We have audited the Standalone financial statements of D.
P. ABHUSHAN LIMITED ('The Company’) which comprise the
Balance Sheet as at 31^st March, 2026, the statement of Profit
and Loss, including the statement of Other Comprehensive
Income, the Cash Flow Statement and Statement of Changes
in Equity for the year ended on 31^st March, 2026, and notes to
the financial statements, including a summary of significant
accounting policies and other explanatory information.
(Hereinafter referred to as “standalone financial statements”)

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid Standalone
Financial Statements give the information required by the
Companies Act, 2013 as amended (“the Act”) in the manner
so required and give a true and fair view in conformity with the
Indian Accounting Standards 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, its profit including other
comprehensive income, its cash flow and the changes in equity
for the year ended on that date.

Basis of 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 (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 there under, 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.

Information Other than the Financial
Statements and Auditor’s Report Thereon

The Company’s Board of Directors are responsible for the
other information. The other information comprises the
information included in the Annual report but does not include
the Standalone Financial Statements and our auditor’s report
thereon. The Annual report is expected to 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.

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other information
and, in doing so, consider whether the other information
is materially inconsistent with the Standalone 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 identified above, if we
conclude that there is a material misstatement therein, we
are required to communicate the matter to those charged
with governance.

Management and Board of Directors
Responsibility for the Standalone Financial
Statements

The Company’s Board of Directors are responsible for the
matters stated in section 134(5) of the Companies Act, 2013
(“the Act”) with respect to 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 companies ( Indian Accounting Standards) Rules,
2015, as amended. This responsibility also includes the
maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of
the company and for preventing and detecting the frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgment and estimates that are
reasonable and prudent; and design, implementation and
maintenance of adequate internal control that were operating
effectively for ensuring the accuracy and completeness of
accounting records, relevant to preparation of 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.

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 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 SA’s, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also: -

• Identify and assess the risks of material misstatement
of the Standalone Financial Statements, whether due

to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control.

• Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate
internal financial controls system in place and the
operating effectiveness of such controls. (Annexure B is
our Report on Internal Financial Control).

• 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.

From the matters communicated with those charged with
governance, we determine those matters that were of
utmost 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.

Report on other Legal and Regulatory
Requirements

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 Companies
Act, 2013, we give in the “Annexure A” a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

As required by section 143(3) of the Act, we further 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 purpose 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;

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

d) I n our opinion, the aforesaid Standalone Financial
Statements comply with the Indian Accounting
Standards referred 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
directors as on March 31, 2026, and taken on record by the
Board of Directors, none of the director is disqualified as
on March 31, 2026, from being appointed as a director in
terms of sub-section (2) of section 164 of the Act.

f) With reference 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” to this report;

g) I n our opinion and according to the information and
explanations given to us, the remuneration paid by the
Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act.

h) I n our opinion and to the best of our information and
according to the explanations given to us, we report as
under with respect to other matters to be included in
the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014:

i) The Company has disclosed the impact of
pending litigations on its financial positions in
its financial statements- Refer Note 33.4 to the
financial statement;

ii) The Company does not have any long-term contracts
including derivative contracts for which there were
any material foreseeable loss thereon does arise.

iii) There was no amount which was required to be
transferred to the Investor Education and Protection
Fund by the Company.

iv) (a) Management has represented to us that,

to the best of its knowledge and belief, as
disclosed in the notes 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 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
(“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

(b) Management has represented to us that, to the
best of its knowledge and belief, as disclosed in
the notes to 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 our audit procedure performed
that have been considered reasonable and
appropriate in the circumstances, nothing
has come to our attention that cause us to
believe that the representation given by the
management under sub clause (a) & (b) of (iv)
contain any material misstatement.

v) The company has not declared or paid any dividend
during the year in contravention of the provisions of
section 123 of the Companies Act, 2013.

vi) Based on our examination which included test
checks, the company has used accounting software
for maintaining its books of accounts for the
financial year ended March 31, 2026 which has a
feature of recording audit trail facility and the same
has operated throughout the year for all relevant
transaction recorded in the software. Further, during
the course of audit we did not come across any
instance of audit trail being tempered with.

For, Jeevan Jagetiya & Co

Chartered Accountants

FRN: - 121335W

CA Nilesh Asava

(Partner)

M. No. 142577

UDIN: 26142577AMROCP5138

Date: 21^st May, 2026

Place: Ahmedabad