E to E Transportation Infrastructure Ltd Auditor Reports

<dhhead>INDEPENDENT AUDITOR’S EXAMINATION REPORT ON RESTATED CONSOLIDATED FINANCIAL INFORMATION</dhhead>

To,

The Board of Directors

E TO E TRANSPORTATION INFRASTRUCTURE LIMITED

20, 10^th floor, Sattva Galleria, Bellary Rd, Kashi Nagar, Byatarayanapura, Bangalore, Karnataka, India-560092

Dear Sir(s)/Madam(s)

?          We have examined the attached Restated Consolidated Financial Information of E TO E TRANSPORTATION INFRASTRUCTURE LIMITED (Formerly known as E to E Transportation Infrastructure Private limited) (the “company” or the “issuer”) and its subsidiaries (the Company and its subsidiaries together referred to as “Group”), its associates comprising the Restated consolidated Statementof Assets and Liabilities as at March 31, 2025, March 31, 2024 and March 31, 2023 the Restated Consolidated Statement of Profit & Loss, the Restated Consolidated Cash Flow Statement for the Financial years ended March 31, 2025, 2024, 2023, the Summary statement of Significant Accounting Policies and other explanatory Information (Collectively the Restated Consolidated Financial Information) as approved by the Board of Directors of the Company in their meeting held on September 18, 2025 for the purpose of inclusion in the Draft Red Herring Prospectus (“DRHP Prospectus”), prepared by the Company in connection with its Initial Public Offer of Equity Shares (“IPO”).

?          These restated Summary Statement have been prepared in terms of the requirements of:

?          Section 26 of Part I of Chapter III of the Companies Act, 2013 as amended (the “Act").

?          The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 as amended (“ICDR Regulations”); and

?          The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (“ICAI”) as amended from time to time. (the “Guidance Note”).

?          The Company’s Board of Directors are responsible for the preparation of the Restated Consolidated Financial Information for the purpose ofinclusion in the Draft Red Herring Prospectus to be filed with Securities and Exchange Board of India, Register of Companies, Karnataka and The NSE Limited (“Stock Exchange”) in connection with the proposed IPO. The Restated Consolidated Financial Information have been prepared by themanagement of the Company on the basis of preparation stated in Note no 2 to the Restated Consolidated Financial Information. The respective Board of Directors of the companies included in the group and of its associates are also responsible includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Financial Information. The respective Board of Directors of the companies included in the Group and its associates are also responsible for identifying and ensuring that the Group and its associates complies with the Act, ICDR Regulations and the Guidance Note.

?          We have examined such Restated Consolidated Financial Information taking into consideration:

?          The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated August 22, 2025 in connection with the proposed IPO of equity shares of the Issuer;

?          The Guidance Note: The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

?          Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Consolidated Financial Information; and,

?          The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Noteinconnection with the IPO.

?          These Restated Consolidated Financial Information have been compiled by the management from:

?          Audited Consolidated financial statements of the Group and its associates as at and for years ended March 31,2025, March 31, 2024 and March 31, 2023, prepared in accordance with the Accounting Standards ( referred to as “IGAAP”) as prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, which have been approved by the board of directors at their meeting held on 20-08-2025. and May 31,2024 and August 08, 2023, respectively.

?          For the purpose of our examination, we have relied on:

?          Auditors’ reports issued by us dated August 20, 2025 on the consolidated financial statements of the group as at March 31, 2025, as referred in paragraph 5(a) above.

?          Auditor’s report issued by the previous auditor Singhi & Co (the “Previous Auditors”) dated 31^st May 2024, 08^th August 2023, on the consolidated financial statements of the group as at and for the years ended 31 March 2024, 31 March 2023 and accordingly reliance has been placed on the restated consolidated statement of assets and liabilities and the restated consolidated statement of Profit and loss and cash flow statements, the Summary statement of significant accounting policies and other explanatory audited by them for the said year.

