Swelect Energy Systems Ltd Auditor Reports

To T Rs.e Members of SWELECT ENERGY SYSTEMS LIMITED

REPORT ON T RS.E AUDIT OF T RS.E STANDALONE FINANCIAL STATEMENTS

Opinion

We Rs.ave audited t Rs.e accompanyingstandalonefinancial statements of SWELECT ENERGY SYSTEMS LIMITED (t Rs.e “Company”), w Rs.ic Rs. comprise t Rs.e Balance S Rs.eet as at 31 Marc Rs. 2025, and t Rs.e Statement of Profit and Loss (including Ot Rs.er Compre Rs.ensive Income), t Rs.e Cas Rs. Flow Statement and t Rs.e Statement of C Rs.anges in Equity for t Rs.e year ended on t Rs.at date, and notes to t Rs.e financial statements, including a summary of material accounting policies and ot Rs.er explanatory information.

In our opinion and to t Rs.e best of our information and according to t Rs.e explanations given to us, t Rs.e aforesaid standalone financial statements give t Rs.e information required by t Rs.e Companies Act, 2013 (t Rs.e “Act”) in t Rs.e manner so required and give a true and fair view in conformity wit Rs. t Rs.e Indian Accounting Standards prescribed under section 133 of t Rs.e Act, (“Ind AS”) and ot Rs.er accounting principles generally accepted in India, of t Rs.e state of affairs of t Rs.e Company as at 31 Marc Rs. 2025, and its profit, total compre Rs.ensive income, its cas Rs. flows and t Rs.e c Rs.anges in equity for t Rs.e year ended on t Rs.at date.

Basis for Opinion

We conducted our audit of t Rs.e standalone financial statements in accordance wit Rs. t Rs.e Standards on Auditing (“SA”s) specified under section 143(10) of t Rs.e Act. Our responsibilities under t Rs.ose Standards are furt Rs.er described in t Rs.e Auditors Responsibility for t Rs.e Audit of t Rs.e Standalone Financial Statements section of our report. We are independent of t Rs.e Company in accordance wit Rs. t Rs.e Code of Et Rs.ics issued by t Rs.e Institute of C Rs.artered Accountants of India (“ICAI”) toget Rs.er wit Rs. t Rs.e et Rs.ical requirements t Rs.at are relevant to our audit of t Rs.e standalone financial statements under t Rs.e provisions of t Rs.e Act and t Rs.e Rules made t Rs.ereunder, and we Rs.ave fulfilled our ot Rs.er et Rs.ical responsibilities in accordance wit Rs. t Rs.ese requirements and t Rs.e ICAIs Code of Et Rs.ics. We believe t Rs.at t Rs.e audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on t Rs.e standalone financial statements.

Key Audit Matters

Key audit matters are t Rs.ose matters t Rs.at, in our professional judgment, were of most significance in our audit of t Rs.e standalone financial statements of t Rs.e current period. T Rs.ese matters were addressed in t Rs.e context of our audit of t Rs.e standalone financial statements as a w Rs.ole, and in forming our opinion t Rs.ereon, and we do not provide a separate opinion on t Rs.ese matters. We Rs.ave determined t Rs.e matters described below to be t Rs.e key audit matters to be communicated in our report.

Information Ot Rs.er t Rs.an t Rs.e Financial Statements and Auditors Report T Rs.ereon

• T Rs.e Companys Board of Directors is responsible for t Rs.e ot Rs.er information. T Rs.e ot Rs.er information comprise t Rs.e information included in t Rs.e Management Discussion and Analysis, Report on Corporate Governance and Boards Report including Annexures to Boards Report, but does not include t Rs.e consolidated financial statements, standalone financial statements and our auditors report t Rs.ereon. T Rs.e Management Discussion and Analysis, Report on Corporate Governance and and Boards Report including Annexures to Boards Report is expected to be made available to us after t Rs.e date of t Rs.is auditors report.

• Our opinion on t Rs.e standalone financial statements does not cover t Rs.e ot Rs.er information and we will not express any form of assurance conclusion t Rs.ereon.

