ఆడిటర్ నివేదిక Amagi Media Labs Ltd.

We have audited the accompanying standalone financial statements of Amagi Media Labs Limited (formerly Amagi
Media Labs Private Limited) (“the Company”), which comprise the Standalone Balance Sheet as at March 31, 2026,
the Standalone Statement of Profit and Loss, including the Standalone Statement of Other Comprehensive Income/
(Loss), the Standalone Statement of Cash Flows and the Standalone 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 stand¬
alone 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 accounting principles generally accepted
in India, of the state of affairs of the Company as at March 31, 2026, its profit including 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),
as 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 indepen¬
dent 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 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 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. For each matter below, our description of how our audit addressed
the matter is provided in that context.

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 perfor¬
mance 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 mat¬
ters below, provide the basis for our audit opinion on the accompanying standalone financial statements.

Other Information

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 audi¬
tor’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 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 informa¬
tion identified above when it becomes available and, in doing so, consider whether such other information is mate¬
rially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated.

Responsibilities of Management for the Standalone 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 standalone financial statements that give a true and fair view of the standalone financial
position, standalone financial performance including standalone other comprehensive income/(loss), standalone
cash flows and standalone changes in equity of the Company in accordance with the accounting principles gener¬
ally 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 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 the design,
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensur¬
ing 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 con¬
cern 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 the aggregate, they could reasonably be expected to influ¬
ence 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 skepti¬
cism 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 misstate¬
ment 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 finan¬
cial 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 con¬
ditions 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 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 mat¬
ter 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 1” 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;

(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 as stated in Note 44 and 45 to the standalone finan¬
cial statements that (i) for two software the back-up of books of account and other books and papers main¬
tained in electronic mode were not maintained on servers physically located in India on a daily basis; and
(ii) for matters stated in the paragraph 2(i).vi. below on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014;

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including the Statement
of Standalone Other Comprehensive Income/(Loss), the Standalone Statement of Cash Flows and the
Standalone Statement of Changes in Equity 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 Companies (Indian Accounting Standards) Rules, 2015, as
amended;

(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 section 164(2) of the Act;

(f) The modifications relating to maintenance of accounts and other matters connected therewith are as
stated in paragraph 2(b) above on reporting under section 143(3)(b) of the Act; and 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 with reference to these standalone finan¬
cial statements and the operating effectiveness of such controls, refer to our separate report in “Annexure
2” to this report;

(h) In 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; and

(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 stand¬
alone financial statements - Refer Note 35(a) to the standalone financial statements;

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 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 or entity, including foreign
entity (“Intermediary”), with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, whether, directly or indirectly lend or invest in other person or entity
identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiary”) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiary;

(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 or entity, including foreign entity (“Funding
Party”), with the understanding, whether recorded in writing or otherwise, that the Company
shall, whether, directly or indirectly, lend or invest in other person or entity identified in any
manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiary”) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiary; and

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

v. No dividend has been declared or paid during the year by the Company; and

vi. Based on our examination which included test checks, and as explained in Note 45 to the standalone
financial statements, the Company has used five accounting software, for maintaining its books of
account and other records which have feature of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant transactions recorded in these software except that,
in the absence of relevant information in the Service Organisation Controls reports, we are unable to
comment whether audit trail feature is enabled for certain changes made, if any, to database using
privileged/administrative access rights for these software.

Further, during the course of our audit we did not come across any instance of audit trail feature being
tampered with in respect of aforesaid software where the audit trail has been enabled. Additionally,
except for a software maintaining customer order and related records, the audit trail of prior years
has been preserved by the Company as per the statutory requirements for record retention to the
extent it was enabled and recorded in the respective years.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004

per Pankaj Agarwal

Partner

Membership Number: 217018

Unique Document Identification Number (UDIN): 26217018FRYRSJ3843

Place of signature: Bengaluru

Date: May 20, 2026

We have audited the standalone financial statements of Amagi Media Labs Limited (“the Company”), which
comprise the Balance sheet as at March 31, 2025, the Statement of Profit and Loss, including the statement of
Other Comprehensive Income/(Loss), the Cash Flow Statement 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 accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its loss including other
comprehensive income/(loss), 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), as 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
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 audit opinion on the
standalone financial statements.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Director’s report, 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 such other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. The Director’s
Report is not made available to us as at the date of this auditor''s report. We have nothing to report in this regard.

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 including other comprehensive income, cash flows and changes in equity 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 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 the 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.

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:

• 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.

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 of India in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure 1” 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;

(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 in respect of four applications where the Company
does not have server physically located in India for the daily backup of the books of account and other
books and papers maintained in electronic mode as disclosed in note 48 to the standalone financial
statements and the matters stated in the paragraph (i)(vi) below on reporting under Rule 11(g).

(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive
Income/(Loss), the Cash Flow Statement and Statement of Changes in Equity 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 Companies (Indian Accounting Standards) Rules, 2015,
as amended,;

(e) On the basis of the written representations received from the directors as on March 31, 2025 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being
appointed as a director in terms of Section 164 (2) of the Act;

(f) The modification relating to the maintenance of accounts and other matters connected therewith are as
stated in paragraph (b) above on reporting under Section 143(3)(b) and paragraph below (i)(vi) on
reporting under Rule 11 (g).

(g) 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 2”
to this report;

(h) The provisions of section 197 read with Schedule V of the Act are not applicable to the Company for the
year ended March 31, 2025;

(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 39(b) to the standalone financial statements;

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 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 or entity, 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 or entity, 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; 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. No dividend has been declared or paid during the year by the Company

vi. Based on our examination which included test checks, and explained in note 48 to the standalone
financial statements, the Company has used certain accounting software applications for
maintaining its books of account, database for employees, reimbursement of expenses to employees
and billing and customer details which have features of recording audit trail (edit log) facility and
the same have operated throughout the year for all relevant transactions recorded except:

(a) in case of two accounting software applications, audit trail was not enabled throughout the year
for all relevant transactions recorded in the applications. Accordingly, we are unable to
comment upon whether during the year, any instances of audit trail feature were being
tampered with in respect of these accounting software applications. Additionally, for one of
the software application, the audit trail of prior year has been preserved by the Company as per
the statutory requirements for record retention to the extent it was enabled and recorded in the
respective years and with respect to one software application, the audit trail of prior year has
not been preserved by the Company as per the statutory requirements for record retention;

(b) in case of three accounting software applications, audit trail feature is not enabled for direct
changes to data when using certain privileged/administrative access rights. Further, during the
course of our audit in respect of these accounting software applications where the audit trail
has been enabled, we did not come across any instance of audit trail feature being tampered
with. Additionally, for two of the software applications, the audit trail of prior year has been
preserved by the Company as per the statutory requirements for record retention to the extent
it was enabled and recorded in the respective years and with respect to one software
application, the audit trail of prior year has not been preserved by the Company as per the
statutory requirements for record retention.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004

Sd/-

per Rajeev Kumar

Partner •

Membership Number: 213803

UDIN: 25213803BMONET2756

Place: Bengaluru

Date: July 23, 2025