?          Based on our examination and according to the information and explanations given to us, we report that:

?          The “Restated Consolidated Financial Statements” of the group as at and for the years ended March 31, 2025, March 31, 2024, and March 31, 2023, is prepared by the Company and approved by the Board of Directors. These Restated Consolidated Statement of Assets and Liabilities have been arrived at after making such adjustments for the change in accounting policies, material errors, regroupings/reclassifications retrospectively in the financial years ended March 31, 2023, to reflect the same accounting treatment as per the accounting policies and groupings/classifications followed as at 31 March 2025.

?          The “Restated Consolidated Financial Statements” have been prepared in accordance with the Act, ICDR regulations and Guidance Note.

?          There were no qualifications in the Audit Reports issued by the Statutory Auditors as at and for the years ended March 31, 2025, March 31, 2024, and March 31, 2023 which would require adjustments in this Restated Consolidated Financial Statements of the Company.

?          The Company has not proposed any dividend in past effective for the said period.

?          As indicated in our audit reports referred above:

?          We did not audit the financial statements / financial information “Subsidiary company (E TO E RAIL PTE. LIMITED, E to E Rail Private Limited) which is registered in Singapore, UK respectively “whose financial statements/ financial information reflect total assets of Rs. 85 and negative net worth of Rs. (41,73,050) as of 31^st March 2025 and net loss of Rs. (7,63,672), total revenue of NIL for the year ended on that date, as considered in the consolidated financial statements. These Financial Statements / Financial Information are audited by another auditor and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiary Company and our report in terms of sub-section (3) of Section 143 of the Act in so far as it relates to the aforesaid subsidiary company is based solely on such audited financial statements /financial information.

?t;>          The consolidated financial results include the financial statements / financial information of wholly subsidiary company “whose financial statements / financial information reflect total assets of Rs. 3,13,38,000/- and total net assets of Rs. 1,63,62,000- as of 31st March 2025, total revenue is 4,35,92,000- and Net profit of Rs. 18,62,000 /- for the year ended on that date, whose financial statements has been audited by us.

?          We did not audit the financial statements / financial information of “Associate (ETIPL-PGIPL JV) “whose financial statements/ financial information reflect net profit of Rs. 38,25,981 as considered in the consolidated financial statements. These Financial Statements / Financial Information are audited by another auditor and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these Associate Company and our report in terms of sub-section (3) of Section 143 of the Act in so far as it relates to the aforesaid associate company is based solely on such audited financial statements /financial information.

?          Our opinion on above consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements/ financial information certified by the Management.

?          Based on the audit reports issued by the previous auditor on the consolidated financial statements included the following other matters:

For the year ended 31^st March 2024

?          The consolidated financial results include the financial statements/ financial information of jointly controlled entities “(ETIPL & Indus JV Projects and SKE) “whose financial statements/ financial information reflect total assets of Rs.

36.91 Lakhs and net assets of Rs.9.68 lakhs as at 31st March 2024, total revenue of Rs. Nil for the year ended on that date, whose financial statements are unaudited. The consolidated financial statements also include the group’s share of net loss of Rs.10,000/- for the year ended 31st March 2024. This financial statements/ financial information is unaudited and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these Joint Ventures 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 Ventures is based solely on such unaudited financial statements /financial information. In our opinion and according to the information and explanations given to us by the Management, these JVs are not considered material to the group.

?          We did not audit the financial statements/ financial information “Subsidiary company (E TO E Rail Pte. Limited, E to E Rail Private Limited) which is registered in Singapore & UK respectively “whose financial statements/ financial information reflect total assets of Rs. 54/- and negative net worth of Rs. (50,12,194) as of 31^st March 2024 and net loss of Rs. (2,28,000), total revenue of NIL for the year ended on that date, as considered in the consolidated financial statements. These financial statements/ financial information are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiary Company and our report in terms of sub-section (3) of Section 143 of the Act in so far as it relates to the aforesaid subsidiary company is based solely on such unaudited financial statements/ financial information. In our opinion and according to the information and explanations given to us by the Management, this financial statements/ financial information are not material to the group.

