We have audited the accompanying
standalone financial statements of
B.R.Goyal Infrastructure Limited (“the
Company") which comprise the
Standalone Balance Sheet as at 31st March,
2026, the Standalone Statement of Profit
& Loss, Standalone Statement of Cash
Flow of the Company for the year then
ended notes to the financial statements
including a summary of the significant
accounting policies and other explanatory
information (hereinafter referred to as
“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
Standards (AS) prescribed under section
133 of the Act and other accounting
principles generally accepted in India:
a) In the case of the Balance Sheet, of the
state of affairs of the Company as at 31st
March, 2026;
b) In the case of the Statement of Profit and
Loss, of the profit for the year ended on
that date and
c) In the case of the Cash Flow Statement,
of the cash flows for the year ended on
that date.
Basis for Opinion
We conducted our audit of the standalone
financial statements in accordance with
the Standards on Auditing (SA's) and other
pronouncements issued by the Institute of
Chartered Accountants of India (‘ICAI')
specified under section 143(10) of the Act.
Our responsibilities under those standards
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 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.
Key Audit Matters
We have determined that there are no key
audit matters to communicate in our
report.
Information Other than the Standalone
Financial Statements and Auditor’s
Report Thereon
The Company's Management is
responsible for the preparation of the
other information. The other information
comprises the information included in
management analysis, company
performance report but does not include
the standalone financial statements and
our auditor's report thereon.
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 and, in doing so, consider
whether the other information is
materially inconsistent with the 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.
Management’s Responsibility for the
Standalone Financial Statements
Management is responsible for the
matters stated in section 134(5) of the Act,
with respect to the preparation and
presentation of these standalone financial
statements that give a true and fair view
of the financial position, financial
performance and cash flows of the
Company in accordance with the AS
specified under section 133 of the Act 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 for preventing and
detecting fraud 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, management 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 are 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 controls 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 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.
Report on Other Legal and Regulatory
Requirements
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 the
paragraph 3 and 4 of the Order, to the
extent applicable.
As required by Section 143(3) of the
Companies Act 2013, 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 of the
accompanying standalone financial
statements.
b) In our opinion, proper books of
account as required by the law have
been kept by the Company so far as
appears from our examination of
those books.
c) The Balance Sheet, Statement of
Profit and Loss 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 AS specified under
Section 133 of the Act.
e) We do not have any observation or
comment on the financial
statements or matters which have
any adverse effect on the
functioning of the Company.
f) We do not have any adverse
qualification, reservation or adverse
remark relating to the maintenance
of accounts and other matters
connected herewith.
g) On the basis of the written
representations received from the
directors and taken on record by the
Board of Directors, none of the
directors is disqualified as on 31st
March 2026 from being appointed
as a director in terms of section
164(2) of the Act.
h) 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".
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 litigations on
its financial position as at 31st
March 2026 in its standalone
financial statements - Refer
Note 34 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 as at 31st
March 2026;
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
securities premium or any
other sources or kind of
funds) by the Company to
or in any person or entity,
including foreign entities
(‘the 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 (‘the
Ultimate Beneficiaries') or
provide any guarantee,
security or the like on
behalf 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 or entity,
including foreign entities
(‘the 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; and
c. Based on such audit
procedures performed as
considered reasonable and
appropriate in the
circumstances, nothing has
come to our notice that has
caused us to believe that
the management
representations under sub¬
clause (i) and (ii) of Rule
11(e), as provided under (a)
and (b) above, contain any
material misstatement.
v. The Company has declared
dividend of ^ 0.25 per share for
the year ended 31st March 2026.
vi. Based on our examination,
which included test checks, the
Company has used accounting
software for maintaining its
books of account for the
financial year ended 31st March,
2026 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 the audit
trail feature being tampered
with during the course of our
audit and the audit trail has
been preserved by the
Company as per the statutory
requirements for record
retention.
vii. As required by the Companies
(Amendment) Act, 2017, in our
opinion, according to
information, explanations
given to us, the remuneration
paid by the Group to its
directors is within the limits
laid prescribed under section
197 of the Act and the rules
thereunder.
For A B M S & Associates
Chartered Accountants
Firm’s Registration No.: 030879C
CA.(Dr.) Abhay Sharma
Partner
Membership No.: 411569
Date: 30th May, 2026
Place: Indore
UDIN: 26411569JPTFFL2751
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