Please find enclosed herewith the Revised Independent Audit Report for the Year ended 31.03.2026

Punjab Communications Limited PCL/CS/16618 August 26, 2026 The Secretary The Bombay Stock Exchange Ltd., 25th Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Sub: Regulation 30 –Revised Independent Audit Report for period ended March 31, 2026 Dear Sir, Pursuant to Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements), Regulations, 2015, we would like to inform you that the Statutory Auditors of the Company, M/s Charanjit Singh & Associates, has submitted the revised Independent Auditors Report for the period ended March 31, 2026 after incorporating the required disclosure/ reporting under “Report on Other Legal and Regulatory Requirements” paragraph related to additional directions and comments as required by Section 143(5) of the Companies Act, 2013. Accordingly, the Board of Directors of the Company have approved and adopted the revised Independent Audit Report dated July 21, 2026 for the period ended March 31, 2026, by way of circulation on August 26, 2026. A Copy of revised Independent Audit Report is enclosed herewith for your record purposes. This is for your information and records please. Thanking you. Yours faithfully, For Punjab Communications Ltd, (Company Secretary & Compliance Officer) Encl. a/a Regd. Office: B-91, Phase Vlll, lndl. Area, S.A.S. Nagar, Mohali (Punjab) -160 071 lndia Phone No.: +91-172-2237101 (4 Lines), +91-172-5022901 (4 Lines) Fax No.: +91-172-2237125, Email : puncom@puncom.com CIN: L32202PB1981SGC004616 Website : www.puncom.com REVISED INDEPENDENT AUDITORS' REPORT The Members of Punjab Communications Limited Revised Report on the Audit of Financial Statements We have issued an Audit Report dated 20.05.2026 on the Financial Statements for the year ended 31.03.2026 which was submitted by the company to the Office of the Principal Accountant General (Audit), Chandigarh. Pursuant to Provisional Comments of Comptroller and Auditor General of India issued by the Office of the Principal Accountant General (Audit), Chandigarh consequent to supplementary audit under section 143(6)(b) of Companies Act, 2013 via mail dated 16 July 2026. The Audit Report dated 20.05.2026 has been revised and Qualification number 2 under the “Report on Other Legal and Regulatory Requirements” paragraph and “Annexure D” have been included to give effect to the Provisional Comments in respect of matters. No changes were made in the financial statements for the year ended 31 March 2026 which were approved by the Board of Directors. This report supersedes our earlier report dated 20.05.2026 (UDIN: 26526217GCSUVT1578) on the financial statements of M/s Punjab Communications Limited (“the Company”) for the year ended 31st March 2026. Qualified Opinion We have audited the accompanying financial statements of Punjab Communications Limited (CIN:L32202PB1981SGC004616), which comprise the Balance Sheet as at 31 March, 2026, the Statement of Profit and Loss for the year ended on that date, Statement of Cash Flows for the year ended on that date, Statement of Changes in Equity and Notes to financial statements, including a summary of the material accounting policies and other explanatory information (hereinafter referred to as the Financial Statements"). In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the accompanying Financial Statements 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 31st March, 2026 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date. Basis for Qualified Opinion a) As per the company's stated accounting policy, inventory is to be valued using the FIFO Method. However, the inventory of raw materials is valued on the basis of "last purchase rate". The Company has not provided us the valuation of the inventory as per the FIFO Method. The calculation of inventory of raw material as per the last purchase cost is also not in compliance with the provisions of Ind AS 2 on Inventories. b) As per the Company's accounting policy, cost of work in process includes cost of material plus direct labour which cannot be correct as the Cost of Work in Process should be valued only at material cost. However, the inventory of work in process carried in the Balance Sheet has been valued only at material cost. Further, the material cost is calculated on the basis of last purchase rate method. c) As per the Company's accounting policy, cost of finished sub-assemblies includes cost of material plus overheads apportioned on the same. However, the inventory of finished sub-assemblies carried in the Balance Sheet have been valued only at material cost. Further, the material cost is calculated on the basis of last purchase rate method. d) As per IND AS- 2, INVENTORIES; "Materials and other supplies held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. However, when a decline in the price of materials indicates that the cost of the finished products exceeds net realisable value, the materials are written down to net realisable value. In such circumstances, the replacement cost of the materials may be the best available measure of their net realisable value." Therefore, the Non-Moving Inventory of Raw Materials should be valued at the Replacement Cost. However, the Non-Moving Inventory of Raw Materials is valued at Cost. Further, the material cost is calculated on the basis of last purchase rate method. e) As required by Ind AS 109 Financial Instruments, the company should have an accounting policy to estimate Expected Credit Loss (ECL) for measuring impairment of its trade receivables and other financial assets. However, we observed that the company is not following any accounting policy to estimate ECL. In the absence of estimation of ECL as at 31.03.2026, we are unable to comment on the possible impact on the loss for the year ended on that date. We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" 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 Independence requirements that are relevant to our audit of the 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 qualified opinion on the financial statements. Emphasis of Matter a) We draw attention to the Note 13 of the Financial Statements regarding Other Current Financial Assets – “Others”: In Escrow account (Money held on behalf of VMC & its Associated Companies). Relevant records stating the reason for the balance are still underway. b) We draw attention to the Note 9 and Note 21 of the Financial Statements regarding Trade Receivables and Trade Payables respectively. As regards net trade receivables / trade payables as at 31.03.2026, most of the trade receivables / trade payables are outstanding for more than three years. The Company has hired an external agency for the same and the report is yet to be received. Our Opinion is not modified in respect of these matters. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit o [Showing first 8,000 characters — download PDF for full document]