Bharat Parenterals Ltd Auditor Reports

To The Members Of Bharat Parenterals Limited

Report on the Audit of the Standalone Ind AS Financial Statements Opinion

We have audited the standalone Ind AS nancial statements of Bharat Parenterals Limited ("the Company"), which comprise the balance sheet as at March 31, 2026, and the statement of Pro t and Loss (including Other Comprehensive Income), statement of changes in equity and statement of cash ows for the year then ended, and notes to the standalone Ind AS nancial statements, including a summary of material accounng policies and other explanatory informaon. In our opinion and to the best of our informaon and according to the explanaons given to us, the aforesaid standalone Ind AS nancial statements give the informa_on 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 Accounng Standards prescribed under secon 133 of the Act read with the Companies (Indian Accoun_ng Standards) Rules, 2015, as amended, ("Ind AS") and other accounng principles generally accepted in India, of the state of a airs of the Company as at March 31, 2026, the pro t and total comprehensive income, changes in equity and its cash ows for the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auding (SAs) speci ed under secon 143(10) of the Companies Act, 2013. Our responsibilies under those Standards are further described in the Auditors Responsibilies for the Audit of the standalone Ind AS nancial statements secon of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Instute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone Ind AS nancial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have ful lled our other ethical responsibilies in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is su cient and appropriate to provide a basis for our opinion.

Key Audit MaNers

Key audit maLers are those maLers that, in our professional judgment, were of most signi cance in our audit of the standalone Ind AS nancial statements of the current period. These maLers were addressed in the context of our audit of the standalone Ind AS nancial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these maLers. We have determined that there are no key audit maLers to be communicated in our report.

Other Informaon

The Companys Management and Board of Directors are responsible for the other informaon. The other informa on comprises the informaon included in the Annual Report but does not include the standalone Ind AS nancial statements and our auditors report thereon. The Companys annual report is expected to be made available to us aIer the date of this auditors report Our opinion on the standalone Ind AS nancial statements does not cover the other informaon and we do not express any form of assurance conclusion thereon. In connecon with our audit of the standalone Ind AS nancial statements , our responsibility is to read the other informaon and, in doing so, consider whether the other informaon is materially inconsistent with the standalone Ind AS nancial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. When we read the informaon, if we conclude that there is a material misstatement therein, we are required to communicate the maLer to those charged with governance and take appropriate acons necessitated by the circumstances and the applicable laws and regulaons.

Managements and Board of Directors Responsibilies for the standalone Ind AS nancial statements

The Companys management and Board of Directors is responsible for the maLers stated in secon 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparaon of these standalone Ind AS nancial statements that give a true and fair view of the nancial posion, nancial performance, including other comprehensive income, changes in equity and cash ows of the Company in accordance with the accounng principles generally accepted in India, including the Indian Accounng Standards speci ed under secon 133 of the Act read with the Companies (Indian Accounng Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accoun_ng records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for prevenng and detecng frauds and other irregulari_es; selec_on and applica_on of appropriate accounng policies; making judgments and esmates that are reasonable and prudent; and design, implementa_on and maintenance of adequate internal nancial controls, that were operang e ecvely for ensuring the accuracy and completeness of the accoun_ng records, relevant to the prepara_on and presentaon of the standalone Ind AS nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone Ind AS nancial statements, the Management and the Board of Directors are responsible for assessing the Companys ability to connue as a going concern, disclosing, as applicable, maLers related to going concern and using the going concern basis of accounng unless the Board of Directors either intends to liquidate the Company or to cease operaons or has no realisc alternave but to do so.

The Board of Directors is responsible for overseeing the Companys nancial reporng process.

Auditors Responsibilies for the Audit of the standalone Ind AS nancial statements

Our objecves are to obtain reasonable assurance about whether the standalone Ind AS nancial 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 in uence the economic decisions of users taken on the basis of these standalone Ind AS nancial statements .

