Atlanta Electricals Ltd Auditor Reports

To,

The Members,

Atlanta Electricals Limited, Vitthal Udyognagar

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of Atlanta Electricals Limited (Formerly known as Atlanta Electricals Private Limited) (hereinafter referred to as the Company), which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss (including other comprehensive income) and Statement of Cash Flow and Statement of Changes in Equity 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 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, other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors 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 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

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 period. 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. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matters	Auditors\u2019 Response
1 Revenue Recognition and Cut-off Assessment
	Our audit procedures included, amongst others:
The Company recognised revenue of 1,851.32 Crores from sale of products during \u2022 the year. Revenue is recognised at a point in time upon transfer of control of goods to the customer in accordance with Ind AS 115 \u2014	Evaluating the design and implementation of controls relating to revenue recognition, dispatch processes, and period-end cut-off procedures.
Revenue from Contracts with Customers. The determination of the appropriate point of revenue recognition, particularly for goods in transit at year-end where control transfers based on contractual delivery terms, involves judgement.	\u2022 Testing, on a sample basis, revenue transactions recorded during the period immediately preceding and following the year-end by examining dispatch documents, lorry receipts, E-way bills, proof of delivery, and customer acknowledgements to assess whether control transferred in the correct reporting period.
Considering the significance of revenue \u2022 to the financial statements, the volume of transactions recorded near the year-end, and the inherent risk of cut-off misstatement for goods in transit, this area was considered a Key Audit Matter.	Reviewing the contractual delivery terms for significant customer contracts to assess the point at which control transfers and evaluating whether revenue recognition was consistent with such terms.
	\u2022 Performing a reconciliation of revenue recorded in the books with GSTR-1 filings to identify unexplained differences or timing mismatches.
	\u2022 Performing analytical procedures by comparing month-wise and period-on-period revenue trends, gross margin movements, and revenue per unit dispatched to identify unusual fluctuations requiring further investigation.
	\u2022 Assessing the adequacy of disclosures relating to revenue recognition policies in the financial statements.
	Based on the procedures performed, revenue was found to be recognised in accordance with Ind AS 115 and in the correct reporting period. No material cut-off misstatements were identified.

2 Assessment of Provisions and Related Estimation Uncertainty	Our audit procedures included, amongst others:
The Company has recognised provisions amounting towards warranty obligations Late Delivery (LD) arising in the ordinary course of business. The estimation of these provisions requires significant management judgement under Ind AS 37 \u2014 Provisions, Contingent Liabilities and Contingent Assets, particularly in respect of:	\u2022 Evaluating the design and implementation of controls over the identification, estimation, and periodic reassessment of warranty and LD provisions.
	\u2022 Understanding managements methodology and key assumptions underlying the determination of provision amounts, including the basis of estimating expected future warranty claims and contractual LD exposures.
(a) the probability and quantum of expected \u2022 future outflows;	Reviewing relevant customer contracts to assess the specific terms governing liquidated damages obligations, including applicable rates, caps, and trigger conditions.
(b) the assessment of historical claim patterns \u2022 and their applicability to current exposures;	Assessing historical warranty claim rates and LD settlement patterns and evaluating whether managements current estimates are consistent with such trends or whether departures are adequately explained.
(c) the interpretation of contractual terms governing LD obligations; and
\u2022 (d) the distinction between amounts that warrant recognition as provisions versus disclosure as contingent liabilities.	Reviewing post year-end claims, settlements, and correspondences to assess whether actual outflows are consistent with amounts recognised at year-end.
\u2022 Given the materiality of the provisions, the high degree of estimation uncertainty, and the inherent risk of management bias in an environment where reported profitability \u2022 carries significant consequence, this area was considered a Key Audit Matter.	Evaluating managements classification of amounts as provisions versus contingent liabilities to assess whether the probable/possible distinction under Ind AS 37 has been applied appropriately. Assessing the adequacy of related disclosures, including contingent liabilities, in the financial statements.
	Based on the procedures performed, the provisions recognised were found to be within a reasonable range based on information presently available, and the related disclosures were assessed to be adequate

