Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (Listing Regulations), we are enclosing the Statement of Unaudited Financial Results of the Company for the quarter/ half year ended September 30, 2026 duly approved by the Board of Directors of the Company, at its meeting held on November 4, 2026. We also enclose herewith a copy of the Limited Review Report ....

VARUN MERCANTILE LIMITED Corporate Identity Number: L51909MH1985PLC321068 Website: www.vml.org.in Regd. Office: 147, 14th Floor, Atlanta, Nariman Point, Mumbai 400 021. Tel.: 22800131, Fax: 22800130. BSE Scrip Code: 512511 November 4, 2026 BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001. Dear Sirs, Sub: Statement of Unaudited Financial Results for the quarter/ half year ended September 30, 2026 Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (Listing Regulations), we are enclosing the Statement of Unaudited Financial Results of the Company for the quarter/ half year ended September 30, 2026 duly approved by the Board of Directors of the Company, at its meeting held on November 4, 2026. We also enclose herewith a copy of the Limited Review Report of the Auditors of the Company, as required under Regulation 33 of the Listing Regulations. The meeting of the Board of Directors of the Company commenced at 04:00 p.m. and concluded at 04:25 p.m. Kindly take the same on record. Thanking you, Yours faithfully, For Varun Mercantile Limited Piyush Oza Company Secretary & Compliance Officer Encl: as above N. J. KARIA & ASSOCIATES CHARTERED ACCOUNTANTS 409 , DEV PLAZA, OPP. FIRE BRIGADE, S.V.ROAD, ANDHERI (W), MUMBAI - 400 058 Telefax : +91-22-26234437 Cell: +91-8422967711 + E-mail : njkaria@gmail.com Independent Auditors’ Review Report on Unaudited Financial Results of Varun Mercantile Limited for the quarter and half year ended September 30, 2026 pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The Board of Directors, Varun Mercantile Limited 1. We have reviewed the accompanying Statement of unaudited financial results of Varun Mercantile Limited (“the Company”) for the quarter and half year ended September 30, 2026 ("the Statement’) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended read with relevant circulars issued by SEBI ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Company’s Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 " Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 ("the Act"), as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards specified under Section 133 of the N. J. KARIA & ASSOCIATES CHARTERED ACCOUNTANTS 409 DEV PLAZA, OPP. FIRE BRIGADE, S.V.ROAD, ANDHERI (W), MUMBAI - 400 058 Telefax : +91-22-26234437 Cell: +91-8422967711 + E-mail : njkaria@gmail.com Act as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For N.J. Karia & Associates Chartered Accountants (Registration No. 106742W) Dipika G Patel Partner Membership No.146359 UDIN: Place: - Mumbai Dated: - November 04, 2026 VARUN MERCANTILE LIMITED Regd Office: 147, 14th Floor, Atlanta, Nariman Point, Mumbai 400 021. CIN: L51909MH1985PLC321068. Website :www.vml.org.in UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 (%In Lakh, except per share data) Quarter Ended Half Year Ended Year Ended No. Particulars (Unaudited) Unaudited {Audited) i 30-09-2026 |30-06-2026 |30-09-2025 | 30-09-2026 |30-09-2025 | 31-03-2026 Income 1 [Revenue from Operations 0.00 0.00 0.00 0.00 0.00 0.00 2 Income 8.87 8.87 9.62 17.74 19.37 37.85 3 [Total (1+2) 8.87 8.87 9.62 17.74 19.37 37.85 4 |Expenses (a) Employees benefits expenses 3.72 3.13 3.43 6.85 5.47 10.35 (b) Depreciation and amortization expenses 0.00 0.00 0.00 0.00 0.00 0.00 (c) Other expenses i}Listing Fees 0.96 0.96 0.96 1.92 1.92 3.84 ii)Audit Fees 0.00 0.00 0.00 0.00 0.00 0.30 Expenses 0.05 0.05 0.11 0.10 0.11 0.24 iv) Misc. Expenses 0.18 0.08 0.18 0.26 0.36 1.11 Total Expenses (Total a to c) 4.91 4.22 4.68 9.13 7.86 15.84 5 |Profit Before Tax (3-4) 3.96 4.65 4.94 8.61 11.51 22.01 6 |Tax Current Tax 2.24 2.24 2.42 4.48 4.88 9.53 Deferred Tax 0.00 0.00 0.00 0.00 0.00 - Earlier years (Previous year Taxation 0.00 0.00 0.00 0.00 0.00 0.01 7 |Profit /(Loss) for the period /year(5-6) 1.72 2.41 2.52 4.13 6.63 12.47 8 |Other Comprehensive Income (Net of Tax ) {i) Items that will not be reclassified to profit or 0.00 0.00 0.00 0.00 0.00 0.00 (ii)Income tax relating to items that will not be 0.00 0.00 0.00 0.00 0.00 0.00 (iii) Items that will be reclassified to profitor loss 0.00 0.00 0.00 0.00 0.00 0.00 (iv) Income tax relating to items that will be 0.00 0.00 0.00 0.00 0.00 0.00 9 [Total Comprehensive Income for the period / 1.72 2.41 2.52 4.13 6.63 12.47 Year (7+8) 10 [Paid-up Equity Share Capital 199.20 199.20 199.20 199.20 199.20 199.20 11 |Other Equity (reserves) excluding revaluation 352.42 12 |Earnings per share (Not Annualised) Basic 0.09 0.12 0.13 0.21 0.33 0.63 Diluted 0.09 0.12 0.13 0.21 0.33 0.63 Notes 1 The figures of the corresponding previousperiodshave been regrouped/rearrangedwherever necessary, to make them comparable. nNThese results have been preparedin accordance with the Companies (Indian Accounting Standards)Rules, 2015 (Ind AS) prescribed under Section 133 of the CompaniesAct, 2013 and other recognized accounting practices and policies to the extent applicable . [*] The Audit Committee has reviewed the above results. The Board of Directors at its meeting held on November 4, 2026 approvedthe above results and its release. The Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results. ENThe Company does not have any reportablesegment as per Indian Accounting Standard “Operating Segment”(Ind AS- 108).Accordingly, segment reporting is not applicable. Place: Mumbai Dated: November 4, 2026 VARUN MERCANTILE LIMITED Regd Office: 147, 14th Floor, Atlanta,Nariman Point, Mumbai 400 021. CIN: L51909MH1985PLC321068. Website :www.vml.org.in UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER, 2026 (Zin Lakh) As at As at Particulars 30-09-2026 31-03-2026 {Unaudited) (Audited) ASSETS Non-Current Assets Property, Plant and Equipment - - Capital Work in Progress - - Intangible Assets - - Financial Assets - - Other Non Current Financial Assets - 224.93 Deferred Tax Assets (Net) = Other Non Current Assets 0.14 5.50 Total Non-Current [Showing first 8,000 characters — download PDF for full document]