We have audited the accompanying standalone financial statements
of JSW Infrastructure Limited ("the Company"), which comprise the
balance sheet as at March 31, 2026, and the statement of profit
and loss, including other comprehensive income, the statement of
cash flow and the statement of changes in equity for the year then
ended, and notes to the standalone financial statements, including
a summary of material accounting policies 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 Companies Act, 2013,
as amended ("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 ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31, 2026, its profit and other comprehensive income, its
cash flows and the changes in equity for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements in
accordance with the Standards on Auditing (SAs) specified under
sub-section (10) of Section 143 of the Act. Our responsibilities under
those SAs are further described in the 'Auditor's Responsibilities for

the Audit of the Standalone financial statements' section of our report.
We are independent of the Company in accordance with the 'Code of
Ethics' issued by the Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant to our audit
of the standalone 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
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.

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. 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 Auditor's
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.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND
AUDITOR'S REPORT THEREON

The Company's Board of Directors are responsible for the other
information. The other information comprises the information included
in the Company's Director's report, Management Discussion and
Analysis, Corporate Governance Report and Business Responsibility
Report in the Annual Report but does not include the consolidated
financial statements, standalone financial statements and our
auditor's 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 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. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF MANAGEMENT FOR THE STANDALONE
FINANCIAL STATEMENTS

The Company's Board of Directors are responsible for the matters
stated in sub-section (5) of Section 134 of the Act with respect to
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 changes in
equity of the Company in accordance with the accounting principles
generally accepted in India, including Ind AS. This responsibility
also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets
of the Company 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 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 management
is responsible for assessing the Company's 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 management either intend to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

Those charged with governance are also responsible for overseeing
the Company's financial reporting process.

AUDITOR'S 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 auditor's
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:

• I dentify 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 controls relevant
to the audit in order to design audit procedures that are
appropriate in the circumstances. Under clause (i) of sub¬
section (3) of Section 143 of the Act, we are also responsible for
expressing our opinion on whether the company has adequate
internal financial controls with reference to these standalone
financial statements 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 management and Board
of Directors 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 Company's ability to continue
as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's 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 auditor's report. However, future events or
conditions may cause the Company 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 standalone 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
standalone 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, including any significant deficiencies in
internal financial controls 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 auditor's 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.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order, 2020
("the Order"), issued by the Central Government of India in terms
of sub-section (11) of Section 143 of the Act, we give in the
"Annexure A" a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.

2. As required by sub-section (3) of Section 143 of the Act, 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. In our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from
our examination of those books.

c. The standalone balance sheet, the standalone statement
of profit and loss including other comprehensive income,
the standalone statement of cash flow and the standalone

statement of changes in equity dealt with by this report
are in agreement with the relevant books of account.

d. In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under section
133 of the Act.

e. On the basis of the written representations received from
the directors as on March 31, 2026 taken on record by the
Board of Directors, none of the directors is disqualified as
on March 31, 2026 from being appointed as a director in
terms of sub-section (2) of Section 164 of the Act.

f. With respect to the adequacy of the internal financial
controls with reference to these standalone financial
statements and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B" to
this report. Our report expresses an unmodified opinion
on the adequacy and operating effectiveness of the
Company's internal financial controls with reference to
these standalone financial statements.

g. I n our opinion, the managerial remuneration for the year
ended March 31, 2026 has been paid / provided by the
Company to its directors 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
Auditor's 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 Company has disclosed the impact of pending
litigations on its financial position in its standalone
financial statements - Refer note 30 (A) to the
standalone financial statements;

i i. The Company has made a provision, as required
under the applicable law or accounting standards,
for material foreseeable losses, if any, on long-term
contracts including derivative contracts.

I ii. There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company.

iv. (a) The Management has represented that, to the
best of its knowledge and belief, no funds have
been advanced or loaned or invested (either
from borrowed funds or share premium or any
other sources or kind of funds) by the Company
to or in any other person(s) or entity (ies),
including foreign entities ("Intermediaries"),
with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest
in other person(s) or entity (ies) identified in
any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

(b) The Management has represented that,
to the best of its knowledge and belief, no
funds have been received by the Company
from any person(s) or entity (ies), including
foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or
otherwise, that the Company shall, whether,
directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever ("Ultimate Beneficiaries") by or on
behalf of the Funding Parties or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries; and

(c) Based on such audit procedures performed
that have been considered reasonable and
appropriate in the circumstances, nothing has
come to our notice that has caused us to believe
that the representations under sub-clause (a)
and (b) contain any material misstatement.

v. The final dividend paid by the Company during the
year in respect of the same declared for the previous
year is in accordance with section 123 of the Act to
the extent it applies to payment of dividend.

As stated in note 44 to the standalone financial
statements, the Board of Directors of the Company
has proposed dividend for the year which is subject
to the approval of the members at the ensuing
Annual General Meeting. The dividend declared is in
accordance with section 123 of the Act to the extent
it applies to declaration of dividend.

vi. Based on our examination which included test
checks, the Company has used accounting software
systems for maintaining its books of account for the
financial year ended March 31, 2026 which have a
feature of recording audit trail (edit log) facility and
the same has operated throughout the year for all
relevant transactions recorded in the software
systems. Further, during the course of our audit we
did not come across any instance of the audit trail
feature being tampered with and the audit trail has
been preserved by the Company as per the statutory
requirements for record retention.

For SHAH GUPTA & CO.,

Chartered Accountants
Firm Registration No.: 109574W

Vipul K Choksi

Partner

Place: Mumbai M. No. 037606

Date: May 08, 2026 UDIN: 26037606EWMBNF7893