We have audited the financial statements of JTEKT India Limited (the
"Company”) which comprise the balance sheet as at 31 March 2026,
and the statement of profit and loss (including other comprehensive
income), statement of changes in equity and statement of cash flows
for the year then ended, and notes to the financial statements, including
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 ("Act”) in the
manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India, of the state of
affairs of the Company as at 31 March 2026, and its profit and other
comprehensive loss, 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 SAs 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 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 obtained by us is sufficient and appropriate to provide
a basis for our opinion on the financial statements.

Key Audit Matter

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.

Other Information

The Company's Management and 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 financial statements and 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.

Management's and Board of Directors' Responsibilities for the
Financial Statements

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 financial statements that give a true and fair view
of the state of affairs, profit / loss and 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. 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.

In preparing the financial statements, the Management and 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 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 the Management and Board of Directors.

• Conclude on the appropriateness of the Management and
Board of Directors use of the going concern basis of accounting
in preparation of financial statements 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 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.

2 A. 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.

e. On the basis of the written representations received from
the directors as on 31 March 2026 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. 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”.

B. 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:

a. The Company has disclosed the impact of pending
litigations as at 31 March 2026 on its financial position in
its financial statements - Refer Note 37B to the financial
statements.

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

c. There has been no delay in transferring amounts, required
to be transferred, to the Investor Education and Protection
Fund by the Company.

d (i) The management has represented that, to the best of its
knowledge and belief, as disclosed in the Note 46(v) to
the financial statements, 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 person(s) or entity(ies),
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 by or on behalf of the Company ("Ultimate
Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.

(ii) The management has represented that, to the best of its
knowledge and belief, as disclosed in the Note 47 (vi) to
the financial statements, no funds have been received by
the Company from any person(s) or entity(ies), 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 Parties ("Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

(iii) 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 (i) and (ii) above, contain any
material misstatement.

e. The final dividend paid by the Company during the year,
in respect of the same 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 42 to the financial statements, the Board
of Directors of the Company has proposed final dividend for
the year 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.

f. Based on our examination which included test checks, the
Company has used accounting softwares for maintaining
its books of account 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 softwares. 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 from the date of audit
trail enablement.

C. With respect to the matter to be included in the Auditor's Report
under Section 197(16) of the Act:

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

For B S R & Co. LLP

Chartered Accountants
Firm's Registration No.:101248W/W-100022

Manish Kapoor

Partner

Place: Gurugram Membership No.: 510688

Date: 14 May 2026 ICAI UDIN:26510688TNANUX7054