We have audited the accompanying Standalone Financial Statements of NBCC (India) Limited (herein referred to as “the
Company”), which comprise the standalone balance sheet as at March 31,2026, the standalone statement of profit and loss
(including other comprehensive income), the standalone statement of changes in equity, the standalone statement of cash
flows for the year then ended and notes to the standalone financial statements including a summary of the material accounting
policies information and other explanatory information, in which is included the unaudited financial statements of 5 foreign
branches of the Company located at Mauritius, Maldives, Seychelles, Jeddah and Dubai for the year ended on that date (as
certified by the Management) (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 Indian Accounting Standard 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 March 31,2026, and its profit and 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 Standalone 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 ‘Auditors
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 (“the 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 made 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 obtained by us is sufficient and appropriate to provide a basis for
our audit opinion on the Standalone Financial Statements.

Emphasis of Matters

We invite attention to the following matters in the notes to the Standalone Financial Statements:

(i) Note No. 58 (i) regarding the purchase of a Group Housing plot in Naya Raipur from Naya Raipur Development Authority
(NRDA) on lease in the year 2014. The carrying value of the land as on March 31, 2026 is H 2,099.37 lakh. The lease
deed/conveyance deed shall be executed between the owners association/housing society and NRDA as per the terms
of the development agreement. The construction on the said land is yet to start.

(ii) Note No. 58 (ii) regarding the non-execution of the conveyance deed in favor of the Company and other matters incidental
thereto, in respect of the land at Faridabad (Haryana), forming part of the land bank (inventory) involving, in aggregate, a
sum of H 13,178.41 Lakh on account of non-receipt of clearance from Forest Department and other reasons stated therein.

(iii) Note No. 58 (v) regarding payment by the Company to Land & Development Office, Ministry of Housing and Urban Affairs
as additional premium for availing additional ground coverage at Company’s built up and sold project “NBCC Plaza” and
incurring of other construction cost and consequential expenses thereon for project which is stuck up on account of similar
demand of H 3,224.45 Lakh, raised by Municipal Corporation of Delhi (Erstwhile South Delhi Municipal Corporation) in
respect of additional ground coverage, in the year 2015.

(iv) Note No. 58 (vi) & 42 regarding the construction of a Group Housing Real Estate project at Kochi, Kerala, having carrying
value of inventory amounting to H 8,700.91 lakh as at March 31,2026, remaining unsold for want of Environmental Clearance
(EC) and requisite statutory approval. The State Expert Appraisal Committee recommended the grant of EC under the Office
Memorandum (OM) dated July 07, 2021 and January 28, 2022 issued by Ministry of environment Forest & Climate Change.
The EC was put on hold by the Hon’ble Supreme Court. Based on order dated May 16, 2025 issued by the Hon’ble Supreme
Court, the Company had written down the inventory by H 8,015.53 lakh as exceptional loss during the year ended March 31,
2025. On review petition filed by the aggrieved parties, the Hon’ble Supreme Court vide its order dated November 18, 2025,
recalled its earlier judgement dated May 16, 2025 and the original writ petitions and civil appeals had been restored to file.
Accordingly, exceptional loss of H 8,015.53 lakh has been reversed during the year ended March 31,2026.

(v) Notes No. 58 (x) & 42 which describe developments concerning the Company’s residential real estate project at NBCC
Green View, Sector - 37 D, Gurugram, which had exhibited structural cracks and related to the reconstruction of the flats/
units and refund the amount with interest to the homebuyers/allottees. The Company recognized the cumulative total
provisions and write-offs till the March 31, 2026 amounting to H 46,882.51 Lakh (March 31, 2025: H 46,882.51 Lakh).
Further, a recovery suit of H 75,000 Lakh by the Company and 16 other litigations are ongoing.

(vi) Note No. 46 (C) (i) in respect of the demand of Value Added tax including interest and penalty (DVAT Demand) for
H 40,480.01 Lakh had been set aside by Hon’ble Appellate Tribunal and remanded back for recalculation of the said tax
liability vide its order dated November 10, 2022. Till the reporting date no order received by the Company from DVAT
Department. Accordingly, the contingent liability as may arise is not ascertainable as at March 31,2026.

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

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 of the current year. 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 matters described below as Key Audit Matters to be communicated in our report.

Description of Key Audit Matter

Accuracy of recognition, measurement, presentation and disclosures of revenues and other related balances in
respect of “Revenue from Contracts with Customers” under Ind AS 115 (Revenue Accounting Standard)

Information other than the Standalone Financial Statements and Auditors’ Report thereon

The Company’s Management and Board of Directors are responsible for the preparation of other information. The other
information comprises the information included in Management Discussion and Analysis Report, Board’s Report including
Annexures to Board Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholder’s
information but does not include the Standalone Financial Statements and our audit 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 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. The
other information is expected to be made available to us after the date of this auditor’s report.

