We have audited the accompanying Financial
Statements of The Standard Batteries Limited ("the
Company"), which comprise the Balance Sheet as at 31st
March, 2026, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for
the year then ended, and notes to the Financial
Statements including summary of material accounting
policies and other explanatory information (hereinafter
referred to as "the Financial Statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
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, ("Ind
AS") and other accounting principles generally accepted
in India, of the state of affairs (financial position) of the
Company as at 31st March, 2026, and its loss (financial
performance 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 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 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
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
Financial Statements.

Key Audit Matters are those matters that, in our
professional judgment, were of most significance in our
audit of the Financial Statements for 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 the matters described below to be the
key audit matters to be communicated in our report. For
the matters below, our description of how our audit
addressed those matters is provided in that context.

We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the Financial
Statements section of our report, including in relation to
these matters. Accordingly, our audit included the
performance of procedures designed to respond to our
assessment of the risks of material misstatement of the
Financial Statements. The results of our audit
procedures, including the procedures performed to
address the matter below, provide the basis for our audit
opinion on the accompanying Financial Statements.

Information Other than the Financial Statements and
Auditor's Report Thereon

The Company's Board of Directors is responsible for the
preparation of 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 and
Shareholders Information 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 Financial Statements does not cover
the other information and we do not express any form of
assurance or conclusion thereon.

In connection with our audit of the Financial Statements,
our responsibility is to read the other information and, in
doing so, consider whether the other information is
materially inconsistent with the 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.

Responsibilities of Management and Those Charged
with Governance for the 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 Financial Statements that give a
true and fair view of the financial position, financial
performance, total comprehensive income, changes in
equity and cash flows of the Company in accordance
with the Ind AS and other accounting principles
generally accepted in India. 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 Financial
Statements that give a true and fair view and are free
from material misstatement, whether due to fraud or
error.

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

The Board of Directors is responsible for overseeing the
Company's financial reporting process.

Auditor's Responsibilities for the Audit of the
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the 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 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 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 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 the 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 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 Financial Statements, including the
disclosures, and whether the Financial Statements
represent the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the
financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a
reasonably knowledgeable user of the 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 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 for the year ended 31st March, 2026 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 in terms of Section 143(11) of the Act, we
give in "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, based on

our report 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;

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

d) in our opinion, the aforesaid Financial
Statements comply with the Indian Accounting
Standards specified under Section 133 of the
Act read with Companies (Indian Accounting
Standards) Rule, 2019, as amended;

e) on the basis of written representation received
from the directors as on
31st March, 2025 and taken on record by the
Board of Directors, none of the directors are
disqualified as on 31st March, 2025 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 with reference to the
Financial Statements 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 Auditors' Report in accordance with the
requirements of section 197(16) of the Act, the
Company has complied with the provisions of
Section 197 read with Schedule V of the Act,
relating to managerial remuneration.

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, 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 the financial
position in the Financial Statements (Refer
Note 21 (a) & 21 (b) 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. There were no amounts due which were
required to be transferred to the Investor
Education and Protection Fund by the
Company.

iv. a) The Management has represented

that, to the best of its knowledge and
belief, no funds (which are material
either individually or in the
aggregate) 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
or entity, including foreign entity
("Intermediaries"), with the
understanding, whether recorded in
writing or otherwise, that the
Intermediary shall, whether, directly
or indirectly lend to 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, no funds (which are material
either individually or in the aggregate)
have been received by the Company
from any person or entity, including
foreign entity ("Funding Parties"), with
the understanding, whether recorded
in writing or otherwise, that the
Company shall, whether, directly or
indirectly, lend to 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 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
(a) and (b) above, contain any material
misstatement.

v. The Company has not declared or paid
any dividend during the year hence
requirement for compliance with
Section 123 of the Act is not applicable.

vi. Based on our examination, including
test checks, the company has utilized
accounting software with an audit trail
(edit log) feature for maintaining its
books of account, which has been
consistently operated throughout the
year for all relevant transactions.
During our audit, we did not find any
instance of the audit trail feature being
tampered with and the audit trail has
been preserved by the Company as per
statutory requirements for record
retention.

For V. Singhi & Associates

Chartered Accountants

Firm Registration No.: 311017E

(Naveen Taparia)

Partner

Membership No.: 058433

UDIN : 26058433YVTCNU4544

Date : 29th May, 2026
Place: Kolkata