We have audited the accompanying standalone financial
statements of Yash Highvoltage Limited ("the Company"),
which comprise the standalone balance sheet as of 31st March
2026, the standalone statement of Profit and Loss (including
other comprehensive income), standalone statement of cash
flows, standalone statement of changes in equity for the year
ended and notes to the standalone financial statements,
including a summary of material accounting policies and
other explanatory information. (Hereinafter referred to as
"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)
Rule, 2015, as amended, ("Ind AS") and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at 31st March, 2026, its profit and other
comprehensive income, changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

We conducted our audit 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 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 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 opinion on
the standalone financial statement.

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 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, we do not provide a separate opinion on
these matters. We have determined that there are no key audit
matters to be communicated in our report.

Emphasis of Matter

i. We draw attention to note no 1.1, apropos the fact that the
Company has adopted Indian Accounting Standards (Ind
AS) for the first time during the year ended 31 March 2026,
with a transition date of 1 April 2024. Accordingly, these
standalone financial statements have been prepared
in accordance with provision of section 133 of the
Companies Act read with Companies (Indian Accounting
Standards) Rules, 2015 and relevant amendment rules
issued thereafter, and also the comparative information
for the previous period has been restated to comply with
Ind AS.

Our opinion is not modified in respect of this matter.

ii. We draw attention to Note 49 to these standalone
financial statements, which describes that the Company
has been a victim of a cyber fraud during the year resulting
in a loss of ?2.10 crore. The Company has recognized the
said loss in the Statement of Profit and Loss and has taken
appropriate steps for investigation and recovery.

Our opinion is not modified in respect of this matter.

Information Other than the Standalone Financial
Statements and Auditor's Report Thereon

The Company's Board of Directors and Management is
responsible for the preparation of the other information.
The other information comprises the information included
in the Board's Report including annexures to Board's Report,
Corporate Governance and shareholders information but
does not include the standalone financial statements and our
auditor's report thereon. The above-referred information 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 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
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 during the course of our audit or
otherwise appears to be materially misstated.

When we read the information, 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 actions necessitated by the circumstances & the
applicable laws and regulations.

Responsibilities of Management and Those Charged
with Governance 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
Companies Act, 2013 ("the Act") with respect to the preparation
of these standalone financial statements that give a true
and fair view of the financial position, financial performance
including other comprehensive income, changes in equity &
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 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
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;

That 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:

• 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 Companies Act, 2013, we are also responsible
for expressing our opinion on whether the company has
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;

• 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;

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes
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.

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 paragraphs 3 and 4
of the Order, to the extent applicable.

2. 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 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, standalone changes in
equity and the Standalone Cash Flow Statement
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,
read with relevant rules (including amended rules)
prescribed.

(e) On the basis of the written representations received
from the directors as on 31st March, 2026 taken
on record by the Board of Directors, none of the
directors is disqualified as on 31st March, 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 over financial reporting of the Company
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 Auditors' 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 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, 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
no. 37.

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 contract including derivative
contracts.

iii. As per information and explanation given
to us, there is no amount that required to
be transferred to Investor Education and
Protection Fund by the Company.

iv. a) The Management has represented, to the

best of its 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

and (ii) of Rule 11(e) as provided contain
any material misstatement.

v. In our opinion, and according to the
information and explanations given to us, the
dividend declared and paid by the Company
during the year is in compliance with Section
123 of the Companies Act 2013.

vi. Based on our examination which included
test checks, the company has used an
accounting software for maintaining its books
of accounts 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. Further, the audit trail
has been preserved by the Company as per the
statutory requirements for record retention to
the extent it was enabled and recorded in the
previous year.

For Shah Mehta & Bakshi

Chartered Accountants
Firm Registration No. 103824W

Daxal Pandya

Partner

Place: Vadodara M No. 177345

Date: 13^th May 2026 UDIN: 26177345JSKNTX7344