1. We have audited the accompanying Standalone
Financial Statements of Waaree Renewable
Technologies Limited ('the Company'), which
comprise the Standalone Balance Sheet as at 31
March 2026, and the Standalone Statement of Profit
And Loss (including Other Comprehensive Income),
Standalone Statement of Changes in Equity and
Standalone Statement of Cash Flows for the year
ended on that date, and notes to the Standalone
Financial Statements, including a summary of
material accounting policies and other explanatory
information ('the Standalone Financial Statements').
2. 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
('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 2026, and its Profit and Other Comprehensive
Income, Changes in Equity and its Cash Flows for the
year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the
Standards on Auditing ('SAs') specified under section
143(10) of the Act. Our responsibilities under those SAs
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 we have obtained is
sufficient and appropriate to provide a basis for our
opinion on the Standalone Financial Statements.
Key Audit Matters
4. Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the Standalone Financial Statements of
the current year. 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.
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Key Audit Matter
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How the matter was addressed in our audit
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Revenue Recognition - EPC Contracts
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Our procedures included:
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During the period the company has recognised revenue and
cost from Engineering, Procurement and Construction (EPC)
contracts.
Due to the nature of the contracts, recognition of revenue
and cost involves usage of percentage of completion method
which is determined based on the proportion of contract costs
incurred for work performed to date relative to the estimated
total contract costs, which involves significant judgements,
identification of contractual cost and obligations and the
Company's right to receive payments for performance
completed till date.
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• Reviewed the terms of contract of the project.
• Discussed with management and the respective project
team about the progress of the project.
• On sample basis, tested the actual costs incurred on the
project.
• Checked the revenue recognised based on the
percentage completion and as per the contract terms.
• Assessed the judgements and estimates made by the
management in revenue recognition and budgeted cost.
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Accuracy of revenues and cost may deviate significantly on
account of change in judgements and estimates and hence
is considered as key audit matter.
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• Read and verified the presentation and disclosure in the
financial statements are in accordance with applicable
accounting standards.
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Other Information
5. The Company's Board of Directors are 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 auditors'
report thereon. The Other Information is expected
to be made available to us after the date of this
auditor's report.
6. Our opinion on the Standalone Financial Statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.
7. 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 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.
8. When we read the Annual Report, if we conclude
that there is a material misstatement therein, we
are required to communicate the matter to those
charged with governance and take appropriate
action as applicable under the relevant laws and
regulations.
Responsibilities of Management and Those Charged
with Governance for the Standalone Financial
Statements
9. 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 State of Affairs, profit and Other Comprehensive
Income, Changes in Equity and Cash Flows of the
Company 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 and other
accounting principles generally accepted in India.
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 of the appropriate accounting software
for ensuring compliance with applicable laws and
regulations including those related to retention of
audit logs; 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.
10. In preparing the Standalone Financial Statements,
the Board of Directors 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 the Board of Directors
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
11. The Board of Directors is also responsible for
overseeing the Company's financial reporting
process.
Auditor's responsibilities for the audit of the Standalone
Financial Statements
12. 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:
12.1. 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.
12.2. 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) the
Act, we are also responsible for expressing our
opinion on whether the Company has adequate
internal financial controls with reference to
Standalone Financial Statements in place and
the operating effectiveness of such controls.
12.3. Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by the Management.
12.4. Conclude on the appropriateness of the
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.
12.5. 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.
13. 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.
14. 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.
15. 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 year 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 Requirements
16. 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.
17. As required by Section 143(3) of the Act, we report
that:
17.1 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.
17.2 In our opinion, proper books of accounts as
required by law have been kept by the Company
so far as it appears from our examination of
those books.
17.3 The standalone balance sheet, the standalone
statement of profit and loss (including Other
Comprehensive Income), the Statement of
Changes in Equity and the Standalone Cash
Flow Statement dealt with by this Report are in
agreement with the books of account.
17.4 In our opinion, the aforesaid Standalone
Financial Statements comply with the Ind AS
specified under Section 133 of the Act read with
the relevant rules thereunder.
17.5 On the basis of the written representations
received from the directors as on 31 March 2026
taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March
2026 from being appointed as a director in
terms of Section 164(2) of the Act.
17.6 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 B'.
17.7 In our opinion and according to the information
and explanations given to us, the remuneration
paid by the Company to its directors during the
current year is in accordance with the provisions
of Section 197 of the Act. The remuneration paid
to any director is not in excess of the limit laid
down under Section 197 of the Act.
18. 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:
18.1 The Company does not have any pending
litigations which would impact its financial
position.
18.2 The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses.
18.3 There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by the
Company.
18.4 The Management has represented, to best of
their knowledge and belief, that 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, 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.
18.5 The Management has represented, to
best of their knowledge and belief, that 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, 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.
18.6 Based on such audit procedures, that have
been considered reasonable and appropriate
in the circumstances, performed by us, nothing
has come to our notice that has caused us
to believe that the representation under sub
clause (i) and (ii) of Rule 11(e), as provided
under para 18.4 and 18.5 above, contain any
material misstatement.
18.7 In our opinion and according to information
and explanation given to us, the Company has
not declared or paid dividend during the year,
accordingly compliance with section 123 of the
Act by the Company is not applicable.
18.8 Based on our examination which included test
checks, the company has used an accounting
software i.e. SAP Hana 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.
Additionally, the audit trail has been preserved
by the Company as per the statutory
requirements for record retention.
For KKC & Associates LLP
Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621
Divesh B Shah
Partner
ICAI Membership No: 168237
UDIN: 26168237RHKBXN7016
Place: Mumbai
Date: 16 April 2026
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