JSW Energy Ltd Auditor Reports

To The Members of 1SW Energy Limited

Report on the Audit of the Standalone Financial
Statements

Opinion

We have audited the accompanying standalone
financial statements of JSW Energy Limited (the
"Company"), which comprise the Balance Sheet
as at 31^st March 2026, and the Statement of Profit
and Loss (including Other Comprehensive Income),
the Statement of Cash Flows and the Statement of
Changes in Eguity for the year ended on that date, and
notes to the financial statements, including a summary
of material accounting policies and other explanatory
information (hereinafter referred to as the "standalone
financial statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
reguired by the Companies Act, 2013 (the "Act") in
the manner so reguired and give a true and fair view
in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act, ("Ind AS") and
other accounting principles generally accepted in India,
of the state of affairs of the Company as at 31^st March
2026, its profit and other comprehensive income,
its cash flows and the changes in eguity for the year
ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial
statements in accordance with the Standards on
Auditing ("SA"s) specified under section 143(10) of the
Act. Our responsibilities under those Standards are
further described in the Auditors Responsibility for the
Audit of the Standalone Financial Statements 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 ("ICAI")
together with the ethical reguirements that are relevant
to our audit of the standalone financial statements
under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these reguirements
and the ICAIs Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the standalone
financial statements.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the standalone financial statements of
the current period. These matters were addressed in
the context of our audit of the standalone financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion
on these matters. We have determined the matter
described below to be the key audit matter to be
communicated in our report.

Sr. No. Key Audit Matter	Auditors Response
1 Tariff related disoutes with customers:	Princioal audit orocedures:
The Company has certain tariff related disputes with its customers, which involve significant judgement to determine the possible outcome.	- Evaluating design and implementation and testing operating effectiveness of the controls relating to estimation of possible outcome of disputes.
[Refer note 3 (B) (ii) on the critical accounting judgements, note 12(d) on trade receivables and note 29(A)(1)(b) on contingent liability disclosures in standalone financial statements.]	- Evaluating the Managements assessment of possible outcome of the disputes by inguiry of the management including in-house legal counsel, reviewing minutes of the meetings of those charged with governance and perusing opinions / advices obtained by the Management from the external legal counsels, and obtaining and evaluating independent confirmations obtained from the external legal counsels on a test check basis.
Considering the judgement necessary to determine the possible outcome coupled with magnitude of potential exposure, this matter has been identified as a key audit matter.	- Assessing appropriateness of accounting including provision / reversal of revenue and adeguacy of disclosures in the financial statements, based on the aforesaid assessment.

Information Other than the Financial Statements
and Auditors Report Thereon

- The Companys Board of Directors are responsible
for the other information. The other information
comprises the information included in the Directors
report, Management Discussion and Analysis,
Corporate Governance Report and Business
Responsibility Report in the Annual Report but does
not include the consolidated financial statements,
standalone financial statements and our auditors
report thereon.

- Our opinion on the standalone 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 standalone
financial statements, our responsibility is to read the
other information and, in doing so, consider whether
the other information is materially inconsistent
with the standalone financial statements or our
knowledge obtained during the course of our audit
or otherwise appears to be materially misstated.

- If, based on the work we have performed, we
conclude that there is a material misstatement of
this other information, we are reguired to report that
fact. We have nothing to report in this regard.

Responsibilities of Management and Board of
Directors for the Standalone Financial Statements

The Companys Board of Directors is responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation of these standalone
financial statements that give a true and fair view
of the financial position, financial performance
including other comprehensive income, cash flows
and changes in eguity of the Company in accordance
with the accounting principles generally accepted
in India, including Ind AS. This responsibility also
includes maintenance of adeguate accounting
records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for
preventinganddetectingfrauds and other irregularities;
selection and application of appropriate accounting
policies; making judgments and estimates that are
reasonable and prudent; and design, implementation
and maintenance of adeguate internal financial
controls, that were operating effectively for ensuring
the 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.

In preparing the standalone financial statements,
management and Board of Directors are responsible for
assessing the Companys ability to continue as a going
concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of
accounting unless the Board of Directors either intend

to liguidate the Company or to cease operations, or has
no realistic alternative but to do so.

