We have audited the standalone financial statements of Force Motors
Limited (“the Company”), which comprise the standalone balance sheet
as at March 31,2026, the standalone statement of profit & loss (including
other comprehensive income), standalone statement of changes in equity
and the standalone statement of cash flows for the year then ended,
notes to the standalone financial statements including 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 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 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 March 31,2026, the
profit and total 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 made
thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics issued by
the Institute of Chartered Accountants of India. 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.

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

The Company's Management and Board of Directors is responsible for
the preparation of the other information. The other information comprises
the information included in the annual report but does not include the
financial statements and the auditor's report thereon. The annual report
is expected to be made available to us after the date of this audit 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 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 necessary actions, as applicable under
the relevant laws and regulations.

MANAGEMENT AND BOARD OF DIRECTOR'S
RESPONSIBILITY 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 state of affairs profit / loss and other comprehensive
income, changes in equity and cash flows 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. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding 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 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 and 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
management or the Board of directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to
do so.

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 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.

• 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 an adequate internal financial controls system 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 and Board of Directors.

• Conclude on the appropriateness of Management's 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 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.

• 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.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, make it probable
that the economic decisions of a reasonably knowledgeable user of
the standalone 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
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 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 REGULATORYREQUIREMENTS

1. As required by the Companies (Auditor's Report) Order, 2020 (“the
Order”) issued by the Central Government of India in terms of
Section 143(11) 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.

2. A. As required by Section 143(3) of the Act, based on our audit

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.

c) The standalone balance sheet, the standalone
statement of profit and loss (including other
comprehensive income), the standalone statement of
changes in equity and the standalone statement of
cash flow dealt with by this Report are in agreement
with the relevant books of account.

d) In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under
Section 133 of the Act.

e) On the basis of the written representations received
from the directors for the year ended 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) 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”. Our report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial
controls with reference to Standalone Financial
Statements.

B. 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 standalone financial statements disclose the
impact of pending litigations on the financial position
of the company- Refer Note 31(a) 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 the amounts
required to be transferred to the Investor Education and
Protection Fund by the Company - Refer Note 44 to
standalone financial statements.

iv. With respect to clause (e) of Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended

a. The management has represented to us 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, 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 of the Company 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, 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 such audit procedures performed that
we have 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. The final dividend declared and paid by the Company
during the year in respect to the previous year is in

accordance with Section 123 of the Companies Act
2013 to the extent it applies to payment of dividend.

As stated in Note 47 to the standalone financial
statements, the Board of Directors of the Company
have proposed a 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. With respect to clause (g) of Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended, the
requirement under proviso to Rule 3(1) of Companies
(Accounts) Rules, 2014 of mandatory audit trail in
the Company accounting software, 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 and the same has operated
throughout the year for all relevant transactions
recorded in the software. Further, during 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.

3. 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 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 by the Company is not in
excess of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details under
Section 197(16) of the Act which are required to be commented
upon by us.

For Kirtane & Pandit LLP

Chartered Accountants
Firm Registration No.105215W/W100057

Parag Pansare

Partner

Membership No.: 117309
Pune, April 29,2026 UDIN: 26117309QQTPFC7830