We have audited the accompanying financial
statements of Indo-Tech Transformers Limited (“the
Company”), which comprise the balance sheet as at
March 31, 2026, statement of profit and loss (including
other comprehensive income), the statement of
changes in equity, the statement of cash flows for the
year ended, and notes to the financial statements,
including a summary of material 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 financial statements give the information
required by the Companies Act, 2013, as amended
(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, and its profit including other

comprehensive income, changes in equity and its cash
flows for the year ended on that date.

Basis for Opinion

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 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 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
financial statements.

Other 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
Discussion and Analysis, Board’s Report including
Annexures to Board’s Report, Business Responsibility
Report, Corporate Governance and Shareholder’s
Information, but does not include the financial
statements and our auditor’s report thereon. These
reports are expected to be made available to us after
the date of this auditor’s report.

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 during
the course of our audit or otherwise appears to be
materially misstated.

When we read the other information, if we conclude
that there is a material misstatement therein, we are

required to communicate the matters to those charged
with governance and take appropriate actions.

Responsibilities of Management and Those Charged
with Governance for the 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 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 accounting principles generally accepted in
India, including the Indian Accounting Standards
(Ind AS) specified under section 133 of the Act, read
with the Companies (Indian Accounting Standards)
Rules, 2015, as amended. 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 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 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 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 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 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 the
management and 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.

• 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.

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 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

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 (including other comprehensive income),
the statement of changes in equity and the
statement of cash flows dealt with by this Report
are in agreement with the books of account;

(d) In our opinion, the aforesaid financial
statements comply with the Ind AS 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, 2026
taken on record by the Board of Directors, none
of the directors are 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 financial
statements 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 with reference to
financial statements;

(g) With respect to the matter to be included in
the Auditor’s Report under Section 197(16) of the
Act, in our opinion, according to the information
and explanation given to us, the remuneration
paid by the Company to its directors during

the year is in accordance with the provisions of
section 197 read with Schedule V of the Act; 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, 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 No. 31 to the
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 has been no delay in transferring
amounts, 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,
as disclosed in the note 39 to the standalone
financial statement 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, as disclosed
in the note 39 to the standalone financial
statement 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
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 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) contain any material mis-statement.

v. The Company has neither declared nor paid
any dividend during the year.

vi. Based on our examination which included
test checks, the company has used BAAN ERP
(till June 2025) and SAP S4 HANA Cloud (w.e.f
1st July 2025) the accounting software’s for
maintaining its books of account which has the
feature of recording audit trail (edit log) facility
and the same has operated throughout the
relevant period mentioned for all transactions
recorded in the software’s. 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 has been
preserved by the company as per the statutory
requirements for record retention in accordance
with the requirements of Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

For ASA & ASSOCIATES LLP

Chartered Accountants

Firm Registration No: 009571N/N500006

G N Ramaswami

Partner

Membership No: 202363

UDIN: 26202363OUUBSL4964

Place: Chennai

Date: May 20, 2026