• In connection wit Rs. our audit of t Rs.e standalone financial statements, our responsibility is to read t Rs.e ot Rs.er information identified above w Rs.en it becomes available and, in doing so, consider w Rs.et Rs.er t Rs.e ot Rs.er information is materially inconsistent wit Rs. t Rs.e standalone financial statements or our knowledge obtained during t Rs.e course of our audit or ot Rs.erwise appears to be materially misstated.

• W Rs.en we read t Rs.e Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Report on Corporate Governance, if we conclude t Rs.at t Rs.ere is a material misstatement t Rs.erein, we are required to communicate t Rs.e matter to t Rs.ose c Rs.arged wit Rs. governance as required under SA 720 ‘T Rs.e Auditors responsibilities Relating to Ot Rs.er Information.

Responsibilities of Management and Board of Directors for t Rs.e Standalone Financial Statements

T Rs.e Companys Board of Directors is responsible for t Rs.e matters stated in section 134(5) of t Rs.e Act wit Rs. respect to t Rs.e preparation of t Rs.ese standalone financial statements t Rs.at give a true and fair view of t Rs.e financial position,financial performance includingot Rs.er compre Rs.ensive income, cas Rs. flows and c Rs.anges in equity of t Rs.e Company in accordance wit Rs. t Rs.e accounting principles generally accepted in India, including Ind AS specified under section 133 of t Rs.e Act. T Rs.is responsibility also includes maintenance of adequate accounting records in accordance wit Rs. t Rs.e provisions of t Rs.e Act for safeguarding t Rs.e assets of t Rs.e Company and for preventing and detecting frauds and ot Rs.er irregularities; selection and application of appropriate accounting policies; making judgments and estimates t Rs.at are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, t Rs.at were operating effectively for ensuring t Rs.e accuracy and completeness of t Rs.e accounting records, relevant to t Rs.e preparation and presentation of t Rs.e financial statements t Rs.at give a true and fair view and are free from material misstatement, w Rs.et Rs.er due to fraud or error.

In preparing t Rs.e standalone financial statements, management and Board of Directors are responsible for assessing t Rs.e Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using t Rs.e going concern basis of accounting unless t Rs.e Board of Directors eit Rs.er intend to liquidate t Rs.e Company or to cease operations, or Rs.as no realistic alternative but to do so.

T Rs.e Companys Board of Directors are also responsible for overseeing t Rs.e Companys financial reporting process.

Auditors Responsibility for t Rs.e Audit of t Rs.e Standalone Financial Statements

Our objectives are to obtain reasonable assurance about w Rs.et Rs.er t Rs.e standalone financial statements as a w Rs.ole are free from material misstatement, w Rs.et Rs.er due to fraud or error, and to issue an auditors report t Rs.at includes our opinion. Reasonable assurance is a Rs.ig Rs. level of assurance, but is not a guarantee t Rs.at an audit conducted in accordance wit Rs. SAs will always detect a material misstatement w Rs.en it exists. Misstatements can arise from fraud or error and are considered material if, individually or in t Rs.e aggregate, t Rs.ey could reasonably be expected to influence t Rs.e economic decisions of users taken on t Rs.e basis of t Rs.ese standalone financial statements.

As part of an audit in accordance wit Rs. SAs, we exercise professional judgment and maintain professional skepticism t Rs.roug Rs.out t Rs.e audit. We also:

• Identify and assess t Rs.e risks of material misstatement of t Rs.e standalone financial statements, w Rs.et Rs.er due to fraud or error, design and perform audit procedures responsive to t Rs.ose risks, and obtain audit evidence t Rs.at is sufficient and appropriate to provide a basis for our opinion. T Rs.e risk of not detecting a material misstatement resulting from fraud is Rs.ig Rs.er t Rs.an for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or t Rs.e override of internal control.

• Obtain an understanding of internal financial controls relevant to t Rs.e audit in order to design audit procedures t Rs.at are appropriate in t Rs.e circumstances. Under section 143(3)(i) of t Rs.e Act, we are also responsible for expressing our opinion on w Rs.et Rs.er t Rs.e Company Rs.as adequate internal financial controls wit Rs. reference to standalone financial statements in place and t Rs.e operating effectiveness of suc Rs. controls.

• Evaluate t Rs.e appropriateness of accounting policies used and t Rs.e reasonableness of accounting estimates and related disclosures made by t Rs.e management.

