Religare Enterprises Ltd Auditor Reports

<dhhead>Independent Auditors Report </dhhead>

TO THE MEMBERS OF RELIGARE ENTERPRISES LIMITED

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the accompanying consolidated financial statements of Religare Enterprises Limited (the "Parent Company" or "Holding Company") and its Subsidiaries, Step Down Subsidiaries and Joint Venture (the Parent Company/Holding Company and its Subsidiaries, Step Down Subsidiaries and Joint Venture, together referred to as "the Group") which comprise the Consolidated Balance Sheet as at March 31, 2026, and the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows for the year ended on that date and notes to the consolidated financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "consolidated 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 other financial information of the subsidiaries and step- down subsidiaries, the aforesaid Consolidated financial statements give the information required by the Companies Act, 2013 ("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 consolidated state of affairs of the Group as at March 31, 2026, and their consolidated profit, their consolidated total comprehensive loss, consolidated changes in equity and its consolidated cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in paragraph 2 of "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matters

1. We draw attention to Note 47(a)(III) and Note 47(a)(IV) to the consolidated financial statements, which describes ongoing income tax litigations and related tax demands.

2. We draw attention to Note 2.2 C to the consolidated financial statements, regarding non-consolidation of financial statements of Religare Capital Markets Limited (RCML), due to managements assessment of nonexistence of control through voting rights and existence of significant restrictive covenants on major decision making at RCML.

Our opinion on the consolidated financial statements is not modified in respect of the above matters.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period.

We have determined that there are no key audit matters to communicate in our report.

Information other than the Consolidated Financial Statements and Auditors Report thereon

The Holding Companys Board of Directors are responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility and Sustainability Report and Corporate Governance Report, but does not include the consolidated financial statements, standalone financial statements and our auditors report thereon. The other information is expected to be made available to us after the date of this auditors report.

Our opinion on the consolidated 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 consolidated financial statements, our responsibility is to read the other information, consider whether the other information is materially inconsistent with the consolidated 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 identified above, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

The Holding Companys Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive loss, consolidated changes in equity and consolidated cash flows of the Group in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards ("Ind AS") notified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group 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 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 consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial statements, the respective Board of Directors of the Companies included in the Group are responsible for assessing the ability of their respective Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective Company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the Companies included in the Group are responsible for overseeing the financial reporting process of their respective Company.

Auditors Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated 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 consolidated 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 of material misstatement of the consolidated 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 Holding Company and its subsidiary and step-down subsidiary companies, 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 the management;

• Conclude on the appropriateness of managements 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 ability of the Group 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 consolidated 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 Group to cease to continue as a going concern;

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation;

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of the Holding Company included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated 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 consolidated financial statements.

We communicate with those charged with governance of the Holding Company regarding 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 consolidated financial statements of the current period 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. We have determined that there are no key audit matters to be communicated in our report.

Other Matters

1. The estimate of Claims Incurred but Not Reported (IBNR) and Claims Incurred but Not Enough Reported (IBNER) in respect of Care Health Insurance Limited (CHIL), a subsidiary company engaged in the business of insurance, have been certified by the CHILs Appointed Actuary. The Appointed Actuary has certified to CHIL that the assumptions used for such estimation are appropriate and are in accordance with the requirements of relevant regulations issued by Insurance Regulatory and Development Authority of India ("IRDAI") and Acturial Practice Standards issued by Institute of Actuaries of India.

2. We did not audit the financial statements of five subsidiaries (including three wholly - owned subsidiaries) and three step down subsidiaries, whose financial statements reflect total assets of 14,69,954.07 Lakhs as at March 31, 2026, total revenues of 8,50,938.54 Lakhs, total net profit/(loss) after tax of 8,888.10 Lakhs, total comprehensive income/(loss) of (2,070.57) Lakhs and cash inflows (net) 34,025.75 Lakhs for the year ended March 31, 2026, as considered in these consolidated financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the Holding Companys Management and our Opinion, Emphasis of Matter and Other Matters, on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these Subsidiaries / Step Down Subsidiaries is based on the reports of the other auditors, and after consideration of the further facts and information provided to us by the Holding Companys management, at the time of consolidation of these consolidated financial statements and the procedures performed by us as stated in Basis for Opinion paragraph above.

3. The accompanying statement also includes the unaudited financial statements of one wholly - owned subsidiary, namely MIC Insurance Web Aggregator Private Limited, whose unaudited financial statements reflect total assets of 11.48 Lakhs as at March 31, 2026, total revenues of 37.09 Lakhs, net profit/(loss) after tax of 33.35 Lakhs, total comprehensive income/ (loss) of 33.35 Lakhs and cash inflows (net) of (0.82) Lakhs for the year ended March 31, 2026, as considered in these consolidated financial statements. These financial statements have not been audited by any auditor and have been furnished to us by the Management. Our opinion on the Statement, in so far as it relates to the amounts and disclosures in respect of such subsidiary, is based solely on such unaudited financial statements. According to the information and explanations given to us by the Management, these financial statements are not material to the Group.

