1. We have audited the accompanying financial statements
of Honeywell Automation India Limited (‘the Company’),
which comprise the Balance Sheet as at 31 March
2026, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash Flow
and the Statement of Changes in Equity for the year then
ended, and notes to the financial statements, including
material accounting policy information and other
explanatory information.

2. 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 (‘Ind AS’) specified
under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and other
accounting principles generally accepted in India, of the
state of affairs of the Company as at 31 March 2026, and
its profit (including other comprehensive income), its
cash flows and the changes in equity for the year ended
on that date.

3. We conducted our audit in accordance with the Standards
on Auditing 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 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 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

4. 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.

5. We have determined the matter described below to be the
key audit matter to be communicated in our report.

Information other than the Financial Statements and

Auditor's Report thereon

6. The Company’s Board of Directors are responsible for
the other information. The other information comprises
the information included in the Board’s report including
specific Annexures to Board’s 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 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.

Responsibilities of Management and Those Charged with

Governance for the Financial Statements

7. The accompanying financial statements have been
approved by the Company’s Board of Directors. The
Company’s Board of Directors are responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation and presentation of these
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 accordance with the 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 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 financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

8. 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 the Board
of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do
so.

9. The Board of Directors is also responsible for overseeing
the Company’s financial reporting process.

Auditor's Responsibilities for the Audit of the Financial

Statements

10. Our objectives are to obtain reasonable assurance about
whether the 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 Standards on Auditing 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.

11. As part of an audit in accordance with Standards on
Auditing, specified under section 143(10) of the Act we
exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement
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 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 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 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 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; and

• 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.

12. 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.

13. 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.

14. 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 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.

Other Matter

15. The financial statements of the Company for the year
ended 31 March 2025 were audited by the predecessor
auditor, Deloitte Haskins & Sells LLP, who have expressed
an unmodified opinion on those financial statements vide
their audit report dated 13 May 2025.

Report on Other Legal and Regulatory Requirements

16. As required by section 197(16) of the Act, based on our
audit, we report that the Company has paid remuneration
to its directors during the year in accordance with the
provisions of and limits laid down under section 197 read
with Schedule V to the Act.

17. 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
the Annexure A, a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

18. Further to our comments in Annexure A, as required by
section 143(3) of the Act based on our audit, we report, to
the extent applicable, 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 purpose of our audit of
the accompanying financial statements;

b) Except for the matters stated in paragraph 18(h)(vi)
below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended), 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. Further, the
back-up of the books of accounts and other books and
papers of the Company maintained in electronic mode
has not been maintained on servers physically located
in India, on a daily basis;

c) The financial statements dealt with by this report are in
agreement with the books of account;

d) In our opinion, the aforesaid financial statements
comply with Ind AS specified under section 133 of the
Act;

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

f) The qualification relating to the maintenance of
accounts and other matters connected therewith are
as stated in, paragraph 18(b) above on reporting under
section 143(3)(b) of the Act and paragraph 18(h)(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 financial statements of the
Company as on 31 March 2026 and the operating
effectiveness of such controls, refer to our separate
report in Annexure B wherein we have expressed an
unmodified opinion; and

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, as detailed in Note 34 to the financial
statements, has disclosed the impact of pending
litigations on its financial position as at 31 March
2026.;

ii. The Company, as detailed in Note 35 to the
financial statements, has made provision as at 31
March 2026, as required under the applicable law
or accounting standards, for material foreseeable
losses, if any, on long-term contracts including
derivative contracts;

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company during the
year ended 31 March 2026;

iv. a. The management has represented that, to the

best of its knowledge and belief, as disclosed in
Note 37(B)(iii) to the financial statements, no
funds have been advanced or loaned or invested
(either from borrowed funds or securities
premium or any other sources or kind of funds)
by the Company to or in any persons or entities,
including foreign entities (‘the 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 (‘the Ultimate Beneficiaries’) or
provide any guarantee, security or the like on
behalf the Ultimate Beneficiaries;

b. The management has represented that, to the
best of its knowledge and belief, as disclosed
in Note 37(B)(iv) to the financial statements,
no funds have been received by the Company
from any persons or entities, including foreign
entities (‘the 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

c. Based on such audit procedures performed
as considered reasonable and appropriate
in the circumstances, nothing has come to
our notice that has caused us to believe that
the management representations under sub¬
clauses (a) and (b) above contain any material
misstatement.

v. The final dividend paid by the Company during
the year ended 31 March 2026, in respect of
such dividend declared for the previous year, is
in accordance with section 123 of the Act to the
extent it applies to payment of dividend.

As stated in Note 39 to the accompanying financial
statements, the Board of Directors of the Company
have proposed final dividend for the year ended 31
March 2026 which is subject to the approval of the
members at the ensuing Annual General Meeting.
The dividend declared is in accordance with section
123 of the Act to the extent it applies to declaration
of dividend.

vi. As stated in Note 42 to the financial statements
and based on our examination which included test
checks, except for instances mentioned below, the
Company, in respect of financial year commencing
on 1 April 2025, has used accounting software
for maintaining its books of account which have a
feature of recording audit trail (edit log) facility and
the same have been operated throughout the year
for all relevant transactions recorded in the software.
Further, during the course of our audit we did not
come across any instance of audit trail feature
being tampered with, other than the consequential
impact of the exceptions given below. Furthermore,
except for instances mentioned below, the audit
trail has been preserved by the Company as per the
statutory requirements for record retention:

i. The audit trail feature was not enabled at the
database level for an ERP accounting software
to log any direct data changes, used for
maintenance of all records by the Company.

ii. The accounting software used for maintenance
of payroll records is operated by a third-party
software service provider. In the absence of any
information on existence of audit trail (edit logs)
for any direct changes made at the database level
in the ‘Independent Service Auditor’s Assurance
Report on the Description of Controls, their
Design and Operating Effectiveness’ (‘Type 2
report’ issued in accordance with SAE 3402,
Assurance Reports on Controls at a Service
Organization), we are unable to comment on
whether audit trail feature with respect to the
database of the said software was enabled and
operated throughout the year.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm’s Registration No.: 001076N/N500013

Sumesh E S

Partner

Membership No.: 206931
UDIN: 26206931JOIRSI6127

Place: Chennai
Date: 20 May 20226