Cressanda Railway Solutions Ltd Auditor Reports

TO THE BOARD OF DIRECTORS of Cressanda Railway Solutions Limited

REPORT ON THE AUDIT OF THE ANNUAL FINANCIAL RESULTS

QUALIFIED OPINION

We have audited the accompanying inancial statements of Cressanda Railway Solutions Limited ( the Company ), for the quarter and year ended 31 March 2026, attached herewith, being submitted by the company pursuant to the requirement of regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015, as amended (Listing Regulations).

In our opinion and to the best of our information and according to the explanations given to us, except for the e ects of the matters described in the Basis for Quali ied Opinion section of our report, the aforesaid inancial results are presented in accordance with the applicable requirements and give a true and fair view of the state of a airs ( inancial position) of the Company as at 31st March 2026, and its pro it and loss, inancial performance including other comprehensive income and cash lows, except for the quali ications.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing ( SAs ) speci ied under section 143(10) of the Companies Act, 2013. Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Financial Results 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 and have ful illed our other ethical responsibilities.

QUALIFICATIONS

1. No proper documents, supporting evidences for the current inancial assets loans and advances in note no. 9 of the inancial statements Rs. 7,677.93 lacs to draw our opinion on such loans and advances and relevant impact in the pro it and loss account and relevant provisioning.

2. Some of the trade payables, trade receivables, other inancial liabilities, are subject to con irmation and its relevant impact, if any, on the statement of pro it & loss account and balance sheet are unascertainable.

3. Company is under investigations of Security Exchange Board of India (SEBI) and relevant investigations inal output is still pending and we are unable to identify the impact on the inancial statements.

4. We note the company is not maintaining books of accounts in software having Edit Log feature as prescribed under Rule 3(1) of the Companies (Accounts) Rules, 2014 for the review period, limiting ability to independently verify changes to inancial records.

KEY AUDIT MATTERS

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

MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Companys Board of Directors is responsible for the preparation of these inancial statements that give a true and fair view of the state of a airs ( inancial position), pro it or loss ( inancial performance including other comprehensive income), change in equity and cash lows of the Company in accordance with accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS).

This responsibility also includes maintenance of adequate accounting records, safeguarding of assets, prevention and detection of frauds and other irregularities, selection and application of appropriate accounting policies, reasonable judgments and estimates, and design and maintenance of adequate internal inancial controls.

AUDITORS RESPONSIBILITY

Our objectives are to obtain reasonable assurance about whether the inancial results 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. · Identify and assess the risks of material misstatement and design and perform audit procedures responsive to those risks.

· Obtain an understanding of internal control relevant to the audit.

· Evaluate the appropriateness of accounting policies and the reasonableness of accounting estimates. · Conclude on the appropriateness of managements use of the going concern basis of accounting.

· Evaluate the overall presentation, structure and content of the inancial results.

OTHER MATTER

The inancial results include the results for the quart er ended March 31, 2026 being the balancing igures between the audited igures in respect of the full inancial year and the published unaudited year-to-date igures up to the third quarter of the current inancial year which were subject to limited review, as required under the Listing Regulations.