Auditor Report of Siemens Energy India Ltd.

Sep 30, 2025

1. We have audited the accompanying Financial Statements of Siemens Energy India Limited ("the Company"), which comprise
the Balance Sheet as at September 30, 2025, and the Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the
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 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 accounting principles generally accepted in India, of the state of affairs of the
Company as at September 30, 2025, and total comprehensive income (comprising of profit and other comprehensive
income), changes in equity and its cash flows for the year then ended.

Basis for opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act.
Our responsibilities under those Standards are further described in the "Auditor''s Responsibilities for the Audit of the
Financial Statements" section of our report. We are independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our
audit of the 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.

Emphasis of Matter

4. We draw attention to Note 52 to the Financial Statements regarding the Scheme of Arrangement (the "Scheme") between
the Company, Siemens Limited and their respective shareholders and creditors, for transfer of the Energy business from
Siemens Limited to the Company, as approved by the National Company Law Tribunal (''NCLT'') vide its Order dated March
25, 2025, which has been given effect to in the Financial Statements from the date of incorporation of the Company (i.e.,
February 07, 2024) in accordance with "Appendix C - Business combinations of entities under common control" to Ind
AS 103 "Business Combinations", as prescribed in the Scheme. Accordingly, the prior period financial information for the
period from February 07, 2024 (date of incorporation) to September 30, 2024 have been restated by the Management,
which, however, has not been audited by us.

Our opinion is not modified in respect of this matter.

Key audit matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Financial Statements of the current period. These matters were addressed in the context of our audit of the Financial
Statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter	How our audit addressed the key audit matter
Revenue recognition in respect of construction contracts	Our procedures performed included the following:
(Refer Notes 29 and 39 to the Financial Statements)	(a)	Obtained an understanding of the business process, evaluated the design and tested the operating
A significant portion of the Company''s business is from		effectiveness of key controls, specific to such customer
construction contracts with its customers, which generally		contracts, including determination of contract price,
extend over a long period of time.		performance obligations, estimation of contract
In respect of these contracts, the Company recognises		costs, management reviews and approvals thereof.
revenue over a period of time in accordance with its	(b)	Assessed the appropriateness of the revenue
accounting policy, which is in line with Ind AS 115 "Revenue		recognition accounting policies in line with Ind AS
from Contracts with Customers". The recognition of contract revenue involves determination of percentage completion		115 "Revenue from Contracts with Customers".
of the project. The contract revenue is measured based	(c)	For selected sample of contracts, performed the
on the proportion of contract costs incurred for work performed till date relative to the estimated total contract		following:
costs.		- Obtained and examined project related documents such as contracts, customer
This method requires the Company to perform an initial		communications and price or scope variation
assessment of total estimated cost, compare with actual cost incurred and reassess the total estimated cost		orders.
for completion of contract at each reporting period to		- Tested the contract revenue and determination
determine the appropriate percentage of completion.		of performance obligations, including variable consideration with underlying documents (as
This estimation involves exercise of significant judgement		explained above) and evaluated management''s
by the management in making cost forecasts considering		assessment by reviewing the contractual terms
future activities to be carried out in the project, and the related assumptions.		as considered necessary. - Assessed the reasonableness of management''s
This has been considered as a key audit matter given the		basis for determining the total costs, including
significant management judgements and complexities		changes made during the year, by reference to
involved in determining future costs to complete, which		supporting documents and estimates related to
have a consequential impact on the recognised contract revenue, and there is presumed risk of fraud in revenue		cost-to-complete the projects.
recognition considering the customised and complex		- Assessed management''s development of the
nature of the customer contracts.		budgeted project costs, changes between planned and actual costs, and the estimated costs to complete. - Tested the mathematical calculation of percentage of completion based on the total estimated cost, the total actual cost incurred, and the revenue recognised based on the percentage of completion. - Tested the actual cost incurred during the year with supporting documents.
	(d)	Evaluated the adequacy of the disclosures made in the financial statements.

Other information

6. The Company''s Board of Directors is responsible for the other information. The other information comprises the information
included in the Annual Report, but does not include the 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 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 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 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 and take appropriate action as applicable under the relevant
laws and regulations.

Responsibilities of management and those charged with governance for the Financial Statements

7. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the
preparation of these Financial Statements that give a true and fair view of the financial position, financial performance,
changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards specified under Section 133 of the Act. 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 Financial Statements, 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 Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but
to do so.

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

Auditor''s Responsibilities for the Audit of the Financial Statements

10. 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 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 Financial Statements.

11. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism
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 management''s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor''s report to the related disclosures in the 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 Financial Statements, including the disclosures, and
whether the 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 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 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 Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.

16. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid Financial Statements
have been kept so far as it appears from our examination of those books, except that the backup of certain books
of account and other books and papers maintained in electronic mode has not been maintained on a daily basis on
servers physically located in India during the year and the matters stated in paragraph 16(h)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).

(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of
Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of
account.

(d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified under
Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on September 30, 2025, taken on record
by the Board of Directors, none of the directors is disqualified as on September 30, 2025, from being appointed as a
director in terms of Section 164(2) of the Act.

(f) With respect to the maintenance of accounts and other matters connected therewith, reference is made to our
remarks in paragraph 16(b) above on reporting under Section 143(3)(b) and paragraph 16(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
and the operating effectiveness of such controls, refer to our separate Report in Annexure A.

(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 has disclosed the impact of pending litigations on its financial position in its Financial Statements
- Refer Notes 36 and 38 to the Financial Statements.

ii. The Company has made provision, as required under the applicable law or Indian Accounting Standards, for
material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Notes 21,25 and
47 to the Financial Statements.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by
the Company during the year ended September 30, 2025.

iv. (a) The management has represented that, to the best of its 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(s) or entity(ies), 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 (Refer Note 55(v)(A) to the Financial Statements);

(b) The management has represented that, to the best of its knowledge and belief, no funds have been received
by the Company from any person(s) or entity(ies), 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 (Refer Note 55(v)(B) to the Financial Statements); and

(c) Based on such audit procedures that we 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 checks, the Company has used multiple accounting software
for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and that has
operated throughout the year for all relevant transactions recorded in the software, except for the following:

a) in respect of the core accounting software, the audit log is not maintained in case of modification made
with specific access and further, the audit trail feature was not enabled at the database level to log any
direct data changes;

b) in respect of certain other accounting software used by the Company, for the period October 01,2024 to
April 21,2025, did not have a feature of audit trail (edit log) facility;

c) with respect to one application operated by a third party service provider used for the year for maintaining
certain records, in the absence of any information pertaining to audit trail in the independent service
auditor''s report, we are unable to comment on the audit trail (edit log) feature in that accounting software;
and

d) with respect to another application operated by a third party service provider for maintaining certain
records, in the absence of the independent service auditor''s report, we are unable to comment on whether
the audit trail feature of the aforesaid software was enabled and operated throughout the year for all
relevant transactions recorded in the software or whether there were any instances of the audit trail feature
been tampered with.

During the course of performing our procedures, other than the aforesaid instances of audit trail not
maintained, where the question of our commenting does not arise, we did not notice any instance of audit
trail feature being tampered with. Further, the audit trail was not maintained in the prior period and hence
the question of our commenting on whether the audit trail was preserved by the Company as per the
statutory requirements for record retention does not arise.

17. The Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the
provisions of Section 197 read with Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Priyanshu Gundana

Partner

Membership Number: 109553

UDIN : 25109553BMOAZM6509

Place: Navi Mumbai

Date: November 24,2025