ఆడిటర్ నివేదిక TruAlt Bioenergy Ltd.

We have audited the accompanying standalone financial statements of TruAlt Bioenergy 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 Cash Flows and the
standalone Statement of Changes in Equity for the year ended, and notes to the standalone financial
statements, including the material accounting policies and other explanatory information (hereinafter referred
to as "the standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial Statements give the information required by the Companies Act, 2013 ("the Act"), in the
manner so required and give a true and fair view, in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act, read with the 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, its profit and total comprehensive income, its cash flows and changes in
equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further
described in the Auditor''s Responsibilities for the Audit of the 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 independence requirements that are relevant to our
audit of the standalone financial statements under the provisions of the Act and the Rules made there under,
and we have fulfilled our other 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.

Emphasis of Matter

In respect of the expansion of three distilleries of the Company from mono feed to dual feed, undertaken under
turnkey contracts and completed during November 2025, January 2026 and February 2026 respectively, the
componentization of assets in accordance with Ind AS 16 - Property, Plant and Equipment is in progress.
Consequently, the updating of the fixed asset register is pending [Refer note no. 59 to the standalone financial
statements].

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

Key Audit Matters

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

Information Other than the Standalone Financial Statements and Auditor''s Report thereon

The Company''s Management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company''s annual report but does not include the
standalone financial statements and the auditor''s report(s) thereon. The Company''s annual report is expected
to be made available to us after the date of this auditor''s report. Our opinion on the standalone financial
statements does not cover the other information and we will not express any form of assurance conclusion
thereon.

In connection with our audit of the standalone 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 standalone financial statements or our knowledge obtained in
the audit, or otherwise appears to be materially misstated.

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 that fact.

The Annual Report has not been provided to us as at the date of this report. When it is subsequently provided,

Responsibilities of Management and Board of Directors for the Standalone Financial Statements

The Company''s Management and Board of Directors are responsible for the matters stated in section 134(5)
of the Act, with respect to the preparation of the standalone financial statements that give a true and fair view
of the state of affairs, profit/ loss and comprehensive income, changes in equity and cash flows of the
Company, in accordance with the Ind AS and other accounting principles generally accepted in India. 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 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 standalone financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management and Board of Directors are responsible for
assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters relating to
going concern and using the going concern basis of accounting, unless the Board of Directors either intends
to liquidate the Company or cease operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company''s financial reporting process.

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

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.

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 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;

• Obtain an understanding of internal financial controls 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 an adequate internal financial
controls system 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 and Board of Directors;

• Conclude on the appropriateness of the Management''s and Board of Directors use of the going concern
basis of accounting in preparation of standalone financial statements 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; and

• 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.

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 standalone financial statements of the current period and are, therefore,
the key audit matters. We describe these matters in our auditor''s 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.

Report on Other Legal and Regulatory Requirements

1. 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 standalone Balance Sheet, the standalone Statement of Profit and Loss, (including Other
Comprehensive Income), standalone Statement of Cash Flows and standalone 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 financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, as applicable.

e. On the basis of the 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 Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report
expresses an unmodified opinion on adequacy and operating effectiveness of the Company''s internal
financial controls over financial reporting.

g. 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.

h. (h) 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 has no pending litigations as at March 31, 2026.

ii. The Company did not have any long term contracts, including derivative contracts, for which there
were material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company during the year ended March 31, 2026.

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 or entity, including foreign entity ("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
or entity, including foreign entity ("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 (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.

v. The Company has not declared or paid any dividend in the current year. Hence the question of
compliance with section 123 of the Act does not arise.

vi. Based on our examination, which included test checks, the Company has used accounting software for
maintaining its books of account, which has a feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions recorded in the software systems.
Further, during the course of 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.

2. 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 Companies Act, 2013, we give in the "Annexure B" a
statement on the matters specified in paragraph 3 and 4 of the Order.

For N. M. Raiji & Co.

Chartered Accountants

Firm Registration Number: 108296W

Vinay D. Balse

Partner

Membership Number: 039434
UDIN: 26039434ZYGCTH4727

Place: Bengaluru
Date: May 22, 2026