We have audited the accompanying standalone
financial statements of Rajratan Global Wire Limited,
("the Company”), which comprise the Balance Sheet
as at March 31, 2026, the Statement of Profit &
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 material accounting policy information
and other explanatory information.

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”) as amended 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, changes in equity and its cash flows for the
year ended on that date.

Basis of 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 together with the ethical requirements that
are relevant to our audit of the 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 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 key
audit 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.

We have determined that there are no other key audit
matters to communicate in our report.

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 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
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. We have nothing to
report in this regard.

Responsibilities of Management and
Those Charged with Governance 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 in terms of

the requirements of the Act that give a true and fair
view of the financial position, financial performance
including other comprehensive income, cash flows
and statement of changes in equity of the Company
in accordance with the accounting principles
generally accepted in India, including the accounting
standards 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 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,
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:

Ý 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.

Ý 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
Companies Act, 2013, 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.

Ý Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management.

Ý 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.

Ý 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
Requirements

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
statement on the matters specified in paragraphs 3
and 4 of the Order, to the extent applicable.

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 except
edit log available with effect from November 17,
2023, so far as appears from our examination of
those books.

(c) The Balance Sheet, the Statement of Profit &
Loss (including 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,
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 Director is disqualified as on March 31, 2026
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 these
Standalone Financial Statements and the
operating effectiveness of such controls, refer to
our separate Report in "Annexure B”.

(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 explanations provided to us, the
managerial remuneration paid by the Company
to its Directors during the year is in accordance
with the provisions of Section 197 of 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 45 of 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, and
read with Note 51(9) 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(s)
or entity(ies), 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, and
read with Note 51(10) 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, 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;

(c) Based on the audit procedures 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) of Rule 11(e), as
provided under (a) and (b) above, contain
any material misstatement.

v. (a) The final dividend paid by the Company

during the year in respect of dividend
declared with respect to financial year
ending on March 31, 2025 is in accordance
with Section 123 of the Act to the extent it
applies to payment of dividend.

(b) As stated in Note 42 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 amount of dividend proposed is in
accordance with section 123 of the Act
to the extent it applies to declaration of
dividend.

vi. Based on our examination on test check basis,
the Company has used accounting software
for maintaining its books of account for the
financial year ended March 31, 2026 which
has a feature of recording audit trail facility
and the same has operated throughout the
year for all the relevant transactions recorded

in the software. Further, during the course of
our audit we did not come across any instance
of the audit trail feature being tampered with.
The audit trail has been preserved by the
Company as per the statutory requirements
for record retention.

For Fadnis & Gupte LLP

Chartered Accountants
FRN 006600C/ C400324

Place of Signature: Indore (CA Vikram Gupte)

Date: April 21, 2026 Partner

UDIN: 26074814TBAJFM7103 M.No.: 074814