We have audited the accompanying standalone
financial statements of Welspun Enterprises Limited

("the Company"), which comprise the balance sheet
as at 31 March 2025, 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 standalone financial statements, including a
summary of the material accounting policies and other
explanatory information in which are included the
financial statements/financial information of Welspun
Enterprises Employees Welfare Trust ('the Trust') for
the year ended on that date, audited by the other
auditor.

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 audit report of
other auditor on separate financial statements and
on other financial information of the Trust referred to
in the Other Matters paragraph 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
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 of the Company as at 31 March 2025, its profit,
total comprehensive income, changes in equity and its
cash flows for the year ended on that date.

2. BASIS FOR OPINION

We conducted our audit of the standalone 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 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 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 obtained by us and
the audit evidence obtained by the other auditors in
terms of their reports referred to in the Other Matters
paragraph below, is sufficient and appropriate to
provide a basis for our opinion.

3. 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
for the year ended 31 March 2025. 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.

4. OTHER INFORMATION

The Company's Board of Directors is responsible
for the other information. The other information
comprises the information included in the Company's
Annual Report but does not include the standalone
financial statements and our auditor's 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
such other information is materially inconsistent with
the standalone financial statements or our knowledge
obtained in the 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.

5. MANAGEMENT'S RESPONSIBILITIES FOR THE
STANDALONE 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 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 accounting principles generally
accepted in India, including the Indian Accounting
Standards (Ind AS) prescribed under Section
133 of the Act read with the 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 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 standalone financial statements,
management and Board of Directors are 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. The Board
of Directors are also responsible for overseeing the
Company's financial reporting process.

6. AUDITOR'S RESPONSIBILITIES FOR THE
AUDIT OF THE STANDALONE 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 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.

• Obtain sufficient appropriate audit evidence
regarding the financial information of the
Company which include the trust to express an
opinion on the standalone financial statements.
We are responsible for the direction, supervision
and performance of the audit of the financial
statements of such entities included in the
standalone financial statements of which we are
the independent auditors. For the Trust included
in the standalone financial statements, which
have been audited by other auditor, such other
auditor remain responsible for the direction,
supervision and performance of the audits carried
out by them. We remain solely responsible for our
audit opinion.

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.

7. OTHER MATTERS

We did not audit the financial statements of a trust
whose financial statements include total assets of

' 28.16 crores as at 31 March 2025 and total revenues
of ' 0.58 crores, total net loss after tax of ' 0.96
crores, total comprehensive loss of ' 0.96 crores
and net cash inflows of ' 1.36 crores for the year
ended 31 March 2025. These financial statements
have been audited by other auditor, whose financial
statements and auditors report have been furnished
to us by the management.

Our opinion on the standalone financial statements,
in so far as it relates to the amounts and disclosures
included in respect of the trust and our report in terms
of sub-section (3) of Section 143 of the Act, in so far
as it relates to trust, is based solely on the report of
such other auditor.

Our opinion on the standalone financial statements
and our report on Other Legal and Regulatory
Requirements below is not modified in respect of the
above matter with respect to our reliance on the work
done and the report of the other auditor.

8. REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

A. 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 the paragraph 3 and
4 of the Order.

B. As required by Section 143 (3) of the Act, based
on our audit and on the consideration of the
reports of other auditor on the separate financial
statements referred in the Other Matters section
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 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 standalone
financial statements comply with the
Indian Accounting Standards specified
under Section 133 of the Act read with the
Companies (Indian Accounting Standards)
Rules, 2015, as amended.

e) On the basis of the written representations
received from the directors of the Company
as on 31 March 2025 and taken on record by
the Board of Directors, none of the directors
is disqualified as on 31 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 over financial
reporting of the Company and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B" to this
report..

g) 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/ provided by the
Company to its directors is in accordance
with the provisions of Section 197 of the Act
read with Schedule V to the Act.

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, as amended, 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 49 of the
standalone financial statements);

ii. The Company has made provision as
required under the applicable law or
accounting standards, for material
foreseeable losses, if any, in respect
of long-term contracts including
derivative contract;

iii. There has been no delay in transferring
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, as disclosed in the
note 70(a) to the standalone
financial statements, 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 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, as disclosed in the note
70(b) to the standalone financial
statements, no funds 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, 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 has been considered
reasonable and appropriate in the
circumstances, nothing has come
to our notice that has caused us or
to believe that the representations
under sub-clause (i) and (ii) of Rule

11(e), as provided under subclause
(iv) (a) and (iv) (b) above, contain
any material misstatement.

v. As stated in note 60 to the standalone
financial statements

a) The final dividend proposed in the
previous year, declared and paid
by the Company during the year
is in accordance with Section 123
of the Act as applicable.

b) The Board of Directors of the Company
have proposed final dividend for the
year which is subject to the approval
of the members at the ensuing Annual
General Meeting. The amount of
dividend proposed is in accordance
with section 123 of the Act, as
applicable.

vi. Based on our examination which included
test checks, the Company 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 operated throughout the year
for all relevant transactions recorded in the
software. Further, during the course of our
audit, we did not come across any instance
of audit trail feature being tampered with.
Also, the audit trail has been preserved
by the Company as per the statutory
requirements for record retention.

For MGB&Co LLP

Chartered Accountants

Firm Registration Number 101169W/W-100035

Hitendra Bhandari

Partner

Membership Number 107832

Mumbai, 15 May 2025

UDIN: 25107832BMLLWM1118