?          The consolidated financial results include the financial statements / financial information of wholly subsidiary company “whose financial statements / financial information reflect total assets of Rs. 3,20,53,000/- and total net assets of Rs. 1,44,99,289- as of 31st March 2024, total revenue is 4,88,13,000/- and Net profit of Rs. 10,08,000 /- for the year ended on that date, whose financial statements has been audited by us.

?          We did not audit the financial statements / financial information of “Associate (ETIPL-PGIPL JV) “whose financial statements/ financial information reflect net loss of Rs. (54,27,240) as considered in the consolidated financial statements. This financial statements / financial information are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these Associate Company and our report in terms of sub-section (3) of Section 143 of the Act in so far as it relates to the aforesaid associate company is based solely on such unaudited financial statements

/financial information. In our opinion and according to the information and explanations given to us by the Management, this financial statements /financial information are not material to the group.

?          Our opinion on above consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements/ financial information certified by the Management.

For the year ended 31^st March 2023

?          The consolidated financial results include the financial statements / financial information of jointly controlled entities “(ETIPL & Indus JV Projects and SKE) “whose financial statements / financial information reflect total assets of Rs.

34.26 Lakhs and net assets of Rs.4.82 lakhs as at 31st March 2023, total revenue of Rs. Nil for the year ended on that date, whose financial statements are unaudited. The consolidated financial statements also include the group’s share of net loss of Rs.9,480/- for the year ended 31st March 2023. This financial statements / financial information is unaudited and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these Joint Ventures 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 Ventures is based solely on such unaudited financial statements /financial information. In our opinion and according to the information and explanations given to us by the Management, these JVs are not considered material to the group.

?          We did not audit the financial statements/ financial information “Subsidiary company (E TO E RAIL PTE. LIMITED, E to E Rail Private Limited) which is registered in Singapore, & UK respectively “whose financial statements/ financial information reflect total assets of Rs. 80 and negative net worth of Rs. (47,42,566) as at 31^st March 2023 and net loss of Rs. (2,10,131), total revenue of NIL for the year ended on that date, as considered in the consolidated financial statements. This financial statements/ financial information are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiary Company and our report in terms of sub-section (3) of Section 143 of the Act in so far as it relates to the aforesaid subsidiary company is based solely on such unaudited financial statements/ financial information. In our opinion and according to the information and explanations given to us by the Management, this financial statements/ financial information are not material to the group.

?          The consolidated financial results include the financial statements/ financial information of wholly subsidiary company “whose financial statements/ financial information reflect total assets of Rs. 2,95,32,446/- and total net assets of Rs. 1,15,97,085/- as at 31st March 2023, total revenue is 4,67,92,154/- and Net profit of Rs. 42,74,628 /- for the year ended on that date, whose financial statements has been audited by us.

?          We did not audit the financial statements/ financial information of “Associate (ETIPL-PGIPL JV) “whose financial statements/ financial information reflect net loss of Rs. (37,72,533) as considered in the consolidated financial statements. These financial statements/ financial information are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these Associate Company and our report in terms of sub-section (3) of Section 143 of the Act in so far as it relates to the aforesaid associate company is based solely on such unaudited financial statements

/financial information. In our opinion and according to the information and explanations given to us by the Management, this financial statements/ financial information are not material to the group.

?          Our opinion on above consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements/ financial information certified by the Management.

?          The Restated Consolidated Financial Statements do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose consolidated interim financial statements and audited consolidated financial statements mentioned in paragraph 4 above.

?          This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by us or the Previous Auditors, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

?          We have no responsibility to update our report for events and circumstances occurring after the date of the report.

?          Our report is intended solely for use of the Board of Directors for inclusion in the DRHP Prospectus to be filed with Securities and Exchange Board of India, the stock exchange and Registrar of companies, Karnataka in connection with the proposed IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without prior consent in writing.