Key Audit Matters	Auditors\u2019 Response
3 Capitalization of Capital Work-in-Progress and Property, Plant & Equipment
During the year, the Company capitalized assets amounting to 182.91 Crores from Capital Work-in-Progress (CWIP) to Property, Plant and Equipment (PPE), primarily comprising plant and machinery and civil infrastructure. The assessment of this area involves significant management judgement in:	Our audit procedures included, amongst others:
	\u2022 Evaluating the design and implementation of controls over capital expenditure authorisation, CWIP monitoring, and capitalisation processes.
	\u2022 Testing, on a sample basis, additions to CWIP and PPE by examining underlying invoices, purchase orders, contracts, and other supporting documentation.
(a) determination of the date on which assets are ready for their intended use;	\u2022 Reviewing managements assessment of readiness of assets for their intended use, including examination of commissioning certificates, technical sign-offs, and trial run records, to assess the appropriateness of capitalisation dates.
(b) classification of expenditure between capital and revenue nature; (c) capitalisation of borrowing costs in accordance with Ind AS 23 \u2014 including the commencement, suspension, and cessation of capitalisation; and	\u2022 Assessing managements classification of expenditure between capital and revenue nature with reference to the criteria under Ind AS 16.
	\u2022 Evaluating the appropriateness of borrowing cost capitalisation under Ind AS 23, including the identification of qualifying assets, the borrowing rate applied, and the period of capitalisation.
(d) determination of useful lives and residual values for the purpose of componentisation and depreciation under Ind AS 16.	\u2022 Assessing managements determination of useful lives and residual values for significant asset categories, and reviewing the application of component accounting for material items of PPE.
Given the quantum of capitalisation during the year, the degree of judgement involved, and the consequential impact on depreciation charges and net block, this area was considered a Key Audit Matter.	\u2022 Reviewing the CWIP ageing to identify assets that may have been ready for use but not yet capitalised, or items that may indicate impairment under Ind AS 36.
	\u2022 Verifying depreciation computation for assets capitalised during the year, including the date from which depreciation was commenced.
	\u2022 Evaluating the adequacy of disclosures in the financial statements in accordance with Ind AS 16 and Ind AS 23.
	Based on the procedures performed, the capitalisation of CWIP to PPE, the useful lives and residual values applied, and the related depreciation computations were found to be reasonable and in accordance with the applicable accounting standards. No material misstatements were identified in this regard.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys management and Board of Directors are responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexure to Boards Report, Report on Corporate Governance and Shareholders Information, but does not include the consolidated financial statements, Standalone Financial Statements and our auditors report thereon.

Our opinion on the Standalone Financial Statements does not cover the other information and we do 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 and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, ba sed 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.

Managements and Board of Directors Responsibilities for the Standalone Financial Statements

The Companys management and Board of Directors 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 financial position, financial performance, other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS 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 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.

In preparing the Standalone Financial Statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, and as applicable, matters related to going concern and using the going concern basis of accounting unless management and Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Companys financial reporting process.

Auditors 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 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 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 scepticism 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 controls 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 policies used and the reasonableness of accounting estimates and related disclosures made by management and Board of Directors.

- Conclude on the appropriateness of managements 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 Companys 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 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 auditors 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 financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 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 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 of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (the Order) issued by the Central Government of India in terms of Section 143(11) 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.

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.

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, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) Based on our examination, which included test checks, the Company has used accounting software systems for maintaining its books of account for the financial year ended March 31, 2026 which have the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software systems. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

f) 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.

g) With respect to adequacy of the internal financial controls over financial reporting and the operating effectiveness of such controls, refer to our separate report in Annexure- B attached herewith. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to Standalone Financial Statements.

h) 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. The Ministry of Corporate Affairs has not prescribed other

ANNUAL details under Section 197(16) of the Act which are required to be commented upon by us.

i) As per the Financial Statements, neither any final dividend proposed nor any interim dividend declared and paid by the Company during the year.

j) With respect to the other matters to be included in the Auditors 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 litigation on its financial position in its Standalone financial statement. Refer Note 44 of the Standalone Financial Statements.

ii. The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.

iv. (A) The management has represented that, to the best of its knowledge and belief, 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 (Ultimate Beneficiaries) by or on behalf of the Company or

- provide any guarantee, security or the like to or on behalf of the ultimate Beneficiaries.

(B) The management has represented, that, to the best of its knowledge and belief, 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 (Ultimate Beneficiaries) by or on behalf of the Funding Party or

- provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries; and

(C) Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (i) and (ii) of Rule 11(e), as provided under (A) and (B) of (iv) above, contain any material misstatement.

