Maple Infrastructure Trust Auditor Reports

To the Unit holders of Maple Infrastructure Trust (formerly, Indian Highway Concessions Trust)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Maple Infrastructure Trust (formerly, Indian Highway Concessions Trust) ("the Trust"), which comprise the balance sheet as at March 31, 2026, the statement of profit and loss, including the statement of other comprehensive income, the statement of cash flow and the statement of changes in unit holders equity and the statement of net distributable cash flows (‘NDCF) as at and for the year then ended, of the Trust and notes to the standalone financial statements, including a summary of material accounting policies and other explanatory information (hereafter 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 Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 as amended including any circulars, notifications, clarifications and guidelines issued thereunder (together referred as the "InvIT Regulations"), in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (Ind AS) of the Companies (Indian Accounting Standards) Rules, 2015 (as amended) including InvIT Regulations, of the state of affairs of the Trust as at March 31, 2026, its profit including other comprehensive income, its cash flows and its movement of the unit holders equity for the year ended March 31, 2026, and the net distributable cash flows of the Trust for the year ended March 31, 2026.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (Sas) and other pronouncements issued by the Institute of Chartered Accountants of India (ICAI). Our responsibilities under those Standards are further described in the ‘Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Trust in accordance with the ‘Code of Ethics issued by the ICAI together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the InvIT Regulations, 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.

Emphasis of Matter

We draw attention to note 10(E) of the standalone financial statements, which describes the presentation/classification of "Unit capital" as "Equity" instead of the applicable requirements of Ind AS 32 - Financial Instruments: Presentation, in order to comply with relevant InvIT Regulations. Our opinion is not modified in respect of above matter.

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 Auditors 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.

Independent Auditors Report

Key audit matters	How our audit addressed the key audit matter
(a) Computation and disclosure as prescribed in the InvIT Regulations relating to statement of Net Assets, Statement of Total Returns at Fair Value and Statement of Net Distributable Cash Flow
The Trust has disclosed the Statement of Net Assets at Fair Value, Statement of Total Returns at Fair Value and Statement of Net Distributable Cash Flow (NDCF) under InvIT Regulations.	Our audit procedure included the following:
There is an inherent risk and judgment involved in computation and disclosure of abovementioned fair value as it require exercise of significant estimates and judgements by the management including forecasting future cash flows from the operations of the investee entities, discounting rates, tax rates and inflation rates and are difficult to determine with precision.	We read the applicable requirements of InvIT regulations for disclosures relating to Statement of Net Assets at Fair Value, Statement of Total Returns at Fair Value and Statement of NDCF. valuation
Further disclosure of the above statements as per the InvIT Regulations require significant management judgement.	Assessed the appropriateness of the Trusts methodology applied in determining the fair values through discussion with the management, subsidiary auditors and benchmarking with peer entities. We also evaluated the objectivity, independence and competence of management experts involved in the process.
Further, the NDCF is determined based on "Framework for computation of Net Distributable Cash Flow by Infrastructure Investment Trusts (InvITs)" prescribed by SEBI and adopted by	We involved an internal specialist to assess the appropriateness of assumptions used.
the unitholders of the Trust. Determination of NDCF is complex as it requires significant level of judgement.	Tested the arithmetical accuracy computation in of the statement of net assets, statement of total returns at fair value and NDCF.
Therefore, computation and disclosures of statement of net assets, total returns at fair value and statement of NDCF is considered as a Key Audit Matter.	Assessed adequacy of disclosures with InvIT Regulations.

 

Impairment of investments and loans made by the Trust in subsidiaries (Refer Note 3, 4 and 8)
The Trust has significant investments/ provided loans to subsidiaries (including interest thereon) engaged in toll collection business amounting to Rs. 96,993.44 million. Where an impairment trigger is identified in respect of investments/loans, the Trust performs an impairment assessment as per Ind AS 109. The assessment of impairment involves significant management estimates and judgement including future cash flows from the operations of the investee entities, discounting rates, operating expenses.	Our audit procedure included the following:
Further, the determination of the recoverable amount of the investments involves judgment and future cash flow projections due to inherent uncertainty in the assumptions supporting the recoverable amount of these investments.	Assessed the appropriateness of the Trusts valuation methodology applied in determining the recoverable amount of investments. In making this assessment, we also evaluated the objectivity, independence, and competence of management expert involved in the process.
Therefore, impairment of investments/ loans to subsidiaries is considered as a Key Audit Matter.	We involved an internal specialist to assess the appropriateness of assumptions used.
	We compared the recoverable amount of the investment to the carrying value in books as of March 31, 2026.
	Tested the arithmetical accuracy of the valuation workings.
	As regards loans granted, we obtained and considered management evaluation of recoverability of loans granted and interest thereon to its subsidiaries.

Other Information

The Management of Maple Infra InvIT Investment Manager Private Limited (the "Investment Manager") is responsible for the other information. The other information comprises the information included in the Annual Report 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 identified above when it becomes available and, in doing so, consider whether such other information is materially inconsistent with the standalone financial statement or our knowledge obtained in the audit or otherwise appears to be materially misstated.

The annual report is not made available to us as at the date of this auditors report. We have nothing to report in this regard.

Responsibilities of Management for the Standalone Financial Statements

The Investment Manager is responsible for 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 the changes in the unit holders equity for the year ended March 31, 2026, and the net distributable cash flows of the Trust for the year ended March 31, 2026 in accordance with the requirements of the InvIT regulations, Indian Accounting Standards (Ind AS) as defined in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provision of the InvIT regulation for safeguarding of the assets of the Trust 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, the Investment Manager is responsible for assessing the Trusts ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless investment manager either intends to liquidate the Trust or to cease operations, or has no realistic alternative but to do so.

The Investment Manager is also responsible for overseeing the Trusts financial reporting process.

Auditors 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 auditors 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 and other pronouncements issued by ICAI 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 skepticism throughout the audit. We also:

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.

Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for expressing an opinion on the effectiveness of the Trusts internal control.

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

Conclude on the appropriateness of Investment Manager 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 Trusts ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors report. However, future events or conditions may cause the Trust 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.

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 Matter

The Standalone financial statements include the standalone Statement of Net Assets at Fair Value as at 31^st March 2026 and the Standalone Statement of Total Returns at Fair Value for the year ended 31 March 2026. These statements have been prepared in accordance with InvIT Regulations and include the fair value of total assets aggregating Rs. 1,08,588.38 million, as determined and reported on by an external valuer, which was provided to us by the management. Our opinion on the standalone financial statements and our report on Other Legal and Regulatory Requirements in section (d) below, to the extent it pertains to the fair value of such assets, is based solely on the external valuers report.

Report on Other Legal and Regulatory Requirements

Based on our audit and as required by SEBI Regulations and on consideration of report of valuer as noted in the "other matter" paragraph, 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) The Balance Sheet and the Statement of Standalone Profit and Loss are in agreement with the books of account;

(c) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards (Ind AS) as defined in Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015, as amended.

d) In our opinion and to the best of our information and according to the explanations given to us, the standalone Statement of Net Assets at Fair Value as at March 31, 2026 and Standalone Statement of Total Returns at Fair Value for the year ended March 31, 2026 have been prepared in accordance with the requirements of the InvIT Regulations.

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Amit Gupta

Partner

Membership Number: 501396

UDIN: 26501396BZIFQU5144

Place of Signature: Bhubaneswar

Date: May 22, 2026