Indiqube Spaces Ltd Auditor Reports

ON RESTATED FINANCIAL INFORMATION

To

The Board of Directors

Indiqube Spaces Limited (Formerly known as Indiqube Spaces Private Limited, Innovent Spaces Private Limited) Plot # 53, Careenet Campus, Kariyammanna Agrahara Road,

Devarabisanahalli, Outer Ring Road, Bengaluru - 560103

Dear Sirs,

1. We have examined the attached Restated Financial Information of Indiqube Spaces Limited (Formerly known as Indiqube Spaces Private Limited, Innovent Spaces Private Limited) (the "Company" or the "Issuer"), comprising the Restated Statement of Assets and Liabilities as at 31 March 2025, 31 March 2024 and 31 March 2023, the Restated Statements of Profit and Loss (including other comprehensive income), the Restated Statement of Changes in Equity, the Restated Cash Flow Statement for the years ended 31 March 2025, 31 March 2024 and 31 March 2023, the Summary Statement of Material Accounting Policies, and other explanatory information (collectively, the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on 24 June 2025 for the purpose of inclusion in the Red Herring Prospectus and Prospectus ("Offer Documents") prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") prepared in terms of the requirements of:

a. Section 26 of Part I of Chapter III of the Companies Act, 2013 (the "Act");

b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations"); and

c. 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").

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Offer Documents to be filed with Securities and Exchange Board of India and the National Stock Exchange of India Limited (the "NSE") and BSE Limited (the "BSE") (collectively the "Stock Exchanges") and Registrar of Companies (‘ROC), Bengaluru, in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in note 2A to the Restated Financial Information. The Board of Directors of the Company responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

3. We have examined such Restated Financial Information taking into consideration:

a. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated 14 October 2024 read with addendum dated 26 November 2024 and 24 June 2025 in connection with the proposed IPO of equity shares of the Company;

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

c. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supposing the Restated Financial Information; and

d. 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 Note in connection with the IPO.

4. These Restated Financial Information have been compiled by the management from:

a. Audited Ind AS financial statements of the Company as at and for the year ended 31 March 2025 prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on 24 June 2025.

b. Audited Ind AS financial statements of the Company as at and for the year ended 31 March 2024, prepared in accordance with the Indian Accounting Standards (referred to as "Ind AS") as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on 27 November 2024.

c. Audited Special Purpose Ind AS Financial Statements of the Company as at and for the year ended 31 March 2023 (hereinafter referred to as ‘2023 financial statements), prepared in accordance with the Indian Accounting Standards (referred to as "Ind AS") as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on 18 December 2024.

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

a. Auditors report issued by us dated 24 June 2025 on the financial statements of the Company as at and for the year ended 31 March 2025 as referred in Paragraph 4 (a) above;

b. Auditors report issued by us dated 27 November 2024 on the financial statements of the Company as at and for the year ended 31 March 2024 as referred in Paragraph 4 (b) above;

Our report on the financial statements of the Company as of 31 March 2024 expresses an unmodified opinion and includes an other matter as reproduced below:

The comparative financial information for the year ended 31 March 2023 and the transition date opening balance sheet as at 1 April 2022 prepared in accordance with Ind AS included in these financial statements, are based on the previously issued statutory financial statements for the year ended 31 March 2023 and 31 March 2022 respectively prepared in accordance with Accounting Standards prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended) which were audited by the predecessor auditor whose reports dated 29 September 2023 and 28 September 2022 respectively expressed unmodified opinion on those financial statements, and have been adjusted for the differences in the accounting principles adopted by the Company on transition to Ind AS, which have been audited by us. Our opinion is not modified in respect of this matter

c. Auditors Report issued by B S R & Co. LLP, (the "Predecessor Auditors") dated 18 December 2024 on the special purpose Ind AS financial statements of the Company as at and for the year ended 31 March 2023, as referred in Paragraph 4 (c) above.

