We have audited the standalone financial
statements of ALPHAGEO (INDIA) LIMITED

("the Company"), which comprise the
Standalone Balance Sheet as at March 31,2026,
and 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 a summary of material
accounting policies and other explanatory
information (hereafter 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
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,
2026, and its loss, 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 Standards are further described in
the Auditor's Responsibility 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 made 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
obtained by us is sufficient and appropriate to
provide a basis for our opinion on the standalone
financial statements.

Emphasis of Matter

• We draw attention to Note no 35 to the
Standalone IND AS financial statements
regarding ongoing proceedings under
the Foreign Exchange Management Act,
1999 (FEMA), in relation to which fixed
deposits aggregating to C 1,601.08 lakhs
of the Company continue to remain

under seizure/frozen from the year 2022-23, pursuant to actions initiated by the Directorate of
Enforcement.

During the current year, the Company has received a show cause notice from the adjudicating
authority in connection with the said matter. Based on legal opinion obtained by the management
and considering the current status of proceedings, management has assessed that no provision
is presently required in respect of this matter and has disclosed the same as a contingent liability
in the financial statements.

• As mentioned in Note No.34(b) to the Standalone IND AS financial statements, during the
financial year 2024-25, the Managing Director received a tax demand of C 1,644.78 lakhs in
connection with an ongoing tax matter pertaining to the Company. The said amount, being
indemnified by the Company, has been recognised as a non-current income tax asset. The
aggregate exposure of C2,246.31 lakhs (including an existing demand on the company of
C601.53 lakhs) has been disclosed as a contingent liability. Based on external expert opinion
obtained by the management, no provision has been recognised in the financial statements in
respect of this matter.

Our Opinion is not modified in respect of above matters.

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, and we do not provide a separate opinion on these matters. we have determined
the matters described below to be the key audit matters to be communicated in our report.

• 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.

Management's Responsibility 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 financial position, financial
performance including other comprehensive
income, cash flows and changes in equity of
the Company in accordance with the Ind AS
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 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
statement 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,
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 management
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 Company's financial reporting
process.

Auditor's Responsibility 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
financial 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 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 the 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.

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 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 Section 143(3) of the Act,
based on our audit 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 1(i)
(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,
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.

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 the
accounts and other matters connected
therewith, reference is made to our remark
in the paragraph 1(i)(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 over financial
reporting of the Company and the
operating effectiveness of such controls,
refer to our separate Report in "Annexure
A". Our report expresses Unmodified
opinion on the operating effectiveness of
the Company's internal financial controls
over financial reporting.

h) With respect to the other matters to
be included in the Auditor's 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 read with Schedule V of the
Act.

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 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 litigation on its
financial position as stated in Note no
34 to the Standalone Ind AS Financial
Statements.

ii. The Company was not required to
recognise the 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
contracts. The company doesn't have
derivative contracts;

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;

(c) Based on the 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),
as provided under (a) and (b)
above, contain any material
misstatement.

v. As stated in Note 42 to the standalone Ind

AS financial statements

(a) The final dividend proposed in the
previous year, declared and paid by
the Company during the year is in
accordance with Section 123 of the
Act, as applicable.

(b) The company has not issued any
interim dividend during the year.

(c) The Board of Directors of the
Company have proposed final

dividend for the year which is subject
to the approval of the members at
the ensuing Annual General Meeting.
The amount of dividend proposed 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 have a feature of
recording audit trail (edit log) facility and
the same has operated throughout the
year for all relevant transactions recorded
in the respective off shelf package.

The feature of recording audit trail (edit
log) facility was not available for the
accounting and maintaining the books of
account relating to Fixed Asset Register,
Pay role, purchase order and work orders.

Further, where audit trail (edit log) facility
was enabled and operated throughout the
year for the respective accounting software,
we did not come across any instance of the
audit trail feature being tampered with.

2. As required by the Companies (Auditor's
Report) Order, 2020 ("the Order") issued by
the Central Government in terms of Section
143(11) of the Act, we give in "Annexure B"
a statement on the matters specified in
paragraphs 3 and 4 of the Order.