1. We have audited the accompanying standalone financial statements of Maruti Suzuki India Limited (“the Company”), which comprise the Standalone Balance Sheet as at March 31, 2026, and the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including material accounting policy information and other explanatory information.
2. I n 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 required by the Companies Act, 2013 (“the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, and the total comprehensive income (comprising of profit and other comprehensive income), changes in equity and its cash flows for the year then ended.
3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the 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 together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
4. We draw attention to the following:
(i) Note 38(B) to the standalone financial statements, which describes the inability of the Company to reliably estimate and account for in the books its obligations under Extended Producer Responsibility (‘EPR’) as per the Environment Protection (End-of-Life Vehicles) Rules, 2025, notified with effect from April 1, 2025, by the Ministry of Environment, Forest and Climate Change.
(ii) Note 35 to the standalone financial statements, which describes the Scheme of Amalgamation (the “Scheme”) of Suzuki Motor Gujarat Private Limited (the “Transferor Company”) with the Company, which has been approved by the National Company Law Tribunal (“NCLT”) vide its order dated November 6, 2025. Accordingly, these standalone financial statements have been prepared after giving effect to the Scheme and the comparative financial information has been restated in accordance with Appendix C "Business combinations of entities under common control" of Ind AS 103 “Business Combinations” as per the NCLT approved order.
Our opinion is not modified in respect of the above matters.
5. Key audit matters are those matters that, in our professional judgement, 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 matters described below to be the key audit matters to be communicated in our report.
Key audit matter
How our audit addressed the key audit matter
Assessment of contingent liabilities disclosed, and appropriateness of provisions recognised in respect of
Our audit procedures included the following:
ongoing litigations
•
Understood, evaluated and tested the design and operating effectiveness of the Company’s controls in respect of
(Refer notes 2.3.2 and 38(A) to the standalone financial statements)
assessment of tax and other litigations, and identifying
As at March 31,2026, the Company is involved in material ongoing
potential cash outflows on account of ongoing litigations
litigations with various tax and regulatory authorities and with
and the accounting and disclosures in the standalone
third parties for certain civil matters.
financial statements.
A provision in respect of litigation matter is recognised when
Obtained a complete list of matters under litigation and
the management determines that the Company has a present
reconciled the matters with the corresponding disclosures
obligation, an outflow of resources to settle the obligation is
made in the standalone financial statements.
probable and the amount can be reliably estimated. Where an
Obtained details of litigations and claims maintained by the
outflow of economic resources is not probable or the amount
Company and, on a sample basis, inspected the supporting
cannot be reliably estimated in respect of the present obligation,
evidences including the communications exchanged with the
or where the management determines that the Company has a
relevant tax and other authorities, during the year.
possible obligation, the obligation is disclosed as a contingent
Evaluated the Company’s accounting policy for recognising
liability, unless the probability of outflow of economic resources
provisions for liabilities in respect of ongoing litigations and
is remote. Wherever considered necessary, the management
disclosure of contingent liabilities against the requirements
considers advice obtained from the Company’s legal advisors while assessing the probability of outflow of economic resources
of the relevant accounting standards.
and determines whether a provision should be recognised or a
Perused minutes of Board of Directors and Audit Committee
disclosure should be made.
meetings for indications of unrecorded contingencies, if any.
Performed inquiries with the management and relevant
Significant management judgement is involved in assessing the likely outcome of the litigations and in estimation of the
personnel in the Company’s legal and tax compliance functions.
probable and possible outflow of economic resources and the level of provision and/ or disclosures required in the standalone
Evaluated management’s assessment of probability of outflow of economic resources and estimation of provision
to be recognised for significant contingencies.
Independently obtained and evaluated external legal
We considered this to be a key audit matter due to uncertainties
confirmation responses. Where relevant, read the independent
related to the outcome of the litigation matters, and involvement
tax/ legal advice obtained by management and together with
of significant management judgement in interpretation of the related laws and regulations, and determination of the need for
auditor’s experts, evaluated the grounds presented therein.
a provision or disclosure in the standalone financial statements.
Assessed historical accuracy of the estimates by comparing prior year estimates with the actual outcomes to assess potential management bias.
With the involvement of auditor’s specialists and experts, where necessary, assessed the management’s evaluation of the likelihood of the outcomes of the litigations and reasonableness of significant estimates.
Evaluated the appropriateness of presentation and adequacy of disclosures in the standalone financial statements.
Migration to a new Enterprise Resource Planning (“ERP”) system
(Refer note 39.2 to the standalone financial statements)
During the year, the Company migrated certain key business applications to a new enterprise resource planning (ERP) system. The migration involved significant program development, configuration changes and data migration activities.
