1. We have audited the accompanying standalone financial
statements of KEC International 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 Changes in
Equity and the Statement of Cash Flows for the year then
ended, and notes to the standalone financial statements,
including material accounting policy information and other
explanatory information in which are included the financial
statements/financial information for the year ended on
that date audited by the other auditors of the Company’s
41 branches located at Abu Dhabi, Afghanistan, Algeria,
Armenia, Bangladesh, Benin, Bhutan, Burundi, Burkina
Faso, Cameroon, Dubai, Egypt, Ethiopia, Georgia, Ghana,
Guinea, Ivory Coast, Jordan, Kenya, Kuwait, Libya, Malaysia,
Mali, Moldova, Morocco, Mozambique, Nepal, Nigeria,
Oman, Papua New Guinea, Philippines, Senegal, Sierra
Leone, South Africa, Sri Lanka, Tanzania, Thailand, Togo,
Tunisia, Uganda and Zambia and financial statements/
financial information of 34 jointly controlled operations
consolidated on a proportionate basis (refer Note 49 to
the attached standalone financial statements) (hereinafter
referred to as “standalone financial statements”).

2. In our opinion and to the best of our information and
according to the explanations given to us and based on
the consideration of reports of other auditors on audited
financial statements/financial information of branches and
jointly controlled operations, 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 March 31,2026, and
total comprehensive income (comprising of profit and other

comprehensive income), changes in equity and its cash
flows for the year then ended.

BASIS FOR OPINION

3. 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 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 Code of
Ethics. We believe that the audit evidence we have obtained
and the audit evidence obtained by the other auditors in
terms of their reports referred to in sub-paragraphs 15, 16
and 17 of the “Other Matter” section below, is sufficient
and appropriate to provide a basis for our opinion.

EMPHASIS OF MATTER

4. We draw attention to Note 62 to the standalone financial
statements regarding an investigation by a government
agency, who has filed a chargesheet, and the Court has
taken cognizance of the same. Pending completion of the
proceedings, the possible impact, if any, on the standalone
financial statements is currently not determinable.

Our opinion is not modified in respect of the above matter.

KEY AUDIT MATTERS

5. Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
financial statements of the current period. 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.

OTHER INFORMATION

6. The Company’s Board of Directors is 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 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 do not express any
form of assurance conclusion thereon.

I n 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
and take appropriate action as applicable under the
relevant laws and regulations.

RESPONSIBILITIES OF MANAGEMENT AND THOSECHARGED WITH GOVERNANCE FOR THE STANDALONEFINANCIAL STATEMENTS

7. 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 standalone financial statements
that give a true and fair view of the financial position,
financial performance, changes in equity and cash flows
of the Company in accordance with the accounting
principles generally accepted in India, including the Indian
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.

8. I n preparing the standalone financial statements, Board of
Directors 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 Board of Directors
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

9. Those Board of Directors are also responsible for
overseeing the Company’s financial reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THESTANDALONE FINANCIAL STATEMENTS

10. 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.

11. As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional
scepticism 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 Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls 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’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 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.

• Obtain sufficient appropriate audit evidence regarding
the financial statements/financial information of
the branches and jointly controlled operations
within the Company to express an opinion on the
standalone financial statements. We are responsible
for the direction, supervision and performance of
the audit of the standalone financial statements/
financial information of such entities included in the
standalone financial statements of which we are the
independent auditors. For the other entities included
in the standalone financial statements, which have
been audited by other auditors, such other auditors
remain responsible for the direction, supervision
and performance of the audits carried out by them.
We remain solely responsible for our audit opinion.

12. 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.

13. 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.

14. From the matters communicated with those charged
with governance, we determine those matters including
those reported by the other auditors that were of most
significance in the audit of the standalone financial
statements of the current period 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.

OTHER MATTER

15. The financial statements/financial information of 5
branches included in the standalone financial statements of
the Company reflect total assets of ' 1,902 crores and net
assets of ' 630 crores as at March 31,2026, total revenue
from operations of ' 1,087 crores, profit after tax (net) of
' 28 crores, total comprehensive income (comprising of
profit after tax (net) and other comprehensive loss (net)) of
' 26 crores and net cash inflow amounting to ' 23 crores
for the year then ended. These financial statements/
financial information and other financial information have
been audited by other auditors whose reports have been
furnished to us by the management, and our opinion
on the standalone financial statements including other
information in so far as it relates to the amounts and
disclosures included in respect of these branches is based
on the reports of such other auditors and the procedures
performed by us.

16. The financial statements/financial information of 1 jointly
controlled operation located outside India, included in the
standalone financial statements, which constitute total
assets of ' 3,009 crores and net assets of ' 789 crores
as at March 31, 2026, total revenue from operations of
' 3,282 crores, net profit after tax of ' 299 crores, total
comprehensive income (comprising of profit and other
comprehensive income) of ' 345 crores and net cash outflow
amounting to ' 6 crores for the year then ended, have been
prepared in accordance with accounting principles generally
accepted in their country and have been audited by the
other auditor under generally accepted auditing standards
applicable in their country. The Company’s management

has converted the financial statements/financial information
of such jointly controlled operation located outside India
from the accounting principles generally accepted in their
country to the accounting principles generally accepted
in India. We have audited the conversion adjustments, if
any, made by the Company’s management. Our opinion
in so far as it relates to the balances and affairs of such
jointly controlled operation located outside India, is based
on the report of such other auditor and the conversion
adjustments prepared by the management of the Company
and procedures performed by us.

