Capillary Technologies India Ltd. இன் முடிவுகள்

1. We have audited the accompanying standalone
financial statements of Capillary Technologies
India 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), the Standalone
Statement of Cash Flow, the Standalone Statement
of Changes in Equity for the year then ended and
notes to the standalone financial statements
including material accounting policy information
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 conformity with the Indian
Accounting Standards (‘Ind AS’) specified under
Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and other
accounting principles generally accepted in India,
of the state of affairs of the Company as at March
31, 2026, its profit (including other comprehensive
income), its cash flows and the changes in equity
for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the
Standards on Auditing 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 ethical requirements
that are relevant to our audit of the standalone
financial statements under the provisions of the Act
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.

Key Audit Matter

4. 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 year. 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 matters.

5. We have determined the matter described
below to be the Key Audit Matter to be
communicated in our report.

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

6. The Company’s Board of Directors are responsible
for the other information. The other information
comprises the information included in the Annual
Report but does not include the standalone
financial statements and our auditor’s report
thereon. The 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.

When we read the Annual Report, if we conclude
that there is a material misstatement therein, we
are required to communicate the matter to those
charged with governance.

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

7. The accompanying standalone financial statements
have been approved by the Company’s Board

of Directors. The Company’s Board of Directors
are responsible for the matters stated in Section
134(5) of the Act with respect to the preparation
and presentation of these standalone financial
statements that give a true and fair view of the
financial position, financial performance including
other comprehensive income, changes in equity
and cash flows of the Company in accordance
with the Ind AS specified under Section 133 of
the Act 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 of the assets of the Company
and for preventing and detecting frauds and
other irregularities; selection and application of
appropriate accounting policies; makingjudgments
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 financial
statements that give a true and fair view and are
free from material misstatement, whether due to
fraud or error.

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

9. The 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

10. 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 Standards on Auditing 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.

11. As part of an audit in accordance with Standards
on Auditing, specified under Section 143(10) of
the Act 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 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 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 Board of
Directors’ 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; 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.

12. 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.

13. 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.

14. 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

15. As required by Section 197(16) of the Act, based
on our audit, we report that the Company has
paid remuneration to its directors during the
year in accordance with the provisions of and
limits laid down under Section 197 read with
Schedule V to the Act.

16. As required by the Companies (Auditor’s Report)
Order, 2020 (‘the Order’) issued by the Central

Government of India in terms of Section 143(11) of
the Act we give in the Annexure I, a statement on
the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

17. Further to our comments in Annexure I, as required
by Section 143(3) of the Act based on our audit, we
report, to the extent applicable, 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 purpose of our audit of the accompanying
standalone financial statements;

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, except for the
matters stated in paragraph 17(h)(vi) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended).
Further, the back-up of the books of accounts
and other books and papers of the Company
maintained in electronic mode has not been
maintained on servers physically located in
India, on a daily basis;

c) The standalone financial statements dealt
with by this report are in agreement with the
books of account;

d) In our opinion, the aforesaid standalone
financial statements comply with Ind AS
specified under Section 133 of the Act;

e) On the basis of the written representations
received from the directors 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) The qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 17(b)
above on reporting under Section 143(3)(b)
of the Act and paragraph 17(h)(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 with reference to financial
statements of the Company as on March
31, 2026 and the operating effectiveness of
such controls, refer to our separate report in
Annexure II wherein we have expressed an
unmodified opinion; and

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, as detailed in note 31 to
the standalone financial statements,
has disclosed the impact of pending
litigation on its financial position as at
March 31, 2026;

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 during the year ended
March 31, 2026;

iv. a. The management has represented

that, to the best of its knowledge
and belief, other than as disclosed in
note 38(i) to the standalone financial
statements, no funds have been
advanced or loaned or invested (either
from borrowed funds or securities
premium or any other sources or kind
of funds) by the Company to or in
any person(s) or entity(ies), including
foreign entities (‘the 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 (‘the
Ultimate Beneficiaries’) or provide
any guarantee, security or the like on
behalf the Ultimate Beneficiaries;

b. The management has represented
that, to the best of its knowledge
and belief, other than as disclosed in
note 38(ii) to the standalone financial
statements, no funds have been
received by the Company from any
person(s) or entity(ies), including
foreign entities (‘the 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; and

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

v. The Company has not declared or paid
any dividend during the year ended
March 31, 2026.

vi. Based on our examination which
included test checks, except for instance
mentioned below, the Company, in
respect of financial year commencing on
or after April 01, 2025, has used accounting
software for maintaining its books of
accounts (accounting records and payroll
records) which have a feature of recording
audit trail (edit log) facility and the same
have been 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 audit trail feature being tampered with
other than the consequential impact of
the exception given below. Furthermore,
except for matter mentioned below,
the audit trail has been preserved

by the Company as per the statutory
requirements for record retention.

The accounting software used for
maintenance of accounting records
is operated by a third-party software
service provider. In the absence of any
information on existence of audit trail
(edit logs) for any direct changes made
at the database level in the ‘Independent
Service Auditor’s Assurance Report on
the Description of Controls, their Design
and Operating Effectiveness’ (‘Type 2
report’ issued in accordance with SAE
3402, Assurance Reports on Controls at
a Service Organization), we are unable to
comment on whether audit trail feature
with respect to the database of the said
software was enabled and operated
throughout the year.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm’s Registration No.: 001076N/N500013

Aasheesh Arjun Singh

Partner

Membership No.: 210122

UDIN: 26210122BGLCOX3293

Bengaluru

May 06 2026