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report to the Members of Atlanta Electricals Limited for the year ended 31st March 2026)

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

i. In respect of the Companys Property, Plant and Equipment, right-of-use assets and intangible assets:

(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment and relevant details of right-of-use assets.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(b) The Company has a program of physical verification of property, plant and equipment and right-of-use assets so to cover all the assets once every three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain property, plant and equipment and right-of-use assets were due for verification during the year and were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) Based on our examination of the property tax receipts and lease agreement for land on which building is constructed, registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title in respect of self - constructed buildings and title deeds of all other immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the financial statements included under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.

(d) The Company has not revalued any of its property, plant and equipment (including right-of-use assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

ii. In respect of Companys Inventory

(a) The inventory has been physically verified by the management, on a half-yearly basis, during the year. In our opinion, the frequency of such verification is reasonable and procedures and coverage as followed by management were appropriate. No discrepancies were noticed on verification between the physical stocks and the book records that were 10% or more in the aggregate for each class of inventory.

(b) The Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks on the basis of security of current assets. The details of quarterly statements filed by the Company with banks along with reasons for difference with books of accounts as explained by the company are as under:

1. Debtors (Rs. In lakhs)

Period	As Per Stock Statement	As Per Books	Difference	Reason for difference submitted by the Company
Jun-2025	48,329.72	48,051.26	278.45	Price Varation invoice raised after submission of stock statement
Sep-2025	45,119.15	45,592.01	(472.86)	Bill discounting entries passed after submission stock statement
Dec-2025	26,389.17	27,198.88	(809.72)	Bill discounting entries passed after submission stock statement
Mar-2026	29,917.03	30,321.22	(404.20)	Bill discounting entries passed after submission stock statement

2. Creditors for goods (Rs.In lakhs)

Period	As Per Stock	As Per	Difference	Reason for difference submitted by the
	Statement	Books		Company
Jun-2025	39,148.42	37,786.47	1,361.95
Sep-2025	48,038.10	44,040.91	3,997.19
Dec-2025	31,337.84	30,168.04	1,169.80	Creditors for Expenses not taken in Stock
Mar-2026	32,076.97	31,025.78	1,051.19	Statement.

3. Inventory (Rs. In lakhs)

Period	As Per Stock Statement	As Per Books	Difference	Reason for difference submitted by the Company
Jun-2025	36,378.20	31,924.86	4,453.34	Sales GIT, Purchase GIT and Overhead not counted in stock statement
Sep-2025	46,496.01	40,875.26	5,620.76
Dec-2025	38,495.45	31,682.05	6,813.39
Mar-2026	29,415.01	23,646.35	5,768.66

iii. The Company has made investments in, Companies and granted unsecured loans to other parties, during the year, in respect of which:

(a) The Company has provided loans or advances in the nature of loans and made investments, during the year, details of which are given below: (Rs. in Lakhs)

Particulars	Guarantees	Security	Loans	Advances in nature of loans	Investments
Aggregate amount granted/ provided during the year
- Subsidiaries	-	-	9,006.44	-	18,246.07
- Joint Ventures	-	-	-	-	-
- Associates	-	-	-	-	-
- Others	-	-	-	-	-
Balance outstanding as at balance sheet date in respect of above cases
- Subsidiaries	-	-	9,006.44	3.00	18,246.07
- Joint Ventures	-	-	-	-	-
- Associates	-	-	-	-	-
- Others	-	-	19.75	-	-

The Company has not provided any guarantee or security to any other entity during the year.

(b) In our opinion, the investments made and the terms and conditions of the grant of loans, during the year are, prima facie, not prejudicial to the Companys interest.

(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts and receipts of interest are generally regular as per stipulation.

(d) In respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the balance sheet date,

(e) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties.

(f) The Company has granted advance in nature of loan to the subsidiary which is repayable on demand and without specifying any terms or period of repayment during the year.