The Companys Board of Directors isalso responsible for
overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the
Standalone Financial Statements

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

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:

- Identify and assess the risks of material
misstatement of the standalone 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 financial
controls 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 adeguate internal
financial controls with reference to standalone
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
the 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
Companys ability to continue as a going concern.
If we conclude that a material uncertainty exists,
we are reguired to draw attention in our auditors

report to the related disclosures in the standalone
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 Company to cease to
continue as a going concern.

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

Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or
in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
standalone financial statements may be influenced.
We consider guantitative materiality and gualitative
factors in (i) planning the scope of our audit work and
in evaluating the results of our work; and (ii) to evaluate
the effect of any identified misstatements in the
standalone financial statements.

We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal
financial controls that we identify during our audit.

We also provide those charged with governance with
a statement that we have complied with relevant
ethical reguirements 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.

From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the standalone
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 conseguences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.

Report on Other Legal and Regulatory
Requirements

1. As reguired by Section 143(3) of the Act, based on
our audit we report 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.

b) In our opinion, proper books of account
as reguired by law have been kept by the
Company so far as it appears from our
examination of those books.

c) The Balance Sheet, the Statement of Profit
and Loss including Other Comprehensive
Income, the Statement of Cash Flows and
Statement of Changes in Eguity dealt with
by this Report are in agreement with the
relevant books of account.

d) In our opinion, the aforesaid standalone
financial statements comply with the Ind AS
specified under Section 133 of the Act.

e) On the basis of the written representations
received from the directors as on 31^st
March 2026 taken on record by the Board of
Directors, none of the directors is disgualified
as on 31^st March 2026 from being appointed
as a director in terms of Section 164(2) of
the Act.

f) With respect to the adeguacy of the

internal financial controls with reference
to standalone financial statements of the
Company and the operating effectiveness of
such controls, refer to our separate Report
in "Annexure A". Our report expresses an
unmodified opinion on the adeguacy and
operating effectiveness of the Companys
internal financial controls with reference to
standalone financial statements.

g) With respect to the other matters to

be included in the Auditors Report in
accordance with the reguirements of
section 197(16) of the Act, as amended, in
our opinion and to the best of our information
and according to the explanations given to
us, the remuneration paid by the Company to
its directors during the year is in accordance
with the provisions of section 197 of the Act.

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 Company has disclosed the impact
of pending litigations on its financial
position in its standalone financial
statements - Refer Note 29 to the
standalone financial statements;

ii. The Company 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 - Refer Note 16 to the
standalone financial statements;

Hi. There has been no delay in transferring
amounts, reguired to be transferred, to
the Investor Education and Protection
Fund by the Company.

iv. (a) The Management has represented
that, to the best of its knowledge
and belief, 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 Company 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, directly
or indirectly lend or invest in other
persons or entities identified
in any manner whatsoever by
or on behalf of the Company
("Ultimate Beneficiaries") or
provide any guarantee, security
or the like on behalf of the
Ultimate Beneficiaries.

(b) The Management has
represented, that, to the best
of its knowledge and belief, no
funds have been received by
the Company from any person(s)
or entity(ies), including foreign
entities ("Funding Parties"), with
the understanding, whether
recorded in writing or otherwise,
that the Company shall, 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
performed that have been
considered reasonable and
appropriate in the circumstances,
nothing has come to our notice

that has caused us to believe
that the representations under
sub-clause (i) and (ii) of Rule
11(e), as provided under (a)
and (b) above, contain any
material misstatement.

v. The final dividend proposed in the
previous year, declared and paid by
the Company during the year is in
accordance with section 123 of the
Act, as applicable.

As stated in note 14(A)(g)(ii) to the
standalone financial statements, the
Board of Directors of the Company has
proposed final dividend for the year
which is subject to the approval of the
members at the ensuing Annual General
Meeting. Such dividend proposed is
in accordance with section 123 of the
Act, as applicable.

vi. Based on our examination, which
included test checks, the Company has
used accounting software systems for
maintaining its books of account for the
financial year ended 31^st March 2026
which have the feature of recording
audit trail (edit log) facility and the
same has operated throughout the year
for all relevant transactions recorded
in the software systems. Further,
during the course of our audit we did
not come across any instance of the
audit trail feature being tampered with
and the audit trail has been preserved
by the Company as per the statutory
reguirements for record retention.

