We have audited the accompanying Standalone Ind AS financial statements of TIRUPATI
FORGE LTD. (“the Company”), which comprise the Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss, including the statement of other comprehensive income, the Cash
Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to
the standalone financial statements, including a summary of significant accounting policies and
other explanatory information (hereinafter referred to as ‘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 as amended (“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
accounting principles generally accepted in India of the state of affairs of the Company as at
March 31, 2026, its profit including other comprehensive income, its cash flows and the
changes in equity 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 specified under section 143(10) of the Act (SAs). Our responsibilities under those
Standards are further described in the Auditor’s Responsibility 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 there under, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAl’s Code of Ethics. We believe
that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our
audit opinion on the 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 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. For each matter below, our description of how our audit addressed the matter is
provided in that context.

We have determined the matters described below to be the key audit matters to be
communicated in our report. We have fulfilled the responsibilities described in the ‘Auditor’s
responsibilities for the audit of the standalone 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
standalone financial statements. The results of our audit procedures, including the procedures

performed to address the matters below, provide the basis for our audit opinion on the
accompanying standalone Ind AS financial statements.

Information Other than the Standalone 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 Chairman’s Letter, Management
Discussion and Analysis, and Directors’ Report including Annexure to Directors’ Report, but
does not include the standalone financial statements and our auditor’s report thereon.

Our opinion on the 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 Ind AS 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 Standalone
Ind AS Financial Statements

The company’s board of directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to preparation and presentation of these
standalone financial statement that give a true and fair view of the financial position, financial
performance including other comprehensive income, cash flows and changes in equity 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
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 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 control, that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the standalone Ind AS financial statements, management is responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

Those charged with governance are also responsible for overseeing the Company’s financial
reporting process.

Auditors’ Responsibilities for the audit of Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial
statements as a whole are free from material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these standalone financial
statements.

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

• Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal 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

adequate internal financial controls system in place and the operating effectiveness of such
controls.

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

• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the related disclosures in the
standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to
continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

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 (Auditors’ Report) Order, 2020 (“the Order”) issued by the
Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in
the “Annexure A”, a statement on the matters specified in paragraphs 3 and 4 of the Order,
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 purpose of our audit;

b. In our opinion proper books of account as required by law have been kept by the Company
so far as appears from our examination of those books. Insofar as the modification on
maintaining an audit trail in the accounting software is concerned, refer paragraph (i) (vi)
below:

c. The Balance Sheet, Statement of Profit and Loss including the Statement of Other
Comprehensive Income, Cash Flow Statement and Statement, of Changes in Equity dealt
with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid 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 written representations received from the directors as on March 31, 2026
taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2026, from being appointed as a director in terms of Section 164(2) of the Act.

f. The modification arising from the maintenance of the audit trail on the accounting
software, comprising the application and database are as stated in the paragraph (i) (vi)
below on reporting under Rule 11(g);

g. 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” to this report,

h. In our opinion and according to the information and explanations given to us, the
Managerial remuneration paid/payable by the Company to its directors during the current
year is in accordance with the provisions of Section 197 of the Act with respect to requisite
approval of the member.

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, in our opinion and to the best
of our information and according to the explanation given to us;

i. According to records of the company, there are no disputes or case pending against the
Company.

ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses;

iii. According to records of the company, there is no dividend outstanding to be paid, hence
no amounts 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 have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other
persons or entities, including foreign entities (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the 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, 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 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 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 (a) and (b) contain any material
misstatement.

v. The Company has not proposed final dividend or provided interim dividend for the year
ended 31 March 2026 and 31 March 2025.

vi. Based on our examination which included test checks, the Company has used the
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility in respect of the application and the same has
operated throughout the year for all relevant transactions recorded in the software as
described in note 40(j) to the 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.

As required under proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, the
audit trail has been preserved by the company as per the statutory requirements for
record retention.

For Kamlesh Rathod & Associates.

Chartered Accountants
Firm Registration No. 117930W

Sagar Shah
Partner

Membership No. 131261

Signed at Jamnagar on 18^th May, 2026

UDIN : 2613126IQJTEV05549