4. These consolidated financial statements, are not including the financial information / statements of IBOF Investment

Management Private Limited, the Joint Venture, for which neither audited nor management accounts for the financial year ended March 31, 2026 were available with the Holding Company for the consolidation purposes. However, since the Holding Company has fully impaired its investment in the said Joint Venture and does not have any further obligation over and above the cost of the investment, in view of the management there is no impact thereof on these consolidated financial statements.

Our opinion on the 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 statement certified by the Management.

Report on Other Legal and Regulatory Requirements

1. With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditors Report) Order, 2020 ("CARO") issued by the Central Government in terms of Section 143(11) of the Act, to be included in the Auditors Report, according to the information and explanations given to us, and based on the CARO reports issued by us for the Holding Company and the CARO reports issued by other auditors for Subsidiaries and Step-Down Subsidiaries wherever applicable, as stated in Other Matters above which are included in the consolidated financial statements of the Group, to which reporting under CARO is applicable, we report that there are no qualifications or adverse remarks in these CARO reports, except to the extent stated herein below:

Sr. No. Name of the Company	CIN	Holding Company/ Subsidiary/ Step-down Subsidiary	Clause number of the CARO having qualification or adverse remarks
1. Religare Enterprises Limited	L74899DL1984PLC146935	Holding Company	i(c)1, xvii2
2. Religare Finvest Limited	U74999DL1995PLC064132	Subsidiary	iii(c)3, iii(d)4, xi(a)5, xvii2
3. Religare Credit Advisor Private Limited	U65929DL2018PTC327982	Subsidiary	xvii2
4. Religare Housing Development Finance Corporation Limited	U74899DL1993PLC054259	Step-down Subsidiary	iii(c)3, iii(d)4, vii(a)6, xvii2

1 Clause pertains to title deeds of certain of immovable properties not held in name of the company.

2 Clause pertains to cash losses incurred.

3 Clause pertains to disclosure of loans which are overdue.

4 Clause pertains to disclosure of loans which are overdue for 90 days or more.

5 Clause pertains to reporting of fraud.

6 Clause pertains to undisputed statutory dues payable for a period of six months from the date they became payable.

2. As required by section 143(3) of the Act, based on our audit and on the consideration of Reports of other auditors on separate financial statements of subsidiaries and step-down subsidiaries as noted in the Other Matter paragraph, we report to the extent applicable that:

a. We/the other auditors whose report we have relied upon 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 of the aforesaid consolidated financial statements;

b. In our opinion, proper books of account as required by law maintained by the subsidiaries and step- down subsidiaries including relevant records relating to preparation of the aforesaid consolidation of the financial statements have been kept so far as it appears from our examination of those books and reports of the other auditors except for the matters stated in the paragraph (h) (vi) below on reporting under Rule 11(g);

c. The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including Other Comprehensive Loss, Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements;

d. In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time;

e. On the basis of the written representations received from the directors of the Holding Company as on March 31, 2026 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors of its subsidiary and step- down subsidiary companies, none of the directors of the Group companies is disqualified as on March 31, 2026 from being appointed as a director in terms of 164 (2) of the Act;

f. With respect to the adequacy of the internal financial controls over financial reporting and the operating effectiveness of such controls, refer to our separate Report in "Annexure A" which is based on the auditors reports of the Holding Company and its subsidiary and step-down subsidiary companies;

g. In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries and step-down subsidiaries, the managerial remuneration for the year ended March 31, 2026 has been paid / provided by the Holding Company, its subsidiaries and step-down subsidiaries to their directors, wherever applicable, in accordance with the provisions of section 197 read with Schedule V to the Act;

h. With respect to the other matters to be included in the Auditors 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 information and according to the explanations given to us:

i. The Group has disclosed the impact of pending litigations on its financial position in its consolidated financial statements in Note No 7.2, 9.1, 47 and 57(o);

ii. The Holding Company and its Subsidiaries and Step-Down Subsidiaries have not entered into any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Holding Company and its subsidiary and step-down subsidiary companies;

iv. (a) The respective Management of the

Holding Company and its subsidiaries and step-down subsidiaries, whose financial statements have been audited under the Act, have represented to us that, to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Holding Company or any of such subsidiaries and step-down subsidiaries to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Holding Company or any of such subsidiaries and step-down subsidiaries ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The respective Management of the Holding Company and its subsidiaries and step-down subsidiaries, whose financial statements have been audited under the Act, have represented to us that, to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Holding Company or any of such subsidiaries and step- down subsidiaries from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Holding Company or any of such subsidiaries and step-down subsidiaries shall, 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 on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us on the Holding Company and its subsidiaries and step-down subsidiaries, whose financial statements have been audited under the Act, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The Holding Company or its subsidiaries and step-down subsidiaries have not declared or paid any dividend during the year and has not proposed final dividend for the year;

vi. Based on our examination which included test checks and that performed by the respective auditors of the subsidiaries and step-down subsidiaries, the Holding Company and its subsidiaries and step-down subsidiaries has used an accounting software(s) for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same have operated throughout the year for all relevant transactions recorded in the software except in case of Holding company, in two subsidiaries i.e. Religare Broking Limited and Religare Finvest Limited and one step down subsidiary i.e. Religare Housing Development Finance Corporation Limited where certain components of audit trail were not operating due to system limitations, as described in Note 44(VII) to the consolidated financial statements. Further, during the course of our audit we and the auditors of subsidiaries and step-down subsidiaries did not come across any instance of audit trail feature being tampered with. The audit trail has been preserved by the Group except two subsidiaries i.e. Religare Finvest Limited and Religare Credit Advisor Limited and one step down subsidiary i.e. Religare Housing Development Finance Corporation Limited as per the statutory requirements for the record retention.

