We have audited the accompanying Standalone Ind AS
Financial Statements of KPI GREEN ENERGY LIMITED (“the
company"), which comprise the Balance Sheet as at March
31, 2026, the standalone statement of profit and loss (including
statement of other comprehensive income), the standalone
statement of changes in equity and the standalone statement
of cash flows for the year then ended, and the notes to the
standalone Ind AS financial statements, including a summary
of the material accounting policies 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 Ind
AS 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 accounting
principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2026 and 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 Ind AS financial
statements 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 standalone Ind AS 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 standalone Ind AS 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 ICAI's 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 accompanying
standalone Ind AS 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
Ind AS financial statements of the current period. These matters were addressed in the context of our audit of the standalone
Ind AS 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 Ind AS 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 Ind AS 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 Ind AS financial statements.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR'S
REPORT THEREON (OTHER INFORMATION)

The company's management and Board of Directors are
responsible for the preparation of the other information.
The other information comprises the information included in
the company's annual report, management discussion and
analysis, Board's report including Annexures to Board's report
but does not include the accompanying standalone Ind AS
Financial Statements and our auditor's report thereon.

Our opinion on the accompanying Standalone Ind AS 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 accompanying standalone
Ind AS 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 Ind
AS Financial Statements or our knowledge obtained during
the course of our audit or otherwise appears to be materially
misstated/inconsistent.

If, based on the work we have performed, we conclude that
there is material misstatement of this other information, we
are required to report that fact. We have nothing to report in
this regard.

RESPONSIBILITIES OF MANAGEMENT, BOARD
OF DIRECTOR AND THOSE CHARGED WITH
GOVERNANCE FOR THE STANDALONE IND AS
FINANCIAL STATEMENTS

The Company's management and Board of Directors are
responsible for the matters stated in section 134(5) of the
Companies Act, 2013 ("the Act") with respect to the preparation
of these standalone Ind AS 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 specified under Section
133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015 , as amended. This responsibility also
includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of
the assets of the Company and for preventing and detecting
the frauds and other irregularities; selection and application of
appropriate implementation and maintenance of 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 Ind AS 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 Ind AS 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 and those charged with Governance
are also responsible for overseeing the company's financial
reporting process.

AUDITOR'S RESPONSIBILITY FOR THE AUDIT OF
THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about
whether the standalone Ind AS 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 Ind
AS 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 Ind AS 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 financial 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 with reference to standalone
Ind AS 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 in the standalone Ind AS financial
statements made by management and the Board of
Directors.

• Conclude on the appropriateness of management and
Board of Directors 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 Ind AS 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 Ind AS financial statements,
including the disclosures, and whether the standalone
Ind AS financial statements represent the underlying
transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the
standalone Ind AS financial statements that, individually or in
aggregate, makes it probable that the economic decisions of
a reasonably 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 standalone
Ind AS 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
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 Ind AS 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.

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
Companies Act, 2013 we give in the "Annexure-A", a
statement on the matters specified in the paragraph 3
and 4 of the Order, to the extent applicable.

2. (A) 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 relating to preparation of the
aforesaid financial statements have been
kept by the Company so far as appears from
our examination of those books except for
the matters stated in clause 6(I) 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 including the statement of other
comprehensive income, the Cash Flow
Statement and the statement of changes
in equity dealt with by this Report are in
agreement with the relevant books of account;

d. In our opinion, the aforesaid Standalone Ind
AS Financial Statements comply with the
IND AS specified under Section 133 of the Act
read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended;

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

f. The modification relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph (b)
above on reporting under section 143(3)(b)
and in clause 6 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
these standalone Ind AS financial statements
of the Company and the operating
effectiveness of such controls, refer to our
separate report in "Annexure B". Our report
expresses an unmodified opinion on the
adequacy and operating effectiveness of
the Company's internal financial controls over
financial reporting.

(B) 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:

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 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 limits laid down under section 197 of
the Act. The Ministry of Corporate Affairs has not
prescribed other details under section 197(16) which
are required to be commented upon by us.

(C) With respect to the other matters to be included
in the Auditor's Report in accordance with Rule 11
of the Companies (Audit and Auditor's) Rules, 2014,
as amended, in our opinion and to the best of our
information and according to the explanations
given to us:

1. The Company has disclosed the impact of
pending litigations as at 31ST March, 2026 on
its financial position in its standalone Ind AS
financial statements - Refer Note 53 to the
financial statements.

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

3. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by the
Company.

4. i) The management has represented that,

to the best of its knowledge and belief,
other than as disclosed in the note 7 to the
standalone Ind AS 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 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;

ii) The management has represented
that, to the best of its knowledge
and belief, no funds have been
received by the Company from any
person or entity, 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

iii) 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 (i) and (ii) contain any material
misstatement.

5. As stated in Note 18 to the standalone financial

statements

i) 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.

ii) The company has proposed final dividend
' 0.25 along with special dividend of
' 0.15 per share for financial year under

reporting. This proposed dividend is
subject to the approval of shareholders
in the ensuing annual general meeting.

6. Based on our examination which included test
checks, except for the instances mentioned below,
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 period for
all relevant transactions recorded in the respective
software. Further, for the periods where audit
trail (edit log) facility was enabled and operated
throughout the year for the respective accounting
software, we did not come across any instance of
the audit trail feature being tampered with.

I. The feature of recording audit trail (edit log)
facility was not enabled at the database
level to log any direct data changes and at
application layer for the accounting software
used for maintaining the books of account
relating to Fixed Assets Register throughout the
year. The integration of Fixed Assets Register
with the company's accounting software is
under development and hence the audit trail
(edit log) is not enabled to that extent.

II. Proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 is applicable from April
1, 2024, and the company has the system of
preservation of audit trail as per the statutory
requirements for record retention for the prior
period. The audit trail of relevant prior years
has been preserved for record retention to the
extent it was enabled and recorded in those
respective years by the Company as per the
statutory requirements for record retention,
as described in note 56 to the standalone
financial statements ended March, 31^st 2026.

for K A SANGHAVI AND CO LLP

Chartered Accountants
FRN: 0120846W/W100289

AMISH ASHVINBHAI SANGHAVI

PARTNER
M. NO.: 101413
ICAI UDIN: 26101413GVCOUK3552