Stanbik Agro Ltd Auditor Reports

To,

The Board of Directors Stanbik Agro Limited

(Formerly Known as Stanbik Agro Private Limited)

(Formerly Known as Stanbik Commercial Private Limited)

D-1106, Titanium City Centre,

Nr Sachin Tower, 100 Ft Road,

SAC, Satellite, Ahmedabad-380015.

Dear Sirs,

1. We have examined the attached Restated Financial Information of Stanbik Agro Limited (Formerly Known as Stanbik Agro Private Limited and Stanbik Commercial Private Limited) (the “Company” or the “Issuer”) comprising the Restated Statement of Assets and Liabilities as on September 30, 2025, March 31, 2025, as on March 31, 2024 and as on March 31, 2023, the Restated Statement of Profit and Loss, the Restated Statement of Cash Flow for the period ended 30 September, 2025 and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023, the Statement of Significant Accounting Policies, and other explanatory information (collectively, the “Restated Financial Information” or “Restated Financial Statements”), as approved by the Board of Directors of the Company at their meeting held on 28th November, 2025 for the purpose of inclusion in the Draft Prospectus/ Prospectus prepared by the Company in connection with its proposed Initial Public Offer of equity shares (“IPO”).

2. This restated financial information has been 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 from time to time (the “Guidance Note”).

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Draft Prospectus/Prospectus to be filed with Securities and Exchange Board of India, Registrar of Companies and the Bombay Stock Exchange (BSE) 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 Annexure IV to the Restated Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

4. 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 1st November, 2024 in connection with the proposed IPO of equity shares;

b) 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.

5. These Restated Financial Information have been compiled by the management from the Audited Financial Statements of the Company for the financial years ended on March 31, 2025, March 31, 2024 and March 31, 2023, and for the six months ended September 30, 2025 which has been approved by the Board of Directors:

a) Audited financial statements of the Company as at and for the years ended March 31, 2025, 2024 and 2023 prepared in accordance with the Accounting Standards which have been approved by the Board of Directors at their meeting held on 30th April, 2025, 30th July, 2024 and 30th September, 2023 respectively.

b) Audited financial statements of the Company as at and for the period ended September 30, 2025 prepared in accordance with the Accounting Standards which have been approved by the Board of Directors at their meeting held on 28th November, 2025 respectively.

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

a) Audit reports issued by us dated 28th November, 2025, 30th April, 2025, 30th July, 2024 as at and for the year/period ended on September 30, 2025, March 31, 2025, March 31, 2024 respectively

b) Auditors report issued by previous auditor dated 30th September, 2023 as at and for the year ended on March 31, 2023.

The audits for the financial years ended March 31, 2023 were conducted by the Companys previous auditors, Soni Aakash & Co., (the “Previous Auditor”), and accordingly reliance has been placed on the statement of assets and liabilities and the statements of profit and loss and cash flow statements, Significant Accounting Policies, and other explanatory information (collectively, the “2023 Audited Financial Statements”) examined by them for the said year.

7. We have also examined the financial information of the Company for the period 1st April 2025 to 30th September 2025 [the broken period ending not before 180 days from the date of prospectus] prepared and approved by the Board of Directors for the purpose of disclosure in the offer document of the Company. Based on the above, we report that in our opinion and according to the information and explanations given to us, the above interim financial information are in accordance with the accounting principles generally accepted in India, including the Accounting Standards prescribed under section 133 of the Act, as applicable and the interim financial information are presented with the Restated Financial Information appropriately.

8. Based on our examination and according to the information and explanations given to us, we report that:

a) The “Restated Statement of Assets and Liabilities” as set out in Annexure I to this report, of the Company as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 and as at September 30, 2025 are prepared by the Company and approved by the Board of Directors. These Restated Statement of Assets and Liabilities, have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV and Annexure V respectively to this Report.

b) The “Restated Statement of Profit and Loss” as set out in Annexure II to this report, of the Company as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 and for the period ended 30 September, 2025 are prepared by the Company and approved by the Board of Directors. These Restated Statement of Profit and Loss have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV and Annexure V respectively to this Report.

c) The “Restated Statement of Cash Flow” as set out in Annexure III to this report, of the Company as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 and for the period ended 30 September, 2025 are prepared by the Company and approved by the Board of Directors. These Restated Statement of Cash Flow have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV and Annexure V respectively to this Report.

d) The Restated Statement have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

e) The Restated Statements have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any;

f) The Restated Statements have been made after incorporating adjustments for prior period and other material amounts in the respective financial years/period to which they relate, if any and there are no qualifications which require adjustments;

g) Extra-ordinary items that need to be disclosed separately in the accounts has been disclosed wherever required;

h) There were no qualifications in the Audit Reports issued by the Statutory Auditors as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 and for the period ended 30 September, 2025 which would require adjustments in this Restated Financial Information of the Company;

i) Profits and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts as set out in fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV and Annexure V respectively to this Report.

j) Adjustments in Restated Statements have been made in accordance with the correct accounting policies;

k) There was no change in accounting policies, which needs to be adjusted in the Restated Financial Information.

l) There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Information;

m) the company has not proposed any dividend in past period.

9. We have also examined the following other financial information relating to the Company prepared by the Management and as approved by the Board of Directors of the Company and annexed to this report relating to the Company as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 and for the period ended 30 September, 2025 proposed to be included in the Draft Prospectus/Prospectus.

10. We, S K Bhavsar & Co., Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India (“ICAI”) and hold a valid peer review certificate issued by the “Peer Review Board” of the ICAI which is valid till 30-06-2028.

11. The Restated Financial Information does not reflect the effects of events that occurred subsequent to the respective dates of audited financial statements mentioned in paragraph 5 above.

12. 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.

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

14. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Prospectus / Prospectus to be filed with Securities and Exchange Board of India, the stock exchanges and Registrar of Companies, Ahmedabad 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.