We have audited the standalone Ind AS Financial Statements
of ASM Technologies Limited ("the Company") which comprise
of balance sheet as at March 31, 2026, the statement of profit
& loss, statement of changes in equity and the cashflow
statement for the year then ended, notes to Standalone Ind
AS financial statements including a summary of significant
accounting policies and other explanatory information.

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, profits (including other
comprehensive income), changes in equity and its cash flows
for the year ended on that date.

We conducted our audit 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
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
together with the ethical requirements that are relevant to our
audit of the Standalone Ind AS 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 opinion.

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 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.

We draw attention to Note 45 to the standalone financial
statement, which describes the Company's non current
investments in Eclectic IQ (formerly Polylogyx) and Lavelle
Networks Private Limited, carried at a cost of 18.03 million
and 155.00 million respectively, with disclosed fair values of
112.65 million and 164.25 million. As stated in the note, the
Company is in process of obtaining valuation reports for
these investments in accordance with Ind AS 109 - Financial
Instruments as at March 31, 2026. Due to certain restrictions,
management unable to obtain the necessary cash flow data
and other information required to perform a formal valuation
as of the reporting date. However, based on recent investments
in these entities and expected investments in the ensuing
year, management is of the opinion that there has been a
substantial increase in the value of these investments and that
no impairment exists as at the reporting date as represented
to us. We have relied on such representation and our opinion
is not modified in respect of this matter.

Other Information, [such as "Information Other
than the Standalone Ind AS Financial Statements
and Auditor's Report Thereon"]:

The Company's Board of Directors is responsible for the other
information. The other information comprises the board
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 financial statements, our
responsibility is to read the other information 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. We have
nothing to report in this regard.

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.

Management's Responsibility for Standalone Ind
AS Financial Statements:

The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act, 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, changes in equity and cash flows of the Company
in accordance with the accounting principles generally
accepted in India, including the accounting standards
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 of
the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of
appropriate implementation and maintenance of 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 Ind AS financial statement
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,
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.

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

Auditor's Responsibilities for the Audit of the Ind
AS Standalone 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 financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional scepticism
through 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 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 ability of the Company 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.

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.

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 - A, a statement on the
matters specified in paragraphs 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 account as required
by 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, statement of changes in equity and the Cash
Flow Statement dealt with by this Report are in
agreement with the books of account.

d) I n our opinion, the aforesaid standalone Ind AS
financial statements comply with the Accounting
Standards specified under Section 133 of the Act as
amended from time to time.

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 that date 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".

g) With respect to the other matters to be included in
the Auditor's Report in accordance with requirement
of Section 197 (16) of the Act, as amended:

I n our opinion and according to the information
and explanation given to us, the remuneration
paid during the current year by the Company is
in accordance with the provisions of Section 197
of the Act. The remuneration paid to any director/
manager by the Company, 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) which are
required to be commented upon by us.

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, in
our opinion and to the best of our information and
according to the explanations given to us:

i) The Company has disclosed its pending
litigations which would impact its financial
position in Note 32 of the Standalone Ind AS
financial statements.

ii) The Company did not have any long-term
contracts as required under the applicable law
or accounting standards, and also not entered
into any derivative contracts, accordingly no
provision is required to be made in respect of
material foreseeable losses.

iii) During the year, the Company has remitted
an amount of 11.95 million to Investor
Education and Protection Fund ("IEPF") as per
the provisions of the Act. However, due to a
technical error at the bank's end, the Company
has remitted belatedly ranging between 72
days to 549 days.

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. a) Based on the information and explanation

furnished to us by the Company, final dividend
paid by it which was proposed in the previous
year and interim dividend paid during the year
are in accordance with section 123 of the Act.

b) As per note 43 of the financial statements,
the Board of Directors has proposed a final
dividend which is subject to approval by the
members of the Company in ensuing annual
general meeting.

vi. Based on our examination, which included test
checks, the Company has used accounting software
systems for maintaining its books of account for the
financial year ended March 31,2026 which have the
feature of recording audit trail (edit log) facility and
the same has operated throughout the year for
all relevant transactions recorded in the software
systems. Further, during the course of our audit we
did not come across any instance of the audit trail
feature being tampered with and the audit trail
has been preserved by the Company as per the
statutory requirements for record retention.

For B. K. RAMADHYANI & CO LLP

Chartered Accountants
Firm Registration No. 002878S/S200021

(CA Vasuki H S)

Partner

Membership No: 212013
UDIN: 26212013XTPXVG7670

Place: Bangalore
Date: May 09, 2026