Roadstar Infra Investment Trust Auditor Reports

Independent Auditors report on Quarterly and Year to Date annual standalone financial results of Roadstar Infra
Investment Trust Pursuant to Regulation 23 of the SEBI (Infrastructure Investment Trusts) Regulations, 2014, as
amended

To

The Board of Directors of

Roadstar Investment Managers Limited (the "Investment Manager")

[As the Investment Manager of Roadstar Infra Investment Trust (the "InvIT")]

1. We have audited the accompanying standalone annual financial results of Roadstar Infra Investment Trust (the
InvIT or the Trust) for the year ended 31 March 2026 being submitted by the Roadstar Investment Managers
Limited (Investment Manager) pursuant to the requirements of Regulation 23 of the Securities and Exchange
Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended (the SEBI InvIT Regulations)
read with SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11,2025, (SEBI Circular).

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial results:

2.1. are presented in accordance with the requirements of Regulation 23 of the SEBI InvIT Regulations read with
SEBI Circular; and

2.2. give a true and fair view in conformity with the recognition and measurement principles laid down in the
applicable Indian Accounting Standards prescribed under Rule 2(l)(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 net loss and Other Comprehensive Income
and Other Financial Information for the quarter ended and year ended 31 March 2026.

3. We conducted our audit in accordance with the Standard on Auditing (SAs) issued by the Institute of Chartered
Accountants of India. Our responsibilities under those SAs are further described in the Auditors Responsibilities
for the Audit of the Standalone Financial Results 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 financial statements under the provisions of SEBI InvIT
Regulations and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence obtained is sufficient and
appropriate to provide a basis for our opinion.

4. We draw attention to Note 6 of the accompanying Statement, which describes the presentation of "Unit Capital"
as "Equity" to comply with the SEBI InvIT Regulations. Our opinion and conclusion is not modified in respect of
this matter.

5. These standalone financial results have been prepared on the basis of the standalone annual financial
statements. The Board of Directors of Investment Manager are responsible forthe preparation and presentation
of these standalone financial results that give a true and fair view of the net loss and other comprehensive

income and other financial information in accordance with the requirements of the SEBI InvIT Regulations read
with SEBI Circular ,lnd AS, and other accounting principles generally accepted in India, to the extent not
inconsistent with SEBI InvIT Regulation. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of SEBI 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 results that give a true and fair view and are free from material
misstatement, whether due to fraud or error, which has been used for the purpose of preparation of the
standalone financial results by the Board of Directors of the Investment Manager, as aforesaid.

6. In preparing the standalone financial results, 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.

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

8. Our objectives are to obtain reasonable assurance about whether the standalone financial results 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 results.

9. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

9.1. Identify and assess the risks of material misstatement of the standalone financial results, 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 higherthanforone resultingfrom error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.

9.2. 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.

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

9.4. Conclude on the appropriateness of the 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 standalone financial results 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.

9.5. Evaluate the overall presentation, structure and content of the standalone financial results, including the
disclosures, and whether the standalone financial results represent the underlying transactions and events
in a manner that achieves fair presentation.

10. 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.

11. 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.

12. The standalone financial results include the result for the quarter ended 31 March 2026 being the balancing
figure between the audited figures in respect of the full financial year and the published unaudited year to date
figures up to the third quarter of the current financial year which were subject to limited review by us.

For KKC & Associates LLP

Chartered Accountants

(formerly Khimji Kunverji & Co LLP)

Firm Registration Number: 105146W/W100621

Partner

ICAI Membership No: 033494

UDIN: 26033494PHSOBK5923

Place: Mumbai

Date: 26 May 2026