1. We have audited the accompanying standalone financial
statements of Shakti Pumps (India) Limited ("the
Company"), which comprise the Standalone Balance Sheet
as at March 31, 2026, and 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 material accounting policy information and
other explanatory information in which are included the
financial information for the year ended on that date
audited by the branch auditors of the Company's branch
located at Uganda.

2. 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, and total comprehensive income

(comprising of profit and other comprehensive income),
changes in equity and its cash flows for the year then
ended.

Basis for Opinion

3. 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 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 the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

Key audit matters

4. 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
period. 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.

Other Information

5. 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 financial statements and our auditor's
report thereon. The annual report is expected to be made
available to us after the date of this auditor's report.

Our opinion on the standalone financial statements does
not cover the other information and we will 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 identified above when it becomes available
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.

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 appropriate action as applicable
under the relevant laws and regulations.

Responsibilities of management and those charged with

governance for the standalone financial statements

6. 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, changes in equity and cash flows
of the Company in accordance with the accounting
principles generally accepted in India, including the
Indian Accounting Standards 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.

7. In preparing the standalone financial statements, Board
of Directors 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 Board of
Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do
so.

8. Those 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

9. 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.

10. As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional
scepticism throughout the audit. We also:

O 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.

O 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.

O Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.

O 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.

O 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.

O Obtain sufficient appropriate audit evidence
regarding the financial information of the Company,
including its branch, to express an opinion on the
standalone financial statements. We are responsible
for the direction, supervision and performance of the
audit of the financial statements of the Company.
For the branch included in the standalone financial
statements, which has been audited by the branch
auditors, such branch auditors remain responsible
for the direction, supervision and performance of
the audit carried out by them. We remain solely
responsible for our audit opinion.

11. 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.

12. 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.

13. 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.

Other Matter

14. The financial information of one branch included in the
standalone financial statements of the Company reflect
total assets of Rs. 97.06 crores and net assets of Rs. 3.09
crores as at March 31, 2026, total revenue of Rs. 72.84
crores, net profit after tax of Rs. 1.97 crores, and total
comprehensive income (comprising of profit and other
comprehensive income) of Rs. 2.13 crores and net cash
flows amounting to Rs. 2.30 crores for the year ended on
that date. The financial information of this branch has
been audited by branch auditors whose report has been
furnished to us by the management, and our opinion on
the standalone financial statements (including other
information) insofar as it relates to the amounts and
disclosures included in respect of this branch, is based
on the report of such branch auditors and the procedures
performed by us.

Our opinion on the standalone financial statements and
our 'Report on other legal and regulatory requirements'
below, is not modified in respect of the above matter of
our reliance on the work done and report of the branch
auditors.

Report on other legal and regulatory requirements

15. 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 B" a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

16. 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, and proper returns
adequate for the purposes of our audit have been received
from the branches not visited by us, except for the matters
stated in paragraph 16(i)(vi) below on reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014 (as
amended).

(c) The reports on the accounts of the branch offices of
the Company audited under Section 143(8) of the Act
by branch auditors have been sent to us and have been
properly dealt with by us in preparing this report.

(d) 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 dealt with
by this Report are in agreement with the books of account
and the financial information received from the branch
not visited by us.

(e) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting Standards
specified under Section 133 of the Act.

(f) 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.

(g) With respect to the maintenance of accounts and other
matters connected therewith, reference is made to our
remarks in paragraph 16(b) above and paragraph 16(i)(vi)
below.

(h) With respect to the adequacy of the internal financial
controls with reference to standalone financial statements
of the Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure A".

(i) 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 Note 39(a) to the
standalone financial statements;

ii. The Company was not required to recognise a
provision as at March 31, 2026 under the applicable
law or Indian Accounting Standards, as it does not
have any material foreseeable losses on long-term
contract. The Company did not have any long term

derivative contracts as at 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 during the year.

iv. (a) The management has represented that, to the best

of its knowledge and belief, as disclosed in Note
52(viii) 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 person(s) or entity(ies),
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 and belief, as disclosed in Note
52(viii) to the standalone 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, 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 such audit procedures that we
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 (a) and (b)
contain any material misstatement.

v. The final dividend paid by the Company during the
year in respect of the prior year ended March 31, 2025
is in accordance with Section 123 of the Act to the
extent it applies to payment of final dividend until the
date of this audit report.

Further, as stated in Note 37 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
declared is in accordance with Section 123 of the Act
to the extent it applies to declaration of dividend.

vi. Based on our examination, which included test
checks, the Company has used an accounting
software for maintaining its books of account which
has a feature of recording audit trail (edit log) facility
and that has operated throughout the year for all
relevant transactions recorded in the software,
except that the audit trail is not maintained for
certain transactions. Further, the audit trail feature
has not been enabled at the database level to log any
direct data changes. During the course of performing
our procedures, other than the aforesaid instances
of audit trail not enabled/ maintained where the
question of our commenting does not arise, we did

not notice any instance of audit trail feature being
tampered with, or not preserved by the Company as
per the statutory requirements for record retention.

17. The Company has paid/ provided for managerial
remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with
Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016

Ali Akbar
Partner

Place: Mumbai Membership Number: 117839

Date: May 7, 2026 UDIN: 26117839VLFDHA9212