We have audited the accompanying Standalone
Financial Statements of Skyways Air Services
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), Standalone Statement of Changes
in Equity and Standalone Statement of Cash
Flows for the year then ended, and notes to the
Standalone Financial Statements, including a
summary of the significant accounting policies and
other explanatory information (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 ("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 state of affairs of the Company as at March
31, 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 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
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 obtained by us is sufficient
and appropriate to provide a basis for our opinion
on the Standalone Financial Statements.

Other Information

The Company's Board of Directors is 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.

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.
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 in this regard.

Responsibilities of Management 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 of these
Standalone Financial Statements that give a true
and fair view of the state of affairs, profit/ loss and
other comprehensive income, changes in equity
and cash flows of the Company in accordance with
the accounting principles generally accepted in
India, including the Indian Accounting Standards
(Ind AS) 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,
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.

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

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
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 the Board of Directors.

• Conclude on the appropriateness of the Board
of Directors use of the going concern basis of
accounting in preparation of Standalone Financial
Statements 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.

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 for
the financial year ended March 31, 2026 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

1. As required by the Companies (Auditor's
Report) Order, 2020 ("the Order") issued by the
Central Government of India in terms of Section
143(11) 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. 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 except for the
matters stated in the paragraph (i)(vi) below
on reporting under Rule 11(g).

c. The Standalone Balance Sheet, the
Standalone Statement of Profit and
Loss including the Statement of 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 Ind
AS specified under Section 133 of the Act,
read with Companies (Indian Accounting
Standards) Rules, 2015, as amended.

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 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".

g. 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.

h. The modification 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) and paragraph (i)(vi) below on reporting
under Rule 11(g).

i. With respect to the other matters to
be included in the Auditor's Report in
accordance with Rule 11 of the Companies
(Audit and Auditor's) 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 33 to 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 were no amounts which were
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, 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
persons or entities, including foreign
entities ("Intermediaries"), with the
understanding, whether recorded
in writing or otherwise, that the
Intermediary shall:

• directly or indirectly lend or invest in
other persons or entities identified in
any manner whatsoever ("Ultimate
Beneficiaries") by or on behalf of the
Company, or

• provide any guarantee, security
or the like to or 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
persons or entities, including foreign
entities ("Funding Parties"), with the
understanding, whether recorded in
writing or otherwise, that the Company
shall:

• directly or indirectly, lend or invest in
other persons or entities identified in
any manner whatsoever ("Ultimate
Beneficiaries") by or on behalf of the
Funding Party, or

• provide any guarantee, security or
the like from or on behalf of the
Ultimate Beneficiaries; and

c. Based on such audit procedures
as 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 (iv)
(a) and (iv) (b) contain any material mis¬
statement.

v. The dividend, declared and paid by the
Company during the year is in accordance
with Section 123 of the Act, as applicable.

vi. Based on our examination which
included test checks, the Company has
used accounting software for maintaining
its books of account which has a feature
of recording audit trail (edit log) facility
and wherever enabled, the same has
operated throughout the year for all
relevant transactions.

Also, in respect of software used in maintaining
payroll records, as described in note 48 to the
Standalone Financial Statements, in absence of
service organisation controls report in respect of
audit trail, we are unable to comment on whether
audit trail feature of the underlying database was
enabled and operated throughout the year.

Further, during the course of our audit we did not
come across any instance of audit trail feature being
tampered with in respect of accounting software
except that in absence of service organisation
controls report, we are unable to comment on the
same in respect of the software used to maintain
payroll records.

Additionally, the audit trail to the extent it was
enabled has been preserved by the Company as
per the statutory requirements for record retention
except that in absence of service organisation
controls report, we are unable to comment on the
same in respect of the software used to maintain
payroll records.

For Bhagi Bhardwaj Gaur & Co.

Chartered Accountants
ICAI Firm's Registration Number: 007895N

per Mohit Gupta
Partner

Membership Number: 528337
UDIN: 26528337QAARSM8802