We have audited the accompanying Standalone
financial statements of Shree Cement Limited ("the
Company”), which comprise the Balance Sheet
as at 31^st March, 2026, the Statement of Profit and
Loss, the Statement of Changes in Equity and
Statement of Cash Flows for the year then ended,
and notes to the financial statements, including a
summary of material accounting policies and other
explanatory information.

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 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
31^st March, 2026 and its profit, its cash flows and the
changes in equity for the year ended on that date.

BASIS FOR 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 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

Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the financial statements of the current
period. 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.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITORS’
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, Business Responsibility and
Sustainability Report, Corporate Governance and
Shareholder's Information but does not include the
Standalone financial statements and our auditors'
report thereon. 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 and, in doing so, consider whether
the other information is materially inconsistent
with the Standalone 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.

MANAGEMENT’S RESPONSIBILITY FOR THE
STANDALONE 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
the preparation of these Standalone financial
statements that give a true and fair view of the
financial position, financial performance, 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. 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 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,
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 Board of Directors are also responsible for
overseeing the Company’s financial reporting
process.

AUDITORS’ RESPONSIBILITY FOR THE AUDIT OF
THE STANDALONE 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 or
the basis of these Standalone 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 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, intentiona
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
Companies Act, 2013, 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 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 auditors’ 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 Standalone financial statements

that, individually or in aggregate, makes
it probable that the economic decisions
of a 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 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 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 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 section 143 (11) 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 except for
the matters stated in the paragraph 2(i)

(vi) below on reporting under Rule 11(g) of
the Companies (Audit and Auditors) Rules
2014.

(c) The Balance Sheet, the Statement of Profit
and Loss, the Statement of Cash Flow 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 Standalone
financial statements comply with the
Indian Accounting Standards specified
under section 133 of the Act, read with rule
7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of written representations
received from the directors as on 31^st
March 2026 and taken on record by the
Board of Directors, none of the directors
is disqualified as on 31^st March 2026 from
being appointed as a director in terms of
section 164 (2) of the Act.

(f) The modifications relating to the
maintenance of accounts and other
matters connected therewith are as stated
in the paragraph 2(b) above on reporting
under section 143(3)(b) of the Act and
paragraph 2(i)(vi) below on reporting
under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

(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’.

(h) 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 to the best of
our information and according to
the explanations given to us, the
remuneration paid by the Company to its
directors during the year is in accordance
with the provisions of section 197 of the
Act.

(i) With respect to the other matters to
be included in the Auditors’ 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 Standalone
financial statements - Refer Note
34 to the Standalone financial
statements;

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

iii. There has been no delay in
transferring the amounts 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 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 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. a) The final dividend paid by the

Company during the year in
respect of the same declared for
the previous year is in accordance
with section 123 of the Companies
Act 2013 to the extent it applies to
payment of dividend;

b) The interim dividend declared
and paid by the Company during
the year and until the date of
this report is in compliance with
Section 123 of the Act.

vi. Based on our examination, which
included test checks, the Company
has used accounting softwares for
maintaining its books of account
which have a feature of recording
audit trail (edit log) facility and that
has operated throughout the year for
all relevant transactions recorded in
the softwares except that:

a) The audit trail was not enabled
at the database level for one
software up to September 2, 2025,
and for another software up to
December 15, 2025; and

b) In respect of a software operated
by a third-party service provider
(not covered above), the Company
has obtained a SOC 2 Type II
report for the period from January
1, 2025 to December 31, 2025.

Further, for the periods during which
the audit trail (edit log) facility was
enabled and operating, we did
not come across any instance of
tampering with the audit trail feature
and audit trail (wherever enabled)
has been preserved by the Company
in accordance with the statutory
requirement for record retention.

For B R Maheswari & Co LLP

Chartered Accountants
Firm’s Registration No. 001035N/N500050

Akshay Maheshwari

Partner

Date: 6^th May, 2026 Membership No.504704

Place: Kolkata UDIN: 26504704YXPEHA6812