We have audited the accompanying stand a lone financial statements of Ahlada Engineers Limited
(the“Company”), which comprise the Balance Sheet as at 31 March 2026,and the statement of Profit and
Loss(including other comprehensive income), the statement of changes in equity and statement of cash flows for
the year then ended, and notes to the financial statements, including a summary of significant 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 Financial Statements give the information required by the Companies Act, 2013 (“Act”) in the manner
so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under
Section 133 of the Act, (‘‘Ind AS’’) and other accounting principles generally accepted in India, of the state of affairs
of the Company as at March 31,2026 and its profit, total comprehensive income, changes in equity and its cash
flows for the year ended on the date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing
(“SAs”) 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 made 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 obtained by us is sufficient and appropriate to provide a basis for our Audit opinion
on the standalone financial statements.

Emphasis of Matter

We draw attention to Note 7B (iv) to the standalone financial results, which describes the position of outstanding
supplier advances amounting to ? 6,301.92 Lakhs as of March 31,2026. This includes advances aggregating to ?
5,995.33 Lakhs given to three specific parties. As stated in the said note, the Management is currently evaluating
the execution status and commercial feasibility of these contracts, and considers these balances to be fully secure
and recoverable. Consequently, no provisioning has been considered necessary by the Management at this stage.

Our opinion on the standalone financial results is not modified in respect of this matter
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 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. We have determined the matters described below to be the key audit matters to
be communicated in our report.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s
Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholder’s Information,
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 the other information is materially inconsistent with the standalone
financial statements or our knowledge obtained during the course of our 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 required to report that fact. We have nothing to report in this regard.

Responsibility of Management and Board of Directors for the standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in the 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, changes in equity and Cash Flows of the Company

in accordance with accounting principles generally accepted in India, including the Ind AS specified under section
133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the company and for preventing and detecting frauds and
other irregularities; the 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 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 and Board of Directors areresponsible 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.

Those Board of Directors 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 the sestandalone 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 financial 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
controlswith reference to standalone 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 the 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 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

• 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.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone
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 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 financial controls
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 of the current period and are therefore the Key
audit matters. We describe these matters in our auditors’ 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

in terms of Section 143(11) of the Act, we give in “Annexure A” 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 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 have been kept so far as it appears from our
examination of those books.

c) The balance sheet, the statement of profit and loss (including other comprehensive income), the
statement of changes in equity and the statement of cash flows 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 Ind AS specified under
section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31 March,2026 taken on
record by the Board of Directors, none of the Directors is disqualified as on 31 March,2026 from being
appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to Standalone 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 with reference to Standalone Financial
Statements.

g) 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, as amended:

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 year is in accordance with the provisions
of section 197 of the Act.

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 Auditor’s) 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 litigation son its financial position in its
standalone financial statements. Refer note no 28 to the standalone financial statements.

ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any. The company did not have any long-term
derivative contracts.

iii. There has been no delay in transferring the 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, 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 entity (“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, no funds have been received
by the Company from any person or entity, including foreign entity (“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;

c) Based on the audit procedures that have been considered that are 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) of rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The final dividend proposed in the previous year, declared and paid by the Company during the year is
in accordance with Section 123 of the Act, as applicable.

vi. Based on our examination, which included test checks, the company has used accounting software
(Tally up to August 31,2025, and SAP implemented with effect from September 1,2025) for maintaining
its books of account for the financial year ended March 31,2026. These respective software have the
feature of recording an audit trail (edit log) facility, and the same has operated throughout the year for all
relevant transactions recorded in the software. Further, during the course of our audit, we did not come
across any instance of the audit trail feature being tampered with. Additionally, the audit trail has been
preserved by the company as per the statutory requirements for record retention.

For Kishore & Venkat Associates

Chartered Accountants
Firm Reg. No. 001807S

K. KISHORE

Partner

Place : Hyderabad M. No. 026811

Date :30-05-2026 UDIN: 26026811MWWUVT9908