1. We have audited the accompanying Standalone
Financial Statements of Waaree Renewable
Technologies Limited ('the Company'), which
comprise the Standalone Balance Sheet as at
March 31, 2025, and the Standalone Statement of
Profit And Loss (including Other Comprehensive
Income), Standalone Statement of Changes in
Equity and Standalone Statement of Cash Flows
for the year ended on that date, and notes to
the Standalone Financial Statements, including
a summary of material accounting policies and
other explanatory information ('the Standalone
Financial Statements').

2. I n 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 ('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, 2025, and its Profit and
Other Comprehensive Income, Changes in Equity
and its Cash Flows for the year ended on that date.

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 SAs 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 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 Statements.

OTHER MATTER

5. Attention is drawn to note 50 narrating the approval
of the amalgamation of Waaree Renewables
Technologies Limited (“the Company") and its
subsidiaries namely Sangam Rooftop Private
Limited (“SRPL"), Waaree PV Technologies Private
Limited (“WPTPL") and Waasang Solar Private
Limited (“WSPL") by Hon'ble NCLT effective from
June 11, 2024 with appointed date April 01, 2022
as per Ind AS 103 - “Business Combinations" by
way of common control entities. The numbers
and disclosures pertaining to the Company and
its subsidiaries SRPL, WPTPL and WSPL have been
collated with the numbers of the Company, from
the respective audited financial statements for the
year ended March 31, 2024 as tabulated below:

These financial statements were audited by
other auditors whose audit reports expressed an
unmodified opinion on those audited financial
statements. We have reviewed the adjustments/
restatements with respect to consolidation of these
entities as per the scheme of arrangement.

Our opinion on the Financial Statement is not
modified in respect of this matter.

OTHER INFORMATION

6. The Company's Board of Directors are responsible
for the other information. The other information
comprises the information included in the
Company's annual report but does not include the
Standalone Financial Statements and our auditors'
report thereon. The Other Information is expected
to be made available to us after the date of this
auditor's report.

7. Our opinion on the Standalone Financial
Statements does not cover the other information
and we do not express any form of assurance
conclusion thereon.

8. I n 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.

9. 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

10. 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 State of Affairs, profit and Other Comprehensive
Income, Changes in Equity and Cash Flows of the
Company 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 and other
accounting principles generally accepted in India.
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 of the appropriate accounting software
for ensuring compliance with applicable laws and
regulations including those related to retention of
audit logs; 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.

11. I n 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.

12. The Board of Directors is also responsible
for overseeing the Company's financial
reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE

STANDALONE FINANCIAL STATEMENTS

13. 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.

14. As part of an audit in accordance with SAs, we
exercise professional judgment and maintain
professional skepticism throughout the audit.
We also:

14.1. 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.

14.2. 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) 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.

14.3. Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by the Management.

14.4. Conclude on the appropriateness of the
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.

14.5. 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.

15. 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.

16. 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.

17. 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 year 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

18. 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.

19. As required by Section 143(3) of the Act, we
report that:

19.1. 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.

19.2. In our opinion, proper books of accounts
as required by law have been kept by the

Company so far as it appears from our
examination of those books.

19.3. The standalone balance sheet, the standalone
statement of profit and loss including Other
Comprehensive Income, the Statement of
Changes in Equity and the Standalone Cash
Flow Statement dealt with by this Report are in
agreement with the books of account.

19.4. In our opinion, the aforesaid Standalone
Financial Statements comply with the Ind AS
specified under Section 133 of the Act read with
the relevant rules thereunder.

19.5. On the basis of the written representations
received from the directors as on March 31,
2025 taken on record by the Board of Directors,
none of the directors is disqualified as on
March 31, 2025 from being appointed as a
director in terms of Section 164(2) of the Act.

19.6. 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'.

19.7. In our opinion and according to the information
and 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 is not in
excess of the limit laid down under Section 197
of the Act.

20. 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:

20.1. The Company does not have any
pending litigations which would impact its
financial position.

20.2. The Company did not have any long¬
term contracts including derivative
contracts for which there were any material
foreseeable losses.

20.3. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company.

20.4. The Management has represented, to best of
their 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 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.

20.5. The Management has represented, to best
of their knowledge and belief, that 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.

20.6. Based on such audit procedures, that have
been considered reasonable and appropriate
in the circumstances, performed by us,

nothing has come to our notice that has
caused us to believe that the representation
under para 20.4 and 20.5 contain any
material misstatement.

20.7. As stated in Note no. 48 to the standalone
financial statements, the final dividend
proposed in previous year, declared and paid
by the Company during the year in accordance
with Section 123 of the Act, as applicable.

20.8. Based on our examination which included test
checks, the company has used an accounting
software i.e SAP Hana 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 the course of our
audit we did not come across any instance of
audit trail feature being tampered with during
the course of the audit.

Additionally, the audit trail has been preserved
by the Company as per the statutory
requirements for record retention.

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621

Sd/-

Divesh B Shah

Partner

ICAI Membership No: 168237
UDIN: 25168237BMIOKV3046

Place: Mumbai
Date: April 16, 2025