We have audited the Standalone Financial
Statements of Tube Investments of India 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.

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
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 income, its cash flows
and the changes in equity 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 (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.

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
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.

Other Information

The Company's Board of Directors is responsible
for the other information. The other information
comprises the information included in the Board's
Report & Management Discussion and Analysis,
Report on Corporate Governance, General
Shareholders Information and Business Responsibility
and Sustainability Report, but does not include the
Standalone Financial Statements and our auditor's
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
such other information is materially inconsistent with
the 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.

Responsibilities of Management and Those Charged
with Governance for the Standalone Financial
Statements

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 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.

Auditor's Responsibilities 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 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:

• 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 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 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.

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.

Report on Other Legal and Regulatory Requirements

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, 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, 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) 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 for the

matters stated in the paragraph 2(i)(vi) below
on reporting under Rule 11(g);

(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 paragraph (i) (vi) below on reporting
under Rule 11(g);

(g) With respect to the adequacy of the internal
financial controls with reference to these
Standalone Financial Statements and the
operating effectiveness of such controls,
refer to our separate Report in “Annexure 2"
to this report;

(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 36a 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;

iv. a) The management has represented

that, to the best of its knowledge
and belief, as disclosed in Note
46(iv) 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
persons or entities, 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
46(v) to the Standalone Financial
Statements, no funds have been
received by the Company from any
persons or entities, 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
misstatement.

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. The interim dividend declared
and paid by the Company during the
year and until the date of this audit
report is in accordance with Section 123
of the Act. As stated in Note 18d to the
Standalone 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 software; except that,
with respect to an application used for
payroll processing which is operated by
a third-party software service provider,

in the absence of a detailed Service
Organisation Controls Report, we are
unable to comment on whether audit
trail feature of the said application
was enabled and operated throughout
the year for all relevant transactions
recorded in the application or whether
there were any instances of the audit
trail feature being tampered with - Refer
Note 47 (a) to the Standalone financial
Statements.

Further, during the course of our audit, for the
applications and periods for which audit trail feature
is enabled and operated we did not come across any
instance of audit trail feature being tampered with.

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,

except that, with respect to an application operated by
a third-party software service provider, in the absence
of coverage of this attribute for the period enabled in
the related Service Organisation Controls report, we
are unable to comment whether the audit trail has
been preserved as per the statutory requirements for
record retention - Refer Note 47 (b) to the Standalone
Financial Statements.

For S.R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004

per Aniruddh Sankaran

Partner

Membership Number: 211107
UDIN: 26211107RCGOKL2074
Place of Signature: Chennai
Date: May 13, 2026