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepcism throughout the audit. We also:

Idenfy and assess the risks of material misstatement of the standalone Ind AS nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is su cient and appropriate to provide a basis for our opinion. The risk of not detecng a material misstatement resulng from fraud is higher than for one resulng from error, as fraud may involve collusion, forgery, inten_onal omissions, misrepresenta_ons, 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 Secon 143(3)(If the Act, we are also responsible for expressing our opinion on whether the company has adequate internal nancial controls with reference to standalone Ind AS nancial statements in place and the operang e ecveness of such controls.

Evaluate the appropriateness of accounng policies used and the reasonableness of accoun_ng es_mates and related disclosures in the standalone Ind AS nancial statements made by the Board of Directors.

Conclude on the appropriateness of Management and Board of Directors use of the going concern basis of accounng and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condions that may cast signi cant doubt on the Companys ability to connue as a going concern. If we conclude that a material uncertainty exists, we are required to draw aLenon in our auditors report to the related disclosures in the standalone Ind AS nancial 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 condions may cause the Company to cease to connue as a going concern.

Evaluate the overall presentaon, structure and content of the standalone Ind AS nancial statements, including the disclosures, and whether the standalone Ind AS nancial statements represent the underlying transacons and events in a manner that achieves fair presentaon. Materiality is the magnitude of misstatements in the standalone Ind AS nancial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone Ind AS nancial statements may be in uenced. We consider quan_ta_ve materiality and qualitave factors in (i) planning the scope of our audit work and in evaluang the results of our work; and (ii) to evaluate the e ect of any iden ed misstatements in the standalone Ind AS nancial statements .

We communicate with those charged with governance regarding, among other maLers, the planned scope and ming of the audit and signi cant audit ndings, including any signi cant de ciencies in internal control that we idenfy 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 relaonships and other maLers that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-secon (11) of secon 143 of the Companies Act, 2013, we give in the "Annexure A" a statement on the maLers speci ed in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Secon 143(3) of the Act, we report that: a) We have sought and obtained all the informa_on and explanaons 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 examinaon of those books. c) The standalone Balance Sheet, the standalone Statement of Pro t and Loss (including Other Comprehensive Income), and the standalone Statement of cash ow and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid standalone Ind AS nancial statements comply with the Accounng Standards speci ed under Secon 133 of the Act. e) On the basis of the wrien representaons received from the directors as on March 31, 2026, taken on record by the Board of Directors, none of the directors is disquali ed as on March 31, 2026, from being appointed as a director in terms of Secon 164 (2) of the Act. f) With respect to the adequacy of the internal nancial controls over nancial reporng of the Company and the operang e ecveness of such controls, refer to our separate Report in

"Annexure B". g) In our opinion and to the best of our informaon and according to the explanaons given to us, the remuneraon paid by the Company to its directors during the year is in accordance with the provisions of secon 197(16) of the Act. h) With respect to the other maLers 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 informaon and according to the explanaons given to us: i. The Company has no pending ligaons to be disclosed except as shown in note no 43. ii. The Company did not have any long-term contracts, including derivave contracts for which there were any material foreseeable losses.

iii. There have been no amounts required to be transferred to the Investor Educa_on and Protec_on Fund by the Company. iv. (a) The Management has represented, to the best of its knowledge and belief that, 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 person(s) or enty(ies), including foreign en_es ("Intermediaries"), with the understanding, whether recorded in wri_ng or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or enes iden ed in any manner whatsoever by or on behalf of the company ("Ulmate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ul_mate Bene ciaries; (b) The Management has represented, to the best of its knowledge and belief that, no funds have been received by the company from any person(s) or en_ty(ies), including foreign en__es ("Funding Pares"), with the understanding, whether recorded in wri_ng or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or en__es iden_ ed in any manner whatsoever by or on behalf of the Funding Party ("Ulmate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ul_mate Bene ciaries; and (c) Based on such audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our noce that has caused us to believe that the representaons under sub-clause (i) and (ii) of rule 11(e), as provided under (i) and (ii) above, contain any material misstatement.

v. There nal dividend paid by the company during the year in respect of the same declared for the previous year is in accordance with secon 123 of Companies Act 2013 to the extent it applies to payment of dividend.