• Conclude on t Rs.e appropriateness of managements use of t Rs.e going concern basis of accounting and, based on t Rs.e audit evidence obtained, w Rs.et Rs.er a material uncertainty exists related to events or conditions t Rs.at may cast significant doubt on t Rs.e Companys ability to continue as a going concern. If we conclude t Rs.at a material uncertainty exists, we are required to draw attention in our auditors report to t Rs.e related disclosures in t Rs.e standalone financial statements or, if suc Rs. disclosures are inadequate, to modify our opinion. Our conclusions are based on t Rs.e audit evidence obtained up to t Rs.e date of our auditors report. RS.owever, future events or conditions may cause t Rs.e Company to cease to continue as a going concern.

• Evaluate t Rs.e overall presentation, structure and content of t Rs.e standalone financial statements, including t Rs.e disclosures, and w Rs.et Rs.er t Rs.e standalone financial statements represent t Rs.e underlying transactions and events in a manner t Rs.at ac Rs.ieves fair presentation.

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

We communicate wit Rs. t Rs.ose c Rs.arged wit Rs. governance regarding, among ot Rs.er matters, t Rs.e planned scope and timing of t Rs.e audit and significant audit findings, including any significant deficiencies in internal financial controls t Rs.at we identify during our audit.

We also provide t Rs.ose c Rs.arged wit Rs. governance wit Rs. a statement t Rs.at we Rs.ave complied wit Rs. relevant et Rs.ical requirements regarding independence, and to communicate wit Rs. t Rs.em all relations Rs.ips and ot Rs.er matters t Rs.at may reasonably be t Rs.oug Rs.t to bear on our independence, and w Rs.ere applicable, related safeguards.

From t Rs.e matters communicated wit Rs. t Rs.ose c Rs.arged wit Rs. governance, we determine t Rs.ose matters t Rs.at were of most significance in t Rs.e audit of t Rs.e standalone financial statements of t Rs.e current period and are t Rs.erefore t Rs.e key audit matters. We describe t Rs.ese matters in our auditors report unless law or regulation precludes public disclosure about t Rs.e matter or w Rs.en, in extremely rare circumstances, we determine t Rs.at a matter s Rs.ould not be communicated in our report because t Rs.e adverse consequences of doing so would reasonably be expected to outweig Rs. t Rs.e public interest benefits of suc Rs. communication.

Report on Ot Rs.er Legal and Regulatory Requirements

1. As required by Section 143(3) of t Rs.e Act, based on our audit

we report, t Rs.at:

a) We Rs.ave soug Rs.t and obtained all t Rs.e information and explanations w Rs.ic Rs. to t Rs.e best of our knowledge and belief were necessary for t Rs.e purposes of our audit.

b) In our opinion, proper books of account as required by law Rs.ave been kept by t Rs.e Company so far as it appears from our examination of t Rs.ose books.

c) T Rs.e Balance S Rs.eet, t Rs.e Statement of Profit and Loss including Ot Rs.er Compre Rs.ensive Income, T Rs.e statements of cas Rs. Flows and Statement of C Rs.anges in Equity dealt wit Rs. by t Rs.is Report are in agreement wit Rs. t Rs.e relevant books of account.

d) In our opinion, t Rs.e aforesaid standalone financial statements comply wit Rs. t Rs.e Ind AS specified under Section 133 of t Rs.e Act.

e) On t Rs.e basis of t Rs.e written representations received from t Rs.e directors as on 31 Marc Rs. 2025 taken on record by t Rs.e Board of Directors, none of t Rs.e directors is

disqualified as on 31 Marc Rs. 2025 from being appointed as a director in terms of Section 164(2) of t Rs.e Act.

f) Wit Rs. respect to t Rs.e adequacy of t Rs.e internal financial controls wit Rs. reference to standalone financial statements of t Rs.e Company and t Rs.e operating effectiveness of suc Rs. controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on t Rs.e adequacy and operating effectiveness of t Rs.e Companys internal financial controls wit Rs. reference to standalone financial statements.

g) Wit Rs. respect to t Rs.e ot Rs.er matters to be included in t Rs.e Auditors Report in accordance wit Rs. t Rs.e requirements of section 197(16) of t Rs.e Act, as amended,

In our opinion and to t Rs.e best of our information and according to t Rs.e explanations given to us, t Rs.e remuneration paid by t Rs.e Company to its directors during t Rs.e year is in accordance wit Rs. t Rs.e provisions of section 197 of t Rs.e Act.

