Black Box Ltd Auditor Reports

We have audited the accompanying standalone financial statements of Black Box Limited ("the Company"), which
comprise the Balance Sheet as at March 31, 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
standalone financial statements, including material accounting policy information 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 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 (including other
comprehensive income), changes in equity and its cash flows for the year ended on that date.

We conducted our audit of the standalone 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 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.

We draw attention to Note 47 to the accompanying standalone financial statements, which describes the delay in
remittance of import payments, delay in repatriation of export proceeds of goods & services and delay in other receipts
aggregating to 2.91 Crore, 4.32 Crore and 2.78 Crore, respectively as at March 31, 2026, beyond the timelines stipulated
under the Foreign Exchange Management Act, 1999, as amended from time to time. The Management of the Company
has filed necessary applications with the appropriate authority for extension of time limit and condonation of such delays
and response on the same is awaited as on date.

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.

The Companys Management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Annual Report but does not include the standalone financial statements and
our auditors report thereon, which is expected to be made available to us after the date of this auditors report.

Our opinion on the standalone financial statements does not cover the other information and we do not and will 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
identified above and, in doing so, consider whether the other information is materially inconsistent with the standalone
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.

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, changes in equity and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian Accounting Standards specified under section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of 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 statement 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 and the Board of Directors of the Company are responsible
for assessing the Companys 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 Companys Management and Board of Directors are also responsible for overseeing the Companys financial
reporting process.

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.

We give in "Annexure A" a detailed description of Auditors responsibilities for Audit of the Standalone Financial Statements.

1. As required by the Companies (Auditors 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 B" 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 of the aforesaid standalone 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, except for the matter stated in the paragraph 2(h)(vi) below on reporting
under Rule 11(g). Further, the back-up of the books of account and other books and papers maintained in
electronic mode, has not been kept in servers physically located in India on a daily basis as backup is taken on
a daily basis but stored outside India as explained in note 48 to the financial statements.

(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 maintained for the purpose of preparation of the standalone financial statements.

(d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section
133 of the Act.

(e) 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 are disqualified as on March 31, 2026 from being appointed as
a director in terms of Section 164 (2) of the Act.

(f) The modification relating to the maintenance of accounts and other matters connected therewith are as stated
in paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph 2(h)(vi) below on reporting under
Rule 11(g).

(g) With respect to the adequacy of the internal financial controls with reference to standalone financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure C".

(h) 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, 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 on its financial position in its standalone
financial statements - Refer Note 37(A) to the standalone 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 are no amounts which are required to be transferred to the Investor Education and Protection Fund
by the Company during the year ended March 31, 2026.

iv. (a) The Management has represented that, to the best of its knowledge and belief, as disclosed in

the note 51(f) to the standalone financial statements, no funds 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.

(b) The Management has represented that, to the best of its knowledge and belief, as disclosed in the
note 51(f) to the standalone financial statements, no funds 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.

(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e) contain any material mis-statement.

v. The final dividend paid by the Company during the year in respect of the same declared for the previous
year is in accordance with section 123 of the Companies Act 2013 to the extent it applies to payment
of dividend.

The Board of Directors of the Company have proposed final dividend for the year which is subject to the
approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance
with section 123 of the Act to the extent it applies to declaration of dividend. (Refer Note 14(f) to the
standalone financial statements)

vi. Based on our examination which included test checks, the Company has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility, except audit
trail feature was not enabled at the database level from April 1, 2025 to September 28, 2025 in respect of
an accounting software to log any direct data changes as explained in note 48 to the financial statements.

Further, where enabled, audit trail feature has been operated for all relevant transactions recorded in the
accounting software. Also, during the course of our audit, we did not come across any instance of audit
trail feature being tampered with in respect of such accounting software. Additionally, the audit trail of
prior years has been preserved by the Company as per the statutory requirements for record retention to
the extent it was enabled and recorded in respective years.

3. In our opinion, according to information, explanations given to us , the remuneration paid or provided by the Company
to its directors is within the limits laid prescribed under Section 197 read with Schedule V of the Act.

Chartered Accountants

ICAI Firm Registration No. 105047W/W101187

Partner

Membership No.: 151016

Place : Mumbai

Date : May 26, 2026

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 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 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 company has adequate internal financial controls with reference to standalone financial
statements 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 Management 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.

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 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.

Chartered Accountants

ICAI Firm Registration No. 105047W/W101187

Partner

Membership No.: 151016
UDIN: 26151016CGHRZR8469

Place : Mumbai
Date : May 26, 2026

[Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements in the Independent Auditors

Report ]

i. (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) Property, Plant and Equipment and right of use assets have been physically verified by the management during
the year and no material discrepancies were identified on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, the title deeds of immovable properties (other than properties where the Company is the lessee
and the lease agreements are duly executed in favour of the lessee) as disclosed in the standalone financial
statements, are held in the name of the Company.