The Company has not made investments in Firms and Limited Liability Partnerships during the year. Further the Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to Companies, Firms, Limited Liability Partnerships or any other parties.

iv. The Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted, investments made and guarantees and securities provided, as applicable.

v. The Company has not accepted any deposits from the public in accordance with the provisions of section 73 to 76 or any other relevant provision of the act and the rules framed there under. Accordingly, Paragraph 3(v) of the order is not applicable to the company.

vi. We have broadly reviewed the books of account maintained by the Company pursuant to the order of the Central Government for maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 and are of the opinion that prima facie the prescribed records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete.

vii. In respect of statutory dues:

(a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2026 for a period of more than six months from the date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2026 on account of disputes are given below:

Nature of the statute	Nature of dues	Forum where Dispute is Pending	Period to which the Amount Relates	Amount in Lakhs
The Income Tax Act, 1961	Income Tax	CIT (A) Vadodara	AY 2014-15	65.40
The Income Tax Act, 1961	Income Tax	CIT (A) Vadodara	AY 2016-17	0.28
The Income Tax Act, 1961	Income Tax	CIT (A) Vadodara	AY 2020-21	4.08

viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix. According to the records of the Company examined by us:

(a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(c) The term loans obtained by the Company have been applied for the purposes for which the loans were obtained.

(d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term purposes by the Company.

(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

(f) The Company has not raised any loans during the year on the pledge of securities held in its subsidiaries or associate companies.

x. (a) Monies raised during the year by the Company by way of initial public offer (including debt instruments) were applied for the purpose for which they were raised. However, idle/ surplus funds which were not required for immediate utilization have been invested in liquid investments payable on demand. The maximum amount of idle/ surplus funds invested during the year was Rs 17.95 Crores, of which Rs. Nil was outstanding at the end of the year. The unutilized funds amounting to Rs. 4.54 crores as on 31st March 2026 were not invested.

(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

xi. (a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.

xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.

xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the Standalone Financial Statements as required by the applicable accounting standards.

xiv. (a) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business.

(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures.

xv. In our opinion, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

xvi. (a) In our opinion, the Company is not required to be registered under section 45- IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.

(b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

(c) According to the information and explanations provided to us during the course of audit, the Group does not have any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not applicable.

xvii. The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

xviii.There has been no resignation of the statutory auditors of the Company during the year.

xix. On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and 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 exists as on the date of the audit report indicating that 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. There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special account in compliance of provision of sub section (6) of section 135 of Companies Act, except the following:

(Rs. in Lakhs)

Financial Year	Amount Unspent on CSR Activities for Ongoing Projects	Amount transferred to Special Account with 30 days from the end of the Financial Year	Amount transferred after the due date
FY 2023-24	1.02	1.02	-
FY 2025-26	36.69	36.69	-

For PSCA & Co.
(Formerly \u2018Parikh Shah Chotalia & Associates\u2019)
Chartered Accountants
Firm Reg. No. 118493W

CA Rahul Parikh
Partner
Mem. No. 105642
Vadodara

Date: 9 th May 2026
UDIN: 26105642EESDYX7815

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(A)(g) under Report on Other Legal and Regulatory Requirements section of our report to the Members of Atlanta Electricals Limited of even date)

Report on the Internal Financial Controls with reference to Standalone Financial Statements under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)

We have audited the internal financial controls with reference to Standalone Financial Statements of ATLANTA ELECTRICALS LIMITED (the Company) as of March 31, 2026 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Managements and Board of Directors Responsibilities for Internal Financial Controls

The Companys Management and Board of Directors are responsible for establishing and maintaining internal financial controls with reference to Standalone Financial Statements 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 on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the 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 companys 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 Companys internal financial controls with reference to Standalone Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) issued by the ICAI 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 Standalone 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 Standalone Financial Statements was established and maintained 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 with reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to Standalone Financial Statements, assessing the 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 auditors 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 Companys internal financial controls with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A companys internal financial control with reference to Standalone 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 companys internal financial control with reference to Standalone Financial Statements includes those policies and procedures that:

(1) pertain to the maintenance of records that, 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 authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls over financial reporting, 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 Standalone Financial Statements to future periods are subject to the risk that the internal financial control with reference to Standalone 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 opini on, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 st 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 on Audit of Internal Financial Controls over Financial Reporting issued by the ICAI.

However, we would like to emphasize that the above opinion is based on our testing of the internal financial control over the financial reporting in the sample selected during the course of our Statutory Audit. The Company is still in the process of documenting the internal financial controls over financial reporting already defined. These internal controls over financial reporting are defined as per the Guidance Note on Audit of Internal Financial Controls over Financial Reporting as issued by the Institute of Chartered Accountants of India.

For PSCA & Co.
(Formerly \u2018Parikh Shah Chotalia & Associates\u2019)
Chartered Accountants
Firm Reg. No. 118493W
CA Rahul Parikh
Partner
Mem. No. 105642
Vadodara

Date: 9 th May 2026
UDIN: 26105642EESDYX7815