We have audited the accompanying Standalone Ind AS
Financial Statements of KPI GREEN ENERGY LIMITED
("the company”), which comprise the Balance Sheet as
at March 31, 2025, the standalone statement of profit
and loss (including statement of other comprehensive
income), the standalone statement of changes in
equity and the standalone statement of cash flows for
the year then ended, and the notes to the standalone
Ind AS financial statements, including a summary of
the material accounting policies and other explanatory
information. (hereinafter 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, the
aforesaid standalone Ind AS 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, 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

We conducted our audit of the standalone Ind AS
financial statements in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of
the companies Act, 2013. Our responsibilities under
those standards are further described in the Auditor’s
Responsibilities for the Audit of the standalone Ind
AS 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 standalone Ind AS financial statements under the
provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements
and the ICAI’s 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 accompanying standalone Ind AS 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 Ind AS financial statements of the current period. These matters were addressed in the context of our
audit of the standalone Ind AS 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 Ind
AS 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 Ind AS 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 Ind AS financial
statements.

INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS
AND AUDITOR'S REPORT THEREON (OTHER
INFORMATION)

The company’s management and Board of Directors are
responsible for the preparation of the other information.
The other information comprises the information
included in the company’s annual report, management
discussion and analysis, Board’s report including
Annexures to Board’s report but does not include the
accompanying standalone Ind AS Financial Statements
and our auditor’s report thereon.

Our opinion on the accompanying Standalone Ind
AS 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 Ind AS financial statements, our responsibility
is to read the other information and, in doing so, consider
whether the other information is materially inconsistent
with the Standalone Ind AS Financial Statements or
our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated/
inconsistent.

If, based on the work we have performed, we conclude
that there is material misstatement of this other
information, we are required to report that fact. We have
nothing to report in this regard.

RESPONSIBILITIES OF MANAGEMENT,
BOARD OF DIRECTOR AND THOSE
CHARGED WITH GOVERNANCE FOR
THE STANDALONE IND AS FINANCIAL
STATEMENTS

The Company’s management and Board of Directors
are responsible for the matters stated in section 134(5)
of the Companies Act, 2013 ("the Act”) with respect to
the preparation of these standalone Ind AS 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 specified under Section
133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. This
responsibility also includes the maintenance of adequate
accounting records in accordance with the provision of
the Act for safeguarding of the assets of the Company
and for preventing and detecting the frauds and other
irregularities; selection and application of appropriate
implementation and maintenance of 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
Ind AS 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 Ind AS financial statements,
management and Board of Directors are 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.

The Board of Directors and those charged with
Governance are also responsible for overseeing the
company’s financial reporting process.

AUDITOR'S RESPONSIBILITY FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

Our objectives are to obtain reasonable assurance about
whether the standalone Ind AS 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 Ind AS 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 Ind AS 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 financial
controls 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 Ind
AS 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 in the standalone
Ind AS financial statements made by management
and the Board of Directors.

• Conclude on the appropriateness of management
and 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 Ind AS 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 Ind AS financial
statements, including the disclosures, and whether
the standalone Ind AS financial statements
represent the underlying transactions and events in
a manner that achieves fair presentation.

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

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
Ind AS 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

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 Companies Act, 2013 we give
in the “Annexure-A”, a statement on the matters
specified in the paragraph 3 and 4 of the Order, to
the extent applicable.

2. (A) 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 relating to preparation
of the aforesaid financial statements
have been kept by the Company so far as
appears from our examination of those
books except for the matters stated in
clause 6(I) below on reporting under
Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014;

c. The Balance Sheet, the Statement of Profit
and Loss including the statement of other
comprehensive income, the Cash Flow
Statement and the statement of changes
in equity dealt with by this Report are in
agreement with the relevant books of
account;

d. In our opinion, the aforesaid Standalone
Ind AS Financial Statements comply with
the IND AS specified under Section 133 of
the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as
amended;

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

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 clause 6 below on reporting under
Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014;

g. With respect to the adequacy of the
internal financial controls over financial
reporting of these standalone Ind AS
financial statements of the Company
and the operating effectiveness of such
controls, refer to our separate report in
"Annexure B". Our report expresses an
unmodified opinion on the adequacy and
operating effectiveness of the Company’s
internal financial controls over financial
reporting.

(B) With respect to the other matters to be included
in the Auditor’s Report in accordance with the
requirements of section 197(16) of the Act:

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

The remuneration paid to any director is not
in excess of the limits laid down under section
197 of the Act. The Ministry of Corporate Affairs
has not prescribed other details under section
197(16) which are required to be commented
upon by us.

(C) With respect to the other matters to be included
in the Auditor’s Report in accordance with Rule
11 of the Companies (Audit and Auditor’s)
Rules, 2014, as amended, in our opinion and
to the best of our information and according to
the explanations given to us:

1. The Company has disclosed the impact of
pending litigations as at 31^st March, 2025
on its financial position in its standalone
Ind AS financial statements - Refer Note
50 to the financial statements.

2. The Company did not have any long-term
contracts including derivatives contracts
for which there were any material
foreseeable losses.

3. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company.

4. i) The management has represented

that, to the best of its knowledge and
belief, other than as disclosed in the
note 7 and 14 to the standalone Ind
AS 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 or entity, 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;

ii) The management has represented
that, to the best of its knowledge and
belief, no funds have been received by
the Company from any person or entity,
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

iii) 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 (i) and (ii) contain any
material misstatement.

5. As stated in Note 18 to the standalone

financial statements:

i) The interim dividend declared and
paid by the Company during the
year and until the date of this report
is in compliance with Section 123 of
the Act.

ii) The company has proposed final
dividend of ' 0.20 per share for
financial year under reporting. This
proposed dividend is subject to
the approval of shareholders in the
ensuing annual general meeting.

6. Based on our examination which included
test checks, except for the instances
mentioned below, 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
period for all relevant transactions recorded
in the respective software. Further, for the
periods where audit trail (edit log) facility
was enabled and operated throughout the
year for the respective accounting software,
we did not come across any instance of the
audit trail feature being tampered with.

I. The feature of recording audit trail
(edit log) facility was not enabled at
the database level to log any direct
data changes and at application layer
for the accounting software used for
maintaining the books of account
relating to Fixed Assets Register

throughout the year. The integration
of Fixed Assets Register with the
company’s accounting software is
under development and hence the
audit trail (edit log) is not enabled to
that extent.

II. Proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 is applicable
from April 1, 2024, and the company
has the system of preservation of audit
trail as per the statutory requirements
for record retention for the prior
period. The audit trail of relevant prior
years has been preserved for record
retention to the extent it was enabled
and recorded in those respective
years by the Company as per the
statutory requirements for record
retention, as described in note 52 to
the standalone financial statements
ended March 31^st, 2025..

for K A SANGHAVI AND CO LLP

Chartered Accountants
FRN: 0120846W/W100289

AMISH ASHVINBHAI SANGHAVI

PARTNER

Place: Surat M. NO. 101413

Date: May 14, 2025 ICAI UDIN: 25101413BMIYID4204