As stated in note 56 to the Standalone Ind AS nancial statements, the Board of Directors of the company have proposed nal dividend for the year which is subject to the approval of the members at the annual general meeng. The dividend declared is in accordance with secon 123 of Companies Act 2013 to the extent it applies to payment of dividend. vi. Based on our examinaon, which included test checks, the company has used accounng soware for maintaining its books of accounts which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transacons recorded in the soware. Also, during the course of our audit, we did not come across any instance of audit trail features being tampered in respect of such accounng soware. Further, the audit trail has been preserved by the Company as per the statutory requirements for record retenon to the extent it was enabled and recorded in the previous year.

For Shah Mehta & Bakshi Chartered Accountants Firm Registraon No: 103824W

Himesh Gajjar Partner Membership No.: 177342 UDIN: 26177342GJCWBL6706 Place : Vadodara Date :May 18, 2026,

ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT

The Annexure referred to in Independent Auditors Report to the members of the Company on the standalone Ind AS nancial statements for the year ended March 31, 2026, we report that: I a) A: The Company has in general maintained proper records showing full, including quantave details and the situaon of Property, Plant & Equipment. B: The Company does not have intangible assets and therefore reporng under this clause is not applicable. b) The Company has a regular programme of physical veri caon of its xed assets by which xed assets are veri ed in a phased manner. In accordance with this programme, xed assets having substanal value were veri ed during the year as per the programme and According to the informaon and explanaons given to us, no material discrepancy has been noced. In our opinion, this periodicity of physical veri ca_on is reasonable having regard to the size of the company and the nature of its assets. c) According to the informaon and explanaons given to us and on the basis of the records of the Company the tle deeds of all immovable properes (other than properes where the company is the lessee and the lease agreement are duly executed in favor of lessee) of land and buildings which are freehold are held in the name of the Company as at balance sheet date. In respect of immovable properes of land and building that have been taken on lease and disclosed as an asset in the standalone Ind AS nancial statements , the lease agreements are in the name of the Company. d) According to informaon and explanaon given to us and based on the examinaon conducted by us, the company follows the cost model. Thus, reporng under this clause is not applicable. e) As disclosed in notes to the standalone Ind AS nancial statements and as veri ed by us, no proceedings have been iniated or are pending against the company for holding any Benami property under the Benami Transac_ons (Prohibi_on) Act, 1988 and rules made thereunder. ii. (a) According to the informaon and explanaons given to us, the inventories (excluding stocks with third pares) have been physically veri ed during the year by the Management at reasonable intervals and no material discrepancies were noced on physical veri caon. In our opinion, the coverage and procedure of such veri caon by the management is appropriate having regard to the size of the company and the nature of its Inventories. No discrepancies of 10% or more in the aggregate for each class of inventory were no_ced on such physical veri caon of inventories when compared with books of account.

(b) The Company has been sanconed fund-based Working Capital limit in excess of Rs. 5 Crores, in aggregate, from banks on the basis of security of current assets. The Company has led quarterly returns or statements with such banks, which are in agreement with the books of account other than those as set out below: The Bank returns were prepared and led before the compleon of all standalone Ind AS nancial statements closure acvies including Ind AS related adjustments/ reclassi ca_ons, as applicable, which led to these di erences between the nal books of accounts and the bank return which were based on provisional books of accounts. Further di erence arises due to the amounts submiLed to the Banks were based on unaudited numbers.

Quarter Ended	Parcular of security Provided	Amount as per Books of Account	Amount as per Stock Statement	Amount of Di erence
June 30,2025	Inventories Trade	2,779.77	2,779.77	-
	Receivables	8,107.15	10,002.72	(1,895.57)
September 30, 2025	Inventories	4,294.18	4,294.18	-
	Trade
	Receivables	4,780.28	6,475.02	(1,694.74)
December 31,2025	Inventories	4,829.48	4,829.48	-
	Trade
	Receivables	3,563.17	4,163.27	(600.10)
March 31,2026	Inventories	5,432.80	5,307.06	125.74
	Trade
	Receivables	5,639.45	4,738.00	901.45

