We have audited the accompanying Standalone Financial
Statements of Pitti Engineering Limited ("the Company"), which
comprise the Standalone Balance Sheet as at 31st March 2026,
and the Standalone Statement of Profit and Loss (including Other
Comprehensive Income), the statement of changes in Equity
and the Standalone Statement of Cash Flows, and notes to the
Standalone Financial Statements for the year ended on the date
and 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 Indian Accounting Standards ("Ind
AS") prescribed under Section 133 of the Act read with Companies
(Indian Accounting Standards) Rules, 2015, as amended and other
accounting principles generally accepted in India, of the state of
affairs of the Company as at 31st March, 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 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 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 Standalone Financial Statements under
the provisions of the Act and the Rules made 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 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 of the financial year ended 31st March, 2026.
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. We have determined that there are no key audit matters
to communicate in our report.
INFORMATION OTHERTHAN THE STANDALONE FINANCIAL
STATEMENTS AND AUDITOR'S REPORT THEREON:
The Company's Board of Directors are 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 and Sustainability Report, Corporate Governance
and Shareholder's Information, but does not include the Standalone
Financial Statements, Consolidated 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 on the other information
that we obtained prior to the date of this auditor's report, 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.
RESPONSIBILITIES OF MANAGEMENT AND THOSE
CHARGED WITH GOVERNANCE 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
and presentation of these Standalone Financial Statements
that give a true and fair view of the financial position, financial
performance, changes in equity including other comprehensive
income, 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 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
Statement 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
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 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
financial reporting process of the Company.
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, specified under
section 143(10) we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• I dentify 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 an adequate internal financial
control with reference to standalone financials 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 conclusion 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
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 Companies
Act, 2013, 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 of
the accompanying Standalone Financial Statements.
(b) In our opinion, proper books of account as required by
law relating to preparation of the aforesaid Standalone
Financial Statements 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 Cash Flow and the Statement of Changes
in Equity 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 Ind AS specified under
Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.
(e) On the basis of the written representations received
from the directors as of 31st March, 2026, taken on
record by the Board of Directors, none of the directors
is disqualified as of 31st 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 over financial reporting of the Company and
the operating effectiveness of such controls, refer to
our separate Report in "Annexure B".
(g) 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 as at 31st March, 2026 on
its financial position in its Standalone Financial
Statements - Refer Note 25.2 to the 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
31st March 2026;
iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company
(h) a. The management has represented that to the
best of its knowledge and belief as disclosed in
Note No: 25.22 (vii) to the Standalone Financial
Statement, no funds has 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 or entity,
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 person
or entity 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 and belief as disclosed in
Note No: 25.22 (viii) to the Standalone Financial
Statement, no funds have been received by the
Company from any person or entity, 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 person
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 such audit procedures that were
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 (a) and (b) above,
contain any material misstatement.
(i) 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 8 to the Standalone 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 proposed is in accordance with Section
123 of the Act to the extent it applies to declaration of
dividend.
(j) 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 require to be commented upon by us.
(k) Based on our examination which included test checks,
the company has used an accounting software for
maintaining its books of account for the financial year
ended 31st March, 2026 which has a feature of recording
audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions re¬
corded in the software. Further, during the course of
our audit we did not come across any instance of audit
trail feature being tampered with and the audit trail has
been preserved by the Company as per the statutory
requirements for record retention.
For Talati & Talati LLP,
Chartered Accountants
(Firm Reg No: 110758W/W100377)
CA Amit Shah
Partner
Place of Signature: Hyderabad Membership Number: 122131
Date: 14/05/2026 UDIN: 26122131WQLCJO6222
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