2. As reguired by the Companies (Auditors Report)
Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) of the
Act, we give in "Annexure B" a statement on
the matters specified in paragraphs 3 and 4 of
the Order.

For Deloitte Haskins & Sells LLP

Chartered Accountants
Firms Registration No. 117366W/W-100018

Mohammed Bengali

Partner

Place: Mumbai Membership No. 105828

Date: 11^th May, 2026 UDIN: 26105828QSMQLG6493

Annexure "A"

TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1(f) under Report on Other
Legal and Regulatory Requirements section of our
report to the members of 1SW Energy Limited of even
date)

Report on the Internal Financial Controls with
reference to standalone financial statements under
Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (the "Act")

We have audited the internal financial controls with
reference to standalone financial statements of JSW
Energy Limited (the "Company") as at 31^st March 2026
in conjunction with our audit of the standalone financial
statements of the Company for the year ended on
that date.

Managements and Board of Directors
Responsibilities for Internal Financial Controls

The Companys management and Board of Directors
are responsible for establishing and maintaining
internal financial controls with reference to standalone
financial statements based on the internal control
with reference to standalone financial statements
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 adeguate internal
financial controls that were operating effectively
for ensuring the orderly and efficient conduct of its
business, including adherence to 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
reguired under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the
Companys internal financial controls with reference to
standalone financial statements of the Company based
on our audit. We conducted our audit in accordance with
the Guidance Note issued by the ICAI and the Standards
on Auditing prescribed under Section 143(10) of the
Companies Act, 2013, to the extent applicable to an

audit of internal financial controls with reference to
standalone financial statements. Those Standards
and the Guidance Note reguire that we comply with
ethical reguirements and plan and perform the audit
to obtain reasonable assurance about whether
adeguate internal financial controls with reference to
standalone financial statements was established and
maintained and if such controls operated effectively in
all material respects.

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

We believe that the audit evidence we have obtained, is
sufficient and appropriate to provide a basis for our audit
opinion on the Companys internal financial controls
with reference to standalone financial statements.

Meaning of Internal Financial Controls with
reference to standalone financial statements

=LEFT>A companys internal financial control with reference to
standalone 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 standalone
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 acguisition, 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 standalone financial statements

Because of the inherent limitations of internal financial
controls with reference to standalone 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
standalone financial statements to future periods are
subject to the risk that the internal financial control
with reference to standalone financial statements may
become inadeguate because of changes in conditions,
or that the degree of compliance with the policies or
procedures may deteriorate.

Opinion

In our opinion, to the best of our information and
according to the explanations given to us, the Company
has, in all material respects, an adeguate internal
financial controls with reference to standalone financial
statements and such internal financial controls with
reference to standalone financial statements were
operating effectively as at 31^st March 2026, based on
the criteria for internal financial control with reference
to standalone financial statements established by the
Company considering the essential components of
internal control stated in the Guidance Note issued by
the ICAI.

For Deloitte Haskins & Sells LLP

Chartered Accountants
Firms Registration No. 117366W/W-100018

Mohammed Bengali

Partner

Place: Mumbai Membership No. 105828

Date: 11^th May, 2026 UDIN: 26105828QSMQLG6493

Annexure B

TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under Report on Other
Legal and Regulatory Requirements section of our
report to the members of 1SW Energy Limited of even
date)

In terms of the information and explanations sought by
us and given by the Company and the books of account
and records examined by us in the normal course of
audit and to the best of our knowledge and belief, we
state that:

(i) (a) (A) The Company has maintained proper

records showing full particulars,
including guantitative details and
situation of property, plant and
eguipment, capital work-in-progress
and right-of-use assets.

(B) The Company has maintained proper
records showing full particulars of
intangible assets.

