Carborundum Universal Ltd Auditor Reports

To the Members of Carborundum Universal Limited

Report on the Audit of the Consolidated Financial Statements

Opinion

1. We have audited the accompanying consolidated financial statements of Carborundum Universal Limited (hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), its associate company along with its wholly owned subsidiaries (the "associate") and joint ventures (refer Notes 33, 6A and 6B to the attached consolidated financial statements), which comprise the consolidated Balance Sheet as at March 31, 2026, and the consolidated Statement of Profit and Loss (including Other Comprehensive Income), the consolidated Statement of Changes in Equity and the consolidated Cash Flow Statement for the year then ended, and notes to the consolidated financial statements, including material accounting policy information and other explanatory information (hereinafter referred to as "the consolidated financial statements").

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated 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 accounting principles generally accepted in India, of the consolidated state of affairs of the Group, its associate and joint ventures as at March 31, 2026, and consolidated total comprehensive income (comprising of profit and other comprehensive income), consolidated changes in equity and its consolidated cash flows for the year then ended.

Basis for Opinion

3. 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 Consolidated Financial Statements" section of our

report. We are independent of the Group, its associate and joint ventures in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in India in terms of the Code of Ethics issued by the Institute of Chartered Accountants of India and the relevant provisions of the Act, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

4. We draw attention to Notes 29B and 29C of the consolidated financial statements, which describe that the financial information of two step-down subsidiaries CUMI AWUKO Abrasives GmbH, Germany (CAAG) and Foskor Zirconia (Pty) Ltd, South Africa (FZL) have been prepared on a realisable value basis of accounting for the reasons mentioned in the aforesaid Notes. In this regard, the Group has recorded an aggregate expense of 1,345.66 million under "Exceptional items" in the consolidated financial statements, representing write-down of various assets (of CAAG and FZL) and recognition of restructuring costs (of CAAG).

Our opinion on the consolidated financial statements is not modified in respect of the above matter.

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter	How our audit addressed the key audit matter
Impact assessment of uncertain operating environment for Our audit procedures included the following:
Volzhsky Abrasive Works (‘VAW), step-down subsidiary of the Holding Company domiciled in Russia, including those arising from VAWs inclusion in the United States of Americas Department of	Understood the design and tested the operating effectiveness of the Groups key controls over impact assessment of sanctions including the related impairment assessment.
Treasurys Office of Foreign Assets Controls Specially Designated Nationals and Blocked Persons List	Inquired and discussed with auditors of VAW (the ‘component auditors) and auditors of the intermediate holding company of
Refer Note 5A to the consolidated financial statements.	VAW (CUMI International Limited, Cyprus), management expert, management of the Holding Company and the component in understanding the impact of the geo-political conflict and the related sanctions on VAW including the ability of the Group to exercise control over VAW.
The carrying amount of assets including related goodwill in relation to VAW as considered in the consolidated financial statements amounts to 11,907.81 million (including goodwill amounting to 1,636.65 million), which represents 22.51% of the total assets of the Group.
As set out in Note 5A to the consolidated financial statements, the current geo-political situation combined with related international sanctions and territory embargoes including VAWs inclusion in	Evaluated the independence, objectivity and competence of the management expert.
United States of Americas Department of Treasurys Office of	Examined the documents supporting the assessment of the Groups ability to exercise control over VAW.
Foreign Assets Controls Specially Designated Nationals and Blocked Persons List create an uncertain environment for the operations of VAW and ability of the Group to exercise control over VAW.	Perused the audit report and other related communication of the component auditors and noted no adverse or qualificatory comments including those relating to going concern.
The Holding Company had undertaken an assessment of the recoverability of various assets and recorded an impairment expense (representing certain balances held in foreign currency with a clearing agency by VAW and export receivables of VAW outside the Group) of 1,041.29 million in the prior year.	Assessed the reasonableness of the managements computation of the recoverable amount of carrying value of assets pertaining to VAW (‘the model) by:
The carrying amount of assets is significant to the consolidated financial statements. We have considered this to be a key audit matter as Management judgement is required in assessing the impact of current geo-political situation on the step-down subsidiarys operations including its ability to exercise control over VAW.	Verifying that the forecasts considered within the model have been approved.
	Assessing the historical accuracy of Managements forecasts by comparing the forecasts used in the prior year models with the actual performance in the current year and assessing the reasonableness of the forecasts within the model.
	Engaging auditors expert to assist us in evaluating the reasonableness of assumptions relating to discount rate and terminal growth rate considered by the management within the model.
	Performing sensitivity tests on the model for certain assumptions, such as discount rate, growth rate and probability weighting of scenarios.
	Evaluated the adequacy of the disclosures made in the consolidated financial statements in relation to impairment assessment of carrying amount of assets including goodwill.

