TO THE MEMBERS OF DOLAT ALGOTECH LIMITED
We have audited accompanying standalone financial statements of Dolat Algotech Limited (the company), comprising balance sheet as at 31 March 2026, Statement of Profit and Loss (including Other Comprehensive Income), cash flow statement and Statement of Changes in Equity for year then ended, and summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to explanations given to us, aforesaid standalone financial statements give information required by Act in manner so required and give true and fair view in conformity with accounting principles generally accepted in India, of state of affairs of Company as at 31st March, 2026 and its profit, total comprehensive income, changes in equity and its cash flows for year ended on that date.
We conducted audit in accordance with Standards on Auditing (SAs) specified under section 143(10) of Act. We are independent of company in accordance with Code of Ethics issued by ICAI and independence requirements relevant to our audit. We believe audit evidence obtained is sufficient and appropriate to provide basis for our audit opinion.
Accounting and Valuation of Bank Deposits
Companys investment under Bank Deposits grouped under Other Financial Assets as on 31/03/2026 amount to Rs.11557.39/- millions which comprises 75.37% of total assets of Company. Considering high value, considered as key audit matter.
How our audit addressed:
? Obtained understanding of internal controls designed by management for accounting and valuation
? Tested operating effectiveness of these controls
? Undertook substantive audit procedures like inspection, recalculation and reperformance
? Performed procedures to identify encumbrances on investments and verified sufficiency and appropriateness of disclosures
? Performed procedures to verify adherence to IND-AS
Key Audit Matter - Valuation of Financial Instruments
Derivative financial assets amount to Rs.2495.54 millions and derivative financial liabilities amount to Rs.869.63 millions. Focused due to number of contracts, their measurement and complexity related to fair value estimation.
How our audit addressed:
Companys Board of Directors responsible for preparation of other information. Other information comprises Management Discussion and Analysis, Boards Report including Annexures, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include standalone financial statements and our auditors report thereon. Our opinion on standalone financial statements does not cover other information and we do not express any form of assurance conclusion thereon.
Companys Board of Directors responsible for matters stated in Section 134(5) of Companies Act, 2013 with respect to preparation and presentation of these standalone financial statements that give true and fair view of financial position, financial performance including other comprehensive income, cash flows and changes in equity in accordance with accounting principles generally accepted in India, including Indian Accounting Standards (Ind AS) prescribed under section 133 of Act read with Companies (Indian Accounting Standards) Rules, 2015.
Our objectives are to obtain reasonable assurance about whether standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue auditors report that includes our opinion. Reasonable assurance is high level of assurance, but is not guarantee that audit conducted in accordance with SAs will always detect material misstatement when it exists.
1. As required by Companies (Auditors Report) Order, 2020 (the Order) issued by Central Government of India in terms of sub-section (11) of section 143 of Act, we give in Annexure A, statement on matters specified in paragraphs 3 and 4 of Order.
2. As required by Section 143(3) of Act, we report that:
a. We have sought and obtained all information and explanations which to best of our knowledge and belief were necessary for purposes of our audit.
b. In our opinion proper books of account as required by law have been kept by company so far as it appears from our examination of those books, except for matters stated in sub-clause (2)(h)(vi) below on reporting under Rule 11(g).
c. Balance sheet, statement of profit and loss including other comprehensive income, statement of changes in equity and cash flow statement dealt with by this Report are in agreement with books of account.
d. In our opinion, aforesaid standalone financial statements comply with Indian Accounting Standards specified under section 133 of Act.
e. On basis of written representations received from directors as on 31 March 2026, taken on record by Board of Directors, none of directors is disqualified as on 31 March 2026, from being appointed as director in terms of section 164(2) of Act.
f. With respect to maintenance of accounts and other matters connected therewith, reference is made to our remarks in paragraph 2(h)(vi) below on reporting under Rule 11(g).
g. With respect to adequacy of internal financial controls over financial reporting of Company and operating effectiveness of such controls, refer to our separate report in Annexure B. Our report expresses unmodified opinion on adequacy and operating effectiveness of Companys internal financial controls over financial reporting.
h. With respect to other matters to be included in Auditors Report in accordance with Rule 11 of Companies (Audit and Auditors) Rules, 2014:
i. Company does not have any pending litigations which would impact its financial position. ii. Company did not have any long term contract including derivative contract; as such question of commenting on any material foreseeable losses thereon does not arise. iii. There has been no delay in transferring amounts required to be transferred to Investor Education and Protection Fund by Company. iv. (i) Management has represented that no funds have been advanced or loaned or invested by Company to or in any other person or entity, including foreign entity (Intermediaries), with understanding that Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of Company (Ultimate Beneficiaries) or provide any guarantee, security or like on behalf of Ultimate Beneficiaries. (ii) Management has represented that no funds have been received by Company from any person or entity, including foreign entity (Funding Parties), with understanding that Company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of Funding Party. (iii) Based on audit procedures considered reasonable and appropriate, nothing has come to our notice that has caused us to believe that representations under sub-clause (i) and (ii) of Rule 11(e) contain any material misstatement. v. Dividend declared and paid during year by Company is in compliance with Section 123 of Act. vi. Based on our examination, Company has used accounting software for maintaining books of account which has feature of recording audit trail (edit log) facility and same has operated throughout year for all relevant transactions, except that audit trail feature is not enabled for direct changes in database layer. vii. With respect to matter to be included in Auditors Report under Section 197(16) of Act: In our opinion and according to information and explanations given to us, remuneration paid by Company to its directors during current year is in accordance with provisions of Section 197 of Act read with schedule V of Act.
