1. We have audited the accompanying standalone
financial statements of ACME Solar Holdings
Limited (formerly known as ACME Solar Holdings
Private Limited) ('the Company'), which comprise
the Standalone Balance Sheet as at 31^st March
2025, the Standalone Statement of Profit and
Loss (including Other Comprehensive Income),
the Standalone Statement of Cash Flow and
the Standalone Statement of Changes in
Equity 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 Indian
Accounting Standards ('Ind AS') specified under
section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and
other accounting principles generally accepted
in India, of the state of affairs of the Company as
at 31^st March 2025, and its profit (including other
comprehensive income), its cash flows and the
changes in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the
Standards on Auditing 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 ('ICAI') together
with the ethical requirements that are relevant to
our audit of the standalone 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.

Key Audit Matters

4. 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.

5. We have determined the matters described below
to be the key audit matters to be communicated
in our Report.

Information other than the Standalone Financial

Statements and Auditor's Report thereon

6. The Company's Board of Directors are responsible
for the other information. The other information
comprises the information included in the Annual
Report, but does not include the standalone
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 will not express any form of assurance
conclusion thereon.

I n 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.

Responsibilities of Management and Those

Charged with Governance for the Standalone

Financial Statements

7. The accompanying standalone financial
statements have been approved by the
Company's Board of Directors. The Company's
Board of Directors are responsible for the matters
stated in section 134(5) of the Act with respect
to the preparation and presentation of these
standalone financial statements that give a true
and fair view of the financial position, financial
performance including other comprehensive
income, changes in equity and cash flows of the
Company in accordance with the Ind AS specified
under section 133 of the Act and other accounting
principles generally accepted in India. 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 judgements 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 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 standalone financial statements,
the 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 the Board of
Directors either intends to liquidate the Company
or to cease operations, or has no realistic
alternative but to do so.

9. The Board of Directors is also responsible
for overseeing the Company's financial
reporting process.

Auditor's Responsibilities for the Audit of the

Standalone Financial Statements

10. 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 Standards
on Auditing 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.

11. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of
the Act we exercise professional judgement and
maintain professional scepticism 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 Board of
Directors' 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; and

• 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.

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 standalone 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.

Report on Other Legal and Regulatory

Requirements

15. As required by section 197(16) of the Act, based on
our audit, we report that the Company has paid
remuneration to its directors during the year in
accordance with the provisions of and limits laid
down under section 197 read with Schedule V to
the Act.

6. As required by the Companies (Auditor's Report)
Order, 2020 ('the Order') issued by the Central
Government of India in terms of section 143(11) of
the Act we give in the Annexure A a statement on
the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.

7. Further to our comments in Annexure A, as
required by section 143(3) of the Act based on our
audit, 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 purpose of our
audit of the accompanying standalone
financial statements;

b) Except 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), 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;

c) The standalone financial statements dealt
with by this Report are in agreement with the
books of account;

d) In our opinion, the aforesaid standalone
financial statements comply with Ind AS
specified under section 133 of the Act;

e) On the basis of the written representations
received from the directors and taken on
record by the Board of Directors, none of the
directors is disqualified as on 31^st March 2025
from being appointed as a director in terms
of section 164(2) of the Act;

f) The qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 17(b)

above on reporting under section 143(3)
(b) of the Act and paragraph 17(h)(vi)
below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended)];

g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31^st March
2025 and the operating effectiveness of
such controls, refer to our separate report in
Annexure B wherein we have expressed an
unmodified opinion; and

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, as detailed in note 43 to
the standalone financial statements,
has disclosed the impact of pending
litigations on its financial position as at
31^st March 2025;

ii. The Company did not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses as at 31^st
March 2025;

iii. There were no amounts which were
required to be transferred to the Investor
Education and Protection Fund by the
Company during the year ended 31^st
March 2025;

iv. a. The management has represented

that, to the best of its knowledge and
belief, as disclosed in note 46(h) to the
standalone financial statements, no
funds have been advanced or loaned or
invested (either from borrowed funds or

securities premium or any other sources
or kind of funds) by the Company to or
in any person(s) or entity(ies), including
foreign entities ('the 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 ('the Ultimate Beneficiaries')
or provide any guarantee, security or the
like on behalf the Ultimate Beneficiaries;

b. The management has represented that,
to the best of its knowledge and belief, as
disclosed in note 46(i) to the standalone
financial statements, no funds have
been received by the Company from any
person(s) or entity(ies), including foreign
entities ('the 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 as considered reasonable
and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
management representations under
sub-clauses (a) and (b) above contain
any material misstatement.

v. The interim dividend declared and paid by
the Company subsequent to the year ended
31^st March 2025 and until the date of this
audit report is in compliance with section 123
of the Act.

vi. Based on our examination which included
test checks, the Company, in respect of
commencing on 1^st April 2024, 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, audit trail feature
was not enabled at database level for

accounting software SAP HANA to log any
direct data changes, as described in note
53 to the standalone 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
the accounting software where such feature
is enabled. Furthermore, the audit trail has
been preserved by the Company as per the
statutory requirements for record retention.

For Walker Chandiok & Co LLP For S. Tekriwal & Associates

Chartered Accountants Chartered Accountants

Firm's Registration No.: 001076N/N500013 Firm Registration No.: 009612N

Anamitra Das Shishir Tekriwal

Partner Partner

Membership No.: 062191 Membership No.: 088262

UDIN: 25062191BMMMJX7991 UDIN: 25088262BMLDUS6687

Place: Gurugram Place: New Delhi

Date: 19^th May 2025 Date: 19^th May 2025