1. We have audited the accompanying Standalone Financial
Statements of JM Financial Limited ('the Company'), which
comprise the Standalone Balance Sheet as at March 31,
2026, and the Standalone Statement of Profit And Loss
(including Other Comprehensive Income), Standalone
Statement of Changes in Equity and Standalone Statement
of Cash Flows for the year ended on that date, and notes to
the Standalone Financial Statements, including a summary
of material accounting policies and other explanatory
information ('the Standalone Financial Statements').

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 ('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 and Other Comprehensive Income, Changes in
Equity and its Cash Flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit 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 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 on the
Standalone Financial Statements.

Key Audit Matters

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.

Other Information

5. The Company's Board of Directors and Management
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 our auditors'
report thereon.

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

7. 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 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. We have nothing to report in this regard.

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

8. The Company's Board of Directors and Management
are 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 State of Affairs, profit and Other
Comprehensive Income, Changes in Equity and Cash

Flows of the Company 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 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 of the appropriate accounting software for
ensuring compliance with applicable laws and regulations
including those related to retention of audit logs; 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.

9. In preparing the Standalone Financial Statements, the
Board of Directors and Management are 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.

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

Auditor's responsibilities for the audit of the Standalone
Financial Statements

11. 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:

11.1. 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.

11.2. 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) the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls with reference
to Standalone Financial Statements in place and the
operating effectiveness of such controls.

11.3. Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the Management.

11.4. Conclude on the appropriateness ofthe 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 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.

11.5. 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 year 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 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 paragraphs 3 and 4 of the Order, to
the extent applicable.

16. As required by Section 143(3) of the Act, we report that:

16.1 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.

16.2 In our opinion, proper books of accounts as required
by law have been kept by the Company so far as it
appears from our examination of those books.

16.3 The standalone balance sheet, the standalone
statement of profit and loss (including Other
Comprehensive Income), the Statement of Changes
in Equity and the Standalone Cash Flow Statement
dealt with by this Report are in agreement with the
books of account.

16.4 In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified
under Section 133 of the Act read with the relevant
rules thereunder.

16.5 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.

16.6 With respect to the adequacy of the internal financial
controls with reference to Standalone Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in 'Annexure B'.

16.7 In our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the current year
is in accordance with the provisions of Section 197

of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section
197 of the Act.

17. 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:

17.1 The Company has disclosed the impact of pending
litigations as at March 31,2026 on its financial position
in its Standalone Financial Statements - Refer Note

30.1 to the Standalone Financial Statements;

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

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

17.4 The Management has represented, to best of
their 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 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.

17.5 The Management has represented, to best of their
knowledge and belief, that no funds 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')

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. 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 the statutory requirements for
record retention.

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621

Hasmukh B Dedhia
Partner

Place: Mumbai ICAI Membership No: 033494

Date: 29 May 2026 UDIN: 26033494IPRKOD2440