any other statutory dues with the appropriate authorities on account of any dispute other than the following:

Name of Statute	Nature of Dues	Amount (E in lakhs)	Period to which the Amount Relates	Forum where Dispute is pending
Maharashtra Value Added Tax Act, 2002	Value Added Tax	479.39*	2006-07	Joint Commissioner of State Tax (Appeal)
Central Sales Tax Act, 1956	Sales Tax	1,656.58**	2006-07	Joint Commissioner of State Tax (Appeal)

viii) According to the information and explanations given to us and on the basis of the records examined by us, there were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). ix) (a) 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 defaulted in the repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

(b) 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 been declared a wilful defaulter by any bank or financial institution or government or any government authority.

(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 not taken any term loan during the year and there are no unutilised term loans at the beginning of the year, hence, the provision of paragraph 3(ix) (c) of the Order are not applicable.

(d) According to the information and explanations given to us, and on an overall examination of the revised Ind-AS financial statements of the Company, no funds raised on short term basis have been used for long-term purposes during the year by the Company and, hence the provisions of paragraph 3(ix)(d) of the Order are not applicable.

(e) According to the information and explanation given to us, the Company does not have any subsidiary, associate, or joint venture, hence, the provision of paragraph 3(ix)(e) and paragraph 3(ix)(f) of the Order is not applicable. x) (a) According to the information and explanations given to us and based on audit procedures performed by us, the Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year, hence, the provisions of paragraph 3(x) (a) of the Order are not applicable.

(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally convertible), hence, the provisions of paragraph 3(x)(b) of the Order is not applicable. xi) (a) During the course of our examination of the books of account and records of the Company, and according to the information and explanation given to us and representations made by the Management, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the 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) We have taken into consideration the whistle blower complaint received by the Company during the year while determining the nature, timing and extent of our audit procedures. xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi

Company. Accordingly, reporting under paragraph

3(xii) of the Order is not applicable to the Company. xiii) According to the information and explanations given to us and based on our examination of the records made available to us by the Company, the transactions with related parties are in compliance with sections 177 and 188 of the Act, where applicable, and details of such transactions have been disclosed in the revised Ind AS financial statements, as required by the applicable

Indian accounting standards. xiv) (a) In our opinion and based on the examination of the records of the Company, the Company has an internal audit system commensurate with the size and the nature of business. (b) We have considered the internal audit reports of the Company issued during the financial year for the period under audit. xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with the Directors or persons connected with them during the year and hence provisions of Section 192 of the Act are not applicable to the Company.

xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, reporting under paragraph 3(xvi)(a), (b) and (c) of the Order are not applicable to the Company.

(b) According to the information and explanation given to us by the management, the Group has three unregistered CICs, which are not required to be registered with the Reserve Bank of India. We have not, however, separately evaluated whether the information provided to us is accurate and complete. xvii) According to the information and explanations given to us and based on our examination of the revised Ind-AS financial statements of the Company, the Company has not incurred cash losses during the current financial year and the immediately preceding financial year. xviii) There has been no resignation of the statutory auditor of the Company during the year. xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating 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) (a) The Company has fully spent the required amount towards Corporate Social Responsibility

(CSR) and there are no unspent CSR amount for the year requiring transfer to a Fund specified in Schedule VII to the Companies Act or special account in compliance with the provisions of sub-section (6) of section 135 of the said Act.

Accordingly, reporting under paragraph 3(xx)(a) of the Order is not applicable to the Company.

(b) There are no unspent amounts towards Corporate Social Responsibility (CSR) under section (5) of section 135 of the Act, pursuant to any ongoing projects requiring a transfer to special account in compliance with the provision of section 135(6) of the Act.

Annexure B to the Independent Auditors Report

Revised Independent Auditors report on the Internal Financial Controls with reference to financial statements under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls with reference to the revised Ind-AS financial statements of

National Peroxide Limited (formerly known as NPL Chemicals Limited) (the ‘Company), as of March 31, 2026, in conjunction with our audit of the revised Ind-AS financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys Management is responsible for establishing and maintaining internal financial controls based on the internal control with reference to financial statements 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 (the "Guidance Note") issued by the

Institute of Chartered Accountants of India (the "ICAI").

These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information, as required under the Companies Act, 2013 (the "Act").

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note issued by ICAI and the Standards on Auditing prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note 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 financial statements 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 financial statements and their operating effectiveness. Our audit of internal financial controls with reference to the financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

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

Meaning of Internal Financial Controls with reference to financial statements

A Companys internal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial control with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, 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 financial statements

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

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has in all material respects, an adequate internal financial controls with reference to the financial statements and such internal financial controls were operating effectively as at March

31, 2026, based on the internal controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note.

	For KALYANIWALLA & MISTRY LLP
	CHARTERED ACCOUNTANTS
	Firm Registration. No.: 104607W/W100166
	THRITY Z. PATEL
	PARTNER
	Membership No.: 117151
	UDIN: 26117151QCAJDN6522
Place: Mumbai
Date: August 12, 2026