ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Aditya Infotech Ltd.

Mar 31, 2026

1. We have audited the accompanying standalone
financial statements of Aditya Infotech Limited (''the
Company''), which comprise 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 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 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.

Key audit matter	How our audit addressed the key audit matter
Revenue recognition from sale of goods (Refer note 3(a) for material accounting policy information and note 32 for
related disclosures in the standalone financial statements)
The revenue of the Company consists primarily of sale	Our audit procedures relating to revenue recognition from
of security and surveillance equipments and related	sale of goods included, but were not limited to the following:
components through distributors.	• Understood the process of revenue recognition and
The Company recognizes revenue from sale of goods in	assessed the appropriateness of the revenue recognition
accordance with the principles of Ind AS 115- "Revenue from	accounting policies of the Company including those
Contracts with Customers'', at a point in time when it satisfies	relating to rebates and trade discounts, in accordance
its performance obligation by transferring the control of	with Ind AS 115;
goods to its customers and there is no unfulfilled obligation.	• Evaluated the design and tested the operating
Revenue towards a performance obligation is measured	effectiveness of the key financial controls with respect to
at the amount of transaction price allocated to that	revenue recognition;
performance obligation and is accounted for net of taxes,	• Performed substantive testing on selected samples of
rebates, discounts and sales returns.	revenue transactions recorded during the year, and
The Company has a large number of customers	transactions recorded during specific period before and
operating in various geographies and the sales contracts/	after the year-end, by testing the underlying documents
arrangements with such customers have varying	including contracts, invoices, goods dispatch notes,
commercial terms,	shipping documents and customer receipts,

Key audit matter	How our audit addressed the key audit matter
that determine the timing of transfer of control. Owing to the above factors, significant efforts and judgment of the management are required in determining the timing of transfer of control and measurement of revenue recognition in accordance with Ind AS 115 Further, the Company and its external stakeholders focus on revenue as a key performance indicator which could create an incentive for revenue to be overstated and there is a risk of revenue being recognized before the control is transferred to the customers. Considering the diverse terms of contracts with the customers, materiality of amounts involved, the volume of transactions including variability in discounts, incentives, rebates and other related charges on account of various schemes offered by the Company and significant management judgement involved, revenue from sale of goods is determined to be an area involving significant risk that requires significant auditor attention and therefore, has been considered as a key audit matter for the current year audit.	wherever applicable, to ensure revenue is recorded by correct amount in the correct period for such transactions; • Performed analytical procedures on revenue recognized during the year such as gross profit margin analysis, product wise analysis, ratio analysis, customer analysis, etc. to determine any unusual trends; • Obtained management working for year-end accruals for rebates and discounts for the active schemes as at year end, and tested the computation on a sample basis by referring to underlying supporting documents such as scheme documents, inventory/sales data, etc. • Tested manual journal entries pertaining to revenue for samples selected based on risk-based criteria; and • Assessed the appropriateness and adequacy of disclosures made in the standalone financial statements in accordance with the applicable requirements.
Impairment assessment of non-current investment in and loan given to subsidiary company (Refer note 3(r), (x) for
material accounting policy information and note 9 and 18 for disclosures in the standalone financial statements)
The Company has investment of H 2,581.31 million in	Our audit procedures relating to impairment assessment of
subsidiaries and has outstanding loan receivable of	investment in and loans given to the Subsidiary Company
H 81.95 million from subsidiary company- AIL Dixon	included, but were not limited to the following:
Technologies Private Limited as at 31 March 2026.	• Obtained an understanding of the management''s
As per requirement of Ind AS 36, Impairment of assets	process and evaluated the design and tested the
(''Ind AS 36''), the management reviews at each reporting	operating effectiveness of internal financial controls
period whether there are any indicators of impairment	on identification of indicators of impairment and
of the investment in subsidiary company and where	determination of the recoverable amount of the
impairment indicators exist, such investment is tested for	carrying value of investment and ECL assessment of
impairment.	loans outstanding;
The carrying value of loan given to subsidiary company is	• Assessed the appropriateness of the accounting policy
tested at year end for impairment in accordance with the	adopted by the management in accordance with Ind AS
requirements of Ind AS 109, Financial Instruments (''Ind	36 and Ind AS 109;
AS 109'').	• Assessed the professional competence and objectivity
The Management has assessed the recoverability of the	of the valuation experts used by the management to
said investment and loan, by carrying out a valuation	estimate the recoverable value of the investment in and
of the subsidiary company with the help of an external	loans given to subsidiary company;
valuation expert. The value in use of the underlying	• Involved auditor''s valuation experts to evaluate the
business is determined based on the discounted cash flow	appropriateness of the valuation model and to test
method, which requires management to make significant	the reasonability of the valuation assumptions used
estimates and assumptions relating to forecast of future	such as discount rate, expected growth rate and
business performance, and selection of the discount rates	terminal growth rate;
to determine the recoverable value to be considered	• Traced the future cash flow projections to approved
for impairment testing of the carrying value of above-	business plans and tested the arithmetical accuracy of
mentioned balances. Changes in aforesaid estimates and assumptions can lead to significant changes in the	the management workings;
assessment of the recoverable value.	• Critically challenged the reasonableness of the inputs used in the projections such as expected sales volume and prices, growth rates, profitability margins, working capital movement, capital expenditure, etc., by comparing past projections with actual results, and considering our understanding of the business and market conditions, as relevant;

