1. We have audited the accompanying standalone
financial statements of ACME Solar Holdings
Limited (formerly known as ACME Solar Holdings
Private Limited) (''the Company''), which comprise
the Standalone Balance Sheet as at 31^st March
2026, the Standalone Statement of Profit and
Loss (including Other Comprehensive Income),
the Standalone Statement of Cash Flow and
the Standalone Statement of Changes in
Equity for the year then ended, and notes to
the standalone financial statements, including
material accounting policy information and
other explanatory information.

2. 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 (''Ind AS'') specified under
section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and
other accounting principles generally accepted
in India, of the state of affairs of the Company as
at 31^st 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

3. We conducted our audit in accordance with the
Standards on Auditing 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 (''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.

Key Audit Matters

4. 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.

5. We have determined the matters described below
to be the key audit matters to be communicated
in our report.

Information other than the Standalone Financial

Statements and Auditor''s Report thereon

6. The Company''s Board of Directors are responsible
for the other information. The other information
comprises the information included in the Annua
Report, but does not include the standalone
financial statements and our auditor''s report
thereon. The Annual Report is expected to be
made available to us after the date of this
auditor''s report.

Our opinion on the standalone financia
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 i
becomes available and, in doing so, considei
whether the other information is materially
inconsistent with the standalone financia
statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated.

When we read the Annual Report, if we conclude
that there is a material misstatement therein, we
are required to communicate the matter to those
charged with governance.

Responsibilities of Management and Those

Charged with Governance for the Standalone

Financial Statements

7 The accompanying standalone financia
statements have been approved by the
Company''s Board of Directors. The Company''s
Board of Directors are 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, financia
performance including other comprehensive
income, changes in equity and cash flows of the
Company in accordance with the Ind AS specifiec
under section 133 of the Act and other accounting
principles generally accepted in India. This
responsibility also includes maintenance o
adequate accounting records in accordance
with the provisions of the Act for safeguarding ot
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 o
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.

8. 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.

9. The Board of Directors and those charged with
governance are also responsible for overseeing
the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the

Standalone Financial Statements

10. 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 Standards
on Auditing 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.

11. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of
the Act 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 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 Board of
Directors'' 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; and

• 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.

12. 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.

13. 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.

14. 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.

Other Matter

15. The standalone financial statement of the
Company for the year ended 31^st March 2025
were audited by Walker Chandiok & Co LLP, one
of the joint auditors of the Company, jointly with
the other auditor, S. Tekriwal & Associates who
have expressed unmodified opinion on those
standalone financial statements vide their audit
report dated 19^th May 2025.

Report on Other Legal and Regulatory

Requirements

16. As required by section 197(16) of the Act, based on
our audit, we report that the Company has paid
remuneration to its directors during the year in
accordance with the provisions of and limits laid
down under section 197 read with Schedule V to
the Act.

17. 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.

18. Further to our comments in Annexure A, as
required by section 143(3) of the Act based on our
audit, we report, to the extent applicable, 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 purpose of our
audit of the accompanying standalone
financial statements;

b) Except for the matters stated in paragraph
18(h)(vi) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors)
Rules, 2014 (as amended), 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 financial statements dealt
with by this report are in agreement with the
books of account;

d) In our opinion, the aforesaid standalone
financial statements comply with Ind AS
specified under section 133 of the Act;

e) 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 31^st March 2026
from being appointed as a director in terms
of section 164(2) of the Act;

f) The qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 18(b)
above on reporting under section 143(3)(b)
of the Act and paragraph 18(h)(vi) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended);

g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31^st March
2026 and the operating effectiveness of
such controls, refer to our separate report in
Annexure B wherein we have expressed an
unmodified opinion; and

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 (as amended), in our
opinion and to the best of our information
and according to the explanations given
to us:

i. The Company, as detailed in note 44 to
the standalone financial statements,
has disclosed the impact of pending
litigations on its financial position as at
31^st March 2026;

ii. The Company did not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses as at
31^st March 2026;

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
31^st March 2026;

iv. a. The management has represented

that, to the best of its knowledge
and belief, as disclosed in note

45(h) to the standalone financial
statements, 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(s) or
entity(ies), 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, as disclosed in note
45(i) to the standalone financial
statements, no funds have been
received by the Company from any
person(s) or entity(ies), 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-clauses
(a) and (b) above contain any
material misstatement.

v. The interim dividend declared and paid
by the Company during the year ended
31^st March 2026 and until the date of
this audit report is in compliance with
section 123 of the Act.

vi. As stated in note 50 to the standalone
financial statements and based on our
examination which included test checks,
the Company, in respect of financial year
commencing on 01^st April 2025, has used
an accounting software for maintaining
its books of account which has a feature
of recording audit trail (edit log) facility
and the same has been operated
throughout the year for all relevant
transactions recorded in the software
except that, the audit trail feature was

enabled from 16^th September 2025 at the
database level for accounting software
to log any direct data changes used for
maintenance of all accounting records
by the Company. Further, one user id
created on 29^th October 2025 did not
have the audit trail feature enabled at
the database level. Furthermore, during
the course of our audit, we did not come
across any instance of audit trail feature
being tampered with, in respect of the
accounting software where such feature
is enabled other than the consequential
impact of the exception given above.
Also, the audit trail has been preserved
by the Company as per the statutory
requirement for record retention except
for the matters referred above.

