We have audited the accompanying standalone
financial statements of Oswal Pumps 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, the Standalone Statement of Changes in
Equity and the Standalone Statement of Cash Flows
for the year then ended, and notes to the standalone
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 ("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, 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 of the standalone financial
statements in accordance with the Standards on
Auditing (SAs), as 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 together with the ethical requirements that
are relevant to our audit of the 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 ICAI's Code of Ethics. We believe
that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our audit
opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgment, were of most significance
in our audit of the standalone financial statements
for the financial year ended March 31, 2026. 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 matters described below to be the
key audit matters to be communicated in our report.

Other Information

The Company's Board of Directors is responsible for
the other information. The other information comprises
the information included in the Management
Discussion & Analysis, Board's Report and Corporate
Governance Report including annexures thereto, but
does not include the standalone financial statements
and our auditor's reports thereon. The annual report is
expected to be made available to us after date of this
audit's report.

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 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. When we read the Annual Report,
if we conclude that there is a material misstatement
therein, we are required to communicate the matter to
those charged with governance and take necessary
actions, as applicable under the applicable laws and
regulations.

Responsibilities of Management 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
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 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 misstatement, 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 management 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
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 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 standalone
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
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.

Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or
in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
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 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 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.

2A. 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 except for the
matters stated in paragraph 2B(f) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014;

(c) The standalone balance sheet, the standalone
statement of profit and loss including other
comprehensive income, the standalone
statement of changes in equity and the
standalone statement of cash flows and 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 (Ind AS) specified
under Section 133 of the Act;

(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 is 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
2A(b) above on reporting under Section 143(3)

(b) of the Act and paragraph 2B(f) 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 these
standalone financial statements of the
Company and the operating effectiveness of
such controls, refer to our separate Report in
"Annexure B" to this report;

2B. 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:

(a) The Company has disclosed the impact of
pending litigations on its financial position in its
standalone financial statements - Refer Note
39.2 to the standalone financial statements;

(b) The Company did not have any material
foreseeable losses in long-term contracts
including derivative contracts;

(c) There were no amount which were 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 it's knowledge and
belief, as disclosed in the Note 44(a) to
the standalone 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 persons or entities, including
foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing
or otherwise, that the Intermediaries 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;

(ii) The management has represented, that,
to the best of it's knowledge and belief,
as disclosed in the Note 44(a) to the
standalone financial statements, 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, 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;

(iii) Based on such audit procedures, we have
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 d(i) and d(ii) contain any material
misstatement;

(e) The Company has not declared and paid
any dividend during the year. Therefore,
reporting in this regard is not applicable to the
Company.

(f) Based on our examination, which included test
checks, the Company has used accounting
software (ERP) for maintaining books of
accounts which has the feature of recording
audit trail (edit log) facility and has been

operated throughout the year for all relevant
transactions recorded in the accounting
software (ERP), except that:

i. No audit trail feature was enabled at the
database level throughout the year in
respect of all the accounting software to
log any direct data changes;

ii. In respect of accounting software, in which
the feature of audit trail (edit log) was
enabled but was not capturing the nature
of changes made for certain categories of
transactions.

Further, where audit trail (edit log) facility
was enabled and operated throughout the
year, we did not come across any instance
of the audit trail feature being tampered
with. Additionally, except to the extent audit
trail was not enabled for the previous years,
the audit trail has been preserved by the
Company as per the statutory requirements
for record retention.

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

In our opinion the managerial remuneration paid/
provided by the Company for the year ended
March 31, 2026 is in accordance with the provisions
of section 197 read with Schedule V to the Act;

For Singhi & Co.

Chartered Accountants
Firm Reg. No. 302049E

Bimal Kumar Sipani

Partner

Place: Noida (Delhi - NCR) Membership No. 088926

Date: May 16, 2026 UDIN : 26088926FFJDCJ7935