Antelopus Selan Energy Ltd Auditor Reports

TO THE MEMBERS OF ANTELOPUS SELAN ENERGY LIMITED (Formerly known as SELAN EXPLORATION TECHNOLOGY LIMITED)

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of ANTELOPUS SELAN ENERGY LIMITED (Formerly known as SELAN EXPLORATION TECHNOLOGY LIMITED) (the Company), which comprise the Balance Sheet as at 31st March 2026, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the financial statements).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid information required by financial the Companies Act, 2013, as amended, (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 copy has been filed by with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs (financial position) of the Company as at 31st March 2026, profit (financial performance including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements 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 Auditors Responsibilities for the Audit of the 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 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 ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient opinion on the financial statements.

Emphasis of Matters

(a) We draw attention to note 5(iv) of the financial statements which deals with revised estimation of amortisation period of the Companys Oil and Gas Assets by the management and the consequential impact on the amortisation charge for the year ended 31st March, 2026 which is lower by 1,776.00 Lakhs.

(b) We draw attention to note 52 of the financial statements, which describes the basis for restatement of the financial results for the year ended 31st March, 2025 by the Companys Management pursuant to the Scheme of Amalgamation between the Company and Antelopus Energy Private Limited (Antelopus) for amalgamation of Antelopus with and into the Company (Scheme). The Scheme has been approved by National Company Law Tribunal, Chandigarh Bench (NCLT) vide its order dated 10th June 2025 (rectified order dated 1st July, 2025) with appointed date of 1st April, 2023 and Act, read the Company certified with the Registrar of Companies, Haryana, on 5th July, 2025. We further draw attention to the fact that in accordance with the Scheme approved by the NCLT, the Company has given effect to the Scheme retrospectively w.e.f. 1st April, 2023 being the appointed date specified financial impact of the aforesaid treatment has been disclosed in the aforesaid note.

Our opinion is not modified in

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matter to be communicated in our report.

Key Audit Matter	Auditor\u2019s Response
Impairment of Oil and Gas Assets included in Property, Plant and Equipment (PPE) and Intangible Assets and Capital Work- In-Progress
The Company is carrying Oil and Gas Assets included in Property, plant and Equipment (PPE) and Intangible Assets and Capital Work-In-Progress of 59,757.35 Lakhs as on 31st March, 2026.	Our audit procedure in response to this key Audit Matter included, among others:
Recoverability of such Oil and Gas Assets and Capital Work-In- Progress has been identified as a key audit matter due to:	Evaluated the indicators for impairment of Oil and Gas Assets included in Property, Plant and Equipment (PPE) and Intangible Assets and Capital work in Progress, and where impairment indicators were identified:
\u2022 The significance of the carrying value of the assets being assessed;
	\u2022 We tested the effectiveness of internal controls over the Company\u2019s process in estimating the oil and gas reserves, the completeness and accuracy of the input data used and the reasonableness of key assumptions considered in the impairment evaluation including the lease period including extension, future oil and gas prices.
\u2022 The assessment of the recoverable amount of the Company\u2019s Cash Generating Unit (CGUs) involved significant judgements about future cashflow forecasts and the discount rates applied; and
\u2022 The estimation of oil and natural gas reserves is a significant area of judgement due to the technical uncertainty involved and this has a substantial impact on impairment testing.
	\u2022 We obtained the impairment working prepared by the Company and performed the following procedures:
Given the inherent complexity and magnitude of potential exposures and the judgement necessary to estimate the amounts of impairment provisions required or to determine required disclosures, this is a key audit matter.	a. Assessed the valuation methodology used by management, evaluated the appropriateness of management identification of the CGUs and tested the arithmetical accuracy of the impairment calculations.
	b. Conducted corroborative inquiries with the Company personnel, including internal reserve experts, to identify factors, if any, which should be considered in the analysis.
	c. We tested the key assumptions used in the assessment including reserve estimate, lease period and chances of extension of lease period, oil and gas prices by comparing them with prior year\u2019s data and external data, where relevant.
	d. Assessed the reasonableness of the discount rates used.
	e. We verified the estimated future capital and costs, by comparing the same with the approved budgets and the production forecasts.
	f. Performed sensitivity analysis of key assumptions, including estimate of production-based revenue growth rates and the discount rates applied in the valuation workings.
	\u2022 Review of the adequacy of the disclosures in the notes to the financial statements.

