We have audited the standalone financial statements of
Reliance Power Limited (“the Company”), which comprise the
Standalone Balance Sheet as at March 31,2026, the Standalone
Statement of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Cash Flows and the
Standalone Statement of Changes in Equity for the year then
ended, and notes to the standalone financial statements
including a summary of material accounting policies and other
explanatory information (“hereinafter referred to as “standalone
financial statements”).

In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid standalone financial
statements give the information required by the Companies Act,
2013 (“the Act”) in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, (“Ind
AS”) and other accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31,2026, and
its profit and other comprehensive loss, its cash flows and the
changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in
accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities under those SAs
are further described in the Auditor’s Responsibility 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 made thereunder, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI’s Code of Ethics. We
believe that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our audit opinion on the
standalone financial statements.

Material Uncertainty related to Going Concern

We draw attention to Note 28 of the standalone financial
statements wherein the lender of Samalkot Power Limited

(SMPL), a wholly owned subsidiary of the Company, has invoked
corporate guarantee against the Company and has demanded
payment of the dues which are overdue from the Company.
Further, the lender of SMPL has initiated the Corporate
Insolvency Resolution Process against the Company under
section 7 of the Insolvency and Bankruptcy Code, 2016. The
events and conditions indicate that a material uncertainty exists
that may cast a significant doubt on the Company’s ability to
continue as a going concern. However, the standalone financial
statements of the Company have been prepared as a going
concern for the reason stated in the aforesaid note.

Our opinion on the standalone financial statements is not
modified in respect of this matter.

Emphasis of Matters

(a) We draw attention to Note 33(a) of the standalone financial
statements which describes the ongoing proceedings
initiated by the Directorate of Enforcement (ED) under
Prevention of Money Laundering Act, 2002. As stated in
the said note, during the quarter ended December 31,
2025, the ED has filed a Supplementary Prosecution
Complaint against the Company, Rosa Power Supply
Company Limited, Reliance NU BESS Limited and certain
individuals in connection with the fake bank guarantee
submitted to Solar Energy Corporation of India (SECI). ED
has arrested former Executive Director and Chief Financial
Officer of the Company under section 19 of the Prevention
of Money Laundering Act, 2002. As the matter is currently
being investigated by ED and is sub judice, the outcome
of the proceedings is presently uncertain and cannot be
determined at this stage.

(b) We draw attention to Note 33(b) of the standalone financial
statements which describes the ongoing proceedings
initiated by the Directorate of Enforcement (ED) under
Prevention of Money Laundering Act, 2002. As stated in the
said note, a search operation was carried out by the ED at
the Company’s premises in month of July 2025. Further ED
has provisionally attached certain assets of the Company
and of Reliance Natural Resources Limited (wholly owned
subsidiary of the Company), which has been further
extended for a period of 365 days by the Adjudicating
Authority. The outcome of the proceedings is presently
uncertain and cannot be determined at this stage.

(c) We draw attention to Note 35 of the standalone financial
statements wherein during the year ended March 31,2026,
forensic auditor has been appointed by the Securities and
Exchange Board of India in relation to alleged violations
of Securities and Exchange Board of India Act, 1992,
Securities Contract (Regulations) Act, 1956 and Companies
Act, 2013. As the audit is presently ongoing the outcome of
the same cannot be determined at this stage.

Our opinion on the standalone financial Statements is not
modified in respect of above matters.

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 of the current year. 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.
In addition to matter described in material uncertainty related
to going concern section of this report, 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

The Company’s Board of Directors is responsible for the other
information. The other information comprises the information
included in Company’s annual report, but does not include the
standalone financial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not
cover the other information and we do not express any form of
assurance conclusion thereon. In connection with our audit of the
standalone financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other
information is materially inconsistent with the standalone financial

statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there is a
material misstatement of this other information; we are required
to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Standalone
Financial Statements

The Company’s management and Board of Directors are
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 standalone
financial position, standalone financial performance, including

other comprehensive income/(loss), cash flows and changes in
equity 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 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
and 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 management either
intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the
Company’s financial reporting process.

Auditor’s Responsibility for the Audit of the Standalone
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these
standalone financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of
the standalone financial statements, whether due to fraud
or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial 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 the management.

• Conclude on the appropriateness of Management’s and
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.

• 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.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements
may be influenced. We consider quantitative materiality and
qualitative factors (i) in planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate
the effect of any identified misstatements in the standalone
financial statements.

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
of the current year and are therefore the key audit matters. We
describe these matters in our auditors’ 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 in

terms of Section 143(11) of the Act, we give in “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, except for matter stated in paragraph
2(j)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended), 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 Balance Sheet, the Standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement
of Cash Flows and the Standalone Statement of
Changes in Equity dealt with by this Report are in
agreement with the relevant 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 relevant rules
made thereunder.

e) On the basis of the written representations received
from the directors as on March 31, 2026 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) The going concern matter described in material
uncertainty related to going concern paragraph
above, in our opinion, may have an adverse effect on
the functioning of the Company.

g) The reservation relating to the maintenance of
accounts and other matters connected therewith are
as stated in paragraph 2(b) above on reporting under

section 143(3)(b) of the Act and paragraph 2(j)(vi)
below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended).

h) With respect to the adequacy of the internal financial
controls with reference to standalone financial
statements and the operating effectiveness of such
controls, refer to our separate Report in “Annexure B”.

i) With respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements
of section 197(16) of the Act, as amended, in our
opinion and to the best of our information and
according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions of
section 197 of the Act.

j) With respect to the other matters to be included
in the Auditor’s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,
2014, as amended, in our opinion and to the
best of our information and according to the
explanations given to us:

i. The Company has disclosed the impact of
pending litigations on its financial position in its
standalone financial statements;

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

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company;

iv. (a) The management has represented to us that, to
the best of it’s knowledge and belief, no funds
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 entities (“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;

(b) The management has represented to us that, to
the best of it’s knowledge and belief, no funds
have been received by the Company from
any person or entity, including foreign entities
(“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 our audit procedure that has 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 (a) and (b)
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 check,
the Company has used an accounting Software
for maintaining its books of account for the year
ended March 31, 2026 which have a feature of
recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant
transactions recorded in software at the application
level, further audit trail has been enabled at the
database level except at Data Definition Language &
Data Manipulation Language to log any direct data
changes to the database in accounting software SAP
for the year ended March 31,2026.

Further, during the course of audit, where audit trail (edit log)
facility was enabled and operated for the accounting software,
we did not come across any instance of the audit trail feature
being tampered with. Additionally, the audit trail has been
preserved by the Company as per the statutory requirements for
record retention except for the database level which has been
enabled from May 25, 2024.

For Pathak H. D. & Associates LLP

Chartered Accountants

Firm Registration No. 107783W/W100593

Jigar T. Shah

Partner

Membership No. 161851
UDIN: 26161851DQYHWF3390

Date: May 21,2026
Place: Mumbai