iii. According to the informaon and explanaons given to us and on the basis of our examinaon of the records, the Company has made investments in companies and other pares, granted unsecured loans to companies and other pares (employees) and granted unsecured advances in the nature of loans to other pares (employees) during the year, in respect of which the requisite informaon is as below. The Company has not made any investments or granted any unsecured loans to rms or limited liability partnerships during the year. The Company has not granted any secured loans to companies, rms or limited liability partnerships during the year. The Company has provided guarantees or security or secured advances in the nature of loans to companies, rms or limited liability partnerships or any other pares during the year. The Company has not granted any unsecured advances in the nature of loans to companies, rms or limited liability partnerships during the year. a) a. Based on the audit procedures carried out by us and as per the informaon and explanaons given to us, the Company has provided unsecured loans to subsidiaries as listed below. The Company has not given any advances in the nature of loans or provided security to subsidiaries. The company has given guarantee to its subsidiaries as listed below. Further, the Company does not hold any investment in any joint ventures or associates b. Based on the audit procedures carried on by us and as per the informaon and explanaons given to us, the Company has not given secured loans, unsecured loans and has given unsecured advances in the nature of loans to pares(employees) other than subsidiaries as listed below. The Company has not stood guarantee or provided security to pares other than subsidiaries.

Parculars	Guarantees	Security	Loans	Advance in nature of Loans
Aggregate amount
during the year
Subsidiaries*	3,950.00	-	1,450.18	-
Others - Employees	-	-	4.14	-
Balance outstanding as
at balance sheet date
Subsidiaries*	3,950.00	-	4,455.92	-
Others - Employees	-	-	13.81	-

*As per the Companies Act, 2013 b) According to the informaon and explanaons given to us and based on the audit procedures conducted, in our opinion, the investment made, guarantee given and the terms and condions of the grant of loan, during the year, are, prima facie, not prejudicial to the companys interest. c) According to the informaon and explanaons given to us and based on the audit procedures conducted, in our opinion, the schedule of repayment of principal and payment of interest has been spulated, and receipts of principal and interest are as per the terms of agreement. d) According to the informaon and explanaons given to us and based on the audit procedures conducted, in our opinion there is no overdue amount of principal and interest for more than 90 days. e) According to the informaon and explanaons given to us and based on the audit procedures conducted, in our opinion, there is no loan or advance in nature of loan granted which has fallen due during the year, has been renewed or extended or fresh loan granted to sele the overdue of exisng loans given to the same pares. f) According to the informaon and explanaons given to us and based on the audit procedures conducted, in our opinion, the company has not granted any loans or advances in the nature of loan either repayable on demand or without specifying any terms or period of repayment. iv. According to the informaon and explanaons given to us and based on the books and records of the Company examined by us, in our opinion, the Company has complied with the provisions of Secons 185 and 186 of the Act, with respect to the loans granted, investments made, guarantee given and security provided, as applicable. v. In our opinion and according to informaon & explanaons given to us, the company has not accepted deposits from public and as per informaon and explanaons given to us the Company has complied Secon 73 to 76 of the Act, along with rules framed there under. vi. As informaon and explanaon give to us, pursuant to the rules made by the Central Government of India, the Company has maintained cost records as speci ed under Secon 148(1) of the Act in respect of its products. We have, however, not made a detailed examina_on of the cost records with a view to determine whether they are accurate or complete.

vii. According to the informaon and explanaons given to us in respect of statutory dues;

- The company is regular in deposi_ng the amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Income Tax, Custom Duty, Employee State Insurance, Goods and Service Tax, Cess and any other statutory dues, as applicable, with the appropriate authories.

- There was no material amount payable in respect of undisputed statutory dues, including Provident Fund, Income Tax, Custom Duty, Employee State Insurance, Goods and Services Tax, Cess and other statutory dues in arrears as on March 31, 2026 for the period of more than six months from the date they become payable.