For Walker Chandiok & Co LLP For A Prasad & Associates

Chartered Accountants Chartered Accountants

Firm''s Registration No.: 001076N/N500013 Firm Registration No.: 004250C

Anamitra Das Isha Baidya

Partner Partner

Membership No.: 062191 Membership No.: 430264

UDIN: 26062191NBKZMX7284 UDIN: 26430264PAENAU5935

Place: Gurugram Place: Gurugram

Date: 07^th May 2026 Date: 07^th May 2026

1. We have audited the accompanying standalone
financial statements of ACME Solar Holdings
Limited (formerly known as ACME Solar Holdings
Private Limited) (''the Company''), which comprise
the Standalone Balance Sheet as at 31^st March
2025, the Standalone Statement of Profit and
Loss (including Other Comprehensive Income),
the Standalone Statement of Cash Flow and
the Standalone Statement of Changes in
Equity for the year then ended, and notes to
the standalone financial statements, including
material accounting policy information and
other explanatory information.

2. I n 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 (''Ind AS'') specified under
section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and
other accounting principles generally accepted
in India, of the state of affairs of the Company as
at 31^st March 2025, 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

3. We conducted our audit in accordance with the
Standards on Auditing 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 (''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.

Key Audit Matters

4. Key audit matters are those matters that, in
our professional judgement, 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.

5. We have determined the matters described below
to be the key audit matters to be communicated
in our Report.

Information other than the Standalone Financial

Statements and Auditor''s Report thereon

6. The Company''s Board of Directors are responsible
for the other information. The other information
comprises the information included in the Annual
Report, but does not include the standalone
financial statements and our auditor''s report
thereon. The 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 will not express any form of assurance
conclusion thereon.

I n 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.

When we read the Annual Report, if we conclude
that there is a material misstatement therein, we
are required to communicate the matter to those
charged with governance.

Responsibilities of Management and Those

Charged with Governance for the Standalone

Financial Statements

7. The accompanying standalone financial
statements have been approved by the
Company''s Board of Directors. The Company''s
Board of Directors are 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 including other comprehensive
income, changes in equity and cash flows of the
Company in accordance with the Ind 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 and for preventing
and detecting frauds and other irregularities;
selection and application of appropriate
accounting policies; making judgements 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.

8. 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.

9. The Board of Directors is also responsible
for overseeing the Company''s financial
reporting process.

Auditor''s Responsibilities for the Audit of the

Standalone Financial Statements

10. 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 Standards
on Auditing 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.

11. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of
the Act we exercise professional judgement and
maintain professional scepticism 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 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 Board of
Directors'' 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; and

• 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.

12. 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.

13. 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.

14. 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

15. As required by section 197(16) of the Act, based on
our audit, we report that the Company has paid
remuneration to its directors during the year in
accordance with the provisions of and limits laid
down under section 197 read with Schedule V to
the Act.

6. 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.

7. Further to our comments in Annexure A, as
required by section 143(3) of the Act based on our
audit, we report, to the extent applicable, 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 purpose of our
audit of the accompanying standalone
financial statements;

b) Except for the matters stated in paragraph
17(h)(vi) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors)
Rules, 2014 (as amended), 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 financial statements dealt
with by this Report are in agreement with the
books of account;

d) In our opinion, the aforesaid standalone
financial statements comply with Ind AS
specified under section 133 of the Act;

e) 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 31^st March 2025
from being appointed as a director in terms
of section 164(2) of the Act;

f) The qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 17(b)

above on reporting under section 143(3)
(b) of the Act and paragraph 17(h)(vi)
below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended)];

g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31^st March
2025 and the operating effectiveness of
such controls, refer to our separate report in
Annexure B wherein we have expressed an
unmodified opinion; and

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 (as amended), in our
opinion and to the best of our information
and according to the explanations given
to us:

i. The Company, as detailed in note 43 to
the standalone financial statements,
has disclosed the impact of pending
litigations on its financial position as at
31^st March 2025;

ii. The Company did not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses as at 31^st
March 2025;

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 31^st
March 2025;

iv. a. The management has represented

that, to the best of its knowledge and
belief, as disclosed in note 46(h) to the
standalone financial statements, 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(s) or entity(ies), 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, as
disclosed in note 46(i) to the standalone
financial statements, no funds have
been received by the Company from any
person(s) or entity(ies), 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-clauses (a) and (b) above contain
any material misstatement.

v. The interim dividend declared and paid by
the Company subsequent to the year ended
31^st March 2025 and until the date of this
audit report is in compliance with section 123
of the Act.

vi. Based on our examination which included
test checks, the Company, in respect of
commencing on 1^st April 2024, has used
accounting software for maintaining its
books of account 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 feature
was not enabled at database level for

accounting software SAP HANA to log any
direct data changes, as described in note
53 to the standalone financial statements.
Further, during the course of our audit we did
not come across any instance of audit trail
feature being tampered with in respect of
the accounting software where such feature
is enabled. Furthermore, the audit trail has
been preserved by the Company as per the
statutory requirements for record retention.

