We have audited the accompanying standalone financial
statements of Orient Green Power Company Limited ("the
Company”), which comprise the Standalone Balance Sheet
as at March 31, 2026, the Standalone Statement of Profit and
Loss (including Other Comprehensive Income), Standalone
Statement of Changes in Equity and Standalone Statement of
Cash Flows for the year then ended, and notes to the financial
statements, including a summary of material accounting
policies and other explanatory information (hereinafter
referred to as "the standalone financial statements”).

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, as amended ("the 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 March 31, 2026, and its
loss and total 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 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 ('the 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 on the
standalone Financial Statements.

Emphasis of Matter:

We draw attention to the following matter in the Notes to the
standalone financial statements:

i. Considering the restrictive covenants by financial
institutions on a subsidiary viz. Beta Wind Farm Private
Limited (Beta) and the uncertainty associated with
the recovery, the company has on a prudent basis not
recognized the finance income of '5,301 Lakhs during
the year ended March 31, 2026 (cumulative '51,421 lakhs
up to March 31, 2026) on loan measured at amortized
cost, consequent to fair valuation of investment in
preference shares. Had the company recognized the
finance income, the net loss for the year would have
been lower by '5,301 Lakhs (cumulative '51,421 Lakhs
up to March 31, 2026) and the loan to subsidiary would
have been higher by '51,421 Lakhs.

The aforesaid finance income, represents an estimation
of fair value adjustments under applicable Indian
Accounting Standards (IND AS). The company does not
have any right for receiving the payment of dividend on
investments in preference shares, until Beta declares
the dividend. Further, the declaration of dividend is
subject to compliances under the Companies Act,
2013, availability of adequate profits and is presently
not permitted as per restrictive covenants of financial
institution. Accordingly, Beta has not declared any
dividend on preference shares since the same were
issued. As at March 31, 2026, no dividend or any other
return on investment as such is receivable to the
company from Beta.

Our opinion is not modified in respect of the above matter.
Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
standalone financial statements of the current year. 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 matter described
below to be the key audit matters to be communicated in our
report:

Information Other than the Standalone 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, the report of the Board of Directors and the report
on the Corporate Governance but does not include the
standalone financial statements and our auditor's report
thereon.

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, 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 Responsibility for the 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 Standalone Financial Statements
that give a true and fair view of the financial position,
financial performance including total comprehensive
income/loss, 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 Company's (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 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 standalone financial
statements that give a true and fair view and are free from
material misstatements, whether due to fraud or error.

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 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 Standalone
Financial Statements

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.

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 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 controls
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 system 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 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 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 Company 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.

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 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

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 said Order, to the extent applicable.

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) I n 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 Cash Flow Statement dealt
with by this Report are in agreement with the books of
account.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting

Standards 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, and taken on
record by the Board of Directors, none of the directors is
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 over financial reporting of the Company and
the operating effectiveness of such controls, refer to
our separate Report in "Annexure B” to this report.

(g) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements
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 remuneration paid
by the Company to its directors during the year is in
accordance with the provisions of section 197 (16) of the
Act.

(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 standalone
financial statements - Refer Notes 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. According to the information and explanations
given to us, Company is not required to transfer any
amount to the Investor Education and Protection
Fund (IEPF) during the year ended March 31, 2026.

iv. a. The management has represented that to the

best of its knowledge or 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, 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 that to the best
of its knowledge or belief, other than as disclosed
in notes to the financial statements, no funds
have been received by the company to or in any
other persons or entities 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;

c. Based on the audit procedures considered
reasonable and appropriate in the circumstances
carried out by us, nothing has come to our
notice that has caused us to believe that the
representation under clause (iv-a) & (iv-b) contain
any material misstatements

v. The Company has not declared and paid any
dividend during the year.

vi. According to the information and explanations
given to us and based on our examination which
included appropriate test checks, we report that
the company has used accounting software for
maintaining its books of account which has the
feature of recording audit trail (edit log) facility and
the same has operated throughout the year for all
relevant transactions recorded in the software.
Further, we did not come across any instance of
tampering of the audit trail feature during the
course of our audit and the audit trail has been
preserved by the company as per the statutory
requirements for record retention.

For G. D. Apte & Co.

Chartered Accountants
Firm Registration Number: 100515W
UDIN: 26113053OFDBVR7759

Umesh S. Abhyankar
Pune, Partner

May 11, 2026 Membership Number: 113 053