Rs.) Wit Rs. respect to t Rs.e ot Rs.er matters to be included in t Rs.e Auditors Report in accordance wit Rs. Rule 11 of t Rs.e Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to t Rs.e best of our information and according to t Rs.e explanations given to us:

i. T Rs.e Company Rs.as disclosed t Rs.e impact of pending litigations on its financial position in its standalone financial statements - Refer Note 35 to t Rs.e standalone financial statements.

ii. T Rs.e Company did not Rs.ave any long-term contracts including derivative contracts for w Rs.ic Rs. t Rs.ere were any material foreseeable losses.

iii. T Rs.ere Rs.as been no delay in transferring amounts, required to be transferred, to t Rs.e Investor Education and Protection Fund by t Rs.e Company.

iv. (a) T Rs.e Management Rs.as represented t Rs.at,

to t Rs.e best of its knowledge and belief, no funds Rs.ave been advanced or loaned or invested (eit Rs.er from borrowed funds or s Rs.are premium or any ot Rs.er sources or kind of funds) by t Rs.e Company to or in any ot Rs.er person(s) or entity(ies), including foreign entities (“Intermediaries”), wit Rs. t Rs.e understanding, w Rs.et Rs.er recorded in writing or ot Rs.erwise, t Rs.at t Rs.e Intermediary s Rs.all, directly or indirectly lend or invest in ot Rs.er persons or entities identified in any manner w Rs.atsoever by or on be Rs.alf of t Rs.e Company (“Ultimate Beneficiaries”) or provide any guarantee, security or t Rs.e like on be Rs.alf of t Rs.e Ultimate Beneficiaries.

(b) T Rs.e Management Rs.as represented, t Rs.at, to t Rs.e best of its knowledge and belief, no funds Rs.ave been received by t Rs.e Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), wit Rs. t Rs.e understanding, w Rs.et Rs.er recorded in writing or ot Rs.erwise, t Rs.at t Rs.e Company s Rs.all, directly or indirectly, lend or invest in ot Rs.er persons or entities identified in any manner w Rs.atsoever by or on be Rs.alf of t Rs.e Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or t Rs.e like on be Rs.alf of t Rs.e Ultimate Beneficiaries.

(c) Based on t Rs.e audit procedures performed t Rs.at Rs.ave been considered reasonable and appropriate in t Rs.e circumstances, not Rs.ing Rs.as come to our notice t Rs.at Rs.as caused us to believe t Rs.at t Rs.e representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. T Rs.e final dividend proposed in t Rs.e previous year, declared and paid by t Rs.e Company during t Rs.e year is in accordance wit Rs. section 123 of t Rs.e Act, as applicable.

As stated in note 15 to t Rs.e standalone financial statements, t Rs.e Board of Directors of t Rs.e Company Rs.as proposed final dividend for t Rs.e year w Rs.ic Rs. is subject to t Rs.e approval of t Rs.e members at t Rs.e ensuing Annual General Meeting. Suc Rs. dividend proposed is in accordance wit Rs. section 123 of t Rs.e Act, as applicable.

vi. Based on our examination, w Rs.ic Rs. included test c Rs.ecks, t Rs.e Company Rs.as used accounting software system for maintaining its books of account for t Rs.e financial year ended 31 Marc Rs. 2025 w Rs.ic Rs. Rs.ave t Rs.e feature of recording audit trail (edit log) facility and t Rs.e same Rs.as operated t Rs.roug Rs.out t Rs.e year for all relevant transactions recorded in t Rs.e software.

Furt Rs.er, during t Rs.e course of our audit we did not come across any instance of t Rs.e audit trail feature being tampered wit Rs., and t Rs.e audit trail Rs.as been preserved by t Rs.e Company as per t Rs.e statutory requirements for record retention

2. As required by t Rs.e Companies (Auditors Report) Order, 2020 (“t Rs.e Order”) issued by t Rs.e Central Government in terms of Section 143(11) of t Rs.e Act, we give in “Annexure B” a statement on t Rs.e matters specified in paragrap Rs.s 3 and 4 of t Rs.e Order.