(d) According to the information and explanations given to us, the Company has not revalued its Property, Plant
and Equipment (including Right of Use assets) and intangible assets during the year. Accordingly, the provisions
stated under clause 3(i)(d) of the Order are not applicable to the Company.

(e) According to the information and explanations given to us, no proceeding has been initiated or pending
against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988, as
amended and rules made thereunder. Accordingly, the provisions stated under clause 3(i)(e) of the Order are
not applicable to the Company.

ii. (a) The inventory (excluding stocks-in-transit) has been physically verified by the management during the year.

In respect of goods in transit, the goods have been received subsequent to the year end. In our opinion, the
frequency, coverage and procedure of such verification is reasonable and appropriate, having regard to the size
of the Company and the nature of its operations. The discrepancies noticed on physical verification of inventory
as compared to book records were not 10% or more in aggregate for each class of inventory.

(b) During any point of time of the year, the Company has been sanctioned working capital limits in excess of
5 Crore, in aggregate from Banks on the basis of security of current assets. Refer note 50 to the standalone
financial statements.

Based on the records examined by us in the normal course of audit of the standalone financial statements,
quarterly returns / statements filed with such Banks are not in agreement with the books of accounts of the
Company. Details of the same are as below.

Further, during any point of time of the year, the Company has not been sanctioned working capital limits froi
financial institutions, on the basis of security of current assets.

223-453 / Financial Statements

iii. According to the information and explanations provided to us, the Company has not made any investments in, or

provided any guarantee or security, or granted any loans or advances in the nature of loans, secured or unsecured,
to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the provisions stated under
clause 3(iii) of the Order are not applicable to the Company.

iv. According to the information and explanations given to us, there are no loans, investments, guarantees, and security
in respect of which provisions of sections 185 and 186 of the Act, are applicable and accordingly, the requirement
to report under clause 3(iv) of the Order is not applicable to the Company.

v. According to the information and explanations given to us, the Company has neither accepted any deposits from

the public nor any amounts which are deemed to be deposits, within the meaning of the provisions of Sections 73

to 76 of the Act and the rules framed there under. Accordingly, the requirement to report under clause 3(v) of the
Order is not applicable to the Company.

vi. The provisions of sub-Section (1) of Section 148 of the Act are not applicable to the Company as the Central
Government of India has not specified the maintenance of cost records for any of the products/ services of the
Company. Accordingly, the requirement to report on clause 3(vi) of the Order is not applicable to the Company.

vii. (a) According to the information and explanations given to us and the records examined by us, in our opinion,

undisputed statutory dues including goods and services tax, provident fund, employees state insurance, income-
tax, duty of customs and other statutory dues have been regularly deposited by the Company with appropriate
authorities in all cases during the year. No undisputed amounts payable in respect of these statutory dues were
outstanding as at March 31, 2026, for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records examined by us, dues relating to
goods and services tax and income tax which have not been deposited as on March 31, 2026, on account of
any dispute, are as follows:

For M S K A & Associates LLP
(Formerly known as M S K A & Associates)

Chartered Accountants

ICAI Firm Registration No. 105047W/W101187

Udit Brijesh Parikh

Partner

Membership No.: 151016
UDIN: 26151016CGHRZR8469

Place : Mumbai
Date : May 26, 2026

[Referred to in paragraph 2(g) under Report on Other Legal and Regulatory Requirements in the Independent Auditors
Report of even date to the Members of Black Box Limited on the Standalone Financial Statements for the year ended
March 31, 2026]

We have audited the internal financial controls with reference to standalone financial statements of Black Box 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.

In our opinion, and 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 with reference to standalone financial statements and such
internal financial controls with reference to standalone financial statements were operating effectively as at March 31,
2026, based on the internal financial controls with reference to 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).

The Companys Management and the Board of Directors are responsible for establishing and maintaining internal
financial controls based on the internal financial controls with reference to financial statements criteria established by the
Company considering the essential components of internal control stated in the Guidance Note issued by 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.

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 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 standalone
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.

A companys internal financial control with reference to 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 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.

Because of the inherent limitations of internal financial controls with reference to 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
financial statements to future periods are subject to the risk that the internal financial control with reference to financial
statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.

Chartered Accountants

ICAI Firm Registration No. 105047W/W101187

Partner

Membership No.: 151016
UDIN: 26151016CGHRZR8469

Place : Mumbai
Date : May 26, 2026