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 and take actions as required by the applicable laws and regulations.

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

The Company’s Management and Board of Directors are 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, 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 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 and Board of Directors are 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.

Auditors’ 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 auditors’ 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 financial 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 an 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 the Management and Board of Directors.

• Conclude on the appropriateness of Management’s and Board of Directors 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 auditors’ 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 auditors’ 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 of the current 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.

Other Matter

a. We did not audit the financial statement/information of 5 foreign branches namely Mauritius, Maldives, Seychelles,
Jeddah and Dubai included in the Standalone Financial Statements of the Company whose financial statements/financial
information reflect total assets of H 9,753.60 Lakh (Previous Year H 27,039.20 Lakh) as on March 31, 2026, and total
income of H 13,886.13 Lakh (Previous Year H 41,000.73 Lakh) for the year ended on that date, as considered in the
Standalone Financial Statements. The financial statements/information of said branches have not been audited either
by us or by other auditors and our opinion, so far as it relates to the amounts and disclosures included in respect of said
branches duly certified by the Management have been furnished to us, are solely based on the Management certified
financial statements/information.

b. The Board of Directors does not comprise of the requisite number of Independent Directors including Independent Woman
Director as required under Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

c. The standalone financial statements of the Company for the year ended March 31,2025 were audited by the predecessor
auditors who expressed an unmodified opinion on the same vide their report dated May 29, 2025.

Our opinion is not modified in respect of above said matters.

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 and on the basis of such checks of the books and records of the
Company as we considered appropriate and according to the information and explanations given to us, 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, 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 and proper returns adequate for the purpose of our audit have been received from
the branches not visited by us.

(c) The unaudited financial statements/financial information on the accounts of five branches of the Company has been
provided to us duly certified by the Management of the Company and has been received, properly dealt with by us
in preparing this report.

(d) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including Standalone 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 books of account.

(e) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards
specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as
amended time to time.

(f) The Company being a Government Company, the provisions of Section 164(2) of the Act in respect of disqualification
of directors are not applicable to the Company in terms of notification no. G.S.R.463(E) dated June 05, 2015 issued
by the Ministry of Corporate Affairs, Government of India.

(g) With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements 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
controls with reference to Standalone Financial Statements.

(h) With respect to the other matters to be included in the Auditors’ Report in accordance with the requirements of 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 46 to the Standalone Financial Statements.

(ii) The Company has made provisions, as required under the applicable laws or Indian Accounting Standards for
material foreseeable losses, if any, on long-term contracts. Further, the Company does not have any derivative
contract as at March 31,2026.

(iii) There has been no delay in transferring the amounts required to be transferred to the Investor Education
and Protection Fund by the Company in accordance with the relevant provisions of the Act and Rules
made thereunder.

(iv) (a) The Management has represented that, to the best of its knowledge and belief, as stated in note 59 (a)

(iv) to 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 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, as stated in note 59 (a) (iv)
to the Standalone Financial Statements, 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 such audit procedures that we 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) above contain any material misstatement.

(v) As stated in Note 47 to the Standalone Financial Statements.

a) The final dividend proposed in the previous year, declared, and paid by the Company during the year, is in
accordance with Section 123 of the Act, as applicable.

b) The interim dividend declared and paid by the Company during the year and until the date of this report is
in compliance with Section 123 of the Act.

c) The board of directors of the Company has proposed a final dividend for the year which is subject to the
approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in
accordance with section 123 of the Act, as applicable.

(vi) Based on our examination which included test checks, the Company has used an 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 and the audit trail has been preserved by the company as per the statutory
requirements for record retention.

3. With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section
197(16) of the Act, as amended, the Company being a Government Company, the provisions of section 197 read with
schedule V of the Act, relating to managerial remuneration are not applicable to the Company in terms of Notification No.
G.S.R. 463(E) dated June 05, 2015.

4. We are enclosing our report in terms of Section 143(5) of the Act, on the basis of such verification of the books and
records of the Company as we considered appropriate and according to the information and explanations given to us, in
Annexure C on the directions issued by the Comptroller and Auditor General of India.

For D K Chhajer & Co.

Chartered Accountants
Firm Registration No.: 304138E

Sd/-

Jagannath Prosad Mohapatro

Partner

Membership No. 217012
UDIN: 26217012MLZLOI9908

Place: Munnar, Kerala
Date: May 25, 2026