We have audited the accompanying Revised Standalone Financial
Statements of Maithan Alloys Limited ("the Company"), which
comprise the Revised Standalone Balance sheet as at March 31,
2026, the Revised Standalone Statement of Profit and Loss,
(including Other Comprehensive Income), the Revised Standalone
Statement of Changes in Equity and the Revised Standalone Cash
Flow Statement for the year then ended, and notes to the Revised
Standalone Financial Statements, including a summary of material
accounting policies and other explanatory information(hereinafter
referred to as the "revised standalone financial statements").

In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid revised 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, and other accounting principles generally accepted in
India, of the state of affairs (financial position) of the Company as at
March 31, 2026, its profit and total comprehensive income, changes
in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the revised standalone financial
statements 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 Revised 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 Revised
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
audit opinion on the Revised Standalone Financial Statements.

Emphasis of Matter

We draw attention to Notes 2 and 57 of the revised standalone
financial statements, which describe the Basis of Preparation. As

explained therein, these revised standalone financial statements
for the year ended March 31, 2026 have been prepared pursuant to
the Composite Scheme of Arrangement ("the Scheme") for the
merger of Impex Metal & Ferro Alloys Limited, a wholly owned
subsidiary of the Company ("Transferor Company"), with the
Company, with effect from the specified retrospective appointed
date of March 31, 2024, as approved by the National Company Law
Tribunal ("NCLT"), Kolkata Bench, vide order dated June 8, 2026
("Order"). A certified copy of the Order sanctioning the Scheme has
been filed by the Company with the Registrar of Companies, West
Bengal, on June 30, 2026.

Note 8(x) to the earlier standalone financial statements explained
that an application for the merger of the Transferor Company with
the Company, with effect from March 31, 2024, was pending before
the NCLT. We issued a separate auditor's report dated May 16, 2026
on those earlier standalone financial statements to the
shareholders of the Company. The application having subsequently
been approved, the Company has now prepared these revised
standalone financial statements incorporating the impact of the
merger as per applicable Indian Accounting standards from March
31, 2024. Accordingly, this audit report relates to the revised
standalone financial statements.

In accordance with SA 560 "Subsequent Events", issued by the
Institute of Chartered Accountants of India, our audit procedures in
relation to the revision of the standalone financial statements have
been carried out solely in respect of this matter, no additional
procedures have been performed in respect of any other events
occurring after May 16, 2026, being the date of our earlier audit
report on the earlier standalone financial statements.

Our earlier auditor's report dated May 16, 2026 (UDIN:
26063769FUQSYN4784) on the earlier standalone financial
statements has been superseded by this auditor's report on the
revised standalone financial statements. Accordingly, the earlier
auditor's report should no longer be relied upon.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the Revised
Standalone Financial Statements for the financial year ended March
31, 2026. These matters were addressed in the context of our audit
of the Revised Standalone Financial Statements as a whole, and in
forming our opinion thereon, and we do not provide a separate
opinion on these matters. For each matter below, our description of
how our audit addressed the matter is provided in that context:

Information Other than the Revised Standalone Financial
Statements and Revised 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 Annual report but does not include the Revised
Standalone Financial Statements and our revised auditor's report
thereon. The above-referred information is expected to be made
available to us after the date of this audit report.

Our opinion on the Revised 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 Revised Standalone Financial
Statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so,
consider whether such other information is materially inconsistent
with the revised standalone financial statements or our knowledge
obtained in the 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 matter to those charged with governance and take appropriate
actions necessitated by the circumstances and the applicable laws
and regulations.

Responsibilities of Management and Board of Directors for the
Revised Standalone 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 Revised 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 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 the
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 Revised Standalone
Financial Statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the Revised Standalone Financial Statements, 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 management either intends to liquidate the
Company or to cease operations, or has no realistic alternative but
to do so.

