We have audited the accompanying Financial Statements of
Muthoot Microfin Limited (“the Company”), which comprise
the balance sheet as at 31 March 2026, the statement of
profit and loss (including other comprehensive income), the
statement of changes in equity and the statement of cash flows
for the year then ended and notes to the financial statements,
including a summary of the material accounting policies and
other explanatory information (hereinafter referred to as “the
financial statements”).

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid 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 state of affairs of the Company as
at 31 March 2026, the profit including other comprehensive
income, changes in equity and its cash flows for the year
ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in
accordance with the Standards on Auditing (“SA”s) 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 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
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
ICAI's 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 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 financial
statements for the financial year ended 31 March 2026. These
matters were addressed in the context of our audit of the
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 management and Board of Directors is
responsible for the preparation of the other information. The
other information comprises the information included in the
annual report namely Directors' Report, Annexures to Board
Report, Management Discussion and Analysis, Corporate
Governance Report, Business Responsibility Statement, but
does not include the financial statements and our auditor's
report thereon. The reports are expected to be made available
to us after the date of this auditors' report.

Our opinion on the 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 financial statements, our
responsibility is to read the other information identified above
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.

When we read the Other Information, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance as
required under SA 720 (Revised) 'The Auditor's responsibilities
Relating to Other Information'.

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

The Company's Board of Directors is responsible for the
matters stated in Section 134(5) of the Act, with respect to
the preparation of these 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 Ind AS
and other accounting principles generally accepted in India.

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 financial statements that give a true and
fair view and are free from material misstatement, whether due
to fraud or error.

In preparing the 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 intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors is responsible for overseeing the
Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial
Statements

Our objectives are to obtain reasonable assurance about
whether the 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 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 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 the 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'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 financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the financial
statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable
user of the 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 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 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 financial statements of the
current financial year 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 Section 143(3) 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 except
for the matters stated in paragraph 2(i)(vi) below on
reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014;

c) The Balance sheet, the Statement of Profit and Loss
(including Other Comprehensive Income), Statement
of Changes in Equity, and Statement of Cash Flows
dealt with by this Report are in agreement with the
books of account;

d) I n our opinion, the aforesaid financial statements
comply with the Accounting Standards specified
under Section 133 of the Act, read with Companies
(Indian Accounting Standards) Rules, 2015, as
amended;

e) On the basis of written representations received
from the directors as on 31 March 2026 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) The modifications relating to the maintenance of
accounts and other matters connected therewith as
stated in paragraph 2(i)(vi) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014.

g) 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”; Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's
internal financial control over financial reporting;

h) I n our opinion, the managerial remuneration for the
year ended 31 March 2026 has been paid/provided
by the Company to its director in accordance with
the provisions of section 197 read with Schedule V
to the Act;

i) 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
litigation which would impact its financial
position as at 31 March 2026;

ii. The Company has made provision, as required
under the applicable law or accounting
standards, for material foreseeable losses,
if any, on long-term contracts including
derivative contracts - Refer Note 14 to the
financial statements;

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 to us

that, to the best of its knowledge and
belief, as disclosed in the notes to the
accounts, 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 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 also represented to
us, that, to the best of its knowledge and
belief, as disclosed in the notes to the
accounts, no funds (which are material
either individually or in the aggregate)
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
to 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 such audit procedures that were
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
(i) and (ii) of Rule 11(e), as provided under
(a) and (b) above, contain any material
misstatement.

v. The Company has not declared or paid any
dividend during the year and has not proposed
a final dividend for the year.

vi. Based on our examination, which included
test checks, the Company has used multiple
accounting software/applications for
maintaining its books of account during the
year which has a feature of recording audit
trail (edit log) facility and the same has been
operated throughout the year for all relevant
transactions recorded in the respective
software.

However, from 1 April 2025 to 30 September
2025, the Company used Orion ERP before
transitioning to Oracle Fusion ERP on
1 October 2025. Post-migration, user access
to Orion was disabled at both database and
application levels, though Orion's service
provider confirmed that transaction-level logs
remain available for future verification and
saved as per regulatory requirement. For
Oracle Fusion, the Company's new SaaS-
based ERP solution, maintains comprehensive
audit trail logs with restricted database access
to prevent unauthorized backend modifications
or edits. Oracle Fusion demonstrated SOC

2-Type 2 compliance during the audit period
and provided an interim bridge report for the
period 1 October 2025 to 31 March 2026
confirming that no material changes to IT
infrastructure occurred that would compromise
its SOC compliance posture. During the audit
period, the Company retained full LMS/LOS
application-level and database-level logs and
further enhanced log retrieval capabilities by
implementing a SQL compliance monitoring
tool on 1 February 2026 to capture database-
level changes, including extraction of old and
new values.

Further, during the course of our audit, we did
not come across any instance of the audit trail
feature being tampered and where the audit
trail feature was enabled, the same has been
preserved by the Company in accordance with
applicable statutory requirements for record
retention.

For Suresh Surana & Associates LLP

Chartered Accountants
Firm's Reg. No.: 121750W/W100010

Ramesh Gupta

Partner

Place: Mumbai Membership No. 102306

Dated: 6 May 2026 UDIN: 26102306TVVRJW8466