Predecessor Auditors report on the special purpose Ind AS financial statements of the Company as of 31 March 2023 expresses an unmodified opinion and includes an Emphasis of Matter as reproduced below:

We draw attention to Note 2A to the financial statements, which describes the basis of preparation of these special purpose Ind AS financial statements. As explained therein, these special purpose Ind AS financial statements have been prepared by the Company in response to the requirements of the e-mail dated 28 October 2021 from Securities and Exchange Board of India ("SEBI") to Association of Investment Bankers of India, instructing lead managers to ensure that companies provide financial statements prepared in accordance with Indian Accounting Standards (Ind-AS) for all the three years and stub period (hereinafter referred to as the "the SEBI e-mail") for submission to SEBI. Accordingly, the attached financial statements may not be suitable for any other purpose and this report should not be used, referred to or distributed for any other purpose, except for the use of current statutory auditors (Walker Chandiok & Co LLP) of the Company in connection with their examination of the restated financial statements in connection with the Companys proposed Initial Public Offer of equity shares.

Our opinion is not modified in respect of this matter.

The statutory audit of the financial statements of the Company as at and for the year ended 31 March 2023 prepared in accordance with the accounting standards notified under the section 133 of the Act read with rule 7 of the Companies (Accounts) Rules, 2014 (as amended) ("Indian GAAP") (the "Statutory Indian GAAP Financial Statements"), which was approved by the Board of directors at their meeting held on 29 September 2023, was conducted by Predecessor Auditors and they have issued report dated 29 September 2023, on the Statutory Indian GAAP Financial Statements.

The special purpose audit for the financial year ended 31 March 2023 was conducted by the Companys Predecessor Auditors, and accordingly reliance has been placed on the restated statement of assets and liabilities and the restated statements of profit and loss (including other comprehensive income), statements of changes in equity and cash flow statements, the Summary Statement of Material Accounting Policies, and other explanatory information (the "2023 Restated Financial Information") examined by them for the said year. The examination report included for the said year is based solely on the examination report dated 24 June 2025 submitted by the Predecessor Auditors. They have also confirmed that the 2023 Restated Financial Information:

i. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial year ended 31 March 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the year ended 31 March 2025;

ii. does not contain any qualifications requiring adjustments. Moreover, those qualifications relating to not maintaining the logs for the daily backup of books of account and other relevant books and papers for the year ended 31 March 2023 and qualifications in the Companies (Auditors Report) Order, 2020 issued by the Central Government of India in terms of sub section (11) of Section 143 of the Act, which do not require any corrective adjustments in the Restated Financial Information, have been disclosed in Part B of Annexure VI to the Restated Financial Information; and

iii. have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note and E-mail dated 28 October 2021 from Securities and Exchange Board of India ("SEBI") to Association of Investment Bankers of India, instructing lead managers to ensure that companies provide financial statements prepared in accordance with Indian Accounting Standards (Ind-AS) for all the three years and stub period (hereinafter referred to as the "the SEBI e-mail").

6. Based on our examination and according to the information and explanations given to us and also as per the reliance placed on the examination report submitted by the Predecessor Auditors for the year ended 31 March 2023, we report that the Restated Financial Information:

a. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended 31 March 2024 and 31 March 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the year ended 31 March 2025; and

b. does not require any adjustment for the matters mentioned in paragraph 5(b) above and do not contain any modifications requiring adjustments. However, those qualifications / observations in the Companies (Auditors Report) Order, 2020 issued by the Central Government of India in terms of sub section (11) of section 143 of the Act and reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended), which do not require any corrective adjustments in the Restated Financial Information have been disclosed in Part B of Annexure VI to the Restated Financial Information; and

c. have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

7. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited Ind AS financial statements and 2023 financial statements mentioned in paragraph 4 above

8. 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 Predecessor Auditors, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

10. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Documents to be filed with Securities and Exchange Board of India and the Stock Exchanges and ROC 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 our prior consent in writing.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm Registration No: 001076N/N500013

Lokesh Khemka Partner

Membership Number:

UDIN: 25067878BMOOYJ6296

Bengaluru 24 June 2025