We have audited the accompanying standalone financial statements of Azad Engineering Limited [formerly known as
Azad Engineering Private Limited] (“the Company"), which comprise the Balance Sheet as at March 31, 2025, and the
Statement of Profit and Loss, including Other Comprehensive Income, Statement of Changes in Equity and Statement
of Cash Flows for the year then ended, and notes to the standalone financial statements, including material accounting
policy information and other explanatory information (hereinafter referred to as the “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 (“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 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 March 31, 2025 and its profit
including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

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 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 obtained by us 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
standalone financial statements for the year ended March 31, 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. We have determined the matter described below to be the key audit matter to be
communicated in our report.

Revenue Recognition - (Refer note 2.2 (A) of Standalone Financial Statements):

Revenue is a key performance measure for the Company. Revenue of the Company mainly comprise of sales of goods
to its customers.

Company recognises the sale of goods, based on the terms and conditions of transactions which varies with different
customers, at a point in time upon the Company satisfying its performance obligation and the customer obtaining
control of the underlying asset.

In respect of sale transactions executed, there exists significant audit risk with respect to performance obligations
whether the control of goods has transferred to the customers and there are no unfulfilled obligations in regard to
these sales. Accordingly cut off for revenue is considered as a significant account balance for audit consideration.

How the Key Audit Matter was addressed in our audit: Our audit procedures in respect of this matter included the
following but not limited to:

1. Evaluated the appropriateness of the Company's revenue recognition accounting policies as required under the
applicable accounting standards.

2. Obtained an understanding of process and tested the design, implementation and operating effectiveness of key
controls around the timely and accurate recording of sales transactions.

3. Obtained contracts with customers and basis which revenue is recognised and verified the underlying documents
and evidence for transfer of control and fulfilment of performance obligations.

4. Ensured completeness and existence assertion by performing substantive testing on selected samples of revenue
transactions recorded during the year by testing the underlying documents including contracts, invoices, goods
dispatch notes and shipping documents, wherever applicable and obtaining independent balance confirmation
from the customers at the balance sheet date.

5. Obtained evidence in respect of sales transactions recorded near balance sheet date, to determine appropriateness
of timing of revenue recognition, based on underlying documents and evidence for transfer of control and fulfilment
of performance obligations.

6. Performed analytical procedures on revenue recognised during the year to identify and inquire on unusual
variances, if any.

7. Tested, on sample basis journal entries relating to revenues to identify and inquire on unusual items if any.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the
information included in the Management report, Chairman's statement, Director's report, Business Responsibility and
Sustainability Reporting etc. (hereinafter referred to as the “other information") but does not include the standalone
financial statements and our auditor's report thereon. The other information 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 will 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 other information, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance under SA 720 'The Auditor's responsibilities Relating to
Other Information'.

Responsibilities of Management and Board of Directors for the Standalone Financial Statements

The Company's Management and Board of Directors is responsible for the matters stated in section 134(5) of 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, changes in equity and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified 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 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 statement 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, the 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 the Board of Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Management and Board of Directors are also responsible for overseeing the Company's financial reporting process.
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.

We give in “Annexure A" a detailed description of Auditor's responsibilities for Audit of the Standalone Financial
Statements.

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 “Annexure B" 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 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, except for the matters stated in the paragraph 2(h)(vi) below on
reporting under Rule 11(g).

(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 Flow 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 Accounting Standards specified
under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record
by the Board of Directors, none of the directors are disqualified as on March 31, 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 with reference to standalone financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure C".

(g) The reservation relating to the maintenance of accounts and other matters connected therewith are as stated
in paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph 2(h)(vi) below on reporting under
Rule 11(g).

(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, 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 30 to the standalone financial statements.

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

iii. There were no amounts which 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 person(s) or entity(ies), including foreign
entities (“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 (“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(s) or entity(ies), including foreign entities (Funding Parties),
with the understanding, whether recorded in writing or otherwise, as on the date of this audit report,
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 performed that have been considered reasonable and appropriate in the
circumstances, and according to the information and explanations provided to us by the Management
in this regard 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 (1) and (2) above, contain any material
mis-statement.

v. The Company has neither declared nor paid any dividend during the year.

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, except that
no audit trail feature was enabled at the database level in respect of an accounting software to log any
direct data changes as explained in Note 44 to the financial statements.

Further, where enabled, audit trail feature has been operated for all relevant transactions recorded in the
accounting software. Also, during the course of our audit, we did not come across any instance of audit trail
feature being tampered with in respect of such accounting software. Additionally, the audit trail of prior year
has been preserved by the Company as per the statutory requirements for record retention to the extent it was
enabled and recorded in respective years.

3. In our opinion, according to information, explanations given to us, the remuneration paid / provided by the Company
to its directors is within the limits laid prescribed under Section 197 read with Schedule V of the Act and the rules
thereunder.

For M S K A & Associates
Chartered Accountants

ICAI Firm Registration No. 105047W

Ananthakrishnan Govindan
Partner

Membership No. 205226
UDIN: 25205226BMKTQY6142

Place: Hyderabad
Date: May 23, 2025