Dev Accelerator Ltd.की ऑडीटर रिपोर्ट

We have audited the accompanying Standalone Financial
Statements of Dev Accelerator Limited (Formerly known
as Dev Accelerator Private Limited) ("the Company"),
which comprises of 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 Flows, the Standalone
Statement of Changes in Equity for the period ended
and notes to the Standalone Financial Statements
including summary of Material accounting policies and
other explanatory information. (herein after referred 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 and its profit, total
comprehensive income, its cash flows and the 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 specified under section 143(10) of the Act
(SAs). Our responsibilities under those Standards are
further described in the Auditor''s Responsibility 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 other ethical
responsibilities in accordance with these requirements
and the ICAI''s Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the Standalone
Financial Statements.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR''S REPORT
THEREON

The Company''s Board of Directors is responsible for the
Other Information. The Other Information comprises
the information included in the Board''s Report including
Annexures to Board''s Report and Management Discussion
& Analysis, but does not include the Standalone Financial
Statements and our auditor''s report thereon. The other
information 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 do not
and 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 and, in doing so, consider
whether the other information is materially inconsistent
with the standalone Financial Statements or our
knowledge obtained during course of 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 as required under SA 720 "The Auditor''s
Responsibilities Relating to Other Information".

RESPONSIBILITIES OF MANAGEMENT AND BOARD
OF DIRECTORS FOR THE STANDALONE FINANCIAL
STATEMENTS

The Company''s Management and 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, changes in equity and cash
flows of the Company in accordance with the accounting
principles generally accepted in India, including the
accounting Standards specified under section 133 of
the Act. 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 judgement and
estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal
financial controls, that were operating effectively or
ensuring 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 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 management and Board of Directors
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

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

AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF THE
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 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
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.

• Evaluate the appropriateness of accounting polices
used and the reasonableness of accounting
estimates and related disclosures made by the
management and the Board of Directors.

• Conclude on the appropriateness of management
and 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.

• 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.

Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or
in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
Standalone Financial Statements may be influenced.
We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the Standalone
Financial Statements.

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
REQUIREMENTS1. 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 are necessary for
the purpose of our audit.

b) In our opinion, proper books of account as
required by law relating to preparation of the
aforesaid Standalone Financial Statements
have been kept 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), the Standalone
Statement of Changes in Equity and the
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
Accounting Standards specified under Section
133 of the Act.

e) On the basis of the written representations
received from the directors as on March
31, 2026 taken on record by the Board of
Directors, none of the directors is 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 internal
financial controls with reference to Standalone
Financial Statements the Company and the
operating effectiveness of such controls, refer
to or separate report in "Annexure A". Our

report expresses an unmodified opinion on
the adequacy and operating effectiveness of
the Company''s internal financial controls with
reference to Standalone Financial Statements.

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/provided by the Company to its directors
during the year is in accordance with the
provisions of Section 197 read with Schedule V
to the Companies Act, 2013.

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, in our opinion and to the
best of our and according to the explanations
given to us:

i. The Company has disclosed the impact
of pending litigations on the financial
position of its financial statements (Refer
Note No. 46 to the standalone financial
statements);

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 as disclosed in Note No. 59 to
the Standalone Financial Statements,
no funds (which are material either
individually or in 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

(b) The Company has not declared and
paid any interim dividend during the
year and until the date of this report.

(c) The Board of Directors of the
Company have not proposed any
final dividend for the year which is
subject to approval of the members
in the ensuing Annual General
Meeting.

vi. Based on our examination which included
test checks, the Company has used
accounting software for maintaining its
books of account for the financial year
ended March 31, 2026 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 (refer note 61 to the
Standalone Financial Statements). Further,
during the course of our audit we did not
come across any instance of audit trail
feature being tampered with. Additionally,
the audit trail has been preserved by the
Company as per 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 paragraphs 3 and 4 of the Order, to the
extent applicable.

For, Nisarg J Shah & Co.,

Chartered Accountants
Firm Reg. No. 128310W

CA Parag Bhatt

Partner

Place: Ahmedabad Membership No.: F133342

Date: May 19, 2026 UDIN: 26133342ZPHEJM6431