1. We have audited the accompanying standalone
financial statements of Sterlite Technologies
Limited (“the Company”), which comprise the
Standalo ne Balance Sheet as at March 31, 2026,
and the Standalone Statement of Profit and Loss
(including Other Comprehensive Loss), the
Standalone Statement of Changes in Equity and
tne Standalone Stat ement of Cas h Flows fo r the
yecr then ended , and notes to th e standalo ne
financial statements, including material uccount-
ihe policy information and other explanatory
information.
2. In our opinion and te the best of our information
and according to title explanations given to u s,
the aforesnid standalone financial statements
give the information required loy the Company
Act, 2013 (“the Act'-in the manner so required
and give a true and l^r view in conformity wi th
tiie accounting principles genbra.ly accepted in
India, of t hie stiate of affairs mf the Company as
at March 31, 2026, and total ce mprehensive lohs
(co mprising of profit and o-her comprehensive
loss), ch ang es in equity and it s ca sh Itews for
the year the2 ended.
Basis for Opinion
3. We conducted oar anditin accordance with the
Standards on Auditing (SAs) specified uhder
S ection 143(10) of the Act. Our responsibilities
under those Standards are further described in
th e “AThit or's responsi bilities for the audit of the
standulone fio^ncial htatements” section of our
repBrt. We arm independent of the Company in
accordance with the Code of Ethics issued by
tiie Institute of CPartered Accountants oflndia
together with the ethical teqniremeits that are
rel evant to our audit of t he vtaed-lone fioi^nci al
statements under the provisions of the Act and
tines Rulm rhereunder, and we have fultiilnd our
othea ethichl responsibi lrtiee in accordanee with
shiEsse rueuir2ment s and tee Code of Ethics. We
beli Rve eh at the audit anid ence we have
obtained is sufficient and hppropriate te provide
a basi s fo r our o einion °
Emphasis of Matters
4. We deaw attention to Note 37(3, of the htand-
alone finahcial statume hts, which describes the
status of a litigation against Sterlite Techndo-
gies Inc, USA, a aubsidiary incorporated outside
India, by anoint I^A bao^d entity. Manage¬
ment is pursuinglegal remedies an d has filed an
appeul voit la the United States Court of Appaals
for tn e Fourth Circuit, und the possible financial
impa!! of the iitigatioh is currently not deter-
minabl e. Our opirn on is not moelifiedin respect
ot1 this matter.
Key Audit Matters
5. Key audit matters are those matters that, in our
professional judgement, were of most signifi¬
cance in our audit of the standalone financial
statements of the current year. These matters
were addressed in the context of our audit of
the standalone financiai statement s as a whole
and in fo rm ing our odnion thereon, an cl we do
not provide a separate opinion on these matters.
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Key audifmatter
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How our audit addressed the key audit matter
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Assessment ert imncitment to tes cerryinEr t'olue oc
ineessms2ts it aod lo-no ro hnbtidiatieh ncte-
6 and o to tie tranPalose rinonaiol statnmectst
The cT/rying nmoust oi inaestments in equitp
shnres of Sterlite Global Ventures (Mhuritius)
Limitied and Sterlite US^^rant)haif Trading Compa¬
ny Limited as of March 131, 20,6, aggregated to
?260 crore and thu loans Sics STI_ LUig^tol Limited
and SterNte Technolog ien Holding Inc: USA a s am
March 31, 2026, aggregated tn ?3 90 crore .
Furthee, tie Comphny lras nlsogiaen guarantees
in respect of nxtemal borrowings taken ley these
sulasidiarieSi
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Ouh wudit |er^cadhass indhec-:
• Obteiu^ an understandmg and nvaiuating
tie design arid testing thR ope rat ing effec-
tiveneus of reievant conrtols related tm)
management’s impai-meat ^^^e^sm^nt of
investments, lo^n^ anct guarantees.
• ^v^lui^ting the tth-is ter identyying impnir-
ment ind icntors (e.g., h|storical performance,
bicuok vide of net assets, availadi iity of
sufficient fun<Us, etc.).
• With the involuement of auditor', experts
mhere necetsary, asse-sing appropnh-eness
of Sf'ie valuation methodology used and
evalnating the raasonableness of the key
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Keyauditmat ter
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How our audit addressed the key audit matter
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The Company accoenta for inveatmenta in
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assumptions used in determination of
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subsidiaries at coat (leaa accemelateU impair¬
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discounted cash flows such as discount rates,
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ment, if any). The management reviews the
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terminal growth rate, sales growth rate,
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carrying value of these inveatmenta in subsidiar¬
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EBITDA, etc.
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ies at each reporting date and assesses if there
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• Evaluating the historical performance of the
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are any indicators of impairment.
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subsidiaries against their forecast perfor¬
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mance.
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The Management has used the discounted cash
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• derforming sensitivity analysis over key
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flow ('DCF') model for estimating the recover-
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assumptions to evaluate whether recoverable
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able amount of the investments for the purpose
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amount of investments is within a reasonable
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of carrying out the impairment assessment,
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range.
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which involves estimates and judgement with
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• Evaluating management's assessment in
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regard to certain key inputs like future cashflows,
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determination of ECL.
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discount rates, terminal growth rate, economic
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• Testing the arithmetical accuracy of the
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factors, etc. incorporated in the valuation.
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computations including those related to
Hicrroi int^H flowc:
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U loCUU 1 1 LCU Cuol 1 1 IU Wo.
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Further, in respect of the aforementioned loans
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• Assessing the adequacy of related disclo¬
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and guarantees, the Company applies the princi-
plea of Ind AS 109 “Financial Instruments” to
determine whether any provision for expected
credit losses ('ECL') is required, considering the
expected manner of recovery over a period and
other variables considered in the ECL model.
