We have audited the accompanying financial statements of Ashirwad Steels & Industries 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 Changes in Equity and the Statement of Cash
Flows for the year then ended, and notes to the financial statements, including a summary of material
accounting policies and other explanatory information (hereinafter referred to as "the Financial
Statements").

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid 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 (financial position)of the Company as at March 31, 2026, and total
comprehensive income (comprising of profit and other comprehensive loss), changes in equity and its cash
flows for the year then ended.

Basis for Opinion

We conducted our auditing 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 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 ("the ICAI") together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules made there under, 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 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 financial statements of the current period. These matters were addressed in the context of our
audit of the 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.

Description of Key Audit Matter
Evaluation of key tax matters

Evaluation of Contingent liabilities (Refer note 27 (2) to the financial statements)

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's Discussion and Analysis report as contained in
the annual Board's Report including Annexures there in, Corporate Governance Report and forming part
of and included in the Company's aforesaid annual report, but does not include the financial statements
and our auditor's report thereon.

Our opinion on the 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 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 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.

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 appropriate action as
applicable under the relevant laws and regulations.

Management's Responsibility and those charged with governance for the Financial Statements

The Company's Board of Directors are responsible for the matters stated in section134(5) of the Act with
respect to the preparation of these financial statements that give a true and fair view of the financial
position, financial performance, changes in equity and cash flows of the Company in accordance with the
Indian Accounting Standards (Ind AS) specified under Section 133 of the Act and other accounting
principles generally accepted in India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safe guarding 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 financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors 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.

Those Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements are free from
material misstatements, 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 Standards on Audit (SA)will always detect a material misstatement when and ifit
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 based on
these 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 misstatements of the 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 controls.

• 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
control systems 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 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 financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the 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 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
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 financial statements of the period under audit 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 matters 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 Section143(11) of the Act, we give in the "Annexure B" a statement on the

matters specified in paragraph 3 and 4 of the order, to the extent applicable.

2) 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 accounts as required by the law have been kept by the Company
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/
(loss)), the Statement of Changes in Equity and the Statement of cash flow dealt with by this
Report are in agreement with the relevant books of accounts.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards 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, 2026taken
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 financials
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure A".

g) 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) Amendment Rules, 2021, effective from 01^st April 2021, in
our opinion and to best of our information and according to the explanations given to us , we
report that :

a) The Company did not have any significant pending litigations as at March 31, 2026, which
may affect its financial position in a substantial way.

b) The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses, during the financial year ended March 31, 2026

c) During the financial year under reporting ; no amounts were required to be transferred to the
Investor Education and Protection Fund by the Company, so the question of delay in
transferring such sums does not arise.

d) Omitted by the Companies (Audit and Auditors) Amendment Rules 2021, effective from 01^st
April, 2021

e) (i) The Management has represented that, to the best of its knowledge and belief, as disclosed
in Note 28(14)(A) to the 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, 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, as disclosed
in Note 28(14)(B) to the 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, 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.

(iii) Unmodified Opinion:Based on the 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) of Rule 11(e)
contain any material mis-statement.

f) No dividends were declared or paid during the year by the Company, hence compliance with
Section 123 of the Companies Act, 2013 is not applicable

g) With respect to the matters to be included in the Auditors Report in accordance with Rule
11(g) of Companies (Audit and Auditors) Rules 2014effective from 1^st April 2023, in our
opinion and to the best of our information and according to the explanations given to us and
based on our examination which included test checks, the Company have used an accounting

software for maintaining its books of accounts for the Financial Year ended March 31, 2026
which has 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 in compliance to the
Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (or maintaining books of account
using accounting software which has a feature of recording audit trail (edit log) facility as
applicable to the company with effect from April, 2023). Further, during the course of our
audit we did not come across any instance of audit trail feature being tampered with.

Additionally, 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,

3) With respect to the matter to be included in the Auditor's Report under Section 197(16) of the Act:

In our opinion and according to the information and 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 companies Act, 2013 read with Schedule V to the said Act.

For and on behalf of

C.K. CHANDAK & CO

Chartered Accountants

Firm Registration Number: 326844E

CA Chandra Kumar Chandak

Proprietor

Membership Number: 054297
UDIN: 26054297NSVGHH4275
Place: Kolkata
Date: 22.05.2026