ఆడిటర్ నివేదిక Saatvik Green Energy Ltd.

We have audited the accompanying standalone financial
statements of Saatvik Green Energy Limited (Formerly
known as ‘Saatvik Green Energy Private Limited’) (“the
Company”), which comprise the standalone balance sheet
as at March 31, 2026, the standalone Statement of profit
and loss (including the statement of other comprehensive
income), standalone statement of changes in equity and the
standalone statement of cash flows for the year then ended,
and notes to the standalone financial statements, including
a summary of material accounting policies and other
explanatory information.

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 March 31, 2026, its profit including other comprehensive
Income, changes in equity and its cash flows for the year then
ended.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements
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

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 we have obtained is sufficient and appropriate
to provide a basis for our audit opinion on the standalone
financial statements.

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
March 31,2026. 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. For each matter
below, our description of how our audit addressed the matter
is provided in that context.

We have determined the matters described below to be the
key audit matters to be communicated in our report. We
have fulfilled the responsibilities described in the Auditor’s
responsibilities for the audit of the standalone financial
statements section of our report, including in relation to these
matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the
risks of material misstatement of the standalone 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
standalone financial statements.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL
STATEMENTS AND AUDITOR’S REPORT THEREON

The Company’s Board of Directors is responsible for the other
information. The other information comprises the information
included in the Board 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 such 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 as other information
as stated above is expected to be made available to us after
the date of this Auditor’s Report.

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 financial position, financial
performance and cash flows of the Company in accordance
with the accounting principles generally accepted in India,
including the Ind AS specified under Section 133 of the Act,
read with relevant rules issued thereunder. 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,
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 is also responsible for overseeing the
Company’s financial reporting process.

AUDITORS’ 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 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 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 auditors’ 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 REGULATORYREQUIREMENTS

1. As required by the Companies (Auditor’s Report) Order,
2020 (‘the Order’), issued by the Central Government of
Indiain terms of sub-section (11) of Section143 of the
Act, and on the basis of such checks of the books and
records of the Company as we considered appropriate
and according to the information and explanations given
to us, 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 matter stated in 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 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 written representations received
from the directors as on March 31,2026 and 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 these
standalone financial statements of the Company
and the operating effectiveness of such controls,
refer to our separate report in “Annexure B” to this
report.

g. In our opinion, the managerial remuneration for the
year ended March 31,2026 has been paid / provided
by the Company to its directors in accordance with
the provisions of Section 197 read with Schedule V
to the Act;

h. The modifications 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
2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

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 in its
standalone financial statements - Refer note
41 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 March 31,2026, Refer note 43 to
the standalone financial statements.

iii) There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company during
the year ended March 31,2026.

iv) (a) The Management has represented that,

to the best of its knowledge and belief
as disclosed in the notes to accounts,
no funds (which are material either
individually or in the aggregate) 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 or entity, including foreign
entity (“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 guarantee,
security or the like on behalf of the
Ultimate Beneficiaries; Refer note 50 to
the standalone financial statements

(b) The Management has represented,
that, to the best of its knowledge and
belief, no funds (which are material
either individually or in the aggregate)
have been received by the Company
from any person or entity, including

foreign entity (“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 50 to the standalone financial
statements

(c) Based on such audit procedures
performed 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) 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 an
accounting software for maintaining its
books of account for the financial year
ended March 31, 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; except that audit trail was
not enabled at application level for certain
critical tables in the software.

Further, during the course of our audit we did
not come across any instance of audit trail
feature being tampered with.

Additionally, the audit trail, to the extent
maintained in the previous years, has
been preserved by the Company as per the
statutory requirements for record retention.

For Suresh Surana & Associates LLP

Chartered Accountants
Firm’s Registration No. 121750W/W100010

Kapil Kedar

Partner

Place: Gurugram Membership No. 094902

Dated: May 20, 2026 UDIN: 26094902SLIRVU7948