We have audited the accompanying standalone financial statements of Azad India Mobility Limited ("the Company"),
which comprise the Balance Sheet as at 31 March 2026, 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.
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') prescribed 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
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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone Ind AS financial statements for the current period. These matters were addressed in the context of our audit
of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters."
Information other than the Financial Statements and Auditor's Report thereon
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.
Responsibilities of Management and Those Charged with Governance for the standalone Ind AS Financial
Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013
("the Act") with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view
of the financial position, financial performance including other comprehensive income, cash flows and changes in
equity of the Company.
In preparing the 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.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with 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.
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 scepticism throughout the audit. We also:
a. 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;
b. 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
c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management;
d. In preparing the financial statements, the Management and Board of Directors are responsible for assessing the
Company's ability to continue as a going concern and for using the going concern basis of accounting unless they
either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The
Management is also responsible for disclosing, as applicable, matters related to going concern.
Our responsibility is to obtain sufficient appropriate audit evidence regarding the appropriateness of the Man¬
agement's use of the going concern basis of accounting and, based on the audit evidence obtained, to conclude
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Com¬
pany'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 accordingly. 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.
e. 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.
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 require¬
ments 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 Ind AS 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 Regulatory Requirements
1) As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure "1", a statement
on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2) Further to our comments in Annexure 1, 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;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books;
c) The Balance Sheet, Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash
Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards
prescribed 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 over financial reporting of the Company with reference
to these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate
Report in "Annexure 2" to this report;
g) 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 does not have any pending litigations having material impact on its financial position;
ii. The Company does not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company.
iv. The Company has not declared or paid any dividend during the year ended 31 March 2026;
v. The management has represented that, to the best of its knowledge and belief, no funds have been
advanced or loaned or invested by the Company to or in any other persons or entities, including foreign
entities ("Inter mediaries"), with the understanding that the Intermediary shall, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
vi. Based on such audit procedures as 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) contain any material misstatement;
vii. The Company has maintained an adequate audit trail as required under Rule 3(1) of the Companies
(Accounts) Rules, 2014. The Company has used an ERP-based accounting software for maintaining its books of
account, which has a feature of recording audit trail (edit log) facility. Based on our examination, the audit trail
facility has been operated throughout the year for all transactions recorded in the software, and the audit trail
feature has not been tampered with. Further, the audit trail has been preserved by the Company in accordance
with the statutory requirements for record retention.
The ERP system also contains appropriate access controls and restrictions enabling identification and tracking of the
user initiating the entry as well as the user authorising/finalising the same, and reports in respect thereof can be
generated from the ERP system.
For R. Bhargava & Associates
Chartered Accountants
Firm Registration No.: 012788N
Sd/-
R. Bhargava
Partner
Membership No.: 071637
UDIN: 26071637TJAVOT6399
Place: Mumbai
Date: 29/05/2026
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