Other Information

6. The Holding Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Directors Report including annexures, but does not include the consolidated financial statements and our auditors report thereon.

Our opinion on the consolidated 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 consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed and the reports of the other auditors as furnished to us (refer paragraph 15 below), 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.

Responsibilities of Management and Those Charged with

Governance for the Consolidated Financial Statements

7. The Holding Companys Board of Directors is responsible for the preparation and presentation of these consolidated financial statements in term of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows, and changes in equity of the Group including its associate and joint ventures in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act. The respective Board of Directors of the companies included in the Group and of its associate and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and of its associate and joint ventures, 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Board of Directors of the Holding Company, as aforesaid.

8. In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of its associate and joint ventures are responsible for assessing the ability of the respective companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the respective companies or to cease operations, or has no realistic alternative but to do so.

9. The respective Board of Directors of the companies included in the Group and of its associate and joint ventures are responsible for overseeing the financial reporting process of the respective companies.

Auditors Responsibilities for the Audit of the Consolidated

Financial Statements

10. Our objectives are to obtain reasonable assurance about whether the consolidated 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 consolidated financial statements.

11. 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 consolidated 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 consolidated 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.

• Conclude on the appropriateness of managements 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 ability of the Group and its associate and joint ventures 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 consolidated 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 Group and its associate and joint ventures to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group and its associate and joint ventures to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

12. We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial statements of which we are the independent auditors 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.

13. 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.

14. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated 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.

Other Matters

15. The financial statements/ financial information of twelve subsidiaries, reflect total assets of 40,105.14 million and net assets of 29,958.06 million as at March 31, 2026, total revenue of 22,775.50 million, total comprehensive income (comprising of profit and other comprehensive income) of (4,297.16) million and net cash flows amounting to 1,523.41 million for the year ended on that date, has been considered in the consolidated financial statements. The consolidated financial statements also include the Groups share of total comprehensive income (comprising of profit and other comprehensive income) of 259.20 million for the year ended March 31, 2026 as considered in the consolidated financial statements, in respect of two joint ventures, whose financial statements have not been audited by us. The financial statements/ financial information of these subsidiaries and joint ventures have been audited by other auditors whose reports have been furnished to us by the Holding Companys management and other auditors, and our opinion on the consolidated financial statements insofar as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures and our report in terms of sub-section (3) of Section 143 of the Act including report on Other Information insofar as it relates to the aforesaid subsidiaries and joint ventures, is based on the reports of the other auditors and the procedures performed by us.

16. We did not audit the financial information of two subsidiaries, whose financial information reflect total assets of 0.89 million and net assets of (76.58) million as at March 31, 2026, total revenue of Nil, total comprehensive income (comprising of loss and other comprehensive income) of (6.57) million and net cash flows amounting to (1.94) million for the year ended on that date, as considered in the consolidated financial statements. The financial information of these subsidiaries are unaudited and have been furnished to us by the Holding Companys management, and our opinion on the consolidated financial

statements insofar as it relates to the amounts and disclosures included in respect of these subsidiaries and our report in terms of sub-section (3) of Section 143 of the Act including report on Other Informationinsofar as it relates to the aforesaid subsidiaries, is based solely on such unaudited financial information. In our opinion and according to the information and explanations given to us by the Holding Companys management, these financial information are not material to the Group.

17. Of the subsidiaries referred to in paragraph 15, the financial statements/ financial information of six subsidiaries located outside India, included in the consolidated financial statements, which constitute total assets of 26,909.15 million and net assets of 23,726.81 million as at March 31, 2026, total revenue of 10,879.71 million, total comprehensive income (comprising of loss and other comprehensive income) of (1,280.61) million and net cash flows amounting to 1,522.78 million for the year then ended, have been prepared in accordance with accounting principles generally accepted in their respective countries and have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Companys management has converted the financial statements/ financial information of such subsidiaries located outside India from the accounting principles generally accepted in their respective countries to the accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Companys management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India, including other information, is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and reports of the other auditors and the financial information certified by the Holding Companys management.

