ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Telge Projects Ltd.

We have audited the accompanying Standalone Financial
Statements of Telge Projects Limited CIN
L29256PN2018PLC174381 and having its registered office at Unit
No. 502A, 5th Floor, Om Chambers, Bhosari, Pune, 411026, “the
Company" which comprises the Balance Sheet as at 31st March
2026, the Statement of Profit and Loss, and the Statement of Cash
Flows for the year then ended and Notes to the Standalone
Financial Statements, including a summary of Significant
Accounting Policies and Other Explanatory Information
(hereinafter referred to as “the Standalone 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 (“the Act”) in the manner so required and give a true and fair
view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as at 31st
March 2026, its profit and cash flows for the year ended on that
date.

Basis for Opinion

We conducted our audit in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies
Act, 2013. Our responsibilities under those Standards 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
together with the ethical requirements that are relevant to our
audit of the financial statements under the provisions of the
Companies Act, 2013 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 we have obtained is sufficient and appropriate to
provide a basis for our opinion on the Standalone Financial
Statements.

Emphasis of Matters

We draw attention to Note No. 2 to the Financial Statements
which explains the fact that the Company was listed on the SME
platform of Bombay Stock Exchange during the year, and these
financial results are the first to be prepared and presented
pursuant to such listing. The comparative figures for the previous
year are as stated in the restated financial information included in
the Prospectus issued in connection with the Company''s Initial
Public offering.

Our opinion is not modified in respect of this matter.

Key Audit Matter

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of these
Standalone Financial Statements of the current period. 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:

Information Other than the Financial Statements and Auditor’s
Report thereon

The Company''s Board of Directors is responsible for the other
information. The other information comprises the information
included in the Board''s Report including Annexures to Board''s
Report, Management Discussion and Analysis, Corporate
Governance and Shareholder''s Information, but does not include
the 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 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.

Responsibility of Management and Those charged with
governance for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters
stated in section 134(5) of the Companies Act, 2013 (“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 and cash flows of the Company in
accordance with the accounting principles generally accepted in
India, including the Accounting Standards specified under section
133 of the Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of
the Act for safeguarding of 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 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, 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
Management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Board of Directors 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 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. Under section 143(3)(i) of the Companies Act,
2013, we are also responsible for expressing our opinion on
whether the Company 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 management.

• Conclude on the appropriateness of management’s 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
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.

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.

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 in terms of Section
143(11) of the Act, we give in “Annexure A” a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

2. As required by Section 143(3) of the Act, based on our audit 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 purpose 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 Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this report are in agreement with the books
of account.

d) In our opinion, the aforesaid Standalone Financial Statements
comply with the Accounting Standards specified under Section 133
of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014.

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

f) With respect to the adequacy of the internal financial controls
over financial reporting of the Company 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 control over financial reporting.

g) With respect to the matters to be included in the Auditor''s Report
in accordance with the requirements of Section 197 of the
Companies Act, 2013, as amended, we report that the Company has
earned net profits as computed under Section 198 of the Act for the
financial year ended 31st March 2026.

The remuneration paid / payable to the directors during the financial
year aggregating to 6.6 Lakh is within the limits prescribed under
Section 197(1) of the Act.

In our opinion and according to the explanations given to us, the
remuneration paid by the Company to its directors during the
financial year is in accordance with the provisions of Section 197 of
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 does not have any pending litigations which would
impact its financial position.

ii. The Company did not have 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
by the Company to the Investor Education and Protection Fund.

iv. We further report that:

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 persons or entities 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 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 audit procedures 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. Since the company has not declared or paid any dividend
during the year, the question of commenting on whether dividend
declared or paid is in accordance with Section 123 of the
Companies Act, 2013 does not arise.

vi. Based on our examination, which included test checks, the
Company has used accounting software for maintaining its books
of account for the financial year ended March 31, 2026, which has
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.

Further, during the course of our audit we did not come across any
instance of the audit trail feature being tampered with. 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 R. M. Rajapurkar & Co.

Chartered Accountants
Firm Registration No.: 108335W

SD/-

CA Ravindra M. Rajapurkar

Partner

Membership No.: 040908

Place: Pune

Date: May 18, 2026

UDIN: 26040908YEFNQD5951