1. We have audited the accompanying standalone Ind AS financial statements of Maruti Infrastruc¬
ture Limited ("the Company"), which comprise the standalone balance sheet as at 31 March 2026,
and the standalone statement of profit and loss (including other comprehensive income), standalone
statement of changes in equity and standalone statement of cash flows for the year ended, and
notes to the standalone financial statements, including a summary of significant accounting poli¬
cies and other explanatory information ("the Standalone Financial Statements").

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 ("Act") in the manner so required and give a true and fair view in conformity with the ac¬
counting principles generally accepted in India, of the state of affairs of the Company as at 31
March 2026, and its profit and other comprehensive income, changes in equity and its cash flows
for the year 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 SAs 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 Char¬
tered 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 there¬
under, and we have fulfilled our other ethical responsibilities in accordance with these require¬
ments 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 on the Standalone Financial Statements.

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 year. These matters were ad¬
dressed in the context of our audit of the Standalone Financial Statements as a whole, and in form¬
ing our opinion thereon, and we do not provide a separate opinion on these matters. We have
determined matters described below to be the key audit matters to be communicated in our re¬
port.

Other Information

5. The Company's Board of Directors are responsible for the other information. The other informa¬
tion comprises the information included in the Company's annual report, but does not include the
Standalone Financial Statements and our auditors' report thereon.

6. Our opinion on the Standalone Financial Statements does not cover the other information and we
do not express any form of assurance conclusion thereon.

7. 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 incon¬
sistent with the Standalone Financial Statements or our knowledge obtained in the audit or other¬
wise 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

8. 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 Standalone Financial Statements that give a true and fair
view of the statement of affairs, profit and other comprehensive income, changes in equity and
cash flows of the Company in accordance with the accounting principles generally accepted in In¬
dia, including the Indian accounting standards ("Ind AS") 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 poli¬
cies; making judgments and estimates that are reasonable and prudent; and design, implementa¬
tion 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.

9. In preparing the Standalone Financial Statements, the management 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 management either in¬
tends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

10. The Board of Directors are also responsible for overseeing the Company's financial reporting pro¬
cess.

Auditor's responsibilities for the audit of the Standalone Financial Statements

11. Our objectives are to obtain reasonable assurance about whether the Standalone Financial State¬
ments 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 ma¬
terial if, individually or in the aggregate, they could reasonably be expected to influence the eco¬
nomic decisions of users taken on the basis of these Standalone Financial Statements.

12. As part of an audit in accordance with SAs, we exercise professional judgment and maintain profes¬
sional scepticism throughout the audit. We also:

12.1. 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.

12.2. Obtain an understanding of internal control relevant to the audit in order to design audit proce¬
dures that are appropriate in the circumstances. Under section 143(3)(i) the Act, we are also re¬
sponsible for expressing our opinion on whether the Company has adequate internal financial con¬
trols with reference to Standalone Financial Statements in place and the operating effectiveness of
such controls.

12.3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by themanagement.

12.4. Conclude on the appropriateness of the management's use of the going concern basis of account¬
ing 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 disclo¬
sures 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.

12.5. Evaluate the overall presentation, structure and content of the Standalone Financial Statements,
including the disclosures, and whether the Standalone Financial Statements represent the underly¬
ing transactions and events in a manner that achieves fair presentation.

13. 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.

14. 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 rela¬
tionships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

15. From the matters communicated with those charged with governance, we determine those mat¬
ters that were of most significance in the audit of the Standalone Financial Statements of the cur¬
rent year and are therefore the key audit matters. We describe these matters in our auditor's re¬
port 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 be¬
cause 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

16. 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 "Annex-
ure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

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

17.1. We have sought and obtained all the information and explanations which to the best of our knowl¬
edge and belief were necessary for the purposes of our audit.

17.2. 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.

17.3. The standalone balance sheet, the standalone statement of profit and loss including other compre¬
hensive income, the statement of changes in equity and the standalone cash flow statement dealt
with by this Report are in agreement with the books of account.

17.4. In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified
under Section 133 of the Act.

17.5. On the basis of the written representations received from the directors as on 31 March 2026 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.

17.6. With respect to the adequacy of the internal financial controls with reference to Standalone Finan¬
cial Statements of the Company and the operating effectiveness of such controls, refer to our sepa¬
rate Report on internal financials control over financials reporting as per Annexure B.

17.7. In our opinion and according to the information and explanations given to us, the remuneration
paid by the Company to its directors during the current year is in accordance with the provisions of
Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down
under Section 197 of the Act.

17.8. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules 2014 is applicable
from 1^st April 2023.

Based on our examination which included test checks the company has used accounting software
for maintaining books of account, which have feature of recording audit trail (edit log) facility and
the same has been operated throughout the year for all relevant transactions recorded in respec¬
tive software.

Further, for the periods where audit trail (edit log) facility was enabled and operated throughout
the year for the respective accounting software, we did not come across any instance of the audit
trail feature being tampered with.

18. 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, in our opinion and to the best of our informa¬
tion and according to the explanations given to us:

18.1. The Company has disclosed the impact of pending litigations as at 31 March 2026 on its financial
position in its Standalone Financial Statements - Refer Note 33 to the Standalone Financial State¬
ments;

18.2. The Company is not required to made provision, as required under the applicable law or Ind AS, for
material foreseeable losses, if any, on long-term contracts including derivative contracts

18.3. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.

18.4. The management has represented that 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 un¬
derstanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, di¬
rectly 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. Based on reasonable audit procedures adopted by us,
nothing has come to our notice that such representation contains any material misstatement.

18.5. The management has represented that 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 be¬
half of the Ultimate Beneficiaries. Based on reasonable audit procedures adopted by us, nothing
has come to our notice that such representation contains any material misstatement.

18.6. In our opinion and according to the information and explanations given to us, that no dividend
declared or paid during the year the Company is in compliance with Section 123 of the Act.

UDIN: 26169259BHAZKD3755
For Meet Shah & Associates
Chartered Accountants
FRN : 142114W

Meet Shah
Proprietor
M. NO : 169259
Place : Ahmedabad
Date : 30-05-2026