1. We have audited the accompanying standalone financial statements of Suzlon Energy Limited (‘the Company’),
which comprise the Standalone Balance Sheet as at 31 March 2026, the Standalone Statement of Profit and Loss
(including Other Comprehensive Income), the Standalone Statement of Cash Flow and the Standalone Statement
of Changes in Equity 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 returns for the year
ended on that date audited by the branch auditors of the Company’s branches located at Federal Republic of
Germany and the Kingdom of Netherlands.
2. In our opinion and to the best of our information and according to the explanations given to us, and based on the
consideration of the reports of the branch auditors as referred to in paragraph 16 below, 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’) specified
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other
accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2026,
and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended
on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing 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 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 together with
the audit evidence obtained by the branch auditors, in terms of their reports referred to in paragraph 16 of the
Other Matter section below is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
4. We draw attention to Note 17 to the accompanying standalone financial statements, which describes the
restatement of the comparative financial information for the year ended 31 March 2025, to give effect to the
Scheme of Arrangement (hereinafter referred to as “Scheme”) approved by National Company Law Tribunal
vide its order dated 29 April 2026. As set out in the said note, pursuant to the approved Scheme, the Company
has adjusted the debit balance in the retained earnings of ^ 18,418.43 crores as at the appointed date of 30
September 2024 against the available reserves as on such date in the manner as specified in the Scheme and
further reclassified the balance in general reserves of ^ 912.06 crores as on the appointed date to retained
earnings. Our opinion is not modified in respect of this matter.
Key Audit Matters
5. Key audit matters are those matters that, in our professional judgment, and based on the consideration of the
reports of the branch auditors as referred to paragraph 16 below, 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.
6. We have determined the matters described below to be the key audit matters to be communicated in our report.
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Key audit matters
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How our audit addressed the key audit matters
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Impairment assessment of investment in equity shares of,
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Our audit procedures in relation to assessing the
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and inter corporate deposits given to SE Forge Limited and
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recoverable amount of investments and inter-
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Renom Energy Services Private Limited
As described in Note 9 to the standalone financial statements,
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corporate deposits included but were not limited
to, the following:
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the carrying value of investment in equity shares of and inter
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• Obtained an understanding of management’s
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corporate deposits given to SE Forge Limited (SEFL) as at 31
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impairment assessment process and assessed
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March 2026 amounted to ^ 1,044.96 crores and ^ 130.56
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the appropriateness of the accounting policy on
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crores respectively (Previous year: ^ 290.73 crores and
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Impairment of financial assets in accordance
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^ 118.97 crores respectively). The increase in carrying value
of investments during the year is on account of reversal of
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with Ind AS 36 and Ind AS 109;
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impairment losses aggregating to ^ 754.23 crores recognised
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• Evaluated the design and tested operating
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in prior periods in respect of these investments. Further,
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effectiveness of internal financial controls over
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the carrying value of investment in equity shares of, and
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the impairment assessment of investments and
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inter corporate deposits given to Renom Energy Services
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inter corporate deposits;
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Private Limited (RESPL) as at 31 March 2026 amounted to
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• Obtained the impairment assessment carried
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^ 827.40 crores and ^ 35.00 crores respectively (Previous
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out by the management including report of
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year: ^ 907.40 crores and ^ 20.09 crores respectively), after
recognising impairment loss of ^ 80.00 crores during the
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external independent valuation expert;
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year. Refer Note 2.3 (r) for the related material accounting
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• Assessed the professional competence,
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policy information.
The Company’s share in net assets of the aforesaid investee
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and objectivity of the external independent
valuation expert engaged by management;
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companies is lower than the carrying value of investments
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• Engaged auditor’s expert to assess
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and inter corporate deposits as at 31 March 2026, which
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appropriateness of valuation methodology
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has been identified as impairment indicator as under Ind AS
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used by the management and reasonableness
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36 - Impairment of Assets (‘Ind AS 36’) and indicator for
potential significant increase in credit risk under Ind AS 109
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of valuation assumptions used;
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- Financial Instruments (‘Ind AS 109’) respectively.
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• Traced the projected cash flows to approved
business plans and critically challenged
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The management has performed a detailed impairment
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underlying assumptions such as future expected
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assessment of aforesaid recoverable balances by determining
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revenue growth rate, terminal growth rate
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their recoverable amount using discounted cash flow model
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and gross margins basis our understanding of
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that required the management to exercise significant
judgment with respect to various assumptions and inputs
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business and market conditions;
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underlying such assessment, such as future expected revenue
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• Tested the arithmetical accuracy and sensitivity
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growth rate, gross margins, future cash flows, and the most
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analysis performed by management of
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appropriate discount rate, based on current and expected
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key assumptions such as discount and growth
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economic factors and market conditions. Based on such
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rates; and
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assessment, the Company has recognised an impairment loss
on equity investment of ^ 80.00 crores in respect of RESPL
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• Assessed the appropriateness of disclosures
made in the accompanying standalone financial
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and reversed previously recognised impairment on equity
investment amounting to ^ 754.23 crores in respect of SEFL
during the year ended 31 March 26.
