We have audited the accompanying standalone financial
statements of Afcons Infrastructure Limited (the "Company”),
which comprise the Balance Sheet as at 31st March, 2026
and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash Flows and
the Statement of Changes in Equity for the year ended on
that date, and notes to the financial statements, including
a summary of material accounting policies and other
explanatory information in which are incorporated the
Returns for the year ended on that date of the Company's 20
branches located at Mauritius, Mozambique, Gabon, Zambia,
Mauritania, Ghana, Bhutan, Bangladesh, Liberia, Tanzania,
Kuwait, Maldives, Indonesia, Qatar, Ivory Coast, Jordan,
Oman, Abu Dhabi, Bahrain and Benin and which includes 15
joint operations accounted on proportionate basis.

In our opinion and to the best of our information and
according to the explanations given to us, and based on the
consideration of reports of the other auditors on separate
financial statements of the joint operations referred to in
the Other Matters section below, the aforesaid standalone
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 prescribed under section 133 of the
Act, ("Ind AS”) and other accounting principles generally
accepted in India, of the state of affairs of the Company
as at 31st March, 2026 and its profit, other comprehensive
loss, its cash flows and the changes in equity for the year
ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing ("SA”s)
specified under section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditor's
Responsibility 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 Act and the Rules made 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 obtained by us and the audit evidence
obtained by the other auditors in terms of their reports
referred to in the Other Matters section below, is sufficient
and appropriate to provide a basis for our audit opinion on the
standalone financial statements.

EMPHASIS OF MATTER

(i) We draw attention to Note no. 40 of the Standalone
Financial Statement, which describes the uncertainties
relating to the outcome of the proceedings in arbitration
and High Court in respect of variations recognised by the
Company in terms of the provisions of the contract with
the client, on account of matters stated therein.

Based on the Management's assessment and technical
evaluation of the recoverability of the aforesaid claims,
in terms of the provisions of the contract, which is
supported by legal opinion, as stated in the said Note
40, the management of the Company is of the view
that the amounts recognised as amount due from
customers under construction contracts and trade
receivable, are considered as good and recoverable.
However, considering that the proceedings in
arbitration and High Court are ongoing, the duration and
outcome is uncertain.

(ii) Audit report on the Financial Statements of
Transtonnelstroy Afcons Joint Venture (a joint operation
included in the Standalone Financial Statements of the
Company) includes an emphasis of matter as under:

"We draw attention to Note 32 to the Financial Statement,
which describes the uncertainties relating to the
outcome of the proceedings in arbitration, High Court
and Supreme Court in respect of variations recognised
by the joint operation in earlier years in terms of the
provisions of the contract with the client, on account of
matters stated therein.

Based on the Management's assessment and technical
evaluation of the recoverability of the aforesaid claims,
in terms of the provisions of the contract, which is
supported by legal opinion, the management is of
the view that the amounts recognised as amount due
from customers under construction contracts and
trade receivable including interest on trade receivables
as per arbitration award, are considered as good and
recoverable. However, considering that the proceedings
in arbitration, High Court and Supreme Court are
ongoing, the duration and outcome is uncertain.

Our opinion is not modified in respect of this matter.”

Note 32 as described above is summarised as Note 37
to the Standalone Financial Statement.

(iii) Audit report on the Financial Statements of Dahej
Standby Jetty Project Undertaking (a joint operation
included in the Standalone Financial Statements of the
Company) includes an emphasis of matter as under:

"We draw attention to Note no. 23 to the Financial
Statement, which describes the uncertainties relating to
the outcome of the Hon'ble High Court Delhi, proceedings,
where the joint operation has filed appeal to set aside
an unfavourable award granted in Arbitration, towards
claims of liquidated damages for delay in completion of
works by joint operation.

Based on the Management's assessment and technical
evaluation of the recoverability of the aforesaid client
claims which are already encashed and claims filed by
the joint operation against the client, in terms of the
provisions of the contract, which is supported by a legal
opinion, as stated in the said Note 23, the management is
of the view that the amounts recognised as amount due
from customers under construction contracts and other
receivable, are considered as good and recoverable.
However, considering that the proceedings in High Court
are ongoing, the duration and outcome is uncertain.

Our opinion is not modified in respect of this matter."

Note 23 as described above is summarised as Note 38
to the Standalone Financial Statement.

Our report is not modified in respect of above matters.

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 Management Discussion and Analysis, Board's
Report including Annexure's to Board's Report, but
does not include the consolidated financial statements,
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, compare with the financial statements of
the joint operations audited by the other auditors, to the
extent it relates to these joint operations and, in doing
so, place reliance on the work of the other auditors and,
consider whether the other 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.
Other information so far as it relates to the joint

operations, is traced from their financial statements
audited by the other auditors

• 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.

RESPONSIBILITIES OF MANAGEMENT AND BOARD
OF DIRECTORS FOR THE STANDALONE FINANCIAL
STATEMENTS

The respective Board of Directors of the Company and its
joint operation company 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 financial position, financial performance
including other comprehensive income, cash flows and
changes in equity of the Company including its joint operation
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 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.

