Ambuja Cements Limited
We have audited the accompanying standalone financial statements of Ambuja Cements Limited ("the Company”), which comprise the Balance sheet as at March 31, 2026, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the Standalone financial statements, including a summary of material accounting policies and other explanatory information which includes a Joint Operation (hereafter 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, and based on the consideration of reports of other auditor on separate financial statements and on the other financial information of the joint operation, the aforesaid standalone financial statements give the information required by the Companies Act, 2013, as amended ("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, its profit including other comprehensive (loss), its cash flows and the changes in equity for the year ended on that date.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs), as 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 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 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 audit opinion on the standalone financial statements.
We draw your attention to Note 50(b) of the accompanying standalone financial statements which, describes the uncertainty related to the outcome of ongoing litigations with the Competition Commission of India pending with Hon'ble Supreme court. Our opinion is not modified in respect of this matter.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements for the financial year ended March 31, 2026. 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. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the standalone financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.
Key audit matters
How our audit addressed the key audit matter
Revenue recognition, including discounts and rebates to Customers (as described in Notes 3(I), 3.1(VI) and 38
of the standalone financial statements)
The Company recognises revenue upon the transfer of control of goods to the customer, provided there are no unfulfilled obligations. Revenue is measured at the fair value of the consideration received, adjusted for discounts, incentives, price concessions, rebates, and other similar adjustments. The accrual of variable consideration in the
Our audit procedures included the following:
Ý We have assessed the Company's accounting policies relating to recognition and measurement of revenue, discounts, incentives and rebates by comparing with applicable accounting standards.
nature of discounts, incentives, price concessions, rebates
Ý We have evaluated the design and implementation
etc. are dependent on sales volumes achieved, targets met,
of the Company's internal controls over revenue
which require significant judgment in order to determine
recognition, including contractual arrangements for
variable consideration or performance obligation met,
variable consideration, policies for discounts, rebates,
particularly as at year end. Also, the Company has long-
and incentives, ensuring alignment with Ind AS 115.
term sales arrangements (including through Master Supply
Ý Performed substantive testing on selected samples
Agreements (MSA)) with the varying terms and conditions
of discounts and rebates recorded during the year
including variable considerations for revenue recognition
as well as those recorded through year-end accruals
along with advance payment terms against supplies across
recognised by the Company, by testing relevant
different customer agreements.
approvals and underlying supporting documents in
The Company has established commercial policy that
respect of such schemes and customer contracts
sets benchmarks or limits for margins in case of MSA and
Ý We have tested the accuracy and consistency of
for discounts and rebates, within which individual sales
discounts, rebates, and incentives applied to revenue
regions can design and implement their own schemes.
transactions. Assessed the reasonableness of
This decentralised approach allows regional sales
management's estimates for measurement of variable
teams flexibility in offering rebates, which may result in
considerations including in case of MSA transactions,
variations between different regions in terms of the level
contractual terms including historical trends of
of discounts provided.
payments and reversal of discounts, incentives
Given the materiality of the amounts, inherent complexity and judgment involved in determining the variable
and rebates to provisions made to assess the current year accruals.
consideration in accordance with Ind AS 115, 'Revenue
Ý Analyzed regional schemes to ensure compliance
from Contracts with Customers' ("Ind AS 115”), particularly
with the Company's overall commercial policy. Also,
the estimation of discounts, incentives and rebates based
evaluated the impact of sales region KPIs linked to
on future events, the revenue recognition was identified
revenue targets on the application of discounts and
as a key audit matter.
rebates, ensuring no undue influence on revenue recognition.
Ý Evaluated the appropriateness and adequacy of related
disclosures in the standalone financial statements in accordance with applicable accounting standards.
Key audit matters How our audit addressed the key audit matter
Litigation and claims (as described in Notes 3(H), 3.1(I) and 50 of the standalone financial statements)
The Company has significant ongoing legal proceedings Our audit procedures included the following:
for various matters relating to direct tax, indirect tax, _ government incentive claims and other legal matters
Obtained and read the Company's accounting policies with respect to contingent liabilities and provisions
relating to Company's operations under various laws prevailing in India. The amounts deposited by the Company against various matters except incentive claim amounts
and assessed its compliance with Ind AS 37 "Provisions, Contingent Liabilities and Contingent Assets",
are accounted as receivable from authorities pending "
Obtained understanding of the Company's process and
realisation, and have been classified as "Duty / taxes
controls to identify and monitor all proceedings of all
paid under protest against various disputes” classified
matters under appeal/ litigation, including Company's
under- Other non-current assets in Note 13 and "Duties
process of assessment of outcome of matters including
and taxes recoverable, under dispute” classified under
litigations as 'probable', 'possible' and 'remote' and
Other non-current financial assets in Note 12. The income
reporting to the Board of Directors, Audit Committee
tax balances are disclosed under "Non-current tax assets”.
and Legal, Regulatory and Tax Committee.
