IC Electricals Company Ltd Auditor Reports

Independent Auditors Examination report on Restated Standalone Financial Information of IC Electricals Company Limited

To,

The Board of Directors IC Electricals Company Limited

Dear Sir / Respected Mam,

We have examined the attached restated financial information of “IC Electricals Company Limited (hereinafter referred to as “the Company” or “the Issuer”) comprising the restated statement of assets and liabilities as at 31st March 2026, 31st March 2025 and 31st March 2024, restated statement of profit and loss and restated cash flow statement for the stud period/ financial year ended 31st March 2026, 31st March 2025 and 31st March 2024 and the summary statement of significant accounting policies and other explanatory information (collectively referred to as the “restated standalone financial information” or “restated standalone financial statements”) annexed to this report and initialed by us for identification purposes. These Restated Standalone Financial Statements have been prepared by the management of the Company and approved by the board of directors at the meeting held on June 15th, 2026 in connection with the proposed Initial Public Offer in SME Platform (“IPO” or “SMEIPO”) of National Stock Exchange Limited (“NSE”) of the company of its equity shares, each with a face value of ?10, aggregating to 48,40,000 equity shares.

1. The restated summary statements have been prepared in accordance with the requirements of:

i. Section 26 of Part - I of Chapter III of Companies Act, 2013 (the “Act”) read with Companies (Prospectus and Allotment of Securities) Rules 2014;

ii. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 (“ICDR Regulations”) and related amendments/clarifications from time to time issued by the Securities and Exchange Board of India (“SEBI”);

iii. The Guidance Note on Reports in Company Prospectuses (Revised2019) issued by the Institute of Chartered Accountants of India (“Guidance Note”).

2. The Companys Board of Directors is responsible for the preparation of the Restated Standalone Financial Statements for inclusion in the Draft Prospectus/Prospectus to be filed with Securities and Exchange Board of India (“SEBI”), SME platform of National Stock Exchange Limited (“NSE”) and Registrar of Companies (NCT Delhi and Haryana) in connection with the proposed IPO. The Restated Standalone Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Note 1 to the Restated Standalone Financial Statements. The responsibility of the board of directors of the Company includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone Financial Statements. The boards of directors are also responsible for identifying and ensuring that the Company complies with the Act, SEBI ICDR Regulations and the Guidance Note.

3. We have examined such Restated Standalone Financial Statements taking into consideration:

(i) The terms of reference and terms of our engagement letter dated April, 24^th 2025 requesting us to carry out the assignment, in connection with the proposed SME IPO;

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

(iii) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Standalone Financial Statements;

(iv) 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.

4. The Restated Standalone Financial Statements of the Company have been compiled by the management from:

(i) We have audited the financial statements of the Company for the stub period/ financial year ended on 31st March 2026, 31st March 2025 and 31st March 2024. There are no audit qualifications in the audit reports issued by us for the said periods which would require adjustments in the Restated Standalone Financial Statements of the Company. The financial information for these years is based solely on the reports issued by us.

(ii) The audits have been carried out by us as Statutory Auditors of the Company, and accordingly, reliance has been placed on the financial statements examined and reported upon by us.

(iii) We have re-audited the financial statements of the company in accordance with applicable standard as required under the SEBI ICDR regulations for the stud period/ financial year ended on 31st March 2026, 31st March 2025 and 31st March 2024, prepared in accordance with the Accounting Standards (Indian GAAP) which have been approved by the Board of Directors.

(iv) Based on our examination and according to information and explanations given to us, we are of the opinion that the Restated Standalone Financial Statements:

a. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/ reclassifications retrospectively in the stud period / financial year ended on

31st March 2026, 31st March 2025 and 31st March 2024.

b. do not require any adjustment for modification as there is no modification in the underlying audit reports;

c. there are no extra-ordinary items that need to be disclosed separately in the accounts and requiring adjustments.

d. have been prepared in accordance with the Act, SEBI ICDR Regulations and Guidance Note.

e. Adequate disclosure has been made in the financial statements as required to be made by the issuer as per schedule III of the Companies Act, 2013.

f. The accounting standards prescribed under the Companies act, 2013 have been followed.

g. The financial statements present a true and fair view of the companys accounts.

(v) In accordance with the requirements of the Act including the rules made there under, ICDR Regulations, Guidance Note and engagement letter, we report that:

a. The “Restated Summary Statement of Assets and Liabilities”, of the Company as at 31st March 2026, 31st March 2025, and 31st March 2024 are prepared by the Company and approved by the Board of Directors. These Restated Summary 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 Note 1 to this Report.

b. The “Restated Summary Statement of Profit and Loss”, of the Company for the stub period/ financial year ended on 31st March 2026, 31st March 2025 and 31st March 2024 are prepared by the Company and approved by the Board of Directors. These Restated summary 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 Note 1 to this Report.

c. The “Restated Summary Statement of Cash Flow”, of the Company for the stud period / financial year ended on 31st March 2026, 31st March 2025 and 31st March 2024 are prepared by the Company and approved by the Board of Directors. These Restated summary Statement of Cash Flow 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 Note 1 to this Report.

(vi) 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 the stub period/ financial year ended on 31st March 2026, 31st March 2025 and 31st March 2024 proposed to be included in the Prospectus (“Offer Document”).

We, K G A R & Co., Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India (“ICAI”) and hold a valid peer review certificate issued by the “Peer Review Board” of the ICAI.

(vii) This report should not in any way be construed as a reissuance 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 herein.

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

(ix) Our report is intended solely for use of the Board of Directors for inclusion in the Offer Document in connection with the proposed SME 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.