Information Other than the Financial Statements and Auditors Report Thereon

The Company s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the annual report but does not include the 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 financial the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial 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 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 Financial Statements

The Company s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial other comprehensive income, changes in equity and cash flows of the Company in accordance 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. 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 judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the 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.

The Company s Board of Directors is also responsible for overseeing the Company s financial reporting statements does not process.

Auditors Responsibilities for the Audit of the Financial Statements statements, Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors 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 decisions of users taken on the basis of these 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 financial statements, whether due to position, fraud or error,financial design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficientand 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 operating Company has adequate internal financial effectively with reference to the financial statements in and the operating effectiveness of such controls. statements that give a true

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

Conclude on the appropriateness of 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 a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the 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 including the content of the financial disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and ant audit findings, including any significant signific 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 financial statements of the current period and are therefore the key audit matters.

We describe these matters in our auditors 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

Report on Other Legal and Regulatory Requirements

1 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 Annexure A a statement on the matters specified paragraphs 3 and 4 of the said Order, to the extent applicable.

2 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 were necessary for the purposes of our audit of the aforesaid 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;

c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this report are in agreement with the books of account;

d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards (Ind AS) specifiedunder section 133 of the Act, read with relevant rules issued thereunder;

e) On the basis of written representations received from the directors as on 31st March, 2026 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2026 from being appointed as a director in terms of section 164(2) of the Act;

f) With respect to the adequacy of the internal financialcontrols with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure B;

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 by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

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 has disclosed the impact of pending litigations as at 31st March, 2026 on its financial position in its financial statements refer note 36(B) to the financial statements;

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

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March, 2026 in accordance with the relevant provisions of the Act and Rules made there under.

iv. (a) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds (which are material either individually or in the 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 persons or entities, including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, 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 (refernote53.4 (i)tothe financial statements);

(b) The management has represented, that, to the best of it s knowledge and belief, other than as disclosed in the notes to the accounts, no funds (which are material either individually or in the aggregate) have been received by the Company from any persons or entities, including foreign entities ( Funding Parties ), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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 (refer note 53.4 (ii) to the financial statements); and

(c) Based on such audit procedures performed that we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (a) and (b) contain any material mis-statement. v. The Company has not declared or paid any dividend during the year and has not proposed final dividend for the 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 31st March, 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. Further, during the course of audit we did not come across any instance of audit trail feature being tempered with and the Company has preserved the audit trail in accordance with statutory record retention requirements.

For V. Sankar Aiyar & Co.
Chartered Accountants
(Firm Regn. No.: 109208W)

PUNEET KUMAR KHANDELWAL
Partner (M. No:429967)
UDIN: 26429967YUHMVK8286

Place: Gurugram
Dated: 4th May, 2026

Annexure - A to the Independent Auditors Report on the financial statements of Antelopus Selan Energy Limited (Formerly known as Selan Exploration Technology Limited) for the year ended 31st March, 2026.

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date)

(i) (a) (A) The Company is maintaining proper records showing full particulars, including quantitative details and situation of property, plant and equipment and right of use (ROU) assets.

(B) The Company is maintaining proper records showing full particulars of intangible assets.

(b) The property, plant and equipment (other than those which are underground) have been physically verified by the management/ outside agencies in a phased manner and reconciled with books of account. We are informed that no major discrepancies were noticed on suchverification. In our opinion, the frequency of verification is reasonable in relation to the size of the Company. (c) The Company does not own any immovable property. Therefore, the provisions of clause 3(i)(c) of the Order are not applicable to the Company.

(d) During the year, the Company has not revalued any of its class of property, plant and equipment (including right of use assets) or intangible assets or both. Therefore, the provisions of clause 3(i)(d) of the Order are not applicable to the Company.

(e) According to the information and explanations given to us and the representation obtained from the management, no proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Therefore, rest of the provisions of clause 3(i)(e) of the Order are not applicable.

