We have audited the accompanying Standalone Financial Statements of PTC
India Financial Services Limited, (“the Company”), which comprises the Balance
Sheet as at March 31, 2026, the Statement of Profit and Loss, including the
Statement of Other Comprehensive Income, the Cash Flow Statement and
the Statement of changes in Equity for the year then ended, 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 (“the 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, its profit including other 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 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
together with the ethical requirements that are relevant to our audit of the
Standalone Financial Statements under the provisions of the Companies 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 judgment, 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. For each matter below, our description of how our audit addressed the
matter is provided in that context.

We have determined the matters described below to be the key audit matters to
be communicated in our report.

We have fulfilled the responsibilities described in the “Auditor’s responsibilities
for the audit of the Standalone Financial Statements” section of our report,
including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks
of material misstatement of the Standalone Financial Statements. The results of
our audit procedures, including the procedures performed to address the matters
below, provide the basis for our audit opinion on the accompanying Standalone
Financial Statements.

We have determined that there are no other key audit matters to communicate
in our report-

information Other than the Standalone 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 Directors’
Report, 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
such 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 any material misstatement in this Other Information, we are required to
report that fact. We have not come across any such findings and hence there is
nothing to report in this regard.

Responsibility of Management and those Charge with Governance for the
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 the Indian
Accounting Standards (Ind AS) specified under section 133 of the Act read
with the companies (Indian Accounting Standards) Rules, 2015, 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 Ind AS 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 management 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, 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:

a. Identify and assess the risk of material misstatement of the Standalone
Financial Statements, whether due to fraud or error, design and perform
audit procedures responsive to those risk, 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.

b. 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 control system in place and the operating effectiveness of such
controls.

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

d. 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.

e. 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 year ended March 31, 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 matters 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 Matter

For loans under stage I and stage II, the management has considered the value
of secured portion on the basis of best available information including book
value of assets/projects as per latest available audited financial statements of
the borrowers. For loan under stage III, the management has considered the
latest valuation reports for valuing the security and best estimate of realization
available with the Company. The Company has provided expected credit loss
(ECL) as required under Ind AS 109 based on the ECL report submitted by an
independent agency appointed by the Company. The use of such report does not
diminish management’s responsibility for ECL estimation nor our responsibility
to evaluate the assumptions, methodology and data used.

(Refer Note no. 62 of the accompanying statement).

Our Opinion is not modified in respect of above stated 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 Companies Act, 2013, 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, 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) Rules,
2015, as amended;

e) On the basis of the written representations received from the directors
of the Company 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 these
Standalone Financial Statements and the operating effectiveness of
such controls, refer to our separate Report in “Annexure B” to this
report.

g) In our opinion, the managerial remuneration for the year ended
March 31, 2026 has been paid /provided by the Company to its
directors in accordance with the provisions of section 197 read with
Schedule V to 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, 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 No.35 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 including derivative
contracts;

iii. On the basis of the information and explanation given to us,
there has been no delay in transferring amounts, if any, required
to be transferred, to the Investor Education and Protection
Fund by the Company.

iv. (1) 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
persons or entities, including foreign entities (“Intermediaries”),
with the understanding, that the Intermediary shall:

a. 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

b. provides any guarantee, security or the like on behalf of the
Ultimate Beneficiaries. *

[* Refer Note No.54 (i) to the Standalone Financial Statements]

(2) The Management has represented that, to the best of its
knowledge and belief, 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:

a. 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

b. provides any guarantee, security or the like on behalf of the
Ultimate Beneficiaries. *

[* Refer note no. 54 (i) to the Standalone Financial Statements]

(3) Based on the audit procedures performed 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 (1) and (2) above contain
any material mis statement.

v. The Company did not declare or paid any dividend during
the year and accordingly, reporting under Rule 11(f) of the
Companies (Audit and Auditors) Rules 2014 is not applicable.

vi. Based on our examination which included test checks, the
company has used accounting software for maintaining its books
of account which has feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all
transaction recorded in the software. The company has identified
and provided the critical financial tables on which audit trail
was found enabled. The audit trail settings are enabled at the

Global settings level, database level including custom table.
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.

For RAVI RAJAN & CO. LLP

Chartered Accountants
Firm’s Registration No. 009073N/N500320

Sd/-
Ravi Gujral
Partner (Membership No. 514254)
Place: New Delhi
Date: 5th May, 2026
UDIN: 26514254AEESFC8632