1. We have audited the accompanying Standalone
financial statements of HI-TECH PIPES LIMITED
("the Company"), which comprise the standalone
Balance Sheet as at March 31, 2026, and the
Standalone Statement of Profit and Loss (including
Other Comprehensive Income), the 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 "Standalone Financial
Statements").

2. 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 Standard 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, its
profit including other comprehensive income,
changes in equity and its cash flows for the year
ended on that date.

BASIS FOR OPINION

3. We conducted our audit in accordance with
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 ethical requirements
that are relevant to our audit of the Standalone
financial statements under the provisions of the
Act and Rules there under 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 Audit opinion on the standalone
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 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, 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: -

INFORMATION OTHER THAN THE FINANCIAL

STATEMENTS AND AUDITOR'S REPORT THEREON

5. The Company's Board of Directors is responsible
for the other information. The other information
comprises the "Board's Report and Annexures
and Management Discussion and Analysis
2025-26" (but does not include the standalone
financial statements and our auditor's report
thereon), which we obtained prior to the date of
this auditor's report, and additional information
excluding those referred above that would be
included in the Integrated Report, which is
expected to be made available to us after that
date.

Our opinion on the standalone 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 standalone
financial statements, our responsibility is to read
the other information and, in doing so, consider
whether the other information is materially
inconsistent with the standalone financial
statements or our knowledge obtained during
the course of our audit or otherwise appears to be
materially misstated.

If, based on the work we have performed on other
information that we obtained prior to the date of
this auditor's report, 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.

When we read the additional information, as
mentioned above, that would be included
in the Integrated 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 FOR THE

STANDALONE FINANCIAL STATEMENTS

6. The Company's Board of Directors 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 financial
statements that 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 Indian Accounting Standards (Ind AS)
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
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.

7. In preparing the Standalone 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.

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

AUDITOR'S RESPONSIBILITY FOR THE AUDIT OF

THE STANDALONE FINANCIAL STATEMENT

9. 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.

10. As part of an audit in accordance with SAs, we
exercise professional judgment and maintain
professional scepticism 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 financial
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 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'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 Group 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 Group 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.

11. We communicate with those charged with
governance of the Company 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.

12. 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.

13. 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 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

14. 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, To the extent applicable.

15. As required by Section 143(3) of the Act, based on

our audit we report: -

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 it appears from our
examination of these books except for the
matters stated in the paragraph 15(h)(vi), on
the reporting under rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended).

c) The Balance Sheet, the Statement of Profit
and Loss including Other Comprehensive
Income, the Statement of Changes in Equity
and Cash Flow Statement dealt with by
this Report are in agreement with books of
account.

d) In our opinion, the aforesaid financial
statements comply with the Indian
Accounting Standards prescribed under
section 133 of the Act.

e) On the basis of the written representations
received from the directors of the Company
as on 31st March, 2026 taken on record by the
Board of Directors, none of the directors is
disqualified as on 31st March, 2026 from being
appointed as a director in terms of Section
164(2) of the Act.

f) With respect to maintenance of accounts and
other matters connected therewith, reference
is made to our remarks in paragraph 15(b)
above on reporting under Section 143(3)(b)
of the Act and paragraph 15(h)(vi) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014.

g) 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.

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 financial statements. Refer Note. 46
to the standalone financial statements.

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

iii. There were no amounts which were
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 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 persons or entities, 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 ("Ultimate
Beneficiaries") by or on behalf of the
Company 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 have been
received by the Company from any
persons or entities, 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 ("Ultimate Beneficiaries")
by or on behalf of the Funding Parties
or provide any guarantee, security
or the like on behalf of the Ultimate
Beneficiaries.

c. Based on such audit procedures
that we 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
(a) and (b) contain any material
misstatement.

v. The board of directors of the company has

not proposed any dividend for the year.

vi. Based on our examination which
included test checks, the Company has
used accounting software for maintaining
its books of account, which did not have
a feature of recording audit trail (edit
log) facility throughout the year for all
the relevant transactions recorded in the
respective software, hence we are unable
to comment on audit trial features of the
said software.

16. The company has paid/provided for managerial
remuneration in accordance with the requisite
approvals mandated by the provisions of Section
197 read with Schedule V of the Act.

For A. N. GARG & COMPANY

Chartered Accountants

FRN- 004616N

A. N. GARG

(FCA, Partner)

M No: -083687

Place: New Delhi

Date: 28^th May, 2026

UDIN: 26083687OADQGU4379