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sures in the standalone financial statements.
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We considered this to be a key audit matter due
to significant management judgement involved in
estimating of the recoverable amount.
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Aseessmeurofreuaexrability oyDeKeuredTaxAssets
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Our audid progederesincled ed :
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(ReferNote24A to the standalone financial
statements)
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• Understanding and evaluating the design and
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The Company has recognised defer^d tax assets
(n et) am ount ing to ?29 crore as at Ma rch 31,
2026, on business losses/enaysoryeU deprecia¬
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tesgne t he operating effectigeness of
relevant controls relating to recognition and
assessm ent of recoverayilitg of1 deferred tax
assets.
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tion and other temporary differences, based on
its asoeuament of recove ralcility cons idering the
Company's nr ojed^d fetete taxabl emcome, in
accorda pce with Ind AS 12 “Income Taxcs”.
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• Ass essing thy appropriateness of me Cempa-
ny's accou otieg policy/ in respect of recognis¬
ing defe^ed tax assets on yesineos
lossesOona iDaomed depreciation arid Uempo-
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We have considered this as a key audit matter
due to sidnificant judgment required by the
Management in preparation of projected future
taxable in com e consioe rin g th e futore business
plan and underlying ossemctiona aach as sales
growto rate, EBITDA, etc.
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rary difference.
• Vetifying the calculation of net Seferted tax
asset recognised as at the year-end, includ¬
ing the mathematical accuracy of the under¬
ly ing p rojeetions.
• Evaleating thejedgments and aagemptio ns
made by t he Management in determining the
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projected future taxable income for reason-
ab leneas.
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n derforming seos itivity anols/aia on the
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projected fetereÝtaxarle profits by varying
the key aoaempti ons within a reasonable
range.
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• Assessing the adequacy of disclosures made
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in the standalone firansial statements.
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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 stand¬
alone financial statements and our auditor's
report 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 misstate¬
ment 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 financial position, financial
performance, changes in equity and 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.
8. In preparing the standalone financial statements,
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 Board of
Directors either intends to liquidate the Compa¬
ny or to cease operations, or has no realistic
alternative but to do so.
alternative but to do so.
9. Those Board of Directors are also responsible
for overseeing the Company's financial report¬
ing process.
Auditor’s responsibilities for the audit of the standalone
financial statements
10. Our objectives are to obtain reasonable assur¬
ance 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 state¬
ments, 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 circum¬
stances. 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.
- Conclude on the appropriateness of manage¬
ment'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 inade¬
quate, 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 sir conditions may cause
the Company to cease ten continue as a gening
conbern.
- Evaluato tioe overall presentation, structure
and content of the standalone financial state-
ments,including the d^closures, and whether
the standalone financial statements represent
-he andeelying transactions and eventsin a
manner that achieves fair presentatioa.
12. We communicate with those mharged wits
governance regarding, among other matters,
mhe planned scope and timing of the audit and
significamt aucit findings, me^ng any signifi¬
cant deficiencies inintermal control t hat we
td^ntlfy during our audit.
13. We also provide tnose charged with governance
winh o statement th at we have com plied with
relevant ethica l requirem ents regarding inde¬
sen dence, and to communicate with them all
relationshiem and other mhtters that may
reasonably be theughe to bear on our indepen-
penoe, and wOere applicate, related safegaards.
14. From the ma tters communicated with those
charged with governance, wa determine those
matters rhar were of moat significance in the
Fudit of the stand alone financial statements of
che current; year and are therefore tme ken;/ audi t
matters. We wescr ibe th^te mattersin ou r
auditor’s report unless i aw or regulation
precludes public diocloaure aboue the matter or
waen, in extromely rare eirc umstances,we
determin e that a matter wh ou ld nut be c ommu-
oicated in oub report because the adverse
tonsequ ences of doing so would reasonab ly be
onepected to outweigh the public in^ees!
benefits of such communication.
Report onotherlegalandregulatory 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 informa¬
tion 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 Compa¬
ny 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 year and the matters
stated in paragraph 16(h)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended).
c. The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including other
comprehensive loss), 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 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 maintenance of accounts
and other matters connected therewith, refer¬
ence is made to our remarks in paragraph 16(b)
above and paragraph 16(h)(vi) below.
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 Note 37
to the standalone financial statements;
ii. The Company was not required to recognise a
provision as at March 31, 2026, under the
applicable law or Indian Accounting Standards,
as it does not have any material foreseeable
losses on long-term contract (including long
term derivatives contract).
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 year.
iv. (a) The management has represented that, to
the best of its knowledge and belief, other than
as disclosed in Note 8(a) 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 guar¬
antee, security or the like 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, 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 (Refer Note 18B (vii) to the standalone financial statements); 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 Company has not declared or paid any dividend during the year.
vi. Based on our examination, which included test checks, the Company has used multiple accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and that has
operated throughout the year for all relevant transactions recorded in the software, except for the following:
- in respect of the core accounting software, the audit trail feature is not maintained in case of modification by
certain users with specific access at application level and also, in case for direct database changes;
- one accounting software does not have the feature of recording audit trail;
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.
vii. 17. Except for managerial remuneration aggregating to ?3 crore, the managerial remuneration paid/ provided
for by the Company is in accordance with the requisite approvals as mandated by the provisions of Section 197
read with Schedule V to the Act. As stated in Note 47(D) to the standalone financial statements, the amount
paid/ provided by the Company is subject to approval of the shareholders of the Company by way of a special
resolution in the ensuing annual general meeting as required by Section 197 read with Schedule V to the Act.
For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Sachin Parekh
Partner
Membership Number: 107038
UDIN: 26107038IIMPLK7628
Mumbai
April 29, 2026
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