We have audited the accompanying Standalone Financial
Statements of Patel Engineering Limited (“the Company”),
which comprise the Balance Sheet as at March 31, 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, which includes 43 joint operations
(Refer Note no. 42 for the list of joint operations) accounted
on proportionate basis (hereinafter referred to as “Standalone
Financial Statements”)

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 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 (“Ind AS”) prescribed 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 March 31, 2026, and its profit, total
comprehensive income, 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
Statement in accordance with the Standards on Auditing
(“SAs”) specified under section 143(10) of the Companies
Act,2013 (“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 Standalone
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 audit opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
Standalone Financial Statements for the financial year ended
March 31, 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. We have
determined the matters described below to be the key audit
matters to be communicated in our report.

Responsibility of Management for the Standalone
Financial Statements

The Company's Management and 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 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 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 and 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.

The Company's Board of Directors is 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, 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 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 the management's
use of the going concern basis of accounting in
preparation of Standalone 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 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 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 Ind AS
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 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, 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

1. We did not audit the financial statements and other
financial information in respect of:

i. the real estate division, whose financial information
reflects Total assets of ' 2,395.25 Million as at
March 31, 2026, total revenues of ' 55.26 Million,
Total Profit after tax (net) ' (497.57) Million, total
comprehensive income of ' (497.57) Million for
the year ended March 31, 2026 respectively, as
considered in the standalone financial statements.
The financial information of this real estate division
has been audited, as applicable, by the branch
auditor whose reports have been furnished to us by
the Management of the Company, and our opinion
on the Standalone Financial Statements in so far as

it relates to the amounts and disclosures included
in respect of the real estate division and our report
in terms of sub-section (3) of section 143 of the Act
in so far as it relates to the aforesaid real estate
division is based solely on the reports of such
other auditor and the procedures performed by us
as stated under Auditor's Responsibilities section
above.

ii. 28 joint operations included in the standalone
financial statements, whose financial information
reflects total assets of ' 2,967.91 Million as at
March 31, 2026 and Company's Share in total
income of ' 6,780.01 Million, total net profit/(loss)
after tax of ' 17.28 Million, total comprehensive
income of ' 17.28 Million for year ended March
31, 2026. The financial information of these joint
operations have been audited, as applicable, by the
other auditors whose reports have been furnished
to us by the Management of the Company, and our
opinion on the Standalone Financial Statements 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 reports of such
other auditors and the procedures performed by us
as stated under Auditor's Responsibilities section
above.

iii. The Standalone Financial statement includes
the unaudited financial information of 14 joint
operations included in the standalone financial
statements, whose financial information reflects
Total assets of ' 3,918.31 Million as at March 31,
2026 and Company's share in total income of

' 5732.83 Million, total net profit/(loss) after tax
of ' 2.56 Million, total comprehensive income of
' 2.56 Million for year ended March 31, 2026,
whose financial information has not been audited
by the respective auditor. This financial information
is unaudited and have been furnished to us by the
Company's Management and our opinion on the
Standalone Financial Statements, in so far as it
relates to the amounts and disclosures included in
respect of these joint operations, is based solely on
such unaudited financial information. In our opinion
and according to the information and explanations
given to us by the Board of Directors, this financial
information is not material to the Company.

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.