The provisions made against disputed legal matters and . tax matters have been included in "Other Payables underOther current liabilities” in Note 36 and "Current tax liabilities”.
Due to the magnitude and complexity involved in these matters, management's judgement regarding recognition, measurement and disclosure of provisions for these legal matters, incentives and tax matters is inherently uncertain and might change over time as the outcome of the matters are determined or dispute gets settled, case to case basis. Accordingly, it has been considered as a key audit matter.
Discussed with the management including the person responsible for legal and compliance to obtain an understanding of the matters involved and development in these matters compared to previous year. For significant direct and indirect tax matters and government incentive claims, we assessed the management conclusion with the support of internal specialists. For claims/matters settled during the year based on the orders/management assessment, we verified orders/management conclusion, as appropriate and verified whether the claims/matters settled were properly accounted for in the books including provision/write off as applicable.
Ý
Obtained and assessed management conclusion basis the related documentation / correspondence and opinions from external legal experts (where applicable) for other significant legal matters, as provided by the management.
Obtained direct legal confirmations for significant matters from external law firms handling such matters to corroborate management conclusions.
Assessed the objectivity and competence of the external legal experts / law firms and internal specialist as referred above.
Reviewed the disclosures made by the Company in the standalone financial statements.
Obtained necessary representations from the management.
Impairment assessment of material Investments (including loans) in subsidiaries (as described in Notes 3(E), 9 and 11 of the standalone financial statements)
The Company holds significant investments in subsidiaries
Our audit procedures in relation to impairment assessment
(including outstanding loans of INR 944.64 crores)
of Company's investment in and loans to subsidiaries
amounting to INR 22,489.93 crores as at March 31, 2026. These investments are accounted for at cost less allowance
included the following:
Ý Obtained an understanding of the management policy
for impairment, if any. The management assesses at least
on assessment of impairment/ loans of investment in
annually the existence of impairment indicators of each
subsidiaries and assumptions used by the management
shareholding in such subsidiaries by reference to the
including design and implementation of relevant key
requirements under Ind AS 36. If such indicator exists,
controls. We have tested the design and operating
impairment loss is determined and recognised in the standalone financial statements in accordance with the
effectiveness of these controls.
accounting policies.
Ý Obtained and compared the carrying values of the Company's investment in its subsidiaries with their
With regards loans given to subsidiaries, including step
respective net worth and as per audited financial
down subsidiaries, Ind AS 109 'Financial Instrument',
statements for the year ended March 31, 2026 and
require the Company to provide for impairment of its financial asset measured at amortised cost, if any, using
with market capitalisation in case of listed subsidiaries.
the expected credit loss ('ECL) approach.
Ý Obtained and discussed with management and evaluated the key judgements / assumptions underlying
The processes and methodologies for assessing and
management's assessment of potential indicators of
determining the recoverable amount of investments/ loans in subsidiaries are based on complex assumptions
impairment.
and require use of significant managements judgment, in
Ý For potential impairment indicators identified by
particular with reference to forecast of future cash flows
management for material investments in subsidiaries,
relating to the period covered by the respective subsidiary
obtained and assessed the appropriateness of the
Company's strategic business plan, normalised cash flows
methodology used in the impairment model, the input
assumed as a basis for terminal value, as well as the long-
data and underlying assumptions used such as future
term growth rates and discount rates applied to such
levels of operations, discount rate etc. and considered
forecasted cash flows.
historical performance vis-a-vis budgets for respective subsidiaries.
Considering the significant level of management judgment
Ý Assessed the recoverable value by performing
required in estimating the cash flows and the complexity
sensitivity testing of key assumptions used, analysed
of the assumptions used to assess recoverable amount
and examined the business plans approved along with
of investment/loans in Subsidiaries, this matter has been
assumptions and estimates used by management and
identified as a key audit matter.
tested the arithmetical accuracy of these models.
Ý Compared the carrying value of the investments and loans to subsidiaries with their respective net assets value and earnings for the period.
