Shivganga Drillers Ltd Auditor Reports

To

The Members of

SHIVGANGA DRILLERS LIMITED.

Special Purpose Report on Audit of the Restated Financial Statements

Opinion

1. We have examined the Restated Financial Statements of Shivganga Drillers Limited (Formerly known as "Shivganga Drillers Private Limited" till September 25, 2025) (hereinafter referred to as "the Company") which comprise the Restated Statements of Assets and Liabilities as at June 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Profit and Loss Statement (including Other Comprehensive Income), Restated Cash Flow Statement and Restated Statement of Change in Equity for the period ended on June 30, 2025 and the years ended on March 31, 2025, March 31, 2024 and March 31, 2023 and the Summary of Significant Accounting Policies and other explanatory information (collectively, the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on November 12, 2025 for the purpose of inclusion in the Red Herring Prospectus ("RHP") prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") prepared in terms of the requirements of:

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

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

c. ) The Guidance Note on Reports in Company Prospectuses (Revised 2019) (as amended) issued by the Institute of Chartered Accountants of India ("ICAI"), (the "Guidance Note").

Responsibilities of Management and Board of Directors for the Special Purpose Interim Financial Statements

2. The accompanying Special Purpose Interim Ind AS Financial Statements have been approved by the Companys Board of Directors. The Companys Board of Directors is responsible for preparation of these Special Purpose Interim Ind AS Financial Statements in accordance with the basis of preparation described in Note 1.2 to the Special Purpose Interim Ind AS Financial Statements including determination that such basis of preparation is acceptable in the circumstances. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds 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 adequate 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 Special Purpose Interim Ind AS Financial Statements, in all material respects, in accordance with the basis of preparation specified in aforementioned Note 1.2, that are free from material misstatement, whether due to fraud or error.

3. In preparing the Special Purpose Interim Ind AS Financial Statements, the Board of Directors and management 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 management the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

4. The Companys Management and Board of Directors are also responsible for overseeing the financial reporting process of the Company. The Management and Board of Directors are also responsible for identifying material items that the Company complies with the Act, ICDR Regulations and the Guidance Note.

Auditors Responsibilities for the Audit of the Special Purpose Interim Financial Statements

5. We have examined such Restated Financial Information taking into consideration - The terms of reference and terms of our engagement agreed with you vide our engagement letter dated September 30, 2025, requesting us to carry out the assignment, in connection with the proposed IPO of the Company;

6. The Guidance Note also requires that we comply with ethical requirements of the Code of Ethics issued by ICAI;

7. Concepts of test checks and materiality to obtain reasonable assurance based on the verification of evidence supporting the Restated Summary Statements; and the requirements of Section 26 of the Act and the ICDR Regulations.

8. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the Offer.

Restated Summary Statements

9. These Restated Summary Statements have been compiled by the management of the Company from -

a. Audited Interim Financial Statements of the Company as at and for the period ended June 30, 2025 which were prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") including Indian Accounting Standard 34 "Interim Financial Reporting", as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, at the relevant time, which have been approved by the Board of Directors at their meeting held on November 11, 2025

b. Audited Financial Statements of the Company as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 prepared in accordance with the Accounting Standards ("Indian GAAP"), as prescribed under the section 133 of the Act and other accounting principles generally accepted in India, at the relevant time, which have been approved by the Board of Directors at their meetings held on August 21, 2025, July 25, 2024 and September 04, 2023 respectively.

10. We have re-audited the special purpose financial information of the Company for the year ended March 31, 2025, March 31, 2024 and March 31, 2023 prepared by the Company in accordance with the Ind AS as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended and other accounting principles generally accepted in India, at the relevant time, for the limited purpose of complying with the requirement of getting its financial statements audited by an audit firm holding a valid peer review certificate issued by the "Peer Review Board" of the ICAI as required by ICDR regulations in relation to proposed IPO. We have issued our report dated November 12, 2025 on this special purpose restated financial information to the Board of Directors who have approved these Special Purpose Restated Financial Information in their meeting held on November 12, 2025.

Auditors Report

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

a. Auditors Report issued by us, dated November 11, 2025, on the Audited Ind AS Financial Statements of the Company as at and for the three months period ended June 30, 2025 as referred in Paragraph 4(a) above.

b. Auditors reports issued by M/s S.P. Moondra & Co., Chartered Accountants, (the "Previous Auditors"), dated August 21, 2025, July 25, 2024 and September 04, 2023 on the Audited Financial Statements of the Company as at and for the year ended on March 31, 2025, March 31, 2024 and March 31, 2023 respectively as mentioned in para 9(b).

12. Based on our examination and according to the information and explanations given to us, we report that Restated Financial Information of the Company -

a. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/ reclassifications retrospectively in the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping / classifications, to the extent applicable followed as at and for the three months period ended on 30 June 2024;

b. does not contain any qualification requiring adjustments.

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

13. These Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates for the special purpose Interim Ind AS Financial Statements and Audited Financial Statements.

14. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by us, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

16. Our report is intended solely for the use of the Board of Directors for inclusion in the RHP to be filed with SEBI, ROC and the Stock Exchanges in connection with the proposed Offer. Our report should not be used, referred to, or distributed for any other purpose. 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.

For Milind Niyati & Co. LLP Chartered Accountants

Firm Registration No.: 014455C/C400403

Sd/-

CA Ashvin Soni Partner

Membership No.: 436960 UDIN: 25436960BMHUJW9630 Place: Indore Date: November 12, 2025