Considering the materiality of the amounts and significant
degree of judgement and subjectivity involved in the
estimates and key assumptions used by the management in
determining recoverable amount of aforesaid investments
and inter corporate deposits, we have considered this matter
as key audit matter for the current year’s audit.
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statements in accordance with the requirements
of applicable Indian Accounting Standards
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Key audit matters
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How our audit addressed the key audit matters
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Recoverability of trade receivables
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As described in Note 10 to the standalone financial
statements, the Company has trade receivables of ^ 5,959.26
crores (net) as on 31 March 2026. Refer Note 2.3 (r) for the
related material accounting policy information.
The Company recognizes loss allowance for trade receivables
based on the expected credit loss (‘ECL’) model using
the simplified approach in accordance with Ind AS 109,
Financial Instruments (‘Ind AS 109’). Assessment of the
recoverability of trade receivables is inherently subjective
and requires significant management judgement and inputs
which includes repayment history and financial position of
entities from whom these balances are recoverable, terms
of underlying arrangements, overdue balances, market
conditions, etc.
Considering the materiality of the amounts, and the
judgement and subjectivity involved in the estimates and
assumptions used in aforesaid ECL assessment, we have
considered this matter as a key audit matter for current
year’s audit.
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Our audit procedures in relation to recoverability of
trade receivables included, but were not limited to,
the following:
• Obtained an understanding of, and evaluating
the design, implementation and operating
effectiveness of the internal financial controls
over, the process of estimating recoverability
and the allowance for impairment of trade
receivables including adherence to the
requirements of Ind AS 109;
• Assessed reasonableness of the method,
assumptions and judgements used by the
management with respect to recoverability and
determination of the allowance for impairment
of trade receivables;
• Tested, on sample basis, the key inputs used in
the provisioning model by the Company such
as repayment history, terms of underlying
arrangements, overdue balances, market
conditions, etc.
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•
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Obtained balance confirmation for selected
samples and verified the reconciliation for
differences, if any for the confirmations
received;
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•
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Assessed the recoverability of overdue
trade receivables through inquiry with the
management and by obtaining sufficient
corroborative evidence to support the
conclusion;
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•
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Assessed the net exposure after considering
the other liabilities payable such as liquidated
damages, claims payables to selected trade
receivables;
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•
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Tested subsequent settlement of selected trade
receivables after the balance sheet date, and
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•
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Assessed the appropriateness of disclosures
made in the standalone financial statements in
accordance with the requirements of applicable
accounting standards.
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Key audit matters
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How our audit addressed the key audit matters
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Recoverability of deferred tax assets
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Our audit procedures in relation to the
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As detailed in note 32 to the accompanying standalone
financial statements, the Company has recognised deferred
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recoverability of deferred tax assets included, but
were not limited to, the following:
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tax assets (net) aggregating to ^ 1202.11 crores as at
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•
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Obtained and evaluated material accounting
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31 March 2026, in accordance with the requirements of
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policy information with respect to recoverability
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deferred tax assets under Ind AS 12, ‘Income Taxes (Ind AS
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of deferred tax assets in accordance with Ind
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12)’. Refer Note 2.3 (g) for the related material accounting
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AS 12;
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policy information.
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•
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Evaluated the design and tested the operating
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The Company’s ability to recover the deferred tax assets is
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effectiveness of key internal financial
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assessed by the management at the close of each reporting
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controls implemented by the Company over
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period which depends on the forecasts of the future results
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recoverability of deferred tax assets based on
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and taxable profits that Company expects to earn within the
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the assessment of Company’s ability to generate
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period by which such brought forward losses and unabsorbed
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sufficient taxable profits in foreseeable future
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depreciation can be adjusted against the taxable profits as
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allowing the use of deferred tax assets within
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governed by the Income-tax Act, 1961.
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the time prescribed by income tax laws.
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The projected cash flows involve key assumptions such as
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•
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Reconciled the future taxable profit projections
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future growth rate and market conditions. Any change in
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to future business plans of the Company as
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these assumptions could have a material impact on the
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approved by the management.
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carrying value of deferred tax assets. These assumptions and
estimates are inherently subjective and require significant
management judgments and depend on the future market
and economic conditions, including industry focused trade
policies, materialization of the Company’s expansion plans.
