1. We have audited the accompanying Standalone
financial statements of Siemens 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), the Standalone Statement
of Changes in Equity and the Standalone Statement
of Cash Flows for the eighteen months period ended,
and notes to the Standalone financial statements,
including material accounting policy information and
other explanatory information.

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 ("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 standalone state of affairs of
the Company as at 31 March 2026, and standalone
total comprehensive income (comprising of profit and
other comprehensive loss), standalone changes in
equity and its standalone cash flows for the eighteen
months period then ended.

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
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 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.

Emphasis of Matter

4. We draw your attention to Note 59.1 to the Standalone
financial statements in respect of the Scheme of
Arrangement (the "Scheme") between the Company,
Siemens Energy India Limited and their respective
shareholders and creditors for demerger of the Energy
business of the Company (disclosed as discontinued
operations in the Standalone financial statements),
which has been approved by the National Company
Law Tribunal (the "NCLT") vide its order dated 25 March
2025. The Company has given effect to the Scheme
from the 'appointed date' of 1 March 2025, as approved
by the NCLT, while the applicable accounting standards
require accounting for the Scheme in the books of the
Company to be carried out as a distribution of non-cash
assets to owners when the distribution is appropriately
authorised and is no longer at the discretion of the
Company, which is the date of the final Order passed
by the NCLT sanctioning the Scheme as aforesaid (i.e.,
the 'effective date' per the Scheme). Our opinion is not
modified in respect of this matter.

Key audit matters

5. Key audit matters are those matters that, in our
professional judgement, were of most significance in
our audit of the Standalone financial statements of
the current period. 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.

Key audit matters (Continued)

Other Information

6. 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
Consolidated financial statements and our auditor's
reports thereon. The annual report is expected to be
made available to us after the date of this auditor's
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 appropriate action as
applicable under the relevant laws and regulations.

Responsibilities of management and those charged with

governance for the Standalone financial statements

7. 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 Standalone financial position, Standalone
financial performance, Standalone changes in
equity and Standalone cash flows 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.
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 judgements
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.

8. 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.

9. 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

10. 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.

11. As part of an audit in accordance with SAs, we exercise
professional judgement 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 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
Standalone 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.

Auditor's responsibilities for the audit of the Standalone

financial statements (Continued)

• 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 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.

12. 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.

13. 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.

14. 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 regulatory requirements

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

16. 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 and
books and paper as required by law relating to
preparation of the aforesaid Standalone financial
statements have been kept so far as it appears
from our examination of those books, except
that the backup of certain books of account and
other books and papers maintained in electronic
mode has not been maintained on a daily basis
on servers physically located in India during the
eighteen months period ended 31 March 2026
and the matters stated in paragraph 1 6(h)(vi)
below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended) ("the Rules"). Refer Note 62(b) to the
Standalone financial statements.

(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 Flows 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 Indian Accounting
Standards specified under Section 133 of the
Act.

(e) 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 are disqualified as on
31 March 2026, from being appointed as a
director in terms of Section 164(2) of the Act.

(f) With respect to the maintenance of accounts and
other matters connected therewith, reference is
made to our remarks in paragraph 16(b) above
on reporting under Section 143(3)(b) and
paragraph 16(h)(vi) below on reporting under
Rule 11(g) of the Rules.

(g) 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 A".

(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 Notes 41(b), 27 and 43 to the
Standalone financial statements;

ii) The Company has made provision, as
required under the applicable law or
Indian Accounting Standards, for material
foreseeable losses, if any, on long-term
contracts including derivative contracts -
Refer Notes 27 and 43 to the Standalone
financial statements;

iii) There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company during the eighteen months
period ended 31 March 2026.

iv) (a) The management has represented that,

to the best of its knowledge and belief,
other than as disclosed in Note 65(iii) 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 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 has represented that,
to the best of its knowledge and belief,
as disclosed in the Note 65(iv) to the

Standalone financial statements, 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; and

(c) Based on such audit procedures, that we
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 dividend declared and paid by the
Company during the eighteen months
period ended 31 March 2026 in respect of
the prior year ended 30 September 2024 is
in accordance with Section 123 of the Act
to the extent it applies to declaration and
payment of dividend until the date of this
audit report.

As stated in Note 24 to the Standalone
financial statements, the Board of
Directors of the Company has proposed
final dividend for the eighteen months
period ended 31 March 2026, which is
subject to the approval of the members at
the ensuing Annual General Meeting, and
is in accordance with Section 123 of the
Act, to the extent applicable.

vi) Based on our examination, which included
test checks, the Company has used multiple
accounting software for maintaining its
books of account, which have a feature
of recording audit trail (edit log) facility
and that has operated throughout the
eighteen months period ended 31 March
2026 for all relevant transactions recorded
in the software, except for the following:

(a) in respect of the core accounting software,
the audit log is not maintained in case of
modification by certain users with specific
access and the audit trail feature was not
enabled at the database level to log any
direct data changes;

(b) with respect to another software of a third
party service provider used for maintaining
employee masters, in the absence of any
information pertaining to audit trail in
the independent service auditor's report
for October 2024 to September 2025 and
in the absence of independent service
auditor's report for October 2025 to
March 2026, we are unable to comment
on the audit trail (edit log) feature in that
software; and

(c) with respect to another software of a
third party service provider used for
maintaining payroll records, in the absence
of independent service auditor's report for
the period January 2026 to March 2026,
we are unable to comment whether the
audit trail feature of the aforesaid software
was enabled and operated throughout the
said period for all relevant transactions
recorded in the software.

During the course of performing our procedures,
other than the aforesaid instances of audit trail not
maintained, where the question of our commenting
does not arise, we did not notice any instance of audit
trail feature being tampered with. Further, the audit
trail, to the extent maintained in the prior year, has
been preserved by the Company as per the statutory
requirements for record retention. Refer Note 62(a) to
the Standalone financial statements.

17. The Company has paid/provided for managerial
remuneration in accordance with the requisite
approvals mandated by the provisions of Section 197
read with Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Nitin Khatri

Partner

Membership Number: 110282

UDIN: 26110282JQOECO4040

Place: Mumbai

Date: 26 May 2026