We have audited the accompanying Standalone
Financial Statements of RAJESH POWER SERVICES
LIMITED (CIN: L31300GJ2010PLC059536) (the
"Company"), which comprises the Standalone Balance
Sheet as at 31 March 2026, the Standalone Statement
of Profit and Loss, including other comprehensive
income, the Standalone Statement of Cash Flows and
the Standalone Statement of Changes in Equity for
the year then ended, and notes to the standalone
financial statement, including a summary of material
accounting policies and other explanatory information
(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, ("Ind AS") and
other accounting principles generally accepted in India,
of the state of affairs of the Company as at 31 March,
2026 and its Profit including Other Comprehensive
Income, its Cash Flows and the Changes in Equity 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 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 together with the ethical requirements that

are relevant to our audit of the Standalone Financial
Statements under the provisions of the Companies Act,
2013 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.

Emphasis Of Matter

We draw attention to Note 2.17 to the standalone
financial statements, which explains that these are
the Company's first annual standalone financial
statements prepared in accordance with Indian
Accounting Standards ("Ind AS") prescribed under
Section 133 of the Companies Act, 2013 read with the
Companies (Indian Accounting Standards) Rules, 2015,
as amended. Accordingly, the comparative information
for the year ended 31 March 2025 and the opening
Balance Sheet as at 1 April 2024 have been restated in
accordance with Ind AS. Our opinion is not modified in
respect of this matter.

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 31 March 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 fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the Financial
Statements' section of our report, including in relation
to these matters. Accordingly, our audit included
the performance to these procedures designed to
respond to our assessment of the risk of the material
misstatement of the 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
Financial Statements. We have determined the matters
described below to be the key audit matters to be
communicated in our report.

Other Information

information included in the Annual Report, but does
not include the Standalone Financial Statements and
our auditor's report thereon. The Company's 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 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 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 on the other information that we obtained
prior to the date of this auditor's report, 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 and Those
Charged with Governance for the Standalone
Financial Statements

The Company's Management and Board ofDirectors are
responsible for the matters stated in section 134(5) of
the Companies Act, 2013 ("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 including Other Comprehensive Income,
cash flows and Changes in Equity 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 read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended.

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 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
Management and Board of Directors are 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.

The 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 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
Companies Act, 2013, 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 management and Board of Directors.

• Conclude on the appropriateness of managements
and 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 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.

Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or
in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
Standalone Financial Statements may be influenced.
We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in
the Standalone Financial Statements.

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 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 Companies Act, 2013, 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.

c) The standalone balance sheet, the standalone
statement of profit and loss (including Other
Comprehensive income), the standalone
statement of Cash Flows and standalone
statement of changes in equity dealt with by
this Report are in agreement with the books
of account of the Company.

d) In our opinion, the aforesaid standalone
financial statements comply with the Indian
Accounting Standards 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 31 March
2026, taken on record by the Board of
Directors, none of the directors of the
Company is disqualified as on 31 March 2026
from being appointed as a director in terms
of Section 164(2) of the Act.

f) With respect to adequacy of internal
financial controls over Standalone financial
statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B".

g) 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 Companies Act, 2013, as amended, in our
opinion and to the best of our information and
explanation given to us, the remuneration
paid by Company to its directors during the

year is in accordance with the provisions of
section 197 of the Act.

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, 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 no. 42:-
Contingent liabilities- Pending Litigation".

ii. The Company did not have any long-term
contracts including derivative contracts
for which there were any material
foreseeable losses; and

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
person(s) or entity(ies), 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 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, 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, 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, and

(c) Based on such audit procedures performed by us 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 made by the Management under sub clause (a) and (b) above, contain
any material misstatement.

v. 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, the extent it applies to payment of dividend. An
Amount of ? 5760 remaining unpaid/unclaimed as at the balance sheet date which was transferred
to the Unpaid Dividend Account within the time limit prescribed under Section 124(1) of the
Companies Act, 2013.

As stated in Note no. 57 to the standalone financial statements, 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 of the Company. The amount of dividend proposed is in
accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vi. Based on our examination, which included test checks, the Company has used accounting software
for maintaining its books of account which has the feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions recorded in the
software for the financial year ended 31 March 2026. Further, during the course of our audit we did
not come across any instance of the audit trail feature being tampered with and the audit trail has
been preserved by the Company as per the statutory requirements for record retention.

For, DINESH R THAKKAR & CO.

CHARTERED ACCOUNTANTS
FRN : 102612W

KEYUR M. THAKKAR

(PARTNER)

PLACE : AHMEDABAD M.NO.190243

DATE : 23 APRIL 2026 UDIN: 26190243AYBHZS8825