Auditor Report of SFC Environmental Technologies Ltd.

1. We have audited the accompanying standalone financial statements of SFC Environmental Technologies Limited
("the Company"), which comprise the Standalone Balance Sheet as at March 31, 2026, the Standalone Statement
of Profit and Loss including other comprehensive income, Standalone statement of changes in equity and the
Standalone Statement of Cash Flows for the year then ended and notes to standalone financial statements,
including a summary of the significant accounting policies and other explanatory information.

2. 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 conform it with the Indian Accounting Standards prescribed
under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended
(“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as
at March 31, 2026, and its Profit (including other Comprehensive Income), its Changes in Equity and its cash flow
for the year ended on that date.

Basis for Opinion

3. We conducted our audit of Standalone Financial Statements in accordance with the Standards on Auditing (“SAs”)
specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the
“Auditor''s Responsibilities for the Audit of the Standalone 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 of the
standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have
fulfilled our ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion on the Standalone Financial Statements.

Information other than the Standalone Financial Statements and Auditor''s Report Thereon ("Other Information")

4. The Company''s Board of Directors is responsible for other information. The other information comprises Board''s
Report including Annexures to Board''s Report and such other disclosure related information but does not include
the Standalone Financial Statements and our auditor''s report thereon.

5. Our opinion on the Standalone Financial Statements does not cover the other information and we do not express
any form of assurance conclusion thereon.

6. In connection with our audit of Standalone Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears
to be materially misstated.

7. If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report the fact. We have nothing to report in this regard.

Responsibility of Management for the Standalone Financial Statements

8. 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 including other comprehensive income, cash flows and changes in equity of the Company
in accordance with the accounting principles generally accepted in India, including the IND AS specified under
Section 133 of the Act.

9. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other
irregularities; selection of appropriate accounting software for ensuring compliance with applicable laws and
regulations including those related to retention of audit log; selection and application of appropriate accounting
policies; making judgements 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 Standalone
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud
or error.

10. In preparing the Standalone financial statements, Board of Directors is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, mattersrelated to going concern and using the
going concern basis of accounting unlessboard of directors either intends to liquidate the Company or to cease
operations or has no realistic alternative but to do so.

11. The company’s board of directors is also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

12. Our objectives are to obtain reasonable assurance about whether the Standalone financial statements as a whole
are free from material misstatement, whether due to fraud or error and to issue an auditor’s 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 standalone financial statements.

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

a) Identify and assess the risks of material misstatement of the standalone 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.

b) 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 adequate internal financial controls system in place and the
operating effectiveness of such controls.

c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

d) Conclude on the appropriateness of management’s 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 Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
standalone 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 auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.

e) Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the standalone financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.

14. 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.

15. 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.

Report on Other Legal & Regulatory Requirements

16. As required by the Companies (Auditor’s 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 paragraph 3 and 4 of the Order to the extent applicable.

17. As required by the 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
beliefs were necessary for the purpose of our audit and have found them to be satisfactory.

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. The Company maintains backup of books of account and other relevant
records in electronic mode on servers physically located in India at periodic intervals; however, such backups
are not taken on a daily basis.

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

d) In our opinion, the aforesaid standalone Financial Statements comply with the IND AS specified under section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended.

e) On the basis of written representations received from the directors as on March 31, 2026 and taken on record
by the Board of Directors, none of the directors are disqualified as on March 31, 2026, from being appointed
as a director in terms of sub-section (2) of section 164 of the Act.

f) The modification relating to the maintenance of accounts and other matters connected there with are as
stated in the paragraph 17(b) above on reporting under Section 143(3)(b) and paragraph 17 (i) (vi) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).

g) 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”; and our report
expresses an unmodified opinion on the adequacy & operating effectiveness of the Company''s internal
financial controls over financial reporting.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements
of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to
the explanations given to us, the remuneration paid by the company to its directors during the year is in
accordance with the provisions of section 197 of the Act read with Schedule V of the Act and the rules
thereunder

i) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended, 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 as at March
31, 2026. (Refer Note 46 of Standalone Financial Statement)

ii. The Company has made provision, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company.

iv.

a) The management has represented that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) 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 entity(ies), including foreign entities (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the Intermediary 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) The management has represented that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person(s)
or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded
in writing or otherwise, that the Company shall, whether, 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.

c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations
under sub-clause as provided under (a) and (b) above, contain any material misstatement.

v. The final dividend paid by the Company during the year in respect of the same declared for the previous
year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.

vi. Based on our examination, which included test checks, the Company for year ended March 31, 2026 has
used accounting software (Tally Prime Edit Log) 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. However, feature
of recording audit trail (edit log) facility was not enabled at the database level to log any direct data changes
to accounting software. We have been informed that in Tally Prime Edit Log, once edit log functionality is
enabled even admin user has no right to disable the same.

Based on our procedures performed for the accounting software, we did not come across any instance of
the audit trail feature being tampered with and the audit trail has been preserved by the Company as per
statutory requirement for record retention.

For G B C A & Associates LLP

Chartered Accountants

Firm Registration No.: 103142W / W100292

Yogesh Amal

Partner

Place: Mumbai Membership No.: 111636

Date: August 13, 2026 UDIN: 26111636KWHUGN9990