- According to the informaon and explanaons given to us and on the basis of the books and records of the Company examined by us, the parculars of statutory dues which have not been deposited on account of disputes as on March 31, 2026, are as follows:

Name of the Statute	Nature of dues	Amounts (Rs. In Lakhs)	Periods to which the amounts relate	Forum where dispute is pending
The Central Goods and Services Tax Act, 2017	CGST Tax, SGST Tax & Penalty	6.86	April 2017 to March 2018	GST Appeal Tribunal, Ahmedabad
The Central Goods and Services Tax Act, 2017 & State Goods and Service Tax Act, 2017	CGST Tax, SGST Tax & Penalty	9.61	April 2018 to March 2019	GST Appeal, Vadodara
The Integrated Goods and Services Tax Act, 2017	IGST Tax, Penalty & Interest	2.25	April 2018 to March 2019	GST Appeal, Vadodara

viii. In our opinion and according to the informa_on and explanaons given to us, there were no transacons relang 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. ix. a) In our opinion and according to the informaon and explanaons given to us, the company has not defaulted in repayment of Loans or borrowings and interest thereon to nancial instuons, bank & Government during the year. The company has not issued any debentures. b) In our opinion and according to the informaon and explanaons given to us, the Company has not been declared willful defaulter by any bank or nancial instuon or government or any government authority. c) In our opinion and according to the informaon and explanaons given to us, the Company has obtained term loans during the year. Based on our examinaon of the records of the Company, the term loans have been applied for the purposes for which they were obtained. d) In our opinion and according to the informaon and explanaons given to us and on overall examinaon of the standalone Ind AS nancial statements of the Company, we report that no funds raised on short-term basis have been used for long-term purposes by the Company. e) On an overall examinaon of the standalone Ind AS

nancial statements of the Company, the Company has not raised loan during the year on pledge of securies held in the subsidiaries, joint venture or associate company. x. In our opinion and according to the informa_on and explanaons given to us, the Company has not raised any money during the year by way of inial public o er / further public o er (including debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company. xi. a) In our opinion, and according to the informaon and explanaons given to us, no fraud by the Company or no material fraud on the Company has been no_ced or reported during the year. b) During the course of our examinaon of the books and records of the Company, carried out in accordance with the generally accepted auding pracces in India, and according to the informaon and explanaons given to us, a report under Secon 143(12) of the Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to be led with the Central Government. Accordingly, the reporng under clause 3(xi)(b) of the Order is not applicable to the Company. c) As represented to us by the management, there are no whistle blower complaints received by the company during the year. xii. According to the informaon and explanaons given to us, the Company is not a nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii)(a)(b)cof the Order are not applicable to the Company. xiii. According to the informaon and explanaons given to us and on the basis of books and records of the Company examined by us, transacons with the related pares are in compliance with secons 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the standalone Ind AS nancial statements , as required by the applicable accounng standards. xiv. a) According to the informaon and explanaons given to us and the records examined by us, the company has an internal audit system commensurate with the size and nature of the business of the company; b) The internal audit reports of the Company issued ll the date of the audit report, for the period under audit have been considered by us. xv. According to the informaon and explanaons given to us and based on our examinaon of the records of the company, the Company has not entered into any non-cash transacons with its directors or persons connected with its directors and hence requirement to report on clause 3(xv) of the Order is not applicable to the Company xvi. a) As per the informaon and explanaons given to us and on the basis of the books and records of the Company examined by us, the Company is not required to be registered under Secon 45-IA of the Reserve Bank of India Act, 1934; the Company has not conducted any Non-banking Financial or Housing Finance acvies during the year; The Company is not a Core Investment Company (CIC) as de ned in the regulaons made by the Reserve Bank of India. Accordingly, repor_ng under clauses 3(xvi)(a), 3(xvi)(b) and 3(xvi)(c) of the Order are not applicable to the Company. b) The Company is not a Core Investment Company as de ned in the regulaons made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi) of the Order is not applicable to the Company. xvii. The company has not incurred cash losses in the nancial year and in the immediately preceding nancial year. xviii. During the year, there has been no change in the statutory auditor of the Company. Accordingly, the requirements relang to communica_on with a predecessor auditor are not applicable. xix. According to the informaon and explanaons given to us and on the basis of the nancial raos, ageing and expected dates of realisa_on of nancial assets and payment of nancial liabilies, other informaon accompanying the standalone Ind AS nancial statements and our knowledge of the Board of Directors and Management plans and based on our examinaon of the evidence suppor_ng the assump_ons, nothing has come to our aLenon, which causes us to believe that any material uncertainty exists as on the date of the audit report indicang that Company is not capable of meeng its liabilies exisng 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 reporng is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilies 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. In our opinion and according to the informaon and explanaons given to us, the Company has spent the enre required amount towards Corporate Social Responsibility (CSR) for the nancial year as per Secon 135(5) of the Companies Act, 2013. Therefore, the company is not required to transfer unspent amount to a fund speci ed in Schedule VII to the Companies Act for other than ongoing projects. Accordingly reporng under clause 3(xx)(a) of the order is not applicable for the year; b. The company has not spent amount towards Corporate social Responsibility (CSR) on ongoing projects. Accordingly, reporng under clause (xx)(b) of the Order is not applicable.

