We have audited the accompanying Standalone
Financial Statements of Simplex Infrastructures

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 ended on that date, and notes
to the Standalone Financial Statements including a
summary of the significant accounting policies and other
explanatory information which includes 13 (Thirteen)
joint operations (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 other auditors on
separate financial statements and on the other financial
information of the joint operations, the aforesaid
Standalone Financial Statements give the information
required by the Companies Act, 2013, as amended (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 (including
Other Comprehensive Income), changes in equity and
its cash flows for the year ended on the date.

Basis for Opinion

We conducted our audit of the Standalone Financial
Statements in accordance with the Standards on
Auditing (SAs), as 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 financial statements under the provisions of the Act
and the Rules made there under, 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. For each matter below,
our description of how our audit addresses the matter is
provided in that context.

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 procedure designed to response 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.

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 Annual Report, but does not
include the Standalone Ind AS Financial Statements and
our auditor's report thereon.

Our opinion on the Standalone Ind AS 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 Ind AS
Financial Statement, 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 during the course
of our Audit 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 report that fact. We have
nothing to report in this regard.

Responsibilities of Management and Those
Charged 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 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, 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. 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 judgements
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 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,
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.

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 judgement and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks ofmaterial 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
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.

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

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 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

a) We did not audit the financial statement and
other financial information, in respect of 10 joint

operations whose annual financial statements and
other financial information reflects total assets of
H7,062 Lacs as at March 31, 2026 and total revenues
of H489 Lacs, total profit/(loss) after tax of H308 Lacs
and total comprehensive income/(loss) of H308 Lacs
for the year ended on that date and net cash inflows
of H69 Lacs for the year ended March 31, 2026 as
considered in the financial statements which have
been audited by the other auditors.

The financial information of 10 joint operations
have been audited by the other auditor. The reports
of such auditors on annual financial statements
and other financial information of the said joint
operations have been furnished to us and our
opinion on the Statement, in so far as it relates to
the amounts and disclosures included in respect
of the said joint operations, is based on the reports
of such other auditors and the procedures we have
performed to obtain sufficient appropriate audit
evidence, that the work of the other auditor is
adequate.

Our opinion on the Statement is not modified in
respect of above matter with respect to our reliance
on the work done by the other auditor and report
thereon.

b) We have audited the annual financial statement
and other financial information, in respect of 3 joint
operations whose annual financial statements and
other financial information reflects total assets of
H675 Lacs as at March 31, 2026 and total revenues
of H10 Lacs, total profit/(loss) after tax of H4 Lacs and
total comprehensive income/(loss) of H4 Lacs for
the year ended on that date and net cash inflows
of H161 Lacs for the year ended March 31, 2026 as
considered in the financial statements.

c) We draw attention to the following notes to the
statement-

(i) Note 11(D) of the Standalone Financial
Statements regarding the Company entering
into a Master Restructuring Agreement
("MRA") with NARCL towards restructuring
of its debt and matters incidental thereto,
including accompanying aspects thereof.

(ii) Note 36 of the Standalone Financial Statements
regarding exceptional items.

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 Section 143(11) of
the Act based on our audit and on the consideration
of report of the other auditor on separate financial
statement and the other financial information of
joint operations, as noted in the "Other Matters"
paragraph, we give in "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, 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 accounts
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, Statement of Changes in Equity and
the Statement of Cash Flow dealt with by this
Report are in agreement with the relevant
books of account;

d) In our opinion, the aforesaid Standalone
Ind AS 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 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 with reference to these
Standalone Ind AS 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 Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, as amended, in our
opinion and to the best of our knowledge &
belief 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.34 to the accompanying
Standalone Financial Statements].

ii. The Company has made provision
as required under applicable law or
accounting standards for material
foreseeable losses. The Company did not
have any long-term derivative contracts.

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

iv. a. The management has represented

that, to the best of its knowledge
and belief, no funds have been
advanced or loan given 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, 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 to or on behalf of the
Ultimate Beneficiaries.

b. 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:

• 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 from or on behalf of
the Ultimate Beneficiaries; and

c. Based on such 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
(a) and (b) contain any material
misstatement.

v. The Company has not declared any
dividend during the year.

vi. Based on our examination which includes
test checks, the Company has used
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 effectively
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.

3) In our opinion, the management 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:

For Binayak Dey & Co.

Chartered Accountants
(FRN: 328896E)

Binayak Dey

(Proprietor)

Place: Kolkata Membership No: 062177

Date: 28^th May, 2026 (UDIN:26062177FUPXCE2982)