Key audit matter

How our audit addressed the key audit matter

Considering the significance of the amounts involved and significant judgements involved in the assumptions used for computation of recoverable amount / value in use, the impairment assessment of the investment in and loan given to subsidiary company, is identified as a key audit matter for current year audit.

• Evaluated sensitivity analysis performed by the management on key assumptions and further performed independent sensitivity analysis on aforesaid key assumptions to determine estimation uncertainty involved and impact on conclusions drawn basis headroom between recoverable value and carrying amount; and • Evaluated the appropriateness and adequacy of the disclosures made in the standalone financial statements, including disclosure of significant assumptions, judgements and sensitivity analysis performed, in accordance with the requirement of the applicable accounting standards.

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.

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.

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 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.

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 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.

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.

16. 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.

17. 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 March 2026 from being
appointed as a director in terms of section
164(2) of the Act;

f) The modification 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 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 47 to
the standalone financial statements, has
disclosed the impact of pending litigations
on its financial position as at 31 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 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 March 2026;

iv. a. The management has represented

that, to the best of its knowledge and
belief, as disclosed in note 56(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 56(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 final dividend paid by the Company
during the year ended 31 March 2026 in
respect of such dividend declared for the
previous year is in accordance with section
123 of the Act to the extent it applies to
payment of dividend.

As stated in note 48 to the accompanying
standalone financial statements, the Board
of Directors of the Company have proposed
final dividend for the year ended 31 March
2026 which is subject to the approval of the
members at the ensuing Annual General
Meeting. The dividend declared is in
accordance with section 123 of the Act to the
extent it applies to declaration of dividend.

vi. As stated in note 55 to the standalone
financial statements and based on our
examination which included test checks,
the Company, in respect of financial year

commencing on 1 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 not enabled at the database
level for accounting software to log any
direct data changes, used for maintenance
of all accounting records by the Company.
Further, during the course of our audit we
did not come across any instance of audit
trail feature being tampered with other
than the consequential impact of audit
trail feature not enabled at the database
level. Furthermore, except for audit trail

feature not enabled at the database level,
the audit trail has been preserved by the
Company as per the statutory requirements
for record retention.

For Walker Chandiok & Co LLP

Chartered Accountants

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

Deepak Mittal

Partner

Membership No.: 503843

UDIN: 26503843ZZYDIL9228

Place: Noida

Date: 27 May 2026