1. We have audited the Financial Statements of Canara
Robeco Asset Management Company Limited

(the "Company"), which comprise the Balance Sheet
as at March 31, 2026, the Statement of Profit and
Loss (including other Comprehensive Income), the
Statement of Changes in Equity and the Statement of
Cash Flows for the year then ended and notes to the
Financial statements, including a summary of material
accounting policies and other explanatory information
("the Financial Statements").

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 ("Act") in the manner so
required and 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 March 31,
2026, and its profit and other comprehensive income,
changes in equity and its cash flows for the year ended
on that date.

BASIS FOR OPINION

3. We conducted our audit of Financial Statements 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
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 ICAI's 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 Financial Statements.

KEY AUDIT MATTER

4. Key audit matters are those matters that, in our
professional judgement, were of most significance
in our audit of the financial statement 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.

OTHER INFORMATION

5. The Company's Management and Board of Directors
are responsible for the other information. The other
information comprises the information included in the
Company's Annual Report but does not include the
Financial Statements and auditor's report thereon.
The Company's annual report is expected to be made
available to us after the date of this auditor's report.

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

6. In connection with our audit of the 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 Financial Statements
or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.

7. When we read the Company's annual report, if we
conclude that there is a material misstatement therein,
we are required to communicate the matter to those
charged with governance and take necessary actions,
as applicable under the relevant laws and regulations.

MANAGEMENT'S AND BOARD OF DIRECTORS'RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

8. The Company's Management and Board of Directors are
responsible for the matters stated in Section 134(5) of
the Actwith respecttothe preparation ofthese Financial
Statements that give a true and fair view of the state of
affairs, profit/ loss and 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. 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.

9. In preparing the Financial Statements, the Company's
Management and the Board of Directors are 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.

10. The Board of Directors is also responsible for overseeing
the Company's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THEFINANCIAL STATEMENTS

11. 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 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 these
Financial Statements.

12. 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 ofthe 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 the
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 the Management and Board of Directors;

• Conclude on the appropriateness of the
Management and Board of Directors use of the
going concern basis of accounting in preparation
of Financial Statements 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;

• Evaluate the overall presentation, structure and
content of the Financial Statements, including the

disclosures, and whetherthe Financial Statements
represent the underlying 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 relationships 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 matters that
were of most significance in the audit ofthe Financial
Statements ofthe 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 REGULATORYREQUIREMENTS

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 Annexure A, a statement on the
matters specified in paragraphs 3 and 4 ofthe Order, to
the extent applicable.

17. A. As required by Section 143(3) ofthe Act, based on our

audit 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 for 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 Other Comprehensive Income),

the Statement of Changes in Equity and the
Statement of Cash Flows dealt with by this Report
are in agreement with the books of account;

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

e. On the basis of the written representations
received from the directors as on March 31, 2026,
to April 16, 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
director in terms of Section 164(2) of the Act;

f. With respect to the adequacy of the internal
financial controls with reference to the Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in Annexure B;

B. 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 information and
according to the explanations given to us:

a. The Company has disclosed the impact of pending
litigations as at March 31, 2026, on its financial
position in its Financial Statements. (Refer Note
32 to the Financial Statements);

b. The Company did not have any long-term
contracts including derivative contracts for which
there were material foreseeable losses;

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

d. (i) The Management has represented that,

to the best of its knowledge and belief, 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
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 any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(ii) The Management has represented, that,
to the best of its knowledge and belief, 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
behalf of the Ultimate Beneficiaries; and

(iii) Based on the audit procedures that we have
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 (i) and (ii)
above, contain any material misstatement.

e. The interim dividend declared and paid by the
Company during the year and until the date of
this audit report is in accordance with Section 123
of the Act.

The final dividend paid by the Company during
the year, in respect of the same declared for the
previous year, is in accordance with Section 123
of the Act to the extent it applies to payment
of dividend.

As stated in Note 21(f) to the Financial Statements,
the Board of Directors of the Company have
proposed final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The dividend
declared is in accordance with Section 123 of
the Act to the extent it applies to declaration
of dividend.

f. 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 audittrail (edit log)
facility and the same has operated throughout the
year for all relevant transactions recorded in the
software. Further, for the periods where audit trail
(edit log) facility was enabled and operated for the
accounting software, we did not come across any
instance of the audit trail feature being tampered
with and the audit trail has been preserved by the
Company as per the statutory requirements for
record retention.

C. With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements
of section 197(16) of the Act:

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 Borkar & Muzumdar Chartered Accountants

Firm Registration Number: 101569W

Satish Kumar Gupta

Partner

Membership Number: 101134
UDIN: 26101134SROIFP1314

Place: Mumbai
Date: April 27, 2026