(b) The Company has a program of verification
of property, plant and eguipment, capital
work-in-progress and right-of-use assets
so to cover all the items once every three
years which, in our opinion, is reasonable
having regard to the size of the Company
and the nature of its assets. Pursuant to
the program, certain property, plant and
eguipment were due for verification during
the year and were physically verified by the
Management during the year. According to
the information and explanations given to
us, no material discrepancies were noticed
on such verification.

(c) Based on our examination of the registered
sale deed provided to us, we report that, the
title deeds of all the immovable properties,
(other than immovable properties where
the Company is the lessee, and the lease
agreements are duly executed in favour
of the Company) disclosed in the financial
statements included in (property, plant and
eguipment and capital work-in progress) are
held in the name of the Company as at the
balance sheet date. Immovable properties
of land and buildings whose title deeds have
been pledged as security for borrowings,

are held in the name of the Company based
on the examination of relevant documents
by us.

(d) The Company has not revalued any of its
property, plant and eguipment (including
right-of-use assets) and intangible assets
during the year.

(e) No proceedings have been initiated during
the year or are pending against the Company
as of 31^st March 2026, for holding any benami
property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016)
and rules made thereunder.

(ii) (a) The inventories were physically verified

during the year by the Management
at reasonable intervals. In our opinion
and according to the information and
explanations given to us, the coverage
and procedure of such verification by the
Management is appropriate having regard
to the size of the Company and the nature
of its operations. No discrepancies of 10%
or more in the aggregate for each class of
inventories were noticed on such physical
verification of inventories when compared
with books of account.

(b) According to the information and
explanations given to us, the Company has
been sanctioned working capital limits in
excess of Rs. 5 crores, in aggregate, at points
of time during the year, from banks on the
basis of security of current assets. In our
opinion and according to the information and
explanations given to us, the statements
comprising stock statements and book debt
statements filed by the Company with such
banks are in agreement with the unaudited
books of account of the Company of the
respective guarters. The Company has not
been sanctioned any working capital facility
from financial institutions.

(iii) The Company has made investments in, provided
guarantee and granted loans, secured or
unsecured, to companies, in respect of which:

(a) The Company has provided loans, stood guarantee, or provided security during the year and details of
which are given below: Tincrore

Particulars	Investments	Loans	Guarantees
A. Aggregate amount granted/ provided during the year:
Subsidiaries	5,760.76	1,196.69	6,722.53
Others	-	76.00	-
B. Balance outstanding as at balance sheet date in respect of above cases:
Subsidiaries	5,760.76	1,196.69	6,722.53
Others	-	76.00	-

The Company has not provided any advances
in the nature of loans or security to any other
entity during the year.

(b) The investments made, guarantees provided,
security given and the terms and conditions
of the grant of all the above-mentioned loans
and advances in the nature of loans and
guarantees provided, during the year are, in
our opinion, prima facie, not prejudicial to the
Companys interest.

(c) In respect of loans granted by the Company,
the schedule of repayment of principal and
payment of interest has been stipulated
and the repayments of principal amounts
and receipts of interest are regular as per
stipulation. There are no advances in the
nature of loan.

(d) According to information and explanations
given to us and based on the audit
procedures performed, in respect of loans
granted by the Company, there is no overdue
amount remaining outstanding as at the
balance sheet date.

(e) A loan to related party, which has fallen
due during the year, has been renewed or
extended, details of which is as follows:

Rs.in crores

Name of Party	Aggregate amount overdue of existing loans renewed or extended	Percentage of the aggregate to the total loan granted during the year
South West	241.70	18.99%
Mining
Limited

(f) According to information and explanations
given to us and based on the audit
procedures performed, the Company has
not granted any loans or advances in the
nature of loans either repayable on demand

or without specifying any terms or period of
repayment during the year. Hence, reporting
under clause 3(iii)(f) is not applicable.

(iv) According to information and explanation given to
us, the Company has not granted any loans, made
investments or provided guarantees or securities
that are covered under the provisions of sections
185 or 186 of the Companies Act, 2013, and
hence reporting under clause 3(iv) of the Order is
not applicable.

