We have audited the accompanying standalone financial statements of Algoquant Fintech Limited
(the "Company"), which comprise the standalone balance sheet as at 31-March-2026, the standalone
statement of profit and loss (including other comprehensive income), the standalone statement of
changes in equity and the standalone statement of cash flows for the year then ended, and a summary
of the material accounting policies and other explanatory information ("here in after 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 (Ind AS) specified under section 133 of the Act, read with (the Companies
(Indian Accounting Standards) Rules, 2015) and other accounting principles generally accepted in India,
of the state of affairs of the Company as at 31-March-2026, its profit (including other comprehensive
income), the changes in equity and its 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 Act. 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 ('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 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the standalone financial statements for the financial year ended 31 -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. For each
matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matter 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 Standalone 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 Annual Report, but does not include the standalone financial
statements and our auditor's report thereon. The Company's Annual Report is expected to be made
available to us after the date of this Auditor's Report.

Our opinion on the standalone financial statements does not cover the other information and we will
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 identified above when it becomes available and in doing so, consider whether the
other information is materially inconsistent with the standalone financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated.

When we read the Annual Report, 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 Standalone Financial
Statements

The accompanying standalone financial statements have been approved by the Company's Board of
Directors. The Company's Board of Directors are responsible for the matters stated in section 134(5) of
the Act with respect to the preparation and presentation of these standalone financial statements that
give a true and fair view of the financial position, financial performance (including other comprehensive
income), changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India including the Indian Accounting Standards (Ind AS) specified under Section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
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 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 intend to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are 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 Standards on Auditing 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 Standards on Auditing specified under section 143(10) of the Act,
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 financial controls 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 Company has adequate internal financial
controls system with Reference to 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 management;

• Conclude on the appropriateness of Management 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.

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.

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
31-March-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 in terms of Section 143(11) of the Act, we give in the "Annexure A" a statement on the
matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report, to the extent applicable, 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 of the accompanying
standalone financial statements;

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 Changes in Equity and the Standalone

Statement of Cash Flows 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 Indian Accounting
Standards (Ind AS) specified under section 133 of the Act, read with (the Companies (Indian
Accounting Standards) Rules, 2015), as amended;

e) On the basis of the written representations received from the directors taken on record by
the Board of Directors, none of the directors is disqualified as on 31-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 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; and

g) In our opinion, the managerial remuneration for the year ended 31-March-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 does not have any pending litigations which would impact its financial
position as at 31-March-2026;

ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses as at 31-March-2026;

iii. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company during the year ended 31-March-2026;

iv. a) The management has represented that, to the best of its knowledge and belief, on

the date of this audit report, no funds have been advanced or loaned or invested
(either from borrowed funds or securities premium or any other sources or kind of
funds) by the Company to or in any person(s) or entity(ies), including foreign entities
('the 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 ('the Ultimate Beneficiaries') or provide any guarantee, security or the
like on behalf 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 ('the 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; and

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

v. The Company has not declared or paid any dividend during the year ended 31-March-2026

vi. Based on our examination which included test checks, the Company has used accounting
software for maintaining its books of account 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 as described in Note 47 of the standalone financial
statements. Further, there are no instance of audit trail feature being tampered with. The
audit trail (edit log) has been preserved by the Company as per the statutory requirements
under the Companies Act, 2013 and rules made thereunder.

For O P Bagla & Co. LLP

Chartered Accountants

Firm's Registration No.: 000018N/N500091

sd/-

Deepanshu Saini

Partner

Membership No.: 510573

UDIN: 26510573DTTTZC8991

Place: New Delhi

Date: 27-May-2026