We have audited the accompanying standalone financial
statements of PSP Projects Limited (the “Company”), which
comprise the Balance Sheet as at March 31, 2026, the Statement
of Profit and Loss (including Other Comprehensive Loss), the
Statement of Changes in Equity and the Statement of Cash Flows
for the year then ended, and notes to the standalone financial
statements, including a summary of material accounting policies
and other explanatory information (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, 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 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 and its
profit, total comprehensive income, changes in equity and its cash
flows 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 (SAs) 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 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 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
judgment, were of most significance in our audit of the standalone
financial statements of the current period. 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.

Information Other than the Standalone Financial
Statements and Auditor’s Report Thereon

The Company’s management and Board of Directors are
responsible for the other information. The other information
comprises the information included in the Board Report including
Annexures to the Board's Report, Management Discussion and
Analysis, Business Responsibility and Sustainability Report,
Corporate Governance and Shareholder Information, but does
not include the standalone financial statements and our auditors’
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 other information is
materially inconsistent with the standalone financial statements
or our knowledge obtained 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 communicate the matter to those
charged with governance as required under SA 720 ’The Auditors’
responsibilities relating to other Information’. We have nothing to
report in this regard.

Management’s responsibility for the Standalone
Financial Statements

The Company’s management and Board of Directors are
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 total comprehensive income,
changes in equity and cash flows of the Company in accordance
with the accounting principles generally accepted in India,
including the Ind AS specified under Section 133 of the Act and the
rules thereunder, 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 the 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 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 management or Board of
Directors either intend to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The 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 scepticism
throughout the audit. We also:

Q 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.

Q 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 system in place and the operating effectiveness of
such controls.

Q Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.

Q 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.

Q 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.

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
for the financial year ended March 31, 2026 and are therefore
the key audit matters. We describe these matters in our auditors’
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

The standalone financial statement of the Company for the year
ended March 31, 2025 were jointly audited by Kantilal Patel & Co.
and Prakash B. Sheth & Co., whose report dated May 23, 2025,
expressed an unmodified opinion on those standalone financial
statement. Our opinion is not modified in respect of this matter.

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 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 of the Order, to the
extent applicable.

2. As required by Section 143(3) of the 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 as at March 31, 2026, the
Statement of Profit and Loss (including Other
Comprehensive Loss), the Statement of Changes in
Equity and the Statement of Cash Flows for the year
then ended dealt with by this Report are in agreement
with the books of account.

(d) In our opinion, the standalone financial statements
comply with the Ind AS specified under Section 133
of the Act and the Rules thereunder, 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 director 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 the 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 the
requirements of Sub-Section (16) of Section 197 of
the Act, as amended, we report that to the best of
our information and according to the explanations
given to us, 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, 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. Please refer
Note No. 38(i).

(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.

(iii) There has been no delay in transferring
amounts, 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, no funds (which are material
either individually or in 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(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;

(b) The management has represented,
that, to the best of its knowledge and
belief, no funds (which are material
either individually or in aggregate) 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

(c) Based on the audit procedures that
have been 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 of the Companies

(Audit and Auditors) Rules, 2014, as
provided in (a) and (b) above, contain any
material misstatement.

(v) The Company has not declared or paid
dividend during the year, and hence,
reporting under sub-clause (f) of Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, 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
for the financial year ended March 31, 2026
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. Additionally, the audit trail has been
preserved by the Company as per the statutory
requirements for record retention.

For Kantilal Patel & Co. For G K Choksi & Co.

Chartered Accountants Chartered Accountants

ICAI Firm registration number: 104744W ICAI Firm registration number: 101895W

Jinal A. Patel Sandip A. Parikh

Partner Partner

Membership No.: 153599 Membership No.: 040727

Place: Ahmedabad Place: Ahmedabad

Date: April 30, 2026 Date: April 30, 2026

UDIN: 26153599DQKALL1512 UDIN: 26040727FLBSGZ1685