Bombay Coated and Special Steels Ltd Auditor Reports

ON RESTATED FINANCIAL INFORMATION OF BOMBAY COATED AND SPECIAL STEELS LIMITED (FORMERLY KNOWN AS BOMBAY COATED AND SPECIAL STEELS PRIVATE LIMITED)

To

The Board of Directors

Bombay Coated and Special Steels Limited

(Formerly Known as Bombay Coated and Special Steels Private Limited)

CIN: U27209MH2019PLC335077 2602, Parinee I, 7-A Shah Industrial Estate,

Andheri West, Andheri, Mumbai,

Maharashtra, India, 400053.

1. We have examined the attached Restated Financial Information, expressed in Indian Rupees in millions, of Bombay Coated and Special Steels Limited (Formerly known as “Bombay Coated and Special Steels Private Limited”) (the “Company” [or the “Issuer”]) comprising:

a) The Restated Statement of Assets and Liabilities as at June 30, 2026, March 31, 2026, March 31, 2025, and March 31, 2024;

b) The Cash Flow Statement for the Quarter ended June 30, 2026 and year ended March 31, 2026, March 31, 2025, and March 31, 2024;

c) Restated Statements of Profit and Loss (including other comprehensive income) for the Quarter ended June 30, 2026 and year ended March 31, 2025, March 31, 2024, and March 31, 2023;

d) The Restated Statement of Changes in Equity for the year Quarter ended June 30, 2026, and year ended March 31, 2026, March 31, 2025, and March 31,2024;

e) The Basis of preparation, Significant Accounting Policies, Notes to Restated Financial Statement and other explanatory information

Hereafter collectively, the “Restated Financial Information”, as approved by the Board of Directors of the Company at their meeting held on 23^rd September,2026 for the purpose of inclusion in the [Draft Red Herring Prospectus/Red Herring Prospectus/ Prospectus (“DRHP/RHP/Prospectus”) (collectively, the “Offer Documents”) prepared by the Company in connection with its proposed Initial Public Offer of equity shares (“IPO”)] prepared in terms of the requirements of:

a) The sub-section (1) of Section 26 of Part I of Chapter III of the Companies Act, 2013 (the “Act");

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

c) 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”).

Managements Responsibility for the Restated Financial Information

2. The Companys Management is responsible for the preparation of the Restated Financial Information which has been approved by the board for the purpose of inclusion in the offer documents to be filed with Securities and Exchange Board of India (the “SEBI”), Registrar of Companies, Maharashtra at Mumbai (ROC), Bombay Stock Exchange (BSE) Limited and National Stock Exchange of India (“NSE”) in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in note 2.1 to the Restated Financial Information. The Board of Directors of the Company is responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, SEBI ICDR Regulations and the Guidance Note, as applicable.

Auditors Responsibilities

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

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated 18^th August, 2026 in connection with the proposed IPO;

b) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

c) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information; and

d) 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 SEBI ICDR Regulations, the Guidance Note and SEBI Communication, in connection with the IPO.

4. These Restated Financial Information expressed in Indian Rupees in million, has been compiled by the management from:

a) the audited special purpose Ind AS financial statements of the company as at and for the Quarter ended 30^th June, 2026 (together hereinafter referred as the “Special Purpose Ind AS Financial Statements”) each prepared in accordance with the Ind 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, which have been approved by the Board of Directors at their meeting held on 23^rd September, 2026.

b) the audited financial statements of the company for the year ended on 31st March, 2026 prepared in accordance with the India Accounting Standard (referred to as “Ind AS”) as pres cribed under the section 123 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015. As amended, and other accounting principles generally accepted in India which have been approved by the board of Directors at their meeting held on 28th May 2026.

c) the audited financial statements of the company for the year ended on 31st March, 2025 prepared in accordance with the India Accounting Standard (referred to as “Ind AS”) as prescribed under the section 123 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015. As amended, and other accounting principles generally accepted in India which have been approved by the board of Directors at their meeting held on 3^rd September, 2025.

d) the audited special purpose Ind AS financial statements of the company as at and for the year ended 31st March 2024 (together hereinafter referred as the “Special Purpose Ind AS Financial Statements”) eprepared in accordance with the Ind 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, which have been approved by the Board of Directors at their meeting held on 03^rd September, 2025. These Special Purpose Ind AS Financial Statements had been prepared by making adjustments required under Ind AS to the audited IGAAP financial statements of the Company as at and for the year ended 31 March 2024 (the “Statutory Indian GAAP Financial Statements”) prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act read with Companies (Accounting Standards) Rules 2021, as amended, and other accounting principles generally accepted in India, which were approved by the Board of directors at their meeting held on 02^th September, 2024 respectively.

5. For the purpose of our examination, we have relied on:

a) Auditors report issued by us dated 23^rd September,2026 on financial statements of the company for the Quarter ended on 30^th June, 2026 prepared in accordance with Indian Accounting Standard (referred to as “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.

b) Auditors report issued by us dated 28^th May, 2026 on financial statements of the company for the year ended on 31st March 2026 prepared in accordance with Indian Accounting Standard (referred to as “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.

c) Auditors report issued by us dated September 03, 2025 on financial statements of the company as at and for the years ended on 31st March 2025 prepared in accordance with Accounting Standard (referred to as “AS”) as prescribed under Section 133 of the Act, read with Companies (Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.

d) Auditors report issued by us dated September 02, 2024 on financial statements of the company as at and for the years ended on 31st March 2024 prepared in accordance with Accounting Standard (referred to as “AS”) as prescribed under Section 133 of the Act, read with Companies (Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.

e) Special Purpose Audit Report issued by us on the Special Purpose Financial Statements of the company for the Quarter ended 30^th June, 2026 as referred in Para 4 (a) above;

6. i) We would like to draw your attention to note 41(h) for the events occurring after the balance sheet dates.

Our Report is not modified in above matters.

7. We have audited the special purpose financial information of Company for the Quarter ended June 30, 2026 and year ended March 31, 2026, March 31, 2025, and March 31, 2024 prepared by the Company in accordance with the Ind AS for the limited purpose of complying with the requirement of getting its financial statements audited by an audit firm holding a valid peer review certificate issued by the “Peer Review, which is valid till November 30, 2026

9. Based on our examination and according to the information and explanations given to us, we report that the Restated Financial Statements:

a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the Quarter ended 30 June, 2026 and financial year ended 31 March 2026, 31 March 2025, and 31 March 2024 to reflect the same accounting treatment as per the accounting policies and grouping/classifications.

b) Audit report issued by us referred in paragraph 5 does not contain any qualifications requiring adjustments,

c) have been prepared in accordance with the Act, SEBI ICDR Regulations and the Guidance Note, as applicable.

10. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements

11. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose Ind AS financial statements and audited 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.

Restriction on Use

14. Our report is intended solely for use of the Board of Directors for inclusion in the DRHP/RHP/Prospectus to be filed with Securities and Exchange Board of India, stock exchanges and Registrar of Companies, Maharashtra in connection with the proposed IPO. 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.