We have audited the standalone financial statements of
Alicon Castalloy Limited ("the Company"), which comprise
the standalone balance sheet as at March 31, 2026, the
standalone statement of profit and loss (including other
comprehensive income), the standalone statement of
changes in equity and the standalone statement of cash
flows for the year ended on that date, and notes to the
standalone financial statements, including 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 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 as at March 31, 2026, and the profit and other
comprehensive loss, changes in equity and its cash flows
for the year ended on that 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 independence
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. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for
our audit opinion on the standalone 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 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, 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 STANDALONE
FINANCIAL STATEMENTS AND AUDITOR'S REPORT
THEREON

The Company's Management and 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 financial statements and 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 do not express
any form of assurance conclusion thereon.

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 and take necessary actions, as applicable
under the relevant laws and regulations.

MANAGEMENT'S AND BOARD OF DIRECTORS
RESPONSIBILITIES FOR THE STANDALONE
FINANCIAL STATEMENTS

The Company's Management and Board of Directors is
responsible for the matters stated in 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 state of affairs, profit/loss and other comprehensive
income, changes in equity and cash flows of the Company
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 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 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 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.

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 these Standalone 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 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 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 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 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.

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 financial
statements of the current year 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 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
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 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 books of account.

d) In our opinion, the aforesaid standalone
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 for the year ended
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) With respect to the adequacy of the internal
financial controls with reference to this financial
statement and the operating effectiveness of
such controls, refer to our separate Report in
"Annexure B''

B. 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:

a. The Company has disclosed the impact of
pending litigations on its financial position in its
standalone financial statements. Refer Note 48
to the standalone financial statements.

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

c. There has been no delay in transferring amounts
required to be transferred to the Investor Education
and Protection Fund by the Company, except for
delay in depositing as mentioned below:

(i) Dividend amounting to 1.67 Lakhs pertaining
to the Interim Dividend Pertaining for the FY
2017-18 was transferred with a delay of 31
days.

(ii) Dividend amounting to 1.49 Lakhs pertaining
to the Final Dividend Pertaining for the FY
2017-18 was transferred with a delay of 17
days.

d. With respect to clause (e) of Rule 11 of the

Companies (Audit and Auditors) Rules, 2014, as

amended:

(i) The management has represented that,
to the best of its knowledge and belief,
other than as disclosed in the Note 44 to
the standalone 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(s) or entity(ies), 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) Management has represented, that, to the
best of its knowledge and belief, and as
disclosed in the Note 44 to the standalone
financial statements, no funds have
been received by the Company from any
person(s) or entity(ies), 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 that the
auditor has 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) contain any
material misstatement.

e. The dividend declared or paid by the company
during the year is in compliance with section 123
of the Act.

f. Based on our examination, which included
test checks, the Company has used accounting
software for maintaining its books of account
for the year ended March 31, 2026, which have
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 for the customised
tables and to log any direct data changes at the
database level. Further, during the course of our
audit, we did not come across any instance of
audit trail features being tampered with.

The audit trail has been preserved by the
company as per the statutory requirements for
record retention, except as mentioned above.

C. 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 according to the information and
explanations given to us, the remuneration paid/
payable 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/
payable to any director is not in excess of the limit
laid down under Section 197 of the Act. The Ministry
of Corporate Affairs has not prescribed other details
under Section 197(16) of the Act which are required to
be commented upon by us.

For Kirtane and Pandit LLP

Chartered Accountants
Firm Registration No.105215W/W100057

Milind Limaye

Partner

Membership No.: 105366
UDIN: 26105366COTGMT3110

Pune, May 12, 2026