(ii) (a) The inventory of the Company consisting of crude oil, stores, components, spares and consumables have been physically verified by the management at intervals during the year. In our opinion, the coverage and procedureoftheverification by the management is appropriate. No discrepancies of 10% or more in the aggregate for each class of inventory were noticed on physical verification.

(b) According to the information and explanations given to us, the Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, at points of time during the year, from banks on the basis of security of current assets. In our opinion and according to the information and explanations given to us, the quarterly returns or statements comprising (stock statements, trade payables, trade receivables and other stipulated financial by the Company with information) filed such bank are in agreement with the books of account of the Company.

(iii) During the year, the Company has made investments in the units of various mutual funds. The Company has not granted any loan, provided any guarantee or security to companies, limited liability partnerships or any other parties.

(a) As per the information and explanations given to us and books of accounts and records examined by us, during the year Company has not provided any loans or advances in the nature of loans, not provided any guarantee or security to companies, firms, Limited Liability Partnerships or any other entities. Therefore, the provision of clause 3(iii) (a),(c),(d),(e) and (f) of the Order are not applicable to the Company.

(b) In our opinion and according to information and explanations given to us and on the basis of our audit procedures, during the year the investments made by the Company are, prima facie, not prejudicial to Company s interest.

(iv) In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security provided by it, to the extent applicable.

(v) The Company has not accepted deposits and no amount has become deemed to be a deposit during the year in terms of the provisions of section 73 to 76 or any other provisions of the Companies Act, 2013 and the Rules made thereunder. Therefore, the provisions of clause 3(v) of the Order are not applicable.

(vi) We have broadly reviewed the books of accounts maintained by the Company, pursuant to rules made under sub-section (1) of section 148 of the Companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate and complete.

(vii) (a) According to the records of the Company, the Company has been generally regular in depositing undisputed statutory dues including goods and service tax (GST), provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities. There were no arrears of undisputed statutory dues as at 31st March 2026, which were outstanding for a period of more than six months from the date they became payable.

(b) The disputed statutory dues of different years as referred in sub-clause (vii)(a) above, which have remained unpaid as on 31st March, 2026 for which appeals are pending as under:

Name of the Statute	Nature of dues	Amount ( in lakhs)	Period to which amount relates	Forum where the dispute is pending
Income Tax Act, 1961	Income Tax	35.23	AY 2016-17	Commissioner of Income Tax (Appeals) - NFAC
Service Tax Act, 1994	Service Tax	122.74	April, 2016 to June, 2017	High Court of Gujarat

(viii) On the basis of the verification of records and information and explanations given to us, we report that there is no case, where transaction not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). We also report that there is no previously unrecorded income required to be recorded in the books of account during the year.

(ix) (a) The Company did not have any outstanding loans or borrowings or interest thereon due to any lender at any point of time during the year. Accordingly, the requirement to report on clause 3(ix)(a) and 3(ix)(c) of the Order are not applicable.

(b) According to the information and explanations given to us and the representation obtained from the management, the Company has not been declared wilful defaulter by any bank or financial institution or other lender. (c) The Company did not raise any funds during the year. Hence, the requirement to report on clause 3(ix)(d) of the Order is not applicable to the Company.

(d) The Company does not have any subsidiary or associates or joint venture. Therefore, the provisions of clause 3(ix)(e) and (f) of the Order are not applicable.

(x) (a) The Company has not raised any money during the year by way of initial public offer / further public offer (including debt instruments) and not made any preferential allotment or private placement of shares or convertible debentures (fully, partly or optionally convertible). Therefore, the provisions of clause 3(x) of the Order are not applicable.

(xi) (a) Based on the audit procedures performed and representation obtained from the management, we report that no case of material fraud by the Company or on the

Company has been noticed or reported during the year.

(b) We report that, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by us in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, there were no whistle-blower complaints received by the Company during the year.

(xii) The Company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the Order are not applicable.

(xiii) In our opinion and according to the information and explanations given to us, all the transactions with the related parties are in compliance with section 177 and 188 of the Companies Act, 2013 to the extent applicable and the details have been disclosed in the financial statements as required by the applicable Indian Accounting Standards (Ind AS).

(xiv) (a) In our opinion and according to the information and explanation given to us, there is adequate internal audit system, commensurate with the size of the Company and the nature of its business.

