GRE Renew Enertech Ltd Auditor Reports

INDEPENDENT AUDITORS EXAMINATION REPORT ON RESTATED STANDALONE

FINANCIAL INFORMATION

To,

The Board of Directors of

(Formerly GRE Renew Enertech PRIVATE LIMITED)

Dear Sir,

Reference: - Proposed Public Issue of Equity Shares of GRE RENEW ENERTECH LIMITED (formerly GRE Renew Enertech Private Limited).

We have examined the attached Restated Standalone Financial Statement of GRE RENEW

ENERTECH LIMITED (formerly GRE Renew Enertech Private Limited) (hereunder referred to "the Company", "Issuer") comprising the Restated Standalone Statement of Assets and Liabilities as at, 31^st March, 2025, 31^st March, 2024, and 31^st March, 2023, the Restated Standalone Statement of Profit & Loss, the Restated Standalone Cash Flow Statement for the year ended 31^st March, 2025, 31^st March, 2024, and 31^st March, 2023, the statement of Significant Accounting Policies and other explanatory Information (Collectively the Restated Standalone Financial Statement ) as approved by the Board of Directors in their meeting held on 06^th August 2025 for the purpose of inclusion in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus ("Offer Document") in connection with its proposed Initial Public Offering (IPO) of equity shares, prepared by the Company in connection with its Initial Public Offer of Equity Shares (IPO) prepared in terms of the requirement of:-

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 as amended (the "Act");

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)

Regulations 2018 as amended ("SEBI ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectus (Revised 2020) issued by the Institute of Chartered Accountants of India as amended from time to time. ("The Guidance Note")

The Companys Board of Directors is responsible for the preparation of the Restated Standalone Financial Statement for the purpose of inclusion in the offer document to be filed with Stock Exchange, Securities and Exchange Board of India, and Registrar of Companies, of relevant state in connection with the proposed IPO. The Restated Standalone Financial Statements have been prepared by the management of the Company for the year ended 31^st March, 2025, 31^st March, 2024, and 31^st March, 2023 on the basis of notes to restatement in Annexure D to the Restated Standalone Financial Statement. The Board of Directors of the companys responsibility includes designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone Financial Statement.

We have examined such Restated Standalone Financial Statement taking into consideration:

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated 10^th July, 2025 in connection with the proposed IPO of equity shares of the Company;

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 Standalone Financial Statements; and

d) The requirements of Section 26 of the Act and the SEBI 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 and the Guidance Note in connection with the IPO.

This Restated Standalone Financial Statements have been compiled by the management from:

a) Audited financial statements of the company for the year ended 31^st March 2025, 31^st March, 2024, and 31^st March, 2023, prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India.

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

a) Auditors Report issued by us dated 08^th July, 2025 on the Standalone Financial statements of the Company for the year ended 31^st March, 2025.

b) Auditors Report issued by the Auditor M/s Ashvin K Yagnik & Co. (1) dated 18^th May, 2024, for the year ended 31^st March, 2024 (2) dated 15^th December, 2023 for the year ended 31^st March, 2023,

Based on our examination and according to the information and explanations given to us, and also as per the reliance placed on the auditor report issued by previous auditors and Management certified Financial Statements, we report the following in respect of the Restated Standalone Financial Information:

a) The Restated Standalone Financial Statement have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any;

b) The Restated Standalone Financial Statement have been made after incorporating adjustments for prior period and other material amounts in the respective financial year to which they relate;

c) Extra-ordinary items that need to be disclosed separately in the accounts has been disclosed wherever required;

d) Profits and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts as set out in Annexure D to this report;

e) Adjustments in Restated Standalone Financial Statement have been made in accordance with the correct accounting policies,

f) There was no change in accounting policies, which needs to be adjusted in the Restated Standalone Financial Statement, except - :

1) Accounting of retirement benefits was accounted on cash basis which is not as per AS-15 (Revised) "Employee benefits", however during the restatement Company has accounted such retirement benefits on the basis of actuarial valuation certificate.

g) There are no revaluation reserves, which need to be disclosed separately in the Restated Standalone Financial Statement

h) The Company has not paid dividend during FY 2022-23 to FY 2024-25.

In accordance with the requirements of Part I of Chapter III of Act including rules made there under, SEBI ICDR Regulations, Guidance Note and Engagement Letter, we report that

a) The "Restated Standalone Statement of Assets and Liabilities" as set out in Annexure A to this report, of the Company as at 31^st March, 2025, 31^st March, 2024, and 31^st March, 2023 is prepared by the Company and approved by the Board of Directors. These Restated Standalone Statement of Assets and Liabilities, have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure D to this Report.

b) The "Restated Standalone Statement of Profit and Loss" as set out in Annexure B to this report, of the Company for the Financial year ended 31^st March 2025, 31^st March, 2024, and 31^st March, 2023 is prepared by the Company and approved by the Board of Directors. These Restated Standalone Statement of Profit and Loss have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure D to this Report.

c) The "Restated Standalone Statement of Cash Flow" as set out in Annexure C to this report, of the Company for Financial year ended 31^st March, 2025, 31^st March, 2024, and 31^st March, 2023 is prepared by the Company and approved by the Board of Directors. These Statement of Cash Flow, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure D to this Report.

We have also examined the following other financial information relating to the Company prepared by the Management and as approved by the Board of Directors of the Company and annexed to this report relating to the Company for Financial year ended 31^st March, 2025, 31^st March, 2024, and 31^st March, 2023 proposed to be included in the Offer Document for the proposed IPO.

In our opinion and to the best of information and explanation provided to us, the Restated Standalone Financial Statement of the Company, read with significant accounting policies and notes to accounts as appearing in Annexure D are prepared after providing appropriate adjustments and regroupings as considered appropriate.

We, M/s. Dhiren H Pandya & Associates LLP, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and our peer Review Certificate is valid as on the date of signing of this report.

The preparation and presentation of the Restated Standalone Financial Statements referred to above are based on the Audited financial statements of the Company and are in accordance with the provisions of the Act and SEBI ICDR Regulations. The Restated Standalone Financial Statements and information referred to above is the responsibility of the management of the Company.

The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by any other Firm of Chartered Accountants nor should this report be construed as a new opinion on any of the financial statements referred to therein.

We have no responsibility to update our report for events and circumstances occurring after the date of the report.

In our opinion, the above Restated Standalone Financial Statements along with Annexure A to K of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure D and E are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Companies Act, SEBI ICDR Regulations, Engagement Letter and Guidance Note issued by ICAI.

Our report is intended solely for use of the management and for inclusion in the Offer Document in connection with the Proposed SME IPO of Equity Shares of the Company and our report should not be used, referred to or distributed for any other purpose without our prior consent in writing.

For Dhiren H Pandya & Associated LLP. Chartered Accountant FRN: - 114307W/W100348

Varun Pandya Partner M. No. 129612 Place: Ahmedabad Date: 06(th) August, 2025

UDIN: 25129612BMKOXC4371