Wc have audited the accompanying Standalone Financial Statements of Infinity Infoway Limited
(FormerK Known as Infinity Infowav Private Limited) (“the Company"), which comprise the
Balance Sheet as at 3P' March, 2026. and the statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and Statement of Cash Flows for the year
ended on that date, and notes to the Standalone financial statements, including a summary of material
accounting policies and other explanatory information.
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. as
amended (the “act”) in the manner so required and give a true and lair 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 31' March. 2026. and its profit (including
other comprehensive income), statement of changes in equity and its cash flows for the year ended on that
date.
Basis for Opinion
We conducted our audit of Standalone Financial Statements in accordance with the Standards on
Auditing (“SA”s) specified under section 143.(10) of the Companies Act. 2013. Our responsibilities under
those Standards 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 Chartered 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 Companies Act, 2013 and the Rules made thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics.
Wc believe that the audit evidence wc have obtained is sufficient and appropriate to provide a basis for
our opinion on the standalone financial statements.
Key Audit Matters
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Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the Standalone Financial Statements for the financial year ended 31 'l March, 2026. These matters
were addressed in the context of our audit of the Standalone Financial Statements as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion on these matters.
For each matter below, our description of how our audit addressed the matter is provided in that context.
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The key audit matter
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How the matter was address in our audit
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Revenue Recognition from Sale of Services (as described in Note 24 of the Standalone Financial
Statements)
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Revenue of the Company mainly comprises
of sale of Services to its customers. Revenues
from customer contracts are considered for
recognition and measurement when the
contract has been approved, in writing, by the
parties to the contract, the parties to contract
arc committed to perform their respective
obligations under the contract, and the
contract is legally enforceable. The Company
assesses the services promised in a contract
and identities distinct performance obligations
in the contract. Accordingly, timing of
recognition of revenue is a key audit matter.
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We applied the following audit procedures in this
area, among others to obtain sufficient appropriate
audit evidence:
• Assessing the Company's accounting
policies for revenue recognition by
comparing with the applicable Indian
accounting standards:
• Testing the design, implementation and
operating effectiveness of key internal
controls over timing of recognition of
revenue from sale of services;
• Performed testing on selected samples of
customer contracts/ customer services orders.
Checked terms and conditions related to
acceptance of Sen ices, acknowledged
delivery receipts and its revenue recognition.
Our tests of details focused on cut-off
samples to verify only revenue pertaining to
current year is recognized based on delivery
documents along with terms and conditions
set out in customer contracts/customer
purchase
orders.
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Intangible assets under development as described in Note 2 of the Standalone Financial
Statements)
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As disclosed in Note 2 to the standalone
financial statements, the Company has
recognised Intangible Assets under
Development amounting to ?815.56 lakhs as
at 31 March 2026 (Previous Year: ?0.95
lakhs). During the year, additions amounting
to ?814.61 lakhs were capitalised under
Intangible Assets under Development. The
accounting for Intangible Assets under
Development involves significant
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We applied the following audit procedures in this
area, among others to obtain sufficient appropriate
audit evidence:
• Obtaining an understanding and evaluating
the design and implementation of key
internal controls relating to the identification,
approval and capitalization of expenditure
incurred on intangible assets under
development.
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management judgement in determining
whether the expenditure incurred meets the
recognition criteria for capitalization under
the applicable accounting standards. Further,
management is required to assess whether the
projects under development are expected to
generate future economic benefits and
whether there are any indicators of
impairment. Considering the significance of
the balance and the level of judgement
involved in determining the eligibility of costs
for capitalization and the recoverability of the
carrying amount, we determined this matter to
be a Key Audit Matter.
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• Assessing whether the expenditure
capitalised during the year meets the
recognition criteria prescribed under the
applicable accounting standards.
• Testing, on a sample basis, the underlying
invoices, contracts, vendor agreements and
other supporting documentation relating to
additions made during the year.