Report on Other Legal and Regulatory Requirements

18. As required by paragraph 3(xxi) of the Companies (Auditors Report) Order, 2020 ("CARO 2020"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we report that there are no qualifications or adverse remarks included in the CARO 2020 report issued by us in respect of the standalone financial statements of the Holding Company, a subsidiary and associate and by the respective auditors in their CARO 2020 reports issued in respect of the financial statements of the companies which are included in these consolidated financial statements, to whom CARO 2020 is applicable.

19. As required by Section 143(3) of the Act, we report, to the

extent applicable, 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 consolidated financial statements.

b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors, except for the following:

i. in relation to a subsidiary audited by us, for payroll records, in the absence of sufficient appropriate audit evidence, we are unable to verify whether the backup of books of account and other books and papers maintained in electronic mode has been maintained on a daily basis on servers physically located in India during the year;

ii. the matters stated in paragraph 19(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended) ("Rules").

c) The consolidated Balance Sheet, the consolidated Statement of Profit and Loss (including Other Comprehensive Income), the consolidated Statement of Changes in Equity and the consolidated Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account and records maintained for the purpose of preparation of the consolidated financial statements.

d) In our opinion, the aforesaid consolidated financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors of the Holding Company, a subsidiary and an associate, as on March 31, 2026 taken on record by the Board of Directors of the Holding Company, the subsidiary and associate respectively, and the reports of the statutory auditors of its subsidiaries and joint ventures incorporated in India, none of the directors of the Group companies, its associate and joint ventures incorporated in India is disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the maintenance of accounts and other matters connected therewith, reference is made to our remarks in paragraph 19(b) above and paragraph 19(h) (vi) below.

g) With respect to the adequacy of internal financial controls with reference to consolidated financial

statements of the Holding Company, its subsidiaries, associate and joint venture companies incorporated in India and the operating effectiveness of such controls, refer to our separate report in "Annexure A".

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 (as amended), in our opinion and to the best of our information and according to the explanations given to us:

i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group, its associate and joint ventures - Refer Notes 6A, 6B and 34 to the consolidated financial statements.

ii. The Group (other than a subsidiary), its associate and joint ventures did not have any long-term contracts including derivative contracts as at March 31, 2026 for which there were any material foreseeable losses. In respect of a subsidiary, the subsidiary has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Holding Company and its subsidiaries, associate and joint ventures incorporated in India during the year.

iv. (a) The respective managements of the

Holding Company and its subsidiaries, joint ventures and associate which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries and joint ventures respectively that, to the best of their knowledge and belief, as disclosed in Note 42(vii) to the consolidated 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 Holding Company or any of such subsidiaries, joint ventures and associate to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Holding Company or any of such

subsidiaries, joint venture and associate ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The respective managements of the Holding Company and its subsidiaries, joint ventures and associate which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries and joint ventures respectively that, to the best of their knowledge and belief, as disclosed in the Note 42(vii) to the consolidated financial statements, no funds have been received by the Holding Company or any of such subsidiaries, joint ventures and associate from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Holding Company or any of such subsidiaries, joint ventures and associate shall, whether 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, that has been considered reasonable and appropriate in the circumstances, performed by us and those performed by the auditors of the subsidiaries and joint ventures which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditors notice that has caused us or the other auditors to believe that the representations under

sub-clause (i) and (ii) of Rule 11(e) contain any material misstatement.

v. The dividend (including interim dividend) declared and paid by the Holding Company, its subsidiaries, associate and joint ventures incorporated in India during the year is in accordance with Section 123 of the Act to the extent it applies to declaration and payment of dividend. The respective Board of Directors of the Holding Company, its subsidiaries, associate and joint venture have proposed final dividend for the year, which is subject to the approval of the respective members at their ensuing Annual General Meetings, and is in accordance with Section 123 of the Act, to the extent applicable.

