1. We have audited the accompanying Standalone Financial Statements of Aurionpro Solutions Limited ('the Company'), which comprise the Standalone Balance Sheet as at 31/03/2026 and 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 a summary of 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 ('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 31/03/2026 and its profit and Other Comprehensive Income, Changes in Equity and its Cash Flows for the year ended on that date.
Basis for Opinion
2. We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those SAs 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 (' IC AI') 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 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 Financial Statements.
Key Audit Matters
3. Key audit matters ('KAM') are those matters that, in our professional judgement, were of most significance in our audit of the Standalone Financial Statements of the current year. 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.
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Key Audit Matter
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How the KAM was addressed in our audit
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(1) Revenue from Fixed Price Contracts using percentage of Completion method:
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Revenue from fixed price contracts, where the performance obligations are satisfied over time, has been recognized using the percentage of completion method and computed as per the input method based on the Company's estimate of contract costs.
Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity.
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Obtained an understanding of the systems, processes and controls implemented by the Company for recording and computing revenue and the associated contract assets (Unbilled revenue), and unearned revenue balances.
Evaluated the design and implementation and tested operating effectiveness of the Company's process and internal financial controls over:
• Computation of revenue;
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• Cost and revenue reports provided by the Company;
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Key Audit Matter
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How the KAM was addressed in our audit
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The application of Ind AS 115 "Revenue from
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On selected samples of contracts, we tested that
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Contracts with Customers" involves Key judgements
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the revenue recognised is in accordance with the
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relating to (l) identification of distinct performance
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revenue recognition Indian Accounting Standard,
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obligations (2) determination of transaction price
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where we:
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of the said identified performance obligations
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• Selected samples of continuing and
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(3) allocation of transaction price to the said
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new contracts, and tested the operating
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performance obligations (4) basis for recognition
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effectiveness of the internal control, relating
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of revenue over a period.
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to identification of the distinct performance
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We identified revenue recognition of fixed price
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obligations and determination of transaction
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contracts where the percentage of completion is
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price. We performed procedures involving
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used as a key audit matter since
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enquiry and observation, verification of evidence in respect of operation of
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• there is an inherent risk and presumed risk of
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these controls.
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material misstatement around the accuracy
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and existence of revenues recognised
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• Performed an analysis of the costs incurred on
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the proiect vis-b-vis the revenue and reviewed
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considering the customised and complex
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nature of these contracts and significant
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significant variations, including discussions
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inputs of IT systems;
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with management regarding the reasons for such variations and their impact on the revenue
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• application of revenue recognition using
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and profitability recognised for the project
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percentage of completion under accounting
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• assessed the appropriateness of contract
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standard (Ind AS 115, Revenue from Contracts
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assets (Unbilled revenue), and unearned
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with customers) is complex and involves
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revenue on balance sheet date by evaluating
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estimating the future cost-to-completion of
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the progress of underlying contracts and
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these contracts, which is used to measure
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milestones achieved to identify possible
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the stage of completion of the relevant
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changes in estimated costs to complete the
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performance obligations; and
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remaining performance obligations; and
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• at reporting date, significant amount of
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• we reviewed the underlying supporting
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contract assets (Unbilled revenue), unearned
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documents and performed substantive
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and deferred revenue balances related
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procedures on changes in estimated contract
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to these contracts are recognised on the
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costs, including evaluating the reasonableness
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balance sheet.
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of the assumptions and estimates used by
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Refer Note 2.3 and 27 to the Standalone
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management in determining such costs.
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Financial Statements.
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• Tested details of a sample of iournal entries related to revenue recognised from percentage of completion method throughout the reporting period, with the relevant underlying documentation.
• Assessed the appropriateness of the related disclosures in the Standalone Financial Statements.
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(2) Investment Impairment assessment
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Carrying value of Investment: Rs. 41,444.42 Lakhs as
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Evaluation of impairment risk and assessing
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at 31/03/2026.
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whether triggers exist for any investment based
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The Company has investments in subsidiaries and
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on consideration of external and internal factors
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associates. These investments are accounted for
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affecting the value and performance of the
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investment. Our audit focused on assessing the
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at cost less impairment. If an impairment exists, the recoverable amounts of the above investments
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appropriateness of management's judgment and
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are estimated in order to determine the extent of
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estimates used in the impairment testing analysis
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the impairment loss, if any.
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through procedures that included, but were not limited to the following:
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Key Audit Matter
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How the KAM was addressed in our audit
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Based on the 'IND AS 36- Impairment of Assets', the Company tested Impairment provision as on 31/03/2026, which involves significant management judgement and estimates and use of different
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Obtained management assessment of recoverable amount for investments where impairment risk is identified
Sighted projections prepared by the management which considered for valuation exercise
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techniques and assumptions which could have a material impact on the reported profit. Significant management judgement and assumptions
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•
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involved in measuring impairment provision with
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•
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Evaluating the adequacy of the financial
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respect to:
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statement disclosure including disclosures of
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• The complexity and the significant judgement
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key assumptions, judgements and sensitivities.