	For J. C. Bhalla & Co.
	Chartered Accountants
	Firms Registration No. 001111N
	(Rajesh Sethi)
	Partner
Place: New Delhi	Membership No. 085669
Date : May 12, 2026	UDIN: 26085669GVFLET8942

Annexure "A" to The Independent Auditors Report

(Referred to in paragraph 2(f) under Report on Other Legal and Regulatory Requirements section of our report to the Members of Religare Enterprises Limited of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of subsection 3 of Section 143 of the Companies Act, 2013 (the "Act")

In conjunction with our audit of the consolidated financial statements of the Holding Company as of and for the year ended March 31, 2026, we have audited the internal financial controls with reference to financial statements of Religare Enterprises Limited (the "Parent Company" or "Holding Company") and its Subsidiaries, Step Down Subsidiaries and Joint Venture (the Parent Company/Holding Company and its Subsidiaries, Step Down Subsidiaries and Joint Venture, together referred to as "the Group"), as of that date.

Managements and Board of Directors Responsibility for Internal Financial Controls

The respective management of the Holding Company and its subsidiary and step-down subsidiary companies, are responsible for establishing and maintaining internal financial controls based on the internal control with reference to financial reporting criteria established by the respective Companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the "ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting with reference to financial statements of the Holding Company and its subsidiary and step-down subsidiary companies based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the ICAI and the Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to Consolidated Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Consolidated Financial Statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors of the subsidiary and step-down subsidiary companies, which are companies incorporated in India, in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements of the Group, which are companies incorporated in India.

Meaning of Internal Financial Controls with reference to the consolidated financial statements

A companys internal financial control with reference to consolidated financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to consolidated financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the company; and ? provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the consolidated financial statements.

Inherent Limitations of Internal Financial Controls with reference to the consolidated financial statements

Because of the inherent limitations of internal financial controls with reference to the consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to the consolidated financial statements to future periods are subject to the risk that the internal financial control with reference to the consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of other auditor referred to in the Other Matter paragraph below, the Holding Company and its subsidiary and step-down subsidiary companies in all material respects have an adequate internal financial controls system with reference to the consolidated financial statements and such internal financial controls with reference to the consolidated financial statements were operating effectively as at March 31, 2026, based on the criteria for internal financial control with reference to the consolidated financial statements established by the respective companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

Other Matters

1. The accompanying consolidated financial statements include the financial statements of five subsidiaries (including three wholly-owned subsidiaries) and three step-down subsidiaries, which have been audited by other auditors. The reports of these other auditors have been furnished to us by the Management of the Holding Company. Our report on the adequacy and operating effectiveness of internal financial controls over financial reporting for the Group, in so far as it relates to the internal financial controls of these subsidiaries and step-down subsidiaries, is based solely on the reports of the other auditors and the further information and explanations provided to us by the Management of the Holding Company, and the procedures performed by us.

2. The accompanying consolidated financial statements also include the unaudited financial statements of one wholly-owned subsidiary, namely MIC Insurance Web Aggregator Private Limited, whose financial statements have not been audited by any auditor and have been furnished to us by the Management for the consolidation purposes and hence we are not able to express an opinion on the internal financial controls of MIC Insurance Web Aggregator Private Limited.

3. The consolidated financial statements do not include the financial information / statements of IBOF Investment Management Private Limited (IBOF), the Joint Venture, for which neither audited nor management certified accounts for the financial year ended March 31, 2026 were available with the Holding Company for the consolidation purposes and hence we are not able to express an opinion on the internal financial controls of IBOF.

4. The estimate of Claims Incurred but Not Reported (IBNR) and Claims Incurred but Not Enough Reported (IBNER) in respect of Care Health Insurance Limited (CHIL), a subsidiary engaged in the business of insurance, has been certified by the Appointed Actuary of CHIL. Our report on the adequacy and operating effectiveness of internal financial controls over financial reporting does not express any opinion on the adequacy and operating effectiveness of the internal controls over the quantum and accuracy of the aforesaid liabilities.

Our opinion on the consolidated financial statements is not modified in respect of the above matters.

	For J. C. Bhalla & Co.
	Chartered Accountants
	Firms Registration No. 001111N
	(Rajesh Sethi)
	Partner
Place: New Delhi	Membership No. 085669
Date : May 12, 2026	UDIN: 26085669GVFLET8942