vi. Based on our examination, which included test checks and that performed by the respective auditors of the subsidiaries and joint ventures, which are companies incorporated in India whose financial statements have been audited under the Act, except for the instances mentioned below, the Group, its associate and joint ventures have used accounting software for maintaining their books of account which have a feature of recording audit trail (edit log) facility and that has operated throughout the year for all relevant transactions recorded in the software. During the course of performing our audit procedures, other than as described below where the question of commenting does not arise, we, and the respective auditors of the above referred subsidiaries and joint ventures, did not notice any instance of the audit trail feature being tampered with. Additionally, other than as described below, the audit trail, to the extent maintained in the prior year, has been preserved by the Holding Company and above referred subsidiaries, associate and joint ventures as per the statutory requirements for record retention:

• In respect of the entities audited by us

Holding Company	In respect to an accounting software of a third party service provider used for maintaining certain records, where in the absence of the independent service auditors report for the financial year, we are unable to comment on the audit trail (edit log) feature in the aforesaid accounting software.
A Subsidiary	• In respect of the core accounting software, the audit trail feature at the database level was not enabled throughout the year but was enabled from April 29, 2025 to March 31, 2026; and
	• With respect to another accounting software of a third party service provider used during the year, for maintaining certain records, in the absence of the independent service auditors report, we are unable to comment on the audit trail (edit log) feature in that accounting software.
Associate company	Audit trail is not maintained at the application level for modification, if any, by certain users with specific access and for direct database changes.

For the period where audit trail has not operated/ not maintained/ not determinable, the question of our commenting on whether the audit trail has been tampered with does not arise.

In respect of an entity audited by other auditors, the following paragraph relating to audit trail was included in their audit report reproduced by us as under:

A joint venture of the Parent	"Based on our examination, which included test checks, the Company has used an accounting software for maintaining its books of account for the year ended March 31, 2026, which has a feature of recording audit trail (edit log) facility and the audit trail feature at the application level has operated throughout the year for all relevant transactions recorded in the software. However, audit trail was not enabled at the database level to enable the log of any direct data change. Consequently, we are unable to comment whether there were any instances of the audit trail feature being tampered with.
	Refer note 41 to the financial statements.
	Additionally, the audit trail that was enabled and operated for the year ended March 31, 2025, as indicated in note 41 to the financial statements, has been preserved by the Company as per the statutory requirements for record retention."
	Note 41 referred to above is reproduced in Note 41 to the consolidated financial statements.

20. The Group, its associate and joint ventures incorporated in India have paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

Annexure A to Independent Auditors Report

Referred to in paragraph 19(g) of the Independent Auditors Report of even date to the members of Carborundum Universal Limited on the Consolidated Financial Statements as of and for the year ended March 31, 2026

Report on the Internal Financial Controls with reference to

Consolidated Financial Statements under clause (i) of subsection 3 of Section 143 of the Act

1. In conjunction with our audit of the consolidated financial statements of the company as of and for the year ended March 31, 2026, we have audited the internal financial controls with reference to consolidated financial statements of Carborundum Universal Limited (hereinafter referred to as "the Holding Company") and its subsidiaries, its associate and joint ventures, which are companies incorporated in India, as of that date.

Managements Responsibility for Internal Financial Controls

2. The respective Board of Directors of the Holding Company, its subsidiaries, its associate company and joint ventures, to whom reporting under clause (i) of sub section 3 of Section 143 of the Act in respect of the adequacy of the internal financial controls with reference to financial statements is applicable, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls 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 ("the Guidance Note") issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective 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

3. Our responsibility is to express an opinion on the companys internal financial controls with reference to consolidated 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 specified under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. 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 consolidated financial statements was established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated 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 consolidated financial statements, whether due to fraud or error.

5. We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matter paragraph below is sufficient and appropriate to provide a basis for our audit opinion on the companys internal financial controls system with reference to consolidated financial statements.

Meaning of Internal Financial Controls with reference to financial

statements

6. 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 authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised 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 financial statements

7. 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.

Opinion

8. In our opinion, the Holding Company, its subsidiaries, its associate and joint ventures, which are companies incorporated in India, have, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at March 31, 2026, based on the internal

control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

Other Matter

9. Our report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to financial statements insofar as it relates to three subsidiaries and two joint ventures, which are companies incorporated in India, is based on the corresponding reports of the auditors of such companies incorporated in India. Our opinion is not modified in respect of this matter.

	Baskar Pannerselvam
	Partner
Place: Chennai	Membership Number: 213126
Date: May 14, 2026	UDIN: 26213126KILBJC8183