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required in determining the assumptions to be
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•
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We have relied on the calculation of valuation
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used to estimate the recoverable amount of
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provided by the Management for the valuation
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the CGUs, which is based on the higher of the value in use or fair value of the CGU, has been derived from Discounted Cash flow method.
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of equity of the company based on the income approach- DCF Method.
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• These models use several key assumptions, including estimates of future revenue, finance and operating costs, terminal
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We have also obtained management representations wherever considered necessary.
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value growth rates and the cost of equity derived using Capital Asset Pricing Model (discount rate).
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As on 31/03/2026, the management has done valuation based on the DCF method and accordingly determine the fair value of the enterprise.
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Accordingly, we have identified this as a key audit matter.
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Refer Note 2.19 (ii) to the Standalone Financial Statements.
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Other Information
4. The Company's Management and the Board of Directors are responsible for the other information. The other information comprises the information included in the Company's annual report but does not include the Standalone Financial Statements and our auditors' report thereon. The Other Information 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.
I n connection with our audit of the Standalone 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 Financial Statements, or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
5. 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.
Responsibilities of Management's and Those
Charged with Governance for the Standalone
Financial Statements
6. The Company's Management and Board of Directors are 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 financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company 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 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 safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection of the appropriate accounting software for ensuring compliance with applicable laws and regulations including those related to retention of audit logs; 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.
7. In preparing the Standalone Financial Statements, the Company's Management and the 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the
Standalone Financial Statements
8. 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 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 with 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 and the Board of Directors.
• Conclude on the appropriateness of the Management and Board of Director'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 auditors' 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 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 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
9. 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.
10. 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) I n our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of those books; except for the matters stated in paragraph '10 (i) (vi)' below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).
c) The Standalone Balance Sheet, 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 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 read with the relevant rules thereunder.
e) On the basis of the written representations received from the directors as on 31/03/2026 taken on record by the Board of Directors, none of the directors is disqualified as on 31/03/2026 from being appointed as a director in terms of Section 164(2) of the Act.
f) The modification relating to the maintenance of books of accounts and other matters connected therewith are as stated in the paragraph 10 (b) above on reporting under Section 143(3)(b) and paragraph 10 (i) (vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).
g) 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'.
h) In our opinion and according to the information and explanations given to us, the company has paid no remuneration to its directors during the year. Accordingly reporting under the provisions of section 197 of the Act not applicable.
i) 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 as at 31/03/2026 on its financial position in the Standalone Financial Statement as at 31/03/2026 (Refer note 35 to the Standalone Financial Statements).
ii. As represented to us the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There was a delay in transferring the amount relating to unclaimed dividend for FY 2017-18 to the Investor Education and Protection Fund (IEPF). The amount was due for transfer on 23/11/2025; however, the same was subsequently transferred to the IEPF on 10/02/2026.
iv. a) The Management has represented
that, to the best of their knowledge and belief, as disclosed in note no. 49 (viii) to the Standalone Financial Statements, no funds (which are material either individually or in aggregate), other than in normal course of business, 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 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 their knowledge and belief, as disclosed in note no. 49 (ix) to the standalone financial statements, no funds (which are material either individually or in aggregate), other than in normal course of business, have been received by the Company from any person(s) or entity(ies), 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 such audit procedures that have been considered reasonable and appropriate in the circumstances, performed by us, nothing has come to our notice that has caused us to believe that the representations under sub-clause 10 (i) (iv) (a) and 10 (i) (iv) (b) contain any material misstatement.
v. As stated in Note 17.2 to the Standalone Financial Statements,
a) The final dividend proposed in the previous year, and Interim dividend of current year is declared and paid by the Company during the year is in accordance with Section 123 of the Act, as applicable.
b) The Board of Directors of the Company have proposed final dividend for the current financial year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed 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 for maintaining its books of account for the year ended 31/03/2026, 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, except that in respect of the
aforesaid accounting software, audit trail was not enabled at the database level to log any direct data changes. Further, during the course of our audit, we did not come across any instance of the audit trail feature
being tampered with, with respect to the aforesaid of the accounting software for which the audit trail feature was operating. (Refer Note 53 to the Standalone Financial Statements).
For C K S P AND CO LLP Chartered Accountants Firm Reg. No. 131228W/W100044
Debmalya Maitra Partner M. No. 053897 UDIN: 26053897QPEZEP9344
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