In preparing the standalone financial statements, management
and 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 intend to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

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

AUDITOR'S RESPONSIBILITY 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, individually 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 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 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 the 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 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 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 standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding
the financial information of the Company and its joint
operations to express an opinion on the standalone
financial statements. We are responsible for the
direction, supervision and performance of the audit of
the financial statements of such entities or business
activities included in the standalone financial statements
of which we are the independent auditors. For the other
entities or business activities included in the standalone
financial statements, which have been audited by the
other auditors, such other auditors remain responsible
for the direction, supervision and performance of the
audits carried out by them. We remain solely responsible
for our audit opinion.

Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of
a reasonably knowledgeable user of the standalone 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 standalone financial statements.

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 financial controls 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, we determine those matters that were of
most significance in the audit of the standalone 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.

OTHER MATTERS

We did not jointly audit the financial statements of 15 joint
operations included in the standalone financial statements of
the Company whose financial statements reflect total assets
of ' 2,068.37 crore as at 31st March, 2026 and total revenue of
' 889.22 crore for the year ended on that date, as considered in
the standalone financial statements. The financial statements
of these joint operations have been audited by either of us in
our individual capacity or jointly with other auditors or other
auditors whose reports have been furnished to us, and our
opinion in so far as it relates to the amounts and disclosures
included in respect of these joint operations and our report in
terms of sub-section (3) of section 143 of the Act, in so far as
it relates to the aforesaid joint operations, is based solely on

the report issued by either of us in our individual capacity or
jointly with other auditors and other auditors.

Our opinion on the standalone financial statements and our
report on Other Legal and Regulatory Requirements below is
not modified in respect of these matters.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by section 143(3) of the Act, based on our
audit and on the consideration of the reports of the other
auditors on the separate financial statements of the
joint operations, referred to in the Other Matters section
above 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
purposes of our audit.

b) In our opinion, proper books of account as required
by law have been kept by the Company and its joint
operation which is a company incorporated in India
so far as it appears from our examination of those
books and the reports of the other auditors.

c) The Balance Sheet, the Statement of Profit and
Loss including Other Comprehensive Income,
the Statement of Cash Flows and Statement of
Changes in Equity dealt with by this Report are in
agreement with the relevant books of account.

d) In our opinion, the aforesaid standalone 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 31st March, 2026 taken on
record by the Board of Directors of the Company
and the report of the statutory auditors of its
joint operation which is a company incorporated
in India, none of the directors is disqualified as
on 31st 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 standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to

our separate Report in "Annexure A” which is based
on the auditors' reports of the Company and its
joint operation which is a company incorporated in
India. Our report expresses an unmodified opinion
on the adequacy and operating effectiveness of
the Company's internal financial controls with
reference to standalone financial statements of
those companies.

g) 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, 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.

Further, in our opinion and to the best of our
information and according to the explanations
given to us and based on the auditor's reports of
a joint operation which is a company incorporated
in India, the said joint operation company being a
private company, section 197 of the Act related to
the managerial remuneration is not applicable.

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 has disclosed the impact of
pending litigations on its financial position in
its standalone financial statements - Refer
Note 30, 36, 37, 38, 40, 41,42, 43 and 44 to the
standalone 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 - Refer Note 18 to
the standalone financial statements; Further
the Company did not have any material
foreseeable losses. on derivative contracts.

iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund
by the Company.

There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the joint operation
company incorporated in India.

iv. (a) The respective Management of the
Company and of its joint operation which
is a company incorporated in India,
whose financial statements have been
audited under the Act, has represented
to us and to the other auditors of such
joint operation company respectively,
that, to the best of its knowledge and
belief, as disclosed in the note 48(x) to
the 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 or such
joint operation 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, 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.

(b) The respective Management of the
Company and one of its joint operation
which is a company incorporated in India,
whose financial statements have been
audited under the Act, has represented to
us and to the other auditors of such joint
operation respectively that, to the best of
its knowledge and belief, as disclosed in
the note 48(x) to the financial statements,
no funds have been received by the
Company or such joint operation from
any person(s) or entity(ies), including
foreign entities ("Funding Parties”), with
the understanding, whether recorded in
writing or otherwise, that the Company
or such joint operation company shall,
directly or indirectly, lend or invest in
other persons or entities identified
in any manner whatsoever by or on

is in accordance with section 123 of the
Act, as applicable.

The joint operation, which is a company
incorporated in India, whose financial
statements have been audited under the
Act, has not declared or paid any dividend
during the year and has not proposed final
dividend for the year.

vi. Based on our examination, which included
test checks, the Company and its joint
operation which is company incorporated in
India has used accounting software systems
for maintaining its books of account for the
financial year ended 31st March, 2026 which
have the feature of recording audit trail (edit log)
facility and the same has operated throughout
the year for all relevant transactions recorded
in the software systems. Further, during the
course of our audit 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.

2. As required by the Companies (Auditor's Report) Order,
2020 ("the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in "Annexure
B” a statement on the matters specified in paragraphs 3
and 4 of the Order.