17. We did not audit the financial statements/financial
information of 36 branches and 33 jointly controlled
operations whose financial statements/financial information
reflect total assets of ' 2,033 crores and net liabilities
of ' 174 crores as at March 31, 2026, total revenue
from operations of ' 1,152 crores, loss after tax (net) of
' 4 crores, total comprehensive loss (comprising of loss
after tax (net) and other comprehensive loss (net)) of ' 4
crores and net cash outflow amounting to ' 36 crores for
the year ended, as considered in the standalone financial
statements. The financial statements/financial information
of these branches and jointly controlled operations have
been audited by other auditors whose reports have been
furnished to us by the management. Our opinion in so far as
it relates to the balances and affairs of such branches and
jointly controlled operations, is based solely on the reports
of the other auditors furnished to us by the Company’s
management. In our opinion and according to the information
and explanations given to us by the management, these
financial statements/financial information are not material
to the Company. Material uncertainty related to going
concern has been reported by 1 branch, on account of
losses incurred during the year by this branch, which is not
material in relation to the operations of the Company.

Our opinion on the standalone financial statements and our
report on Other Legal and Regulatory Requirements below,
is not modified in respect of the above matters of our
reliance on the work done and reports of the other auditors.

REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS

18. 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 B” a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

19. 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) I n 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 and the
reports of the other auditors except for the matters
stated in paragraph 19(i)(vi) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 (as amended).

(c) The reports on the accounts of the branch offices of
the Company audited under Section 143(8) of the Act
by other auditors have been sent to us and have been
properly dealt with by us in preparing this report.

(d) The Balance Sheet, the Statement of Profit and
Loss (including other comprehensive income), the
Statement of Changes in Equity and the Statement of
Cash Flows dealt with by this Report are in agreement
with the books of account and the financial information/
financial statements received from branches and the
jointly controlled operations.

(e) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.

(f) On the basis of the written representations received
from the directors as on April 01, 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 Section
164(2) of the Act.

(g) With respect to the maintenance of accounts and
other matters connected therewith, reference is made
to our remarks in paragraph 19(b) above on reporting
under Section 143(3)(b) and paragraph 19(i)(vi) below
on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014 (as amended).

(h) With respect to the adequacy of the internal financial
controls with reference to standalone financial
statements of the Company and its branches, and the
operating effectiveness of such controls, refer to our
separate Report in “Annexure A”.

(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 has disclosed the impact of
pending litigations on its financial position in its
standalone financial statements (Refer Note 56
to the standalone financial statements);

ii. The Company has made provision, as required
under the applicable law or Indian Accounting
Standards, for material foreseeable losses, if

any, on long-term contracts including derivative
contracts (Refer Note 36 to the standalone
financial statements);

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company
during the year.

iv. (a) The management has represented to

us and to the other auditors that, to
the best of its knowledge and belief as
disclosed in the Note 9.7 of standalone
financial statements, 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 or any of the branches to or
in any other persons or entities, 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 or any of the branches
(“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(b) The management has represented to us
and to the other auditors that, to the best
of its knowledge and belief as disclosed
in the Note 9.7 of standalone financial
statements, no funds have been received
by the Company or any of the branches
from any persons or entities, including
foreign entities (“Funding Parties”), with
the understanding, whether recorded in
writing or otherwise, that the Company
or any of the branches 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 that we
considered reasonable and appropriate in
the circumstances performed by us and
those performed by the other auditors,
nothing has come to our or other auditors
notice that has caused us or other auditors
to believe that the representations
under sub-clause (a) and (b) contain any
material misstatement.

v. The dividend declared and paid by the Company
during the year is in accordance with Section 123
of the Act to the extent it applies to declaration

and payment of dividend until the date of
this audit report.

Further as stated in Note 52 to the standalone
financial statements, the Board of Directors of
the Company has proposed final dividend for
the year, which is subject to the approval of
the members at the ensuing Annual General
Meeting, and is in accordance with Section 123
of the Act, to the extent applicable.

vi. Based on our examination, which included
test checks and that performed by the other
auditors, the Company and its branches have
used an accounting software for maintaining
its books of account which has a feature of
recording audit trail (edit log) facility and that
has operated throughout the year for all relevant
transactions recorded in the software, except
that in case of the Company, the audit trail is
not maintained in case of any changes by users
with certain privileged access and for any direct
database changes to its accounting software.

During the course of our audit and basis the
report of the other auditors, except for the
aforesaid instance, where the question of our
commenting on whether the audit trail has been
tampered with does not arise, we or the other
auditors did not notice any instance of audit trail
feature being tampered with. Further, the audit
trail has been preserved by the Company and its
branches as per the statutory requirements for
record retention.

20. The Company has paid/provided for managerial
remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with
Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Sumit Seth

Partner

Place: Mumbai Membership Number: 105869

Date: May 16, 2026 UDIN: 26105869ESKRAD6199