1. We have audited the accompanying standalone Ind
AS financial Statements of Ahluwalia Contracts (India)
Limited ('the Company'), which comprise the Balance
Sheet as at March 31, 2026, the Statement of Profit
and Loss (including other comprehensive income),
the Statement of Cash Flow, the Statement of Changes
in Equity for the year ended on that date and notes to
the Standalone Ind AS financial statements including
the summary of material accounting policies and other
explanatory information (hereinafter referred to as the
standalone Ind AS financial statements).

2. 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 Indian Accounting Standards
prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015,
as amended, ("IND AS") and other accounting principles
generally accepted in India, of the state of affairs of
the Company as at March 31, 2026, the profit and total
comprehensive income, changes in equity and its cash
flows for the year then ended.

Basis for Opinion

3. 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 (ICAI)
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 opinion on the standalone Ind
AS financial statements.

Key Audit Matters

4. 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. We have determined the
matters described below to be the key audit matters to
be communicated in our report.

Other Matters

5. The comparative standalone Ind AS financial statements
of the Company for the year ended March 31, 2025 have
been audited by the predecessor auditor who expressed
an unmodified opinion on those financial statements
vide its auditor's report dated May 30, 2025.

Our opinion is not modified in respect of this matter.

Information Other than the Standalone Ind AS Financial

Statements and Auditor's Report Thereon

6. The Company's Board of Director is responsible for
the preparation of 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 Ind AS financial statements
and our auditor's report thereon. The above-mentioned
report is expected to be made available to us after the
date of this auditor's report.

Our opinion on the standalone Ind AS financial
statements does not cover the other information and 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 identified above when it becomes available
and, in doing so, consider whether the other information
is materially inconsistent with the standalone Ind AS
financial statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated.

When we read the additional information, as mentioned
above, that would be included in 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 and take appropriate action as
applicable under the relevant laws and regulations.

Responsibilities of Management and Those Charged

with Governance for the Standalone Ind AS Financial

Statements

7. The Company's Board of Director is 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 to 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
in the Companies (Indian Accounting Standards) Rules,
2015 (as amended) 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 of the assets of the Company
and for preventing and detecting frauds and other
irregularities; selection and application of appropriate
accounting policies; makingjudgments 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 which have been used for the purpose
of presentation of the standalone Ind AS financial
statements by the Management and the Directors of the
Company, as aforesaid.

8. In preparing the standalone Ind AS 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.

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

Auditor's Responsibility for the Audit of the Standalone

Ind AS Financial Statements

10. 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.

11. 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 system 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 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 standalone Ind AS 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.

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 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

15. 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.

16. 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 by the Company so far as it
appears from our examination of those books;

c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including Other
Comprehensive Income), Standalone Statement of
Changes in Equity and the Standalone Statement of
Cash Flow 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 the written representations received
from the directors as on March 31, 2026 and 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) With respect to the adequacy of the internal
financial controls over financial reporting 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 with reference to standalone Ind AS
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 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-
Refer Note-40(i)(a) to the standalone
financial statement.

ii. The Company has made provision, as required
under the applicable law or accounting
standards, for material foreseeable losses, if
any, on long-term contracts. The Company has
no derivative contracts.

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,
no funds (which are material either
individually or in the aggregate) 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 (which are material either

individually or in the aggregate) 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 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 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 Companies Act 2013 to the extent it applies to payment of dividend.

As stated in Note No. 21(v) to the consolidated Ind AS 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 for the financial year ended March 31, 2026 which have a feature of recording
audit trail (edit log) facility and the same have operated accordingly during 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 of prior year(s) has been preserved by the
Company as per the statutory requirements for record retention to the extent it was enabled and recorded in
respective years.

For SCV & Co. LLP

Chartered Accountants
Firm Reg. No.: 000235N/N500089

Abhinav Khosla

Partner

Place: New Delhi Membership No.- 087010

Dated: 30 May, 2026 UDIN: 26087010DFHOCL5062