We have audited the accompanying standalone financial
statements of Elpro International Limited (hereinafter referred
to as "the Company"), which comprise the standalone balance
sheet as at March 31, 2026, 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 year then ended, and notes to
the standalone financial statements, including a summary of
material accounting policies and other explanatory notes for
the year ended on that date (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 (hereinafter referred to as "the Act") in the manner
so required and give a true and fair view in conformity with the
Indian Accounting Standards notified under section 133 of the
Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended from time to time, (hereinafter referred
to as the "Ind AS") and other 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 FOR OPINION

We conducted our audit of the standalone financial statements
in accordance with the standards on auditing (hereinafter

referred to as "the SAs") specified under section 143(10)
of the Act. Our responsibilities under those SAs are further
described in the "Auditors' 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
(hereinafter referred to as "the 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 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 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. We have considered the
matters described below to be the key audit matters to be
communicated in our report.

We have fulfilled the responsibilities described in the "Auditors'
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.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL AND AUDITORS' 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, consolidated financial statements and
our auditors' reports 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
identified above when it becomes available, and, in doing
so, consider whether such 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. 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 with respect to the above.

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), changes in equity and cash flows of the
company in accordance with accounting principles generally
accepted in India including the Ind AS. 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 the 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, the board of
directors is responsible for assessing the ability of the company
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.

The board of directors is also responsible for overseeing the
financial reporting process of the company.

AUDITORS' 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 auditors' 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
controls;

• 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 the 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 in the standalone financial statements
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 ability of the company
to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw
attention in our auditors' 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 auditors' 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.

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 auditors' 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
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. Further to our comments in the annexure referred to in
the paragraph above, 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) 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, except for
the matters stated in 3(vi) below on reporting
under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014;

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 notified under Section 133 of the Act,
read with the relevant Rules as amended from
time to time;

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 directors is disqualified as on March 31, 2026
from being appointed as a director in terms of
Section 164(2) of the Act;

f) The observation relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph 2(b) above on
reporting under section 143(3)(b) of the Act and
paragraph 3(vi) 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 with reference to the standalone

financial statements of the company and the
operating effectiveness of such controls, refer to
our separate report in "Annexure B" to this report.
Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of
internal financial control with reference to the
standalone financial statements of the company.

3. With respect to the other matters to be included in
the auditors' report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014 (as amended)
from time to time, in our opinion and to the best of our
information and according to the explanations given to
us:

i. Pending litigations (other than those already
recognized in the accounts) having material
impact on the financial position of the company
have been disclosed in the standalone financial
statements as required in terms of accounting
standards and provisions of the Act - refer note 55
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 was no amount which was 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
as disclosed in note no. 59(iv) to the
standalone financial statements, no funds
(which are material either individually or in
aggregate) have been advanced or loaned
or invested (either from borrowed funds or
securities 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 note no. 59(iv) to the standalone
financial statements, no funds (which are
material either individually or in aggregate)
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 parties ("ultimate beneficiaries") or
provide any guarantee, security or the like
on behalf of the ultimate beneficiaries; and

c. Based on such 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)
of Companies (Audit and Auditors) Rules,
2014 as amended from time to time, as
provided under (a) and (b) above, contain
any material misstatement.

v. The company has not declared or paid any
dividend and has also not proposed any dividend
during the year and as such requirements for
complying with the provisions of section 123 of
the Act in this respect are not applicable to the
company.

vi. Based on our examination which included test
checks and in accordance with requirements of
Implementation Guide on Reporting on Audit
Trail under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014, the company has used
accounting software "Tally" for maintaining its
books of account which has a feature of recording
audit trail (edit log) enabled at the individual entry
level but not at the application level as a whole.
Furthermore, the company is maintaining the
manual records in case of property, plant and
equipment and investments and hence audit trail

feature is not applicable to these records. The
audit trail in Tally has operated throughout the
year for all relevant transactions recorded in the
software.

Further, there are no instances of audit trail feature being
tampered with, wherever maintained, and the same has
been preserved by the company as per the statutory
requirements for record retention.

4. With respect to the reporting of Other Matters under
section 197(16) of the Act to be included in the Auditors'
Report, in our opinion and according to the information
and explanations given to us, the remuneration (including
sitting fees) paid by the company to its directors during
the current financial year is in accordance with the
provisions of section 197 of the Act and is not in excess
of the limit laid down therein.

For LODHA & CO LLP
Chartered Accountants
Firm Registration No. 301051E/ E300284

Abhishek Mohta
Partner

Membership No. 066653
UDIN: 26066653YBNZUW1458

Place: Mumbai

Date: April 28, 2026