UDIN: 26164370VDCTKT9139 For V. J. Shah & Co. Chartered Accountants Firm Registration No.: 109823W
Place: Mumbai Date: 21st May, 2026
Chintan V. Shah Partner Membership No.: 164370
(a) Company maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.
(b) Company has regular programme of physical verification of its Property, Plant and Equipment by which all property, plant and equipment verified in phased manner. Certain property, plant and equipment verified during year. Periodicity of physical verification reasonable. No material discrepancies noticed.
(c) No immovable properties held in name of company.
(d) Company has not revalued its Property, Plant & Equipment during year.
(e) No proceedings initiated or pending against Company for holding any benami property under Benami Transactions (Prohibition) Act, 1988.
Company does not have any inventory, therefore reporting under clause (ii) not applicable.
a. Company has not granted any loans or provided advances in nature of loans or stood guarantee or provided security to its subsidiaries, joint ventures and associates during year. Company granted unsecured loans or advances in nature of loans to employees:
| Loans to Employees | Amounts (Rs. In Millions) |
| Aggregate amount granted during year | 5.21 |
| Balance outstanding at balance sheet date | 3.38 |
b. Investments made and terms and conditions of grant of secured or unsecured loans are, prima facie, not prejudicial to interest of Company.
c. In case of secured or unsecured loans given, repayment of principal and payment of interest has not been stipulated.
In respect of investments made and loans, guarantees and security given by Company, provisions of Section 185 and 186 of Companies Act, 2013 complied with.
Company has not accepted any deposits or amounts which are deemed to be deposits from public.
Central Government has not prescribed maintenance of cost records under sub section (1) of section 148 of Companies Act.
(a) Company generally regular in depositing dues in respect of Employees Provident Fund, Employees State Insurance Fund, Income Tax (including TDS), GST and other statutory dues with appropriate authority during year.
(b) No undisputed amounts due in respect of income tax (including TDS), GST, Employees Provident Fund, Employees State Insurance Fund and other statutory dues at end of year, except: Demand under TDS as per Traces website reflected as Rs. 1,640/-, company in process of identifying reason and will resolve same.
No transactions relating to previously unrecorded income that were surrendered or disclosed as income in tax assessments under Income Tax Act, 1961 during year.
(a) Company has not defaulted in repayment of loans or other borrowings or in payment of interest thereon to any bank, financial institution and Debentures holders during year.
(b) Company has not been declared wilful defaulter by any bank or financial institution or government or government authority.
(c) No term loans have been taken by company.
(d) Company, prima facie, during year did not use any funds raised on short term basis for long term purposes.
(e) Company has not taken any funds from any entity or person on account of or to meet obligations of its subsidiaries, associates or joint ventures.
(f) Company has not raised loans during year on pledge of securities held in its subsidiaries.
Company has not raised money by way of initial public offer or further public offer (including debt instruments), nor made any preferential allotment or private placement of shares.
(a) No report under sub-section (12) of Section 143 of Companies Act, 2013 filed by auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with Central Government.
(b) No report under sub-section (12) of Section 143 of Companies Act, 2013 filed by auditors in Form ADT-4.
(c) No whistle blower complaints received by Company during year and up to date of this report.
Company is not a Nidhi Company.
Company complies with Section 177 and 188 of Companies Act, where applicable, for all transactions with related parties and details disclosed in financial statements as required by applicable accounting standards.
(a) Company has internal audit system commensurate with size and nature of its business.
(b) We have considered internal audit reports of Company issued till date for period under audit.
Company has not entered into any non-cash transaction with directors or persons connected with such directors.
Company is member of National Stock Exchange and hence not required to be registered under section 45-IA of Reserve Bank of India Act, 1934.
Company has not incurred any cash losses in current financial period and immediately preceding financial year.
No resignation of statutory auditor of Company during period.
Based on financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, nothing has come to our attention which causes us to believe that any material uncertainty exists as on date of audit report indicating Company not capable of meeting its liabilities existing at date of balance sheet as and when they fall due within period of one year from balance sheet date.
(a) In respect of other than ongoing projects, Company has not spent required Corporate Social Responsibility amount of ?39.19 million for year ended 31 March 2026. Said amount proposed to be transferred to Fund specified in Schedule VII to Companies Act, 2013 on or before 30 September 2026. Time limit prescribed under second proviso to sub-section (5) of Section 135 not expired as at date of our report.
(b) No unspent amounts in respect of ongoing projects requiring transfer to Special Account in compliance with sub-section (6) of Section 135.
UDIN: 26164370VDCTKT9139 For V. J. Shah & Co. Chartered Accountants Firm Registration No.: 109823W
Chintan V. Shah Partner Membership No.: 164370
Place: Mumbai Date: 21st May, 2026
We have audited internal financial controls over financial reporting of Dolat Algotech Limited (the Company) as of March 31, 2026 in conjunction with our audit of standalone financial statements of Company for year ended on that date.
In our opinion, Company has, in all material respects, adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2026, based on internal control over financial reporting criteria established by Company considering essential components of internal control stated in Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by ICAI.
Companys management responsible for establishing and maintaining internal financial controls based on internal control over financial reporting criteria established by Company considering essential components of internal control stated in Guidance Note.
Our responsibility is to express opinion on Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with Guidance Note on Audit of Internal Financial Controls Over Financial Reporting and Standards on Auditing deemed to be prescribed under section 143(10) of Act.
Companys internal financial control over financial reporting is process designed to provide reasonable assurance regarding reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
Because of inherent limitations, including possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
UDIN: 26164370VDCTKT9139 For V. J. Shah & Co. Chartered Accountants Firm Registration No.: 109823W
Chintan V. Shah Partner Membership No.: 164370
Place: Mumbai Date: 21st May, 2026
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