Ý Assessed the disclosure is in accordance with applicable accounting standards and Schedule III to the Note 9 and 11 in the standalone financial statements of the Company.
Business Combination under Common Control (as described in Note 3(T), 68 and 69 of the standalone financial statements)
Amalgamation of Sanghi Industries Limited ("Sanghi”)
Our audit procedures in relation to Business Combinations
and Penna Cement Industries Limited ("PCIL') with the
under Common Control included the following:
Company
Ý We obtained an understanding of management's
During the year ended March 31, 2026, the Ahmedabad
policies, including the design and implementation of
Bench of the National Company Law Tribunal ("NCLT”), vide
relevant key controls over accounting for business
its orders dated February 12, 2026 and March 30, 2026
combinations. We tested the design and operating
respectively, approved the Schemes of Amalgamation
of Sanghi and PCIL ("Transferor Companies”) with the
Ý We traced the assets and liabilities as at April 1, 2024
Company ("Transferee Company”). The appointed dates
and August 16, 2024 for Sanghi and PCIL respectively,
of amalgamation are April 1, 2024 for Sanghi and August 16, 2024 for PCIL.
and the results for the financial year ended March
31, 2025, from the audited standalone financial
The Company has accounted for the business combinations
statements / financial information of the respective
using the pooling of interest method in accordance with
subsidiaries.
Appendix C of Ind AS 103, Business Combinations, and
Ý We have traced the fair value adjustments to the
in compliance with the NCLT Orders. The carrying value
carrying value of the assets and liabilities with the
of the assets and liabilities of the subsidiaries as at April 1, 2024 and August 16, 2024 for Sanghi and PCIL
workings underlying the audited consolidated financial statements of the transferee company as at and for the
respectively (being the beginning of the previous period presented or date of acquisition whichever is later), as
year ended March 31, 2025.
appearing in the consolidated financial statements of the
Ý For Sanghi merger scheme, we recomputed the value
Company before the merger, have been incorporated in the
of fully paid-up equity shares to be issued to the equity
company's books with merger adjustments, as applicable.
shareholders of the transferor company (other than the transferee company) based on the swap ratio as per
The Company shall allot fully paid-up equity shares to the
the terms of the approved Scheme, as consideration,
eligible shareholders of the erstwhile subsidiary, Sanghi, in accordance with the respective Schemes. Further, the
with reference to the NCLT Orders.
Company shall pay the cash consideration for 85,000
Ý We evaluated the Company's accounting for the
shares to the erstwhile shareholders of Penna, as per the
business combination in accordance with the pooling
scheme of Amalgamation.
of interests method prescribed in Appendix C of Ind AS 103, Business Combinations, and assessed its
The Company has recognised a capital reserve of INR
compliance with the approved Scheme and the NCLT
1,294.31 crore in "Other Equity” in relation to amalgamation of Sanghi.
Orders.
Ý We have examined the revised tax computation
Consequent to the amalgamation, current and deferred
(current tax & deferred tax) of the Transferee Company
tax for the year ended March 31, 2025 were reassessed
for the current year and previous year, as prepared
based on special purpose financial statements, mainly
by the management, on account of merger, with the
reflecting utilisation of carried-forward losses, unabsorbed depreciation, and fair valuation impacts under the Income-
support of internal specialists.
tax Act, 1961. Accordingly, for the year ended March 31,
Ý We examined and tested the management's
2026, the Company recognised a one-time deferred
computation to assess the appropriateness of the
tax credit of INR 1,248.03 crore (excluding deductible
amount recognised in the capital reserve.
temporary differences) and a reversal of current tax
Ý Assessed the disclosure is in accordance with
provision of INR 569.19 crore.
applicable accounting standards and Schedule III to
Considering the complex accounting involved and the
the Note 68 in the standalone financial statements of
impact of the aforesaid business combinations in the standalone financial statements, this matter has been identified as a key audit matter.
the Company.
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 accompanying standalone financial statements and our auditor's report thereon.
Our opinion on the accompanying 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 accompanying standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the 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 required to report that fact. We have nothing to report in this regard.
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 including other comprehensive (loss) / income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 the 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.
In preparing the standalone financial statements, management 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Charged with Governance are also responsible for overseeing the Company's financial reporting process.
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 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 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:
Ý 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.
Ý 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 standalone financial statements in place and the operating effectiveness of such controls.
Ý Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Ý 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 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 auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Ý 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.