(b) We have considered the internal auditors report for the period under audit. ratios, ageing and expected dates (xv) According to the information andexplanations assets and payment given to liabilities, us and the representation other information obtained from the management, the Company has not entered into any non-cash transactions with directors or persons connected with them. Therefore, the provisions of clause 3(xv) of the Order are not applicable.

(xvi) (a) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Therefore, the provisions of clause 3(xvi)(a) of the Order are not applicable.

(b) In our opinion and according to the information and explanations given to us, the Company has not conducted any Non-Banking Financial or Housing Finance activities as per the Reserve Bank of India Act, 1934. Therefore, the provisions of clause 3(xvi)(b) of the Order are not applicable.

(c) In our opinion and according to the information and explanations given to us, the Company is not a Core Investment Company

(CIC) as defined in the regulations made by the Reserve Banks of India. Therefore, the provisions of clause 3(xvi)(c) of the Order are not applicable.

(d) Based on the information and explanations provided by the management of the Company, the Group does not have any CICs, which are part of the Group. We have not, however, separately evaluated whether the information provided by the management is accurate and complete. Accordingly reporting under clause 3(xvi)(d) of the Order are not applicable.

(xvii) The Company has not incurred cash losses during the financial year and in the immediately preceding financial

(xviii) There has been no resignation by the Statutory Auditors during the year. Therefore, the provisions of clause 3(xviii) of the Order are not applicable.

(xix) According to the information and explanation given to us and on the basis of examination of financial of realisation of financial of financial accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exist as on the date of the audit report that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) On the basis of the is no unspent amount at the year-end as per the provisions of section 135 of the Companies Act, 2013 for financial year 2020-21 to 2025-26. Accordingly, reporting under clause 3(xx) of the Order is not applicable.

(xxi) The Company is not required to prepare Consolidated Financial Statements. Therefore, clause 3(xxi) of the Order is not applicable.

For V. Sankar Aiyar & Co.
Chartered Accountants
(Firm Regn. No.: 109208W)

PUNEET KUMAR KHANDELWAL
Partner (M. No:429967)
UDIN: 26429967YUHMVK8286

Place: Gurugram
Dated: 4th May, 2026

Annexure - B to the Independent Auditors Report on the financial statements of Antelopus Selan Energy Limited (Formerly known as Selan Exploration Technology Limited) for the year ended 31st March, 2026.

Report on the Internal Financial Controls with reference to the aforesaid Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Act (Referred to in paragraph 2(f) under Report on Other Legal and Regulatory Requirements section of our report of even date)

We have audited the internal financial controls with reference to the financial statements of ANTELOPUS SELAN ENERGY LIMITED (Formerly known as SELAN EXPLORATION TECHNOLOGY LIMITED) (the

Company ) as of 31st March, 2026 in conjunction with our audit of the financialstatements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Company s management is responsible for establishing and maintaining internal financial controls based on the internal control with reference to the financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the control with reference Company s internal financial controls with reference to the financial conducted our audit in accordance with the Guidance

Note and the Standards on Auditing, prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to the financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to the financial statements and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to the financial statements and their operating effectiveness. Our audit of internal financial controls with to the financial statements included obtaining an understanding of internal financial controls reference to the financial statements, assessing risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company s internal financial controls system with reference to the financial statements.

Meaning of Internal Financial Controls with reference to the financial

A Company s internal financial control with reference to the financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company s to the financial internalfinancial statements includes those policies and procedures that (1) pertain to the maintenance of records that, based on our audit. We in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and (3) established and maintained provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls with reference to the financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to the financial statements to future periods are subject to the risk that the internal financial control with reference to the financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to explanations given to us, the Company has, in all material respects, an adequate internal financial controls system with reference to the financial statements and such internal financialcontrols with reference to financial statements were operating effectively as at 31st March, 2026 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For V. Sankar Aiyar & Co.
Chartered Accountants
(Firm Regn. No.: 109208W)

PUNEET KUMAR KHANDELWAL
Partner (M. No:429967)
UDIN: 26429967YUHMVK8286

Place: Gurugram
Dated: 4th May, 2026