(v) The Company has not accepted any deposit
or amounts which are deemed to be deposits.
Hence, reporting under clause 3(v) of the Order is
not applicable.

(vi) The maintenance of cost records has been
specified by the Central Government under
section 148(1) of the Companies Act, 2013. We
have broadly reviewed the books of account
maintained by the Company pursuant to the
Companies (Cost Records and Audit) Rules, 2014,
as amended, prescribed by the Central Government
for maintenance of cost records under Section
148(1) of the Companies Act, 2013, and are of
the opinion that, prima facie, the prescribed cost
records have been made and maintained by the
Company. We have, however, not made a detailed
examination of the cost records with a view to
determine whether they are accurate or complete.

(vii) In respect of statutory dues:

(a) Undisputed statutory dues, including Goods
and Service tax, Provident Fund, Income-tax,
duty of Custom, duty of Excise, Value Added
Tax, cess, and other material statutory dues
applicable to the Company have generally
been regularly deposited by it with the
appropriate authorities in all cases during
the year. We have been informed that the
provisions of the Employees State Insurance
Act, 1948 are not applicable to the Company.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Income-
tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, cess, and other material
statutory dues in arrears as of 31^st March 2026, for a period of more than six months from the date they
became payable.

(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on 31^st
March 2026, on account of disputes are given below:

Name of the Statute	Nature of the Dues	Forum where dispute is pending	Period(s) to which the	Amount unpaid	Amount paid under protest
			amount relates	(Rs. in crore)	(Rs. in crore)
The Income Tax Act, 1961	Income Tax	Commissioner of Income Tax (Appeals)	F.Y. 2015-16	216.58
Finance Act, 1994	Service Tax	Appellate Tribunal	F.Y. 2011-12 to F.Y. 2013-14, F.Y. 2016-17, and F.Y. 2017-18	7.15	14.02
The Custom Act, 1962	Customs Duty	Supreme Court	F.Y. 2011-12 and F.Y. 2012-13	213.37	30.62
The Income Tax Act, 1961	Income Tax	Bombay High Court	F.Y. 2019-20	64.14	-
The Income Tax Act, 1961	Income Tax	Commissioner of Income Tax (Appeals)	F.Y. 2021-22	71.71
Karnataka Electricity (Taxation on Consumption) Act, 1959	Electricity Tax	Supreme Court	F.Y 2009-10 and F.Y 2010-11	45.83
Karnataka Electricity (Taxation on Consumption) Act, 1959	Electricity Tax	High Court of Karnataka	F.Y 2012-13 to F.Y 2018-19	76.93	-
Karnataka Tax on Entry of Goods Act, 1979	Entry Tax	High Court of Karnataka	F.Y 2005-06 and 2006-07	0.84
Goa Rural Improvement and Welfare Cess Act, 2000	CESS- improvement of public roads	Bombay High Court at Goa	FY 2021-22	12.66
Goa Cess on Products and Substances Causing Pollution product. (Green Cess) Act, 2013 (Goa Act 15 of 2013)	Green Cess	Supreme Court of India	F.Y 2014-15 to 2024-25	17.59
Maharashtra Village Panchayats Taxes and Fees Rules, 1960 (As amended in 2015)	Gram Panchayat Tax	Bombay High Court at Kolhapur bench	F.Y 2015-16 to 2024-25	5.00	5.00

(viii) There were no transactions relating to previously
unrecorded income that were surrendered or
disclosed as income in the tax assessments
under the Income Tax Act, 1961 (43 of 1961)
during the year.

(ix) (a) In our opinion, the Company has not

defaulted in the repayment of loans or other
borrowings or in the payment of interest
thereon to any lender during the year.

(b) The Company has not been declared wilful
defaulter by any bank or financial institution
or government or any government authority.

(c) To the best of our knowledge and belief, in our
opinion, term loans availed by the Company
were, applied by the Company during the
year for the purposes for which the loans
were obtained.

(d) On an overall examination of the financial
statements of the Company, the funds
raised on short term basis aggregating
Rs. 5,426.66 crores have been used for long-
term purposes.