• Evaluating management's assessment of the
technical feasibility, intended use and
expected future economic benefits of the
projects under development.
• Assessing whether there were any indicators
of impairment in respect of the projects
under development and evaluating
management’s conclusions.
• Verifying the mathematical accuracy of the
schedules and the adequacy of the related
disclosures in the standalone financial
statements.
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Employee Compensation Expense as described in Note 28 of the Standalone
Financial
Statements)
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As disclosed in the notes 28 to the standalone
financial statements, during the year the
Company granted Employee Stock Options
(ESOPs) to eligible employees under its
share-based payment scheme. The Company
has accounted for the scheme in accordance
with Ind AS 102 - Share-based Payment and
recognised employee compensation expense
based on the lair value of the options
determined at the grant date.
The determination of the fair value of stock
options and the related employee
compensation expense involves significant
judgement and estimation. The valuation is
dependent on assumptions including the share
price at the grant date, expected volatility,
risk-free interest rate, expected life of the
options, employee attrition rates, vesting
conditions and the selection of an appropriate
valuation model. In addition, management is
required to determine the number of options
expected to vest over the vesting period and
recognise the related expense accordingly.
Considering the significance of the employee
compensation expense recognised during
the year and the judgements involved in
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We applied the following audit procedures in this
area, among others to obtain sufficient appropriate
audit evidence:
• Obtained an understanding and evaluated the
design and implementation of key internal
controls over the grant, approval, valuation
and accounting of the ESOP scheme.
• Read the ESOP Scheme, Board and
Shareholders' approvals and verified that die
grants made during the year were in
accordance with the approved scheme.
• Evaluated the methodology adopted by
management and the independent valuation
specialist for determining the fair value of
the stock options. including the
appropriateness of the valuation model used.
• Assessed the reasonableness of kev
assumptions used in the valuation, including
the share price, exercise price, risk-free
interest rate, expected volatility, vesting
period and employee attrition assumptions.
• Tested, on a sample basis, the employee
data, option grants, vesting schedules and
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determining I he fair value of the options and
the accounting thereof, we considered this
matter to be a Key Audit Matter.
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mathematical accuracy of the LSOP expense
computation.
• Evaluated whether the employee
compensation expense and corresponding
equity recognition were accounted for in
accordance with the requirements of Lnd AS
102.
• Assessed the adequacy and
appropriateness of the disclosures relating to
the ESOP scheme in the standalone
financial statements.
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Initial Public Offer as described in Note 13 of the Standalone Financial Statements)
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As disclosed in Note 13 to the standalone
financial statements, during the year the
Company completed its Initial Public Offering
(IPO) and issued 15.76,000 equity shares of
face value of *10 each at an issue price of
*155 per share, resulting in an increase in the
Company's paid-up share capital and
securities premium.
The accounting treatment of IPO-related
expenses requires management judgement to
determine whether such costs are directly
attributable to the equity issuance and
therefore eligible for deduction from
securities premium, or should be recognised
in the Statement of Profit and Loss.
Considering the significance of the
transaction and the extent of audit procedures
required, we determined this matter to be a
Kev Audit Matter.
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Wc applied the following audit procedures in this
area, among others to obtain sufficient appropriate
audit evidence:
• Wc examined the Draft Red Herring
Prospectus (DRHP), Red Herring Prospectus
(RHP). Prospectus and other relevant
regulatory filings to understand the terms of
the issue and proposed utilisation of funds
• We verified the allotment of equity shares,
traced the details to the PAS-3 filed with
ROC and reconciled the share capital and
securities premium recognised in the books
with the issue documents and statutory
records.
• We tested, on a sample basis, the receipt of
IPO proceeds by examining bank statements
and related supporting documentation.
• We assessed the accounting treatment of IPO
related expenses and their presentation in the
financial statements.
• Verified the utilisation of IPO proceeds
against the objects of the issue as disclosed
in the Prospectus and examined supporting
documentation for amounts utilised during
the year.