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•
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Tested the assumptions used in the aforesaid
future projections such as growth rates,
expected saving, increased utilisation of
plants, etc. considering our understanding of
the business, actual historical results, other
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Considering the materiality of the amounts, complexities
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relevant existing conditions, external data and
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and significant judgements involved, as described above,
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market conditions.
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we have identified the recoverability of deferred tax assets
recognised on carried forward tax losses and unabsorbed
depreciation as a key audit matter for the current year’s
audit.
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•
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Tested the arithmetical accuracy of the
calculations including those related to
sensitivity analysis performed by the
management.
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•
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Performed independent sensitivity analysis to
test the impact of possible variations in key
assumptions.
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•
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Reviewed the historical accuracy of the cash
flow projections prepared by the management
in prior periods.
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•
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Evaluated management’s assessment of time
period available for adjustment of such deferred
tax assets as per provisions of the Income tax
Act, 1961 and appropriateness of the accounting
treatment with respect to the recognition of
deferred tax assets as per requirements of Ind
AS 12, Income Taxes.
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•
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Evaluated the appropriateness and adequacy of
the disclosures made in the standalone financial
statements in respect of deferred tax assets
in accordance with applicable accounting
standards.
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Key audit matters
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How our audit addressed the key audit matters
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Implementation of new information technology (‘IT’)
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Our key audit procedures in relation to
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system:
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implementation of the new IT system included,
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The Company has implemented a new IT system, SAP S/4
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but were not limited to, the following:
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Hana (‘new IT system’) with effect from 01 May 2025, for
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• Obtained the understanding of the process
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supporting its operations and financial reporting, which
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followed by the Company for implementing the
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required an extensive exercise of data migration from the
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new IT system and migration of standing data
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erstwhile IT system SAP ECC (‘erstwhile IT system’) to the
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from erstwhile IT system into SAP S/4 Hana,
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new IT system.
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including proper authorization, completeness,
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Such significant system change increases the risk to the
internal financial controls environment of the Company.
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accuracy and manual controls put in place in
such process;
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These changes create a financial reporting risk while
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• Evaluated the design and tested the operating
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migration takes place as controls and processes that have
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effectiveness of key controls over the new
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been established are updated and migrated into a new IT
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system implementation, which includes the
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environment. The significant data migration required for the
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overall project implementation plan; project
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above exercise also leads to risk of errors.
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roles and responsibilities; approval for new
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Considering the significance of the activity and the pervasive
impact on the standalone financial statements, this matter
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system requirements; and inspection of formal
sign-offs including authorization for go-live;
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has been considered as a key audit matter for current year’s
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• Reviewed the reconciliations prepared by the
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audit.
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management relating to the data migration
and tested migration of a sample of general /
sub-ledger accounts and balances, including
standing masters within the financial systems
from erstwhile IT system to the new IT system,
and
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• Evaluated the design and operating effectiveness
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of the IT General Controls (ITGCs) and business
processes post migration (both automated and
manual) of the new IT system and evaluated
the impact of results in planning our audit
procedures.
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Information other than the Standalone Financial Statements and Auditor’s Report thereon
7. The Company’s Board of Directors are responsible for the other information. The other information comprises
the information included in the Annual Report, but does not include the standalone 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 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 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.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements
8. The accompanying standalone financial statements have been approved by the Company’s Board of Directors.
The Company’s Board of Directors are 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 including other comprehensive income, changes in equity and cash
flows of the Company in accordance with the Ind AS specified under section 133 of the Act 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 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 misstatement, whether due to fraud or error.
9. In preparing the standalone financial statements, the 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 the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
10. 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
11. 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 Standards on Auditing 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.
12. As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act 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 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 Board of Directors’ 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 and
• Obtain sufficient appropriate audit evidence regarding the business activities and standalone financial
statements of the Company which includes financial information of its branches to express an opinion on the
standalone financial statements. We are responsible for the direction, supervision and performance of the
audit of the standalone financial statements of the Company of which we are the independent auditors. For
the branches included in the standalone financial statements, which have been audited by the branch auditors,
such branch auditors remain responsible for the direction, supervision and performance of the audits carried
out by them. We remain solely responsible for our audit opinion.
13. 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.
14. 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.
15. 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 years 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
16. We did not audit the annual financial statements of two branches included in the standalone financial statements
of the Company whose financial statements reflects total assets of ^ 63.15 crores as at 31 March 2026, and the
total revenues of ^ 180.88 crores and net cash inflows of ^ 0.02 crores for the year ended on that date. These
annual financial statements have been audited by the branch auditors whose reports have been furnished to us
by the management, and our opinion on the standalone financial statements, in so far as it relates to the amounts
and disclosures included in respect of these branches, and our report in terms of sub-section (3) of section 143
of the Act in so far as it relates to the aforesaid branches, is based solely on the report of such branch auditors.