For Walker Chandiok & Co LLP For S. Tekriwal & Associates

Chartered Accountants Chartered Accountants

Firm''s Registration No.: 001076N/N500013 Firm Registration No.: 009612N

Anamitra Das Shishir Tekriwal

Partner Partner

Membership No.: 062191 Membership No.: 088262

UDIN: 25062191BMMMJX7991 UDIN: 25088262BMLDUS6687

Place: Gurugram Place: New Delhi

Date: 19^th May 2025 Date: 19^th May 2025

To the Members of ACME Solar Holdings Limited (formerly known as ACME Solar Holdings Private Limited)

Report on the Audit of the Standalone Financial Statements Opinion

1. We have audited the accompanying standalone financial statements of ACME Solar Holdings Limited (formerly known as ACME Solar Holdings Private Limited) (''the Company''), which comprise the Balance Sheet as at 31 March 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including material accounting policy information and other explanatory information.

2. 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 (‘Ind AS'') specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024, 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

3. We conducted our audit in accordance with the Standards on Auditing 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 (‘ICAI'') together with the ethical requirements that are relevant to our audit of the 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.

Information other than the Financial Statements and Auditor''s Report thereon

4. The Company''s Board of Directors are responsible for the other information. Other information 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 standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

The Director Report is not made available to us at the date of this auditor''s report. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

5. The accompanying standalone financial statements have been approved by the Company''s Board of Directors. The Company''s Board of Directors are 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 including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind 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 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.

6. In preparing the financial statements, the 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 intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

7. 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

8. Our objectives are to obtain reasonable assurance about whether the 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 Standards on Auditing 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 financial statements.

9. As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the 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 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 Board of Directors'' 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 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; and

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

10. 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.

Report on Other Legal and Regulatory Requirements

11. Based on our audit, we report that the provisions of section 197 read with Schedule V to the Act are not applicable to the Company since the Company is not a public company as defined under section 2(71) of the Act as of 31 March 2024. Accordingly, reporting under section 197(16) is not applicable.

12. 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.

13. Further to our comments in Annexure A, as required by section 143(3) of the Act based on our audit, we report, to the extent applicable, 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 purpose of our audit of the accompanying standalone financial statements;

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 paragraph 13(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);

c) The standalone financial statements dealt with by this report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the Act;

e) 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 31 March 2024 from being appointed as a director in terms of section 164(2) of the Act;

f) The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 13(b) above on reporting under section 143(3)(b) of the Act and paragraph 13(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);

g) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company as on 31 March 2024 and the operating effectiveness of such controls, refer to our separate Report in Annexure B wherein we have expressed an unmodified opinion; and

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 (as amended), in our opinion and to the best of our information and according to the explanations given to us:

i. The Company, as detailed in note 41 to the standalone financial statements, has disclosed the impact of pending litigation on its financial position as at 31 March 2024;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 March 2024;

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 31 March 2024;

iv. (a) The management has represented that, to the best of its knowledge and belief, as disclosed in

note 44(h) to the standalone financial statements, 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(s) or entity(ies), 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, as disclosed in note 44(i) to the standalone financial statements, no funds have been received by the Company from any person(s) or entity(ies), 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-clauses (a) and (b) above contain any material misstatement.

v. The Company has not declared or paid any dividend during the year ended 31 March 2024.

vi. Based on our examination which included test checks, the Company, in respect of financial year commencing on 1 April 2023, has used accounting software for maintaining its books of account 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 feature was not enabled at database level for accounting software SAP HANA to log any direct data changes, as described in note 49 to the standalone financial statements. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with in respect of the accounting software where such feature is enabled.

For Walker Chandiok & Co LLP For S. Tekriwal & Associates

Chartered Accountants Chartered Accountants

Firm''s Registration No.: 001076N/N500013 Firm Registration No.: 009612N

SHISHIR as

Digitally signed by SAFAWi^RL^J&^WAG»c^CAiK^Do^Eu^LHiA^{=WEW DELHI}'' ^C=S

ANAMITRA DAS ^{ANAMITRA DAS} KUMAR ”

^AINAIVIMRA DAS Date: 2024.06.22 ^p5 4^885a093bcf_i„f₅₈n85,8a^f8₂fea6C3:fr5c

21:3<5:3<5 °5''3°'' TEKRIWAL DKrS^7”^m''-=^shish''^kuma''

Anamitra Das Shishir Tekriwal

Partner Partner

Membership No.: 062191 Membership No.: 088262

UDIN: 24062191BKDFYW3737 UDIN: 24088262BKASWC9013

Place: Dallas, Texas Place: New Delhi

Date: 22 June 2024 Date: 22 June 2024