To The Unit Holders of Raajmarg Infra Investment Trust

Report on the Audit of the Standalone Financial Statements

OPINION

We have audited the accompanying standalone financial statements of Raajmarg Infra Investment Trust (the InvIT or the Trust), which comprise the Standalone Balance Sheet as at 31st March 2026, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Unitholders Equity and the Standalone Statement of Cash Flows for the period from 24th November 2025 to 31st March 2026, the Standalone Statement of Net Assets at fair value as at 31st March 2026, the Standalone Statement of Total Returns at fair value and the Standalone Statement of Net Distributable Cash Flows (NDCFs) for the period from 24th November 2025 to 31st March 2026 and notes to the standalone financial statements including a summary of material accounting policy and other explanatory information (hereinafter referred to as the 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 from time to time including any guidelines and circulars issued thereunder (together referred to as the SEBI InvIT Regulations) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards as defined in rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules, 2015, as amended (Ind AS) and other accounting principles generally accepted in India, to the extent not inconsistent with SEBI InvIT Regulations, of the state of affairs of the Trust as at 31st March 2026, its profit including other comprehensive income, its cash flows, its statement of changes in Unitholders equity for the period from 24th November 2025 to 31st March 2026, its total returns at fair value and the net distributable cash flows of the Trust for the period from 24th November 2025 to 31st March 2026.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India. 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 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 SEBI 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 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 31st March 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.

Sr. Key Audit Matter No.	Auditors Response
1. Computation and disclosures as prescribed in the	Our Audit Procedures included the following :-
SEBI InvIT regulations relating to Statement of Net Assets at Fair Value and Total Returns at Fair Value	\u2022 Obtained the understanding of the requirements of SEBI InvIT regulations for disclosures relating to Statement
As per SEBI InvIT regulations, the Trust is required	of Net Assets at Fair Value and Statement of Total
to disclose statement of net assets at fair value and	Returns at Fair Value.
statement of total returns at fair value. The fair value is determined by forecasting and discounting future cash flows from the operations of the investee entities which involves management estimates and judgement. These estimates and judgements include discounting rates, Tax rates and inflation rates which are considered for	\u2022 Assessed the Valuation Report issued by the Independent Valuer engaged by the management. Also assessed the appropriateness of the Trusts valuation methodology applied in determining the fair values.
computing the fair value. There is an inherent risk in the computation of fair value	\u2022 Obtained Management Representation in this respect.
due to the use of estimates and judgements mentioned	\u2022 Tested the arithmetical accuracy of computation in the
above.	statement of net assets and total returns at fair value.
Therefore, computation and disclosures of statement of net assets at fair value and statement of total returns at fair value is considered as a Key Audit Matter. Refer Note-2.2(k) Significant Accounting Assumptions - Fair Valuation and Disclosures and Statement of net assets at fair value and Statement of total returns at fair value in the standalone financial statements.	\u2022 Ensured that disclosures is in compliance with SEBI InvIT regulations relating to the statement of net assets at fair value and the statement of total returns at fair value.
2. Related Party Transactions and Disclosures	Our Audit Procedures included the following :-
The Trust has undertaken transactions with its related	\u2022 Obtained the understanding of policies, processes and
parties in the normal course of business. These include	procedures in respect of identifying related parties,
making loans to Project SPV, earning interest on such	necessary approvals, recording and disclosure of related
loans, Advance given for expenses etc. as disclosed in	party transactions, including compliance of transactions
Note 24 of the Standalone Financial Statements.	and disclosures in accordance with InVIT regulations.
Considering the importance of accuracy and	\u2022 Tested the related party transactions with the underlying
completeness of related party transactions and its	contracts and other supporting documents for appropriate
disclosures in the aforesaid standalone financial	authorization and approval for such transactions.
statements, we have considered this as a key audit matter.	\u2022 Reviewed the minutes of governing body of Trust in connection with transactions to assess authorization by the Board and whether the transactions are in the ordinary course of business at arms length and in accordance with the SEBI InvIT regulations.
	\u2022 Obtained Management Representation in this respect.
	Ensured that the disclosures made in accordance with the requirements of Ind AS and SEBI InvIT regulations.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON

The Board of Directors of Raajmarg Infra Investment Managers Private Limited (Investment Manager) is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis Report, Investment Managers Report including annexures to Investment Managers Report and other information as required to be given by SEBI InvIT Regulations, but does not include the standalone financial statements and our report 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 the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate actions necessitated by the circumstances and the applicable laws and regulations.

RESPONSIBILITIES OF THE BOARD OF DIRECTORS OFINVESTMENTMANAGERFORTHESTANDALONE FINANCIAL STATEMENTS

The Board of Directors of Investment Manager is responsible for the preparation of these standalone financial statements that give a true and fair view of the financial position as at 31st March 2026, financial performance including other comprehensive income, cash flows and the movement of the Unitholders equity for the period from 24th November 2025 to 31st March 2026, the net assets at fair value as at 31st March 2026, the total returns at fair value and the net distributable cash flows of the Trust for the period from 24th November 2025 to 31st March 2026, in accordance with the requirements of the SEBI InvIT Regulations, Indian Accounting Standards as defined in Rule 2(1)(a) of Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India, to the extent not inconsistent with SEBI InvIT Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the SEBI InvIT Regulations 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 judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls for ensuring the accuracy and completeness of 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 and error.

In preparing the standalone financial statements, the Board of Directors of 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 the Board of Directors of Investment Manager either intends to liquidate the Trust or to cease operations, or has no realistic alternative but to do so.

The Board of Directors of Investment Manager are also responsible for overseeing the Trusts financial reporting process.

AUDITORS RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance 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 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts internal controls.

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

Conclude on the appropriateness of the Board of Directors of Investment Managers 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 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.

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 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 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 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 period from 24th November 2025 to 31st March 2026 and are therefore the key audit matters. We describe these matters in our 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

The trust commenced its operations on 24th November 2025 and hence this is the first year of operation. Hence no comparatives were provided for the previous financial year.

Our opinion on the standalone financial Statement is not modified in respect of the above matters.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

Based on our audit and as required by SEBI InvIT Regulations, 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss including Other Comprehensive Income, the Standalone Statement of Cash Flows, Standalone Statement of Changes in Unitholders Equity, the Standalone Statement of Net Assets at fair value, the Standalone Statement of Total Returns at fair value and the standalone Statement of Net Distributable Cash Flows dealt with by this Report are in agreement with the books of account of the Trust; c) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards as defined in Rule 2(1)(a) of Companies (Indian Accounting Standards) Rules, 2015, as amended, to the extent not inconsistent with SEBI InvIT regulations. d) There were no amounts which were required to be transferred to the Investor Protection and Education Fund by the Fund.

For A.R.& Co. Chartered Accountants FRN.002744C

CA Mohd Azam Ansari Partner Membership No:0511623 UDIN:26511623MUEQQR9358