Further, these branches are located outside India whose financial statements and other financial information
have been prepared in accordance with accounting principles generally accepted in their respective countries
and which have been audited by branch auditors under generally accepted auditing standards applicable in India.
The Company’s management has converted the financial statements of such branches from accounting principles
generally accepted in their respective countries to accounting principles generally accepted in India. We have
audited these conversion adjustments made by the Company’s management. Our opinion on the standalone
financial statements, in so far as it relates to the amounts and disclosures included in respect of such branches
is based on the report of branch auditors and the conversion adjustments prepared by the management of the
Company and audited by us.
Our opinion above on the standalone financial statements, and our report on other legal and regulatory
requirements below, are not modified in respect of the above matters with respect to our reliance on the work
done by and the reports of the branch auditors.
Report on Other Legal and Regulatory Requirements
17. As required by section 197(16) of the Act, based on our audit, we report that the Company has paid remuneration
to its directors during the year in accordance with the provisions of and limits laid down under section 197 read
with Schedule V to the Act.
18. As required by the Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the Central Government of
India in terms of section 143(11) of the Act we give in the Annexure I a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
19. Further to our comments in Annexure I, as required by section 143(3) of the Act based on our audit, and on the
consideration of the reports of the branch auditors as referred to in paragraph 16 above, we report, to the extent
applicable, 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 purpose of our audit of the accompanying standalone financial statements;
b) Except for the matters stated in paragraph 19(i)(vi) below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended)}, 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. Further, the
back-up of the books of accounts and other books and papers of the Company maintained in electronic mode
has been maintained on servers physically located in India, on a daily basis;
c) The reports on the accounts of the branch offices of the Company audited under section 143(8) of the Act by
the branch auditors have been sent to us and have been properly dealt with by us in preparing this report;
d) The standalone financial statements dealt with by this report are in agreement with the books of account
and with the returns received from the branches not visited by us;
e) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section
133 of the Act;
f) On the basis of the written representations received from the directors and taken on record by the Board
of Directors, none of the directors is disqualified as on 31 March 2026 from being appointed as a director in
terms of section 164(2) of the Act;
g) The qualification relating to the maintenance of accounts and other matters connected therewith are as
stated in paragraph 19(b) above on reporting under section 143(3)(b) of the Act and paragraph 19(i)(vi) below
on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);
h) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company as on 31 March 2026 and the operating effectiveness of such controls, refer to
our separate report in Annexure II wherein we have expressed an unmodified opinion; and
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 and based on the consideration of the reports of the branch
auditors as referred to in paragraph 16 above:
i. The Company, as detailed in note 39 to the standalone financial statements, has disclosed the impact
of pending litigations on its financial position as at 31 March 2026;
ii. The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses as at 31 March 2026;
iii. There were no amount which were required to be transferred to the Investor Education and Protection
Fund by the Company during the year ended 31 March 2026;
iv. a. The management has represented that, to the best of its knowledge and belief, as disclosed in note
47(e) to the standalone financial statements, no funds have been advanced or loaned or invested
(either from borrowed funds or securities premium or any other sources or kind of funds) by the
Company to or in any person or entity, including foreign entities (‘the 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 (‘the Ultimate Beneficiaries’) or provide any guarantee, security or
the like on behalf the Ultimate Beneficiaries;
b. The management has represented that, to the best of its knowledge and belief, as disclosed in note
47(f) to the standalone financial statements, no funds have been received by the Company from
any person or entity, including foreign entities (‘the 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 performed as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the management
representations under sub-clauses (a) and (b) above contain any material misstatement.
v. The Company has not declared or paid any dividend during the year ended 31 March 2026.
vi. As stated in note 46.5 to the standalone financial statements and based on our examination which
included test checks, the Company, in respect of financial year commencing on 1 April 2025, has used
an accounting software for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has been operated throughout the year for all relevant transactions
recorded in the software except that the audit trail feature was not enabled at the database level for
accounting software to log any direct data changes for the period 01 April 2025 to 10 May 2025 as
described in Note 46.5 to the standalone financial statements. Further, during the course of our audit we
did not come across any instance of audit trail feature being tampered with, in respect of the accounting
software where such feature is enabled. Furthermore, the audit trail has been preserved by the Company
as per the statutory requirements for record retention.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm’s Registration No.: 001076N/N500013
Rohit Arora
Partner
Membership No.: 504774
UDIN:26504774DFIIRV6294
Place: Pune
Date: 25 May 2026
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