We have audited the standalone financial statements
of DISA India Limited ("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 material
accounting policies and other explanatory inform¬
ation.

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
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 standalone financial
statements in accordance with the Standards on
Auditing (SAs), as 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 together with the ethical requirements that are
relevant to our audit of the 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 we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on
the standalone 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 for
the financial year ended March 31, 2026. 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 financial statements.

Other Information

The Company's Board of Directors is responsible for
the other information. The other information
comprises the information included in the Director’s
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 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.

Responsibilities of management 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 of these standalone
financial statements 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
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 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
the 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 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.

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 misstate¬
ment 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 control 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 with reference
to financial statements 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 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 for the financial year
ended March 31, 2026 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 Require¬
ments

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 1” a
statement on the matters specified in paragraphs 3
and 4 of the Order.

2. As required by section 143(3) of the Act, 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 accounts 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
(i)(vi) below on reporting under Rule 11(g);

(c) The Balance Sheet, the Statement of Profit and
Loss including the Statement of Other
Comprehensive Income, the 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 standalone financial
statements comply with the Accounting
Standards specified under section 133 of the Act,
read with Companies (Indian Accounting
Standards) Rules, 2015, as amended;

(e) On the basis of the 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 relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph (b) above on reporting
under section 143(3)(b) and paragraph (i)(vi)
below on reporting under Rule 11(g);

(g) With respect to the adequacy of the internal
financial controls with reference to these
standalone financial statements and the
operating effectiveness of such controls, refer to
our separate Report in “Annexure 2" to this report;

(h) In our opinion, the managerial remuneration for
the year ended March 31, 2026 has been paid /
provided by the Company to its directors in
accordance with the provisions of section 197
read with Schedule V to the Act;

(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,
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 36
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 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 45 (v) 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 persons or entities, including foreign
entities (“Intermediaries"), with the under¬
standing, 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 Beneficia-ries;

b) The management has represented that, to the
best of its knowledge and belief, as disclosed in
the note 45(vi) to the standalone financial
statements, no funds have been received by the
Company from any persons or entities, 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 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 Act to the extent it applies to
payment of dividend.

As stated in note 18 to the standalone financial
statements, 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 dividend declared is in accordance
with section 123 of the Act to the extent it
applies to declaration of dividend.

vi. Based on our examination which included test
checks, the Company has used 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 except that, audit trail
feature is not enabled for certain changes
made, if any, using privileged/ administrative
access rights, as described in note 45(ix) 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 accounting software where the audit
trail has been enabled. Additionally, the audit
trail of relevant 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 the previous year, as stated in
note 45 (ix) to the financial statements.

For S.R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004

per Pradip Agarwal

Partner

Membership Number: 065537
UDIN: 26065537ZKHIZG7875

Place of Signature: Bengaluru
Date: May 19, 2026