Atlanta Electricals Ltd Auditor Reports

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To, The Board of Directors,

Atlanta Electricals Limited

(Formerly known as Atlanta Electricals Private Limited) Plot No 1503/4, GIDC Estate, Vithal Udyognagar, Anand, Gujarat, India, 388121.

Independent Auditors Examination Report on Restated Consolidated Financial Information

Dear Sirs,

1. We have examined the attached Restated Consolidated Financial Information of Atlanta Electricals Limited (formerly known as Atlanta Electricals Private Limited) (the "Company") and its subsidiaries (the Company and its subsidiaries together referred to as the "Group"), its associate (associate till March 31, 2024), comprising the Restated Consolidated Statement of Assets and Liabilities as at March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Consolidated Statements of Profit and Loss (including other comprehensive income), the Restated Consolidated Statement of Changes in Equity, the Restated Consolidated Cash Flow Statement for the years ended March 31, 2025, March 31, 2024 and March 31, 2023, the Summary Statement of Material Accounting Policies, and other explanatory information (collectively, the "Restated Consolidated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on August 11, 2025 for the purpose of inclusion in the draft red herring prospectus, red herring prospectus and the prospectus (collectively, the "Offer Documents") prepared by the Company in connection with its proposed initial public offering of equity shares ("Offer") prepared in terms of the requirements of:

i. Section 26 of Part I of Chapter III of the Companies Act, 2013 (the "Act");

ii. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations"); and

iii. The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note").

2. The Companys Board of Directors is responsible for the preparation of the Restated Consolidated Financial Information for the purpose of inclusion in the Offer Documents to be filed with Securities and Exchange Board of India, BSE Limited, National Stock Exchange of India Limited and the Registrar of Companies, Gujarat at Ahmedabad, in connection with the proposed Offer. The Restated Consolidated Financial Information have been prepared by the management of the Company on the basis of preparation stated in Note 2 (A) to the Restated Consolidated Financial Information. The responsibility of respective Board of Directors of the companies included in the Group and its associate includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Financial Information. The respective Board of Directors are also responsible for identifying and ensuring that the Group and its associate complies with the Act, ICDR Regulations and the Guidance Note.

3. We have examined such Restated Consolidated Financial Information taking into consideration:

i. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated

January 31, 2025 in connection with the proposed Offer of equity shares of the Company;

ii. The Guidance Note which also requires that we comply with the ethical requirements of the Code of Ethics issued by the

ICAI;

iii. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the

Restated Consolidated Financial Information; and

iv. The requirements of Section 26 of the Act and the ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the Offer.

4. These Restated Consolidated Financial Information have been compiled by the management from:

Audited consolidated Ind AS financial statements of the Group as at and for the years ended March 31, 2025, March 31, 2024 and

March 31, 2023 prepared in accordance with the Indian Accounting Standards (referred to as "Ind AS") as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India. The said financial statements have been prepared by making Ind AS adjustments to the audited consolidated financial statements of the Company as at and for the year ended March 31, 2024 and March 31, 2023 prepared in accordance with the accounting standards notified under the section 133 of the Act ("Indian GAAP") which was approved by the board of directors of the Company at their meeting held on September 3, 2024 and September 29, 2023 respectively.

5. For the purpose of our examination, we have relied on Auditors reports issued by us dated April 28, 2025, September 03, 2024 and September 29, 2023 respectively on the consolidated financial statements of the Group as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 as referred in Paragraph 4 above.

6. The audit reports on the consolidated financial statements as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 issued by us were unmodified.

7. As indicated in our audit reports referred above:

i. We did not audit the financial statements of associate, the Groups share of profit/ loss in the associate being included in the consolidated financial statements, for the relevant years is tabulated below, which have been audited by other auditors, Mukund and Rohit, Chartered Accountants, and whose reports have been furnished to us by the Companys management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these components, is based solely on the reports of the other auditors:

Rs. In Million

Particulars	As at/ for the year ended March 31, 2024	As at/ for the year ended March 31, 2023
Share of profit/ (loss) in Associate (including OCI Gain/Loss)	0.75	(3.93)

Our opinion on the consolidated Ind AS financial statements is not modified in respect of these matters.

8. These other auditors of the associate as mentioned above, have examined the restated consolidated financial information and have confirmed that the restated consolidated financial information:

i. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial year ended March 31, 2023, and March 31, 2024 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the period ended March 31, 2024;

ii. have been prepared after incorporating proforma Ind AS adjustments to the audited Indian GAAP financial statements as at and for the year ended March 31, 2024, and March 31, 2023 as described in Note [2 (A)] to the Restated Consolidated Financial Information;

iii. do not require any adjustments for modification as there is no modification in the underlying audit report;

iv. have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

9. Based on our examination and according to the information and explanations given to us and also as per the reliance placed on the examination report submitted by other auditors for the respective years, we report that the Restated Consolidated Financial Information:

i. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2023 and March 31, 2024 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the period ended March 31, 2024;

ii. have been prepared after incorporating proforma Ind AS adjustments to the audited Indian GAAP financial statements as at and for the year ended March 31, 2024, and March 31, 2023 as described in Note 2 (A) to the Restated Consolidated Financial Information;

iii. do not require any adjustments for modification as there is no modification in the underlying audit report;

iv. have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

10. We have complied with the relevant applicable requirements of the Standards on Quality Control (SQC 1), Quality Control for

Firms that perform audits and reviews the Historical Financial Information, and other Assurance and Related Services Engagements.

11. The Restated Consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited consolidated financial statements mentioned in paragraph 4 above.

12. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by us, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

13. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

14. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Documents to be filed with Securities and Exchange Board of India, BSE Limited, National Stock Exchange of India Limited and the Registrar of Companies, Gujarat at Ahmedabad, in connection with the proposed Offer. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.

For Parikh Shah Chotalia & Associates

Chartered Accountants

FRN: 118493W

CA Sharadkumar G Kothari

(Partner)

Membership No: 168227

Place: Vadodara

Date: August 11, 2025

UDIN: 25168227BMJLFS705