The implementation of the new ERP, including the related automated controls, IT-dependent manual controls, system interface functionality and data conversion, has a significant impact on the Company’s financial reporting process. The migration gives rise to risks relating to the completeness and accuracy of data transferred to the new system and the effective operation of the new IT environment in capturing and processing transactions from various business applications.
Due to the significance of the ERP system to the Company’s financial reporting, the complexity of the migration and the associated risks, this matter was considered to be a key audit matter.
Our audit procedures, which were performed with the involvement of our information technology specialists, included the following:
• Evaluated management’s overall strategy, project governance and oversight over the ERP migration, including key milestones and risk management processes.
• Evaluated and tested relevant controls over program development and changes, data migration processes, segregation of duties and program implementation.
• Evaluated and tested relevant IT general controls and application controls, including selected IT automated controls, key configurations, system interfaces and key IT-dependent reports impacting financial reporting.
• Tested, on a sample basis, the migration of data including general ledger and sub-ledger balances, selected master data and open items to assess the completeness and accuracy of the migrated data.
6. The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the financial statements and our auditor’s report thereon. The Annual report is expected to be made available to us after the date of this auditor's report.
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 identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
When we read the Annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate action as applicable under the relevant laws and regulations.
with Governance for the Financial Statements
7. The Company’s 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, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act. 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 Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
8. In preparing the financial statements, Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
9. Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Statements
10. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 financial statements.
11. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the 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 control 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 adequate internal financial controls with reference to 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 management.
• Conclude on the appropriateness of management’s 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 Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the 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 auditor’s 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 financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
12. 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 control that we identify during our audit.
13. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements 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.
14. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s 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 consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
15. The standalone financial statements of the Company for the year ended March 31, 2025 , were audited by prior auditors under the Act who, vide their report dated April 25, 2025, expressed an unmodified opinion on those Financial Statements.
16. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
17. As required by Section 143(3) of the Act, 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 required by law have been kept by the Company so far as it appears from our examination of those books, except in case of a third party software where the back-up of the books of account and other books and papers maintained in
iv. (a) The management has represented that,
to the best of its knowledge and belief, as disclosed in Note 40(f) to the standalone financial statements, 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, whether 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, as disclosed in the Note 40(g) to the standalone financial statements, 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, whether 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; and
(c) Based on such audit procedures that we 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 (a) and (b) contain any material misstatement.
v. The final dividend paid by the Company during the year in respect of the prior year ended March 31, 2025 is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.
Further, as stated in Note 14.4 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. The dividend declared is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend.
electronic mode has not been maintained on a daily basis but, is stored on servers physically located in India, and for the matters stated in paragraph 17(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).
(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
(d) I n our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on March 31, 2026, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2026, from being appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the maintenance of accounts and other matters connected therewith, reference is made to our remarks in paragraph 17(b) above and paragraph 17(h) (vi) below.
(g) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.
(h) With respect to the other matters to be included in the Auditor’s 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 38(A) to the standalone financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year. Refer Note 15 to the standalone financial statements.
vi. Based on our examination, which included test checks, the Company has used multiple accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and that has operated throughout the year for all relevant transactions recorded in the software, except for the following:
(i) in respect of the one of the core accounting software used until December 31,2025, the audit trail feature was not enabled both at application and database level. Further the Company has migrated to a new core accounting software which has the feature of recording audit trail (edit log) facility enabled, except that at the application level, the audit trail is not maintained for changes to certain records and changes made by certain users with specific access and not enabled to capture all direct changes at the database level during the audit period.
(ii) I n respect of multiple other accounting software in use, the same do not have the feature of recording audit trail at the application level; and at the database level,
Place: New Delhi Date: April 28, 2026
audit trail is not enabled for all relevant transactions; and
(iii) with respect to a third-party accounting software which is used for maintaining certain records, in the absence of any information pertaining to audit trail in the independent service auditor’s report, we are unable to comment on the audit trail (edit log) feature in that accounting software.
During the course of performing our procedures, other than the aforesaid instances of audit trail not maintained where the question of our commenting does not arise, we did not notice any instance of audit trail feature being tampered with.
Further, since the audit trail was not maintained in the prior years, hence the question of our commenting on whether the audit trail was preserved by the Company as per the statutory requirements for record retention does not arise.
18. The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
Firm Registration Number: 012754N/N500016
Partner
Membership Number: 077779 UDIN: 26077779HWPHVU1171