We have audited the standalone Ind AS financial statements of
Trident 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 Loss, the Cash Flow Statement
and the Statement of Changes in Equity for the year then ended,
and notes to the standalone Ind AS financial statements, including
a summary of material accounting policies and other explanatory
information in which are included the financial statements of
Trident Limited Employee Welfare Trust ("Trust") for the year
ended on that date.

In our opinion and to the best of our information and according to the
explanations given to us, and based on the consideration of report
of other auditor on separate financial statements and on the other
financial information of the Trust, 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
including Trust 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.

Basis for Opinion

We conducted our audit of the standalone Ind AS 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 Ind AS Financial

Statements' section of our report. We are independent of the
Company including Trust 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
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 for the financial year ended March 31,
2026. 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 matter described below to be the key audit
matter 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 this matter. 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 perform ed to address the m atter below,
provide the basis for our audit opinion on the accompanying
standalone Ind AS 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 Annual report, but does not include the standalone
Ind AS financial statements and our auditor's report thereon.

Our opinion on the 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 standalone Ind AS 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 Ind AS Financial
Statements

The Board of Directors of the Company and Trustees of the Trust are
responsible, for the matters stated in section 134(5) of the Act as
applicable, 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
including Trust 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 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, the Board
of Directors of the company and Trustees of the trust included in

these standalone financial statements are responsible for assessing
the ability of the Company and trust respectively 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 Group or to cease
operations, or has no realistic alternative but to do so.

Those charged with governance and Trustees are also responsible
for overseeing the Company's and Trust's financial reporting
process respectively.

Auditor’s Responsibilities for the Audit of the Standalone
Ind AS 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 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 ability of the Company and Trust 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 and Trust 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.

• Obtain sufficient appropriate audit evidence regarding the
financial information of the Company of which we are the
independent auditors to express an opinion on the standalone
Ind AS 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 Trust included in the standalone Ind AS
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 Ind AS 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.

Other Matter

a) We did not audit the financial statements and other financial
information, in respect of Trust whose financial statements

include total assets of Rs. 1,682.3 million as at March 31,
2026, total revenues of Rs. 487.3 million and net cash inflows
of Rs. 0.2 million for the year ended on that date (also refer
note 59 of standalone Ind AS financial statements). These
financial statements and other financial information of the
Trident Limited Employee Welfare Trust have been audited
by other auditor, whose financial statements, other financial
information and auditor's report has been furnished to us by
the Management..

b) The financial statements and other financial information of
Trust have been prepared in accordance with Indian GAAP
(accounting principles generally accepted in India applicable
to the Trust) and have been audited by other auditor in
accordance with the auditing standards generally accepted in
India. The Company's management has converted the financial
statements of the Trust from Indian GAAP to Ind AS for the
purposes of consolidation. We have audited these conversion
adjustments made by the Company's management.

Our opinion in so far as it relates to the amounts and disclosures
included in respect of the Trust is based on the report of other
auditor and the conversion adjustments prepared by the
management of the Company and audited by us.

Our opinion above on the standalone financial statements, and
our report on Other Legal and Regulatory Requirements below
is not modified in respect of the above matters

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. The Order is not
applicable to Trust.

2. Section 143(3) of the Act is not applicable to trust. 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 Loss,
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 Ind AS 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 2(b) above on reporting under Section
143(3)(b) and paragraph 2(i)(vi) below on reporting
under Rule 11(g);

(g) With respect to the adequacy of the internal financial
controls with reference to standalone Ind AS 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
Ind AS financial statements - Note 31 to the
standalone Ind AS financial statements;

ii. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses - Refer Note 45 to
the standalone Ind AS financial statements;

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

a) The management has represented that,
to the best of its knowledge and belief, as
disclosed in the note 60(v) 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 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;