Company: BCAR
Filing Date: 2025-04-29
Form Type: S-1
Source: 0001829126-25-003006
Chunk: 314

Company: D. Boral ARC Acquisition I Corp.
Filing Date: 2025-04-29
Form: S-1
Chunk 314
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-2        |
| Financial Statements:                                                                                     |     |            |
| Balance Sheet as of March 31, 2025 (Audited)                                                              |     | F-3        |
| Statement of Operations for the period from March 20, 2025 (inception) through March 31, 2025 (Audited)   |     | F-4        |
| Statement                                                                                                 
 of Changes in Shareholders’ Deficit for the period from March 20, 2025 (inception) through March 31, 2025 
 (Audited)                                                                                                 |     | F-5        |
| Statement of Cash Flows for the period from March 20, 2025 (inception) through March 31, 2025 (Audited)   |     | F-6        |
| Notes to the Financial Statements                                                                         |     | F-7 – F-17 |

<div align='center'>F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Shareholders and Board of Directors of

D. Boral ARC Acquisition I Corp.

Opinion on the Financial Statements

We have audited the accompanying balance sheet of D. Boral ARC Acquisition
I Corp. (the “Company”) as of March 31, 2025, the related statements of operations, change in shareholders’ equity and
cash flows for the period from March 20, 2025 (inception) through March 31, 2025, and the related notes (collectively referred to as the
“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of March 31, 2025 and the results of its operations and its cash flows for the period from March 20, 2025 (inception)
through March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.

We conducted