• Wc assessed the adequacy of the related
disclosures in the financial statements.
• Verified the details of the IPO. including the
number of shares issued, issue price,
allotment of shares and listing of equity
shares, with reference to documents filed
with BSE and other statutory records.
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Information Other than the financial statements and Auditor's report thereon
The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board’s Report
including Annexures to Board's Report, Business Responsibility Report. Corporate Governance and
Shareholder's Information, but does not include the Standalone Financial Statements and our auditor's
report thereon.
Our opinion on the Standalone 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 Financial Statements, our responsibility is to read the other
information and. in doing so. consider whether the oilier information is materially inconsistent with the
Standalone Financial Statements or our knowledge obtained during the course of our 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, wc are required to report that fact. Wc have nothing to report in this regard.
Responsibility of Management for Standalone 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 Financial
Statements that give a true and fair view of the financial position, financial performance including other
comprehensive income, cash flows and changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including 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 policies; making
judgments and estimates that arc 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
Financial Statement that give a true and fair view and are free from material misstatement, whether due to
fraud or error.
In preparing the Standalone Financial Statements, 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 Board of Directors either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone 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, indi\ idually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• 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.
• 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 Companies Act. 2013. we
are also responsible for expressing our opinion on whether the company has adequate internal
financial controls with reference to Standalone 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 uncertainly 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 uncertainly exists, we are required to draw attention in our auditor’s
report to the related disclosures in the Standalone Financial Statements or. if such disclosures arc
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 Standalone Financial Statements represent the underlying transactions
and events in a manner that achieves fair presentation.
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.
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.
From the matters communicated with those charged with governance, vve determine those matters that
were of most significance in the audit of the Standalone Financial Statements for the period ended 3ISI
March. 2026 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
1. 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 Companies Act, 2013, we give
in 4 Annexure A* a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
2. 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 lor the purposes 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 the Statement of Other
Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with
by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid Standalone 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 3 lM March. 2026 taken
on record by the Board of Directors, none of the directors is disqualified as on 3P: March, 2026
from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls with reference to these Standalone
Financial Statements and the operating effectiveness of such controls, refer to our separate Report in
“Annexure B” to this report;
(g) 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
Standalone Financial Statements - Refer Note 35 to the Standalone Financial Statements;
li. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company;
iv.
(a) The management has represented that, to the best of its knowledge and belief, as
disclosed in Note 45(i) to the Standalone Financial Statements, 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 persons or entities,
including foreign entities (“Intermediaries”), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall:
• directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the
Company or
• Provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
(b) The management has represented, that, to the best of its knowledge and belief, as
disclosed in Note 45(j) to the Standalone Financial Statements, no funds have been
received by the Company from any persons or entities, including foreign entities
(“Funding Parties”), with the understanding, whether recorded in writing or otherwise,
that the Company shall:
• directly or indirectly, lend or invest in other persons or entities identified in
any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the
Funding Party or
• Provide any guarantee, security or the like from or on behalf of the
Ultimate Beneficiaries.
(c) Based on such audit procedures as 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 (i) and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material misstatements.
v. The dividend has not been declared or paid during the year by the Company. Hence,
compliance of the Section 123 of the Act is not applicable.
vi. Based on our examination which included test checks, the company has used an accounting
software for maintaining its books of account 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 feature being tampered with.
(h) With respect to the matter to he included in the Auditor's Report under Section 107( 16) of the Act,
as amended, 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. The Ministry of Corporate Affairs has not prescribed
other details under Section 197(16) of the Act which are required to be commented upon by us.
For, Keyur Shah & Associates
F.R. No: 333288W
C hartered Accountants
Akhlaq Ahmad Mutvalli
Partner
M.No.: 181329 Date: 4lh May, 2026
UDfN: - 26181329NNXYCI5256 Place: Ahmedabad
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