Ý Obtain sufficient appropriate audit evidence regarding the financial statements and other financial information of the joint operation to express an opinion on the standalone financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of the components which have been audited by us. For the joint operation included in the standalone financial statements, which have been audited by other auditor, such other auditor remains responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
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.
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.
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 for the financial year ended March 31, 2026 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.
a. We did not audit the financial statements and other financial information, in respect of one joint operation, whose financial statements include total assets of 10.9 Crores as at March 31, 2026 and total revenues of Nil and net cash inflows of 10.04 Crores for the year ended on that date. These financial statements and other financial information of the said joint operation has been audited by other auditor, whose financial statements, other financial information and auditor's report has been furnished to us by the Management. Our opinion on the standalone financial statements, in so far as it relates to the amounts and disclosures included in respect of the joint operation and our report in terms of sub-sections (3) of Section 143 of the Act in so far as it relates to the aforesaid joint operation, is based solely on the report of such other auditor. Our opinion is not modified in respect of this matter.
b. The comparative restated financial information of the Company as at and for the year ended March 31, 2025, included in these financial statements included total assets of 13,892.95 Crores as at March 31, 2025, total revenues of 11,316.63 Crores, total net (loss) after tax of 1(226.34) Crores and total comprehensive (loss) of 1(223.98) Crores for the year ended March 31, 2025 and net cash (outflows) of 1(1,617.29) Crores for the year ended on that date pertaining to 1 (one) subsidiary on account of merger is based on financial statements and other financial information prepared in accordance with the Companies (Accounting Standards) Rules, 2021, as amended, and audited by its statutory auditor whose report for the year ended March 31, 2025 dated April 28, 2025 pertaining to that subsidiary expressed an unmodified opinion on those financial statements. We have audited the adjustments made by the management consequent
to the merger of the transferor Companies with the Company to arrive at restated amounts for the year ended March 31, 2025
Our opinion is not modified in respect of these matters.
1. 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 based on our audit and on the consideration of report of the other auditor on separate financial statements and the other financial information of the joint operation company, incorporated in India, as noted in the 'other matter' paragraph, we give in the "Annexure 1” a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditor on separate financial statements and the other financial information of the joint operation, as noted in the 'other matter' paragraph, we report to the extent applicable, 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) I n our opinion, proper books of account as required by law relating to preparation of the aforesaid financial statement have been kept by the Company so far as it appears from our examination of those books except for the matters stated in sub-clause 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditor's) Rules, 2014;
(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account ;
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(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) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph (b) above on reporting under Section 143(3)(b) and in subclause 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditor's) Rules;
(g) With respect to the adequacy of the internal financial controls with reference to standalone financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2” to this report. This report does not include Report on the internal financial controls under clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the 'Report on internal financial controls') in respect of the joint operation company since in our opinion and according to the information and explanation given to us, the said report on internal financial controls is not applicable to the joint operation, basis the exemption available under MCA notification no. G.S.R. 583(E) dated June 13, 2017, read with corrigendum dated July 13, 2017;
(h) In our opinion, the managerial remuneration for the year ended March 31, 2026 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act.
(i) 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 50 to the standalone financial statements;
ii. The Company has made provision, as required under the applicable law or accounting
software except that, audit trail feature was not enabled for direct changes to data when using certain access rights for the period from 01 April 2025 to 23 February 2026, as described in note 75 to the financial statements.
Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with, in respect of accounting software(s) where the audit trail has been enabled.
Additionally, the audit trail of relevant prior years has been preserved by the company as per the statutory requirements for record retention, to the extent it was enabled and recorded in those respective years as per the statutory requirements for record retention except that,
standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts- Refer Note 35 to the standalone financial statements;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Compan y, except th e amount of unclaimed dividend as disclosed in Note 35 of the standalone financial statements in respect of holding of certain equity shares which are under dispute.
iv. a) The management has represented that,
to the best of its knowledge and belief, as disclosed in the note 60(5) 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 60(6) 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 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 (a) and (b) contain any material mis-statement.
v. The final dividend paid by the Company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.
As stated in note 25 to the stand a lone financial statements, the Board of Directors of the Company have 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.
vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the
the audit trail in respect of FY 2024-25 and FY 2025-26 has not been preserved by the company for direct changes to data from 26 March 2025 to 31 March 2025 and 01 April 2025 to 12 December 2025 respectively, as stated in Note 75 to the financial statements.
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Santosh Agarwal
Partner
Membership Number: 093669
UDIN: 26093669UZJHVG6659
Place of Signature: Ahmedabad, Gujarat
Date: May 04, 2026