(e) On an overall examination of the financial
statements of the Company, the Company
has not taken any funds from any entity
or person on account of or to meet the
obligations of its subsidiaries, associate or
joint venture.

(f) The Company has not raised loans during
the year on the pledge of securities held
in its subsidiaries or joint venture or
associate companies.

(x) (a) The Company has not issued any of its

securities (including debt instruments)
during the year and hence reporting under
clause 3(x)(a) of the Order is not applicable.

(b) The Company has made preferential
allotment of equity shares and convertible
warrants on private placement basis.
For such allotment of equity shares and
convertible warrants, the Company has
complied with the requirements of Section
42 and 62 of the Companies Act, 2013,
and the funds raised have been, applied
by the Company during the year for the
purposes for which the funds were raised.
The Company has not made any preferential
allotment or private placement of (fully or
partly or optionally) convertible debentures
during the year.

(xi) (a) To the best of our knowledge, no fraud by the

Company and no fraud on the Company has
been noticed or reported during the year.

(b) To the best of our knowledge, no report
under sub-section (12) of section 143 of the
Companies Act has been filed in Form ADT-
4 as prescribed under rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the
Central Government, during the year and up
to the date of this report.

(c) As represented to us by the Management,
there were no whistle blower complaints
received by the Company during the year
and up to the date of this report.

(xii) The Company is not a Nidhi Company and hence
reporting under clause 3(xii) of the Order is
not applicable.

(xiii) In our opinion, the Company is in compliance
Section 177 and 188 of the Companies Act,
where applicable, for all transactions with the
related parties and the details of related party
transactions have been disclosed in the financial
statements etc. as reguired by the applicable
accounting standards.

(xiv) (a) In our opinion the Company has an adeguate

internal audit system commensurate with
the size and the nature of its business.

(b) We have considered, the internal audit
reports issued to the Company during
the year and covering the period up to
March 2026.

(xv) In our opinion during the year the Company has
not entered any non-cash transactions with any
of its directors or directors of its subsidiaries, an
associate company and a joint venture or persons
connected with such directors and hence
provisions of section 192 of the Companies Act,
2013 are not applicable to the Company.

(xvi) (a) The Company is not reguired to be registered

under section 45-IA of the Reserve Bank

of India Act, 1934. Hence, reporting under
clause 3(xvi)(a), (b) and (c) of the Order is
not applicable.

(d) The Group has more than one Core Investment
Company (CIC) as part of the group. There are
5 CIC forming part of the group.

(xvii) The Company has not incurred cash losses during
the financial year covered by our audit and the
immediately preceding financial year.

(xviii) There has been no resignation of the statutory
auditors of the Company during the year.

(xix) On the basis of the financial ratios, ageing
and expected dates of realization of financial
assets and payment of financial liabilities,
other information accompanying the financial
statements and our knowledge of the Board of
Directors and Management plans and based on
our examination of the evidence supporting the
assumptions, nothing has come to our attention,
which causes us to believe that any material
uncertainty exists as on the date of the audit
report indicating that Company is not capable
of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a
period of one year from the balance sheet date.
We, however, state that this is not an assurance as
to the future viability of the Company. We further
state that our reporting is based on the facts up
to the date of the audit report and we neither give
any guarantee nor any assurance that all liabilities
falling due within a period of one year from the
balance sheet date, will get discharged by the
Company as and when they fall due.

(xx) (a) In our opinion and according to the

information and explanations given to us,
there is no unspent amount under sub-
section (5) of Section 135 of the Act pursuant
to any project other than ongoing projects.
Accordingly, clause 3(xx)(a) of the Order is
not applicable.

(b) There are no unspent amounts in respect
of ongoing projects, that are reguired to
be transferred to a special account in
compliance of provision of sub section
(6) of section 135 of Companies Act. This
matter has been disclosed in Note 31 to the
financial statements.

For Deloitte Haskins & Sells LLP

Chartered Accountants
Firms Registration No. 117366W/W-100018

Mohammed Bengali

Partner

Place: Mumbai Membership No. 105828

Date: 11^th May, 2026 UDIN: 26105828QSMQLG6493