ANNEXURE-B:

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB SECTION 3 OF

SECTION 143 OF THE COMPANIES ACT, 2013 ("THE ACT")

We have audited the internal nancial controls over nancial reporng of Bharat Parenterals Ltd. ("the Company") as of March 31, 2026, in conjuncon with our audit of the standalone Ind AS nancial statements of the company for the year ended on that date.

MANAGEMENTS AND BOARD OF DIRECTORS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The companys management and board of directors are responsible for establishing and maintaining internal nancial controls based on the internal control over nancial reporng criteria established by the company considering the essenal components of internal control stated in the guidance note on audit of Internal Financial Controls over Financial Reporng issued by the Instute of Chartered Accountants of India (ICAI). These responsibilies include the design, implementaon and maintenance of adequate internal nancial controls that were operang e ecvely for ensuring the orderly and e cient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevenon and detecon of frauds and errors, the accuracy and completeness of the accounng records, and the mely preparaon of reliable nancial informaon, as required under the Companies Act, 2013.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on the Companys internal nancial controls over nancial reporng based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Repor_ng (the "Guidance Note") and the Standards on Auding, issued by ICAI and deemed to be prescribed under secon 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal nancial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Instute of Chartered Accountants of India. 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 nancial controls over nancial reporng was established and maintained and if such controls operated e ecvely in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal nancial controls system over nancial reporng and their operang e ecveness. Our audit of internal nancial controls over nancial reporng included obtaining an understanding of internal nancial controls over nancial reporng, assessing the risk that a material weakness exists, and tesng and evaluang the design and operang e ecveness 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 standalone Ind AS nancial statements , whether due to fraud or error.

We believe that the audit evidence we have obtained is su cient and appropriate to provide a basis for our audit opinion on the Companys internal nancial controls system over nancial reporng.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A companys internal nancial control over nancial reporng is a process designed to provide reasonable assurance regarding the reliability of nancial reporng and the preparaon of standalone Ind AS nancial statements for external purposes in accordance with generally accepted accounng principles. A companys internal nancial control over nancial reporng includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly re ect the transacons and disposions of the assets of the company; (2) provide reasonable assurance that transacons are recorded as necessary to permit preparaon of standalone Ind AS nancial statements in accordance with generally accepted accounng principles, and that receipts and expenditures of the company are being made only in accordance with authorizaons of management and directors of the company; and (3) provide reasonable assurance regarding prevenon or mely detecon of unauthorized acquision, use, or disposion of the companys assets that could have a material e ect on the standalone Ind AS nancial statements .

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitaons of internal nancial controls over nancial reporng, 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, projecons of any evaluaon of the internal nancial controls over nanci al reporng to future periods are subject to the risk that the internal nancial control over nancial reporng may become inadequate because of changes in condions, or that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, the Company has, in all material respects, an adequate internal nancial controls system over nancial reporng and such internal nancial controls over nancial reporng were operang e ecvely as at March 31, 2026, based on the internal control over nancial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng issued by the Instute of Chartered Accountants of India.

For Shah Mehta & Bakshi Chartered Accountant Firms Registraon No. 103824W

Himesh Gajjar Partner

Membership No. 177342

UDIN: 26177342GJCWBL6706

Place : Vadodara Date : May 18, 2026