We have audited the accompanying Standalone Ind ASfinancial statements ofMARSONS
LIMITED [CIN : L31102WB1976PLC030676] (“the Company”), which comprise the Balance
Sheet as at March 31, 2026, the Statement of Profit & Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash
Flows for the year endedon that date, and a Notes to the Standalone Ind AS financial
statements, including a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the explanation given to us,
the aforesaid Standalone Ind AS financial statements give the information required by the
Companies Act, 2013, as amended (“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, its profit including other comprehensive income, its
changes in equity and its cash flows for the year ended on that date.

(b) Basis for Opinion :

We conducted our audit of the Standalone Ind AS financial statements in accordance with the
Standards on Auditing (SAs), as 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 Standalone Ind AS Financial Statements section of our report. We are
independent of the Company in accordance with the “Code of Ethics” issued by the Institute of
the 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
made 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 audit opinion on the
standalone Ind AS financial statements.

(c) Key Audit Matters :

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone Ind AS financial statements for the financial year
ended March 31, 2026. These matters were addressed in the context of our audit of the
standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.

In our opinion and according to the information and explanation given to us, the Company has
settled all outstanding liabilities along with interest to Indian Bank, dues as per NCLT Order
pronounced dated 25.01.2022.

2. Information otherthantheStandaloneInd AS Financial Statements and Auditor’s Report
Thereon :

The Company’s Board of Director is responsible for the preparation of the other information.
The other information comprises the information included in the Board’s Report (Director’s
Report) including Annexures to Board’s Report (Director’s Report), Corporate Governance
Report, Management Discussion and Analysis, Annual Return, Report on CSR Activities, but
does not include the standalone Ind AS financial statements and our auditor’s report thereon.

Our opinion on standalone Ind AS 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 Ind AS financial statements, our responsibility is
to read the other information and, in doing so, consider whether such other information is
materially inconsistent with the financial statements or our knowledge in the 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.

3. Responsibilities of Management for the Standalone Ind AS Financial Statements:

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 (“the Act”) with respect to the preparation of these Standalone Ind
AS 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 accounting principles generally accepted in India including
the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 Standalone Ind ASfinancial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone Ind AS financial statements, management is responsible for
assessing the Companies 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.

4. Auditor’s Responsibility for the Audit of the Standalone Ind AS Financial Statements :

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS
financial statements as a whole are free from material misstatements, 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
this standalone Ind AS financial statements.

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

We also : -

• Identify an assess the risk of material misstatement of the standalone Ind AS financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risk, 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 and understanding of internal financial controls 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 also responsible for expressing our opinion on whether the
Company has adequate internal financial controlswith reference to financial statements
in place 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
exist related to events or conditions that may cast significant doubt on the Companies
ability to continue as a going concern. If we conclude that a material uncertainty exist,
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
conclusion 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 Ind AS
financial statements, including the disclosures, and whether the standalone Ind AS
financial statements represents 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 its probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We
consider quantitative materiality and qualitative factors in (i) 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 financial statements.

We communicate with those charge with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit finding, including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charges with governance with a statement that we have compiled
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 charges with governance, we determined
those matters that were of most significance in the audit of the standalone Ind AS financial
statements for the financial year ended March 31, 2026 and are therefore no specific key
audit matters. We described this matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we
determined 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.

5. Report on Other Legal and Regulatory Requirements :

5.1 As required by Section 143(3) of the Act, based on our audit we report :

(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;

(b) 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 Balance Sheet, the Statement of Profit and Loss including Statement of Other
Comprehensive Income, the Statement of Changes in Equityand the Statement of
Cash Flow dealt with by this Report are in agreement with the relevant books of account;

(d) In our opinion, the aforesaid StandaloneInd AS financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Companies
(Indian Accounting Standards) Rule, 2015, as amended;

(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 directors in terms of Section 164(2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company with reference to these standalone Ind AS financial statements and the
operating effectiveness of such controls, refer to our separate Report in “ANNEXURE -
A” to this report.Our report expresses and unmodified opinion on the adequacy and
operating effectiveness of the Company’s internal financial controls over financial
reporting;

(g) With respect to the other matters to be included in the Auditor’s Report in accordance
withrequirementof 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;

(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 litigations which impact its financial
position in its Standalone Ind AS financial statements;

(ii) The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term
contracts including derivative contracts- Refer Note No. 28.2 to the Standalone
Ind AS 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 31 March

2026.

(iv) (a) The Management has represented that, to the best of its knowledge and

belief, no funds (which are material either individually or in the aggregate)
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 entity (“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 anyguarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate)
have been received by the Companyfrom any person or entity, including
foreign entity (“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 behalfof the funding party (“Ultimate Beneficiaries”) or
provide any guarantee, security or the likeon behalf of the Ultimate
Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable
andappropriate in thecircumstances, nothing has come to our notice that
has caused us to believe that the representations under sub-clause (i)
and (ii) of Rule 11(e), as provided under (a) and (b)above, contain any
material misstatement.

(v) . As stated in Note 28.11 to the standalone Ind AS financial statements :-

(a) The final dividend proposed in the previous year, declared and paid by the

Company during the year is in accordance with Section 123 of the Act, as
applicable;

(b) Interim dividend was declared by the Company during the year and until the
date ofthis report is in compliance with Section 123 of the Act;

(c) The Board of Directors of the Company have proposed final dividend for the
year whichis subject to the approval of the members at the ensuing Annual
General Meeting. Theamount of dividend proposed is in accordance with
Section 123 of the Act, as applicable.

(vi) Reporting on Audit Trails:

Based on our examination which included test checks, the company has used
accounting softwarefor maintaining its books of accounts which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the
year for all relevant transactions recorded in the software. Further during the
course of our audit we did not come across any instance of audit trail features
being tampered with.

5.2 As required by the Companies (Auditors’ Report) Order, 2016 (“the Order”), as
amended, 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 paragraph 3 and 4 of the said Order.