1. We have audited the accompanying financial
statements of Indiqube Spaces Limited (formerly
known as Indiqube Spaces Private Limited, Innovent
Spaces Private 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 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 Indian Accounting Standards
('Ind AS') specified 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 loss
(including other comprehensive income), its cash

flows and the changes in equity for the year ended
on that date.

Basis for Opinion

3. 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
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

4. 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.

Information other than the Financial Statements
and Auditor's Report thereon

6. The Company's Board of Directors are 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 standalone 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 standalone
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 standalone 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

Responsibilities of Management and Those Charged

with Governance for the Financial Statements

7. The accompanying financial statements have been
approved by the Company's Board of Directors.
The Company's Board of Directors are responsible
for the matters stated in section 134(5) of the Act
with respect to the preparation and presentation of
these financial statements that give a true and fair
view of the financial position, financial performance
including other comprehensive income, changes
in equity and cash flows 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 of 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 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, 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.

9. The Board of Directors is 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 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.

11. 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 skepticism 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 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 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; and

• 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 section 197(16) of the Act, based
on our audit, we report that the Company has paid
remuneration to its directors during the year in
accordance with the provisions of and limits laid down
under section 197 read with Schedule V to the Act.

16. As required by the Companies (Auditor's Report)
Order, 2020 ('the Order') issued by the Central
Government of India in terms of section 143(11) of
the Act we give in the Annexure I a statement on
the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

17. Further to our comments in Annexure I, 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 of the accompanying
financial statements;

b) Except for the matters stated in paragraph 17(h)
(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended), 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 financial statements dealt with by this
report are in agreement with the books
of account;

d) In our opinion, the aforesaid financial
statements comply with Ind AS specified under
section 133 of the Act;

e) On the basis of the written representations
received from the directors and 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;

f) The qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 17(b)
above on reporting under section 143(3)(b)
of the Act and paragraph 17(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 as on 31 March
2026 and the operating effectiveness of
such controls, refer to our separate report in
Annexure II wherein we have expressed an
unmodified opinion; and

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 does not have any pending
litigation which would impact its financial
position as at 31 March 2026;

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as at 31 March 2026;

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 31
March 2026;

iv. a. The management has represented

that, to the best of its knowledge
and belief, as disclosed in note 35(e)
(i) to the financial statements, no
funds have been advanced or loaned
or invested (either from borrowed
funds or securities premium or any

other sources or kind of funds) by
the Company to or in any persons
or entities, including foreign entities
('the 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 ('the Ultimate
Beneficiaries') or provide any
guarantee, security or the like on
behalf the Ultimate Beneficiaries;

b. The management has represented
that, to the best of its knowledge and
belief, as disclosed in note 35(e)(i i)
to the financial statements, no funds
have been received by the Company
from any persons or entities, including
foreign entities ('the 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 such audit procedures
performed as considered reasonable
and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
management representations under
sub-clauses (a) and (b) above contain
any material misstatement.

The Company has not declared or paid
any dividend during the year ended 31
March 2026.

vi. As stated in note 42 to the financial statements and based on our examination which included test
checks, except for instances mentioned below, the Company, in respect of financial year commencing
on 1 April 2025, has used accounting softwares for maintaining its books of account which have a
feature of recording audit trail (edit log) facility and the same have been operated throughout the year
for all relevant transactions recorded in the softwares. Further, during the course of our audit we did
not come across any instance of audit trail feature being tampered with, other than the consequential
impact of the exceptions given below. Furthermore, except for instances mentioned below, the audit
trail has been preserved by the Company as per the statutory requirements for record retention.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm's Registration No.: 001076N/N500013

Lokesh Khemka

Partner

Membership No.: 067878
UDIN: 26067878LGVPGH3351
Bengaluru
20 May 2026