We have audited the accompanying Ind AS Standalone
financial statements of ATUL AUTO LIMITED (“the
Company”), which comprise the Balance Sheet as at
March 31, 2026, the Statement of Profit and Loss which
also includes Other Comprehensive Income and Cash
Flow Statement and the statement of Changes in Equity
for the year ended, and notes to financial statements
including summary of significant accounting policies and
other explanatory information (hereinafter referred to as
‘Standalone Ind AS Financial Statements’).

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone Ind AS 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 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 of Opinion

We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of
the Companies Act, 2013. 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 together with the ethical
requirements that are relevant to our audit of the financial
statements under the provisions of the Companies Act,
2013 and the Rules there under, 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 on standalone
Ind AS financial statements.

Emphasis of Matter

We draw attention to Note 46 to the standalone financial
statements regarding the acquisition of EV L5 business
division of Atul Greentech Private Limited, a subsidiary of the
Company, by way of slump sale with effect from 15 January
2026. The said acquisition, being a business combination
of entities under common control, has been accounted
for under the pooling-of-interest method prescribed in
Appendix C of Ind AS 103 - Business Combinations, and
the combination has been presented as if it had occurred
from 1 April 2024, being the beginning of the earliest period
presented. Accordingly, the figures of the Company for
the year ended 31 March 2025 (comparative period) have
been restated, and the figures for the year ended 31 March
2026 incorporate the effect of the aforesaid combination
from 1 April 2024.

Our opinion is not modified in respect of this matter.

Other Information

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, Corporate
Governance Report and Shareholder’s Information, but
does not include the standalone financial statements and
our auditor’s report thereon.

Our opinion on the standalone Ind AS 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 standalone
Ind AS 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. However, we have
nothing to report in this matter.

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

The Company’s management is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 (“the
Act”) with respect to the preparation of these standalone
Ind AS financial statements that give a true and fair view
of the financial position, financial performance including
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) prescribed under Section 133 of the Act
read with relevant rules issued there under.

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 standalone Ind AS 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. Board of Directors
are also 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 standalone Ind AS 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 Ind AS financial statements.

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

• Identify and assess the risks of material misstatement
of the standalone Ind AS 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 an 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 Ind AS 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 Ind AS financial statements,
including the disclosures, and whether the standalone
Ind AS 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 Ind AS
financial statements of the current period and are therefore
reported as key audit matters. We describe these matters
in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should
not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143
of the 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
it appears from our examination of those books. In
so far as the modification on maintaining an audit
trail in the accounting software is concerned refer
paragraph (K) below;

(c) The Balance Sheet, Statement of Profit and Loss
including the Statement of Other Comprehensive
income, the Cash Flow Statement and the
Statement of Changes in Equity dealt with by
this Report are in agreement with the books of
account. The company is having SAP system for
maintenance of books of accounts through which
Standard Trial Balance is being generated.

(d) In our opinion, the aforesaid Ind AS financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act,
read with relevant rules issued there under.

(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) With respect to the other matters to be included
in the Auditor’s Report in accordance with
the requirements of section 197(16) of the
Act, as amended:

In our opinion and according to the information
and explanations given to us, the managerial
remuneration paid by the Company to its directors
during the current year is in accordance with the
provisions of Section 197 of the Act, read with
Schedule V of the Act. The remuneration paid to
any director is not in excess of the limit laid down
under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details
under Section 197(16) which are required to be
commented upon by us.

(g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in “Annexure B”.

(h) (a) The respective Managements of the

Company and its subsidiaries which are
companies incorporated in India, whose
financial statements have been audited
under the Act, have represented to us that,
to the best of their 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
or any of such subsidiaries 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, directly or
indirectly lend or invest in other persons or
entities identified in any manner whatsoever
by or on behalf of the Company or any of
such subsidiaries (“Ultimate Beneficiaries”)
or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.

(b) The respective Managements of the
Company and its subsidiaries which are
companies incorporated in India, whose
financial statements have been audited
under the Act, have represented to us that,
to the best of their knowledge and belief, no
funds (which are material either individually
or in the aggregate) have been received by
the Company or any of such subsidiaries from
any person or entity, including foreign entity
(“Funding Parties”), with the understanding,
whether recorded in writing or otherwise,
that the Company or any of such subsidiaries
shall, 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.

(c) Based on the audit procedures that have
been considered reasonable and appropriate
in the circumstances performed by us on
the Company and its subsidiaries which
are companies incorporated in India whose
financial statements have been audited
under the Act, nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.

(i) The Board of Directors has proposed to declare
dividend of '3 per share during the year.

(j) 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 its financial position in
its Ind AS financial statements - Refer Note
No. 34 to the Ind AS financial statements.

(ii) The Company d id not have any long -term
contracts including derivative contracts
for which there were any material
foreseeable losses.

(iii) There is no instance found where the
company had made any delay in transferring
the amount required to be transferred to
Investor education provident fund.

(k) Based on our examination which included test
checks, the Company has used the SAP S4 Hana
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. We did not come across any
instance of the audit trail feature being tampered
with in respect of accounting software. Normal/
Regular users are not granted direct database or
super user level access.

For Maharishi & Co.,

Chartered Accountants
ICAI Firm Registration No. 124872W

KAPIL SANGHVI

Partner

Membership No. 141168
UDIN: 26141168VNRPMF6330

Date: 16^th May, 2026
Place: Jamnagar