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

Auditor's Responsibilities for the Audit of the Revised Standalone
Financial Statements

Our objectives are to obtain reasonable assurance about whether
the revised standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to
issue a revised 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 revised 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
revised 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 revised standalone financial statements 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 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 revised auditor's report to the related
disclosures in the Revised 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 earlier 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
Revised Standalone Financial Statements, including the
disclosures, and whether the Revised Standalone Financial
Statements represent the underlying transactions and events in
a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Revised
Standalone Financial Statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably
knowledgeable user of the Revised 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 Revised
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 Revised Standalone Financial
Statements of the current period and are therefore the key audit
matters. We describe these matters in our revised 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 Matters

We did not audit the financial statements of Impex Metal & Ferro
Alloys Limited ("the Transferor Company"), which has been merged
with the Company with effect from the appointed date of March 31,
2024 pursuant to the National Company Law Tribunal (NCLT) Order
dated June 8, 2026, as described in the Emphasis of Matter
paragraph above. The financial statements of the Transferor
Company for the years ended March 31, 2024, March 31, 2025 and
March 31, 2026 were audited by another independent auditor, who
expressed unmodified opinions thereon vide auditor's reports
dated May 23, 2024, May 26, 2025 and May 11, 2026, respectively.

As part of our audit of the revised standalone financial statements
of the Company for the year ended March 31, 2026, we audited only
the adjustments made to give effect to the merger of the Transferor
Company in accordance with the Composite Scheme of
Arrangement and applicable Indian Accounting Standards as
described in Notes 2 and 57 to the revised standalone financial
statements. We were not engaged to audit, review or perform any
other procedures on the historical financial statements of the
Transferor Company other than with respect to such adjustments.

The financial information of the Transferor Company included in the
revised standalone financial statements reflects total assets of
' 140.66 crores as at March 31, 2026, net assets of ' 60.95 crores,
total revenue of ' 175.01 crores, net profit after tax of ' 6.37
crores, total comprehensive income of ' 6.37 crores and net cash
inflows of ' 0.68 crores for the year then ended.

The financial statements of the Transferor Company and the related
auditor's reports have been furnished to us by the Management.
Our opinion on the revised standalone financial statements, insofar
as it relates to the amounts and disclosures pertaining to the
Transferor Company included pursuant to the Scheme, and our
report under Section 143(3) of the Companies Act, 2013, insofar as
it relates to the aforesaid amounts and disclosures, are based on the
reports of the other independent auditor and the audit procedures
performed by us in respect of the merger adjustments referred to
above.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020
("CARO 2020") 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.

2. 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) 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 except for the matters stated in the
paragraph 2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rule, 2014.

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

(d) In our opinion, the aforesaid revised Standalone Financial
Statements comply with the Accounting Standards specified
under Section 133 of the Act, read with companies (Indian
Accounting Standards) Rules, 2015, as amended from time to
time;

(e) On the basis of the written representations received from the
directors 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) The modifications relating to the maintenance of accounts and
other matters connected therewith are as stated in the
paragraph 2(b) above on reporting under section 143(3)(b) of
the Act and paragraph 2(i)(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
with reference to revised standalone financial statements of
the Company and the operating effectiveness of such controls,
refer to our separate Revised Report in "Annexure B".

(h) With respect to the other matters to be included in the Revised
Auditor's Report in accordance with the requirement of section
197(16) of the Act, as amended,

In our opinion and to the best of our information and according
to the explanations given to us, the Managerial remuneration
paid/provided by the Company to its directors during the year is
in accordance with the provisions of section 197 of the Act.

(i) With respect to the other matters to be included in the Revised
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 Revised Standalone Financial
Statements - Refer Note 56 to the Revised Standalone Financial
Statements.

ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material
foreseeable losses as on March 31, 2026.

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 to us that, to the best of

its knowledge and belief, as disclosed in Note 59(v) to the
Revised 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 person(s)
or entities, including foreign entities ("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 to us that, to the best of
its knowledge and belief, as disclosed in Note 59(vi) to the
Revised Standalone Financial Statement, 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, 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 the audit procedures performed, 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 paragraph
2(i)(iv)(a) and (b) above, contain any material
misstatement.

vi. Based on our examination, which included test checks, the
Company has used accounting software including payroll
accounting software for maintaining its books of account for
the financial year ended March 31, 2026 which has a feature of
recording audit trail (edit log) facility and the same has
operated throughout the year for all the relevant transactions
recorded in the accounting software.

Further, during our audit, we did not come across any instance of
audit trail feature being tampered with in respect of accounting
software including payroll accounting software.

Additionally, the audit trail has been preserved by the Company as
per the statutory requirements for record retention to the extent it
was enabled and recorded in the prior years.

For Singhi & Co.

Chartered Accountants
Firm Registration Number: 302049E

(Shrenik Mehta)

Partner

Membership Number: 063769
UDIN: 26063769SVUGGS3973