Brigade Enterprises Limited
Report on the Audit of the Standalone
Financial Statements
Opinion
1. We have audited the accompanying Standalone Financial Statements of Brigade Enterprises Limited (‘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 Cash Flow and the Standalone Statement of Changes in Equity for the year then ended, and notes to the Standalone Financial Statements, including material accounting policy information and other explanatory information.
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 the report of the other auditor as referred to in paragraph 17 below, 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 Indian Accounting Standards (‘Ind AS') specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing 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 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 together with the audit evidence obtained by the other auditor, in terms of their report referred to in paragraph 17 of the Other Matter section below is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matters
4. We draw attention to Note 34(C)(i) to the Standalone Financial Statements, in connection with ongoing legal proceedings with respect to certain outstanding refundable deposits. Based on legal assessment of the matter, the management has considered these refundable deposits as good and recoverable.
Our opinion is not modified in respect of this matter.
5. We draw attention to note 48 to the Standalone Financial Statements regarding the Survey conducted by the Income Tax Department under Section 133A of the Income Tax Act, 1961 at various business premises of the Company and certain other group companies during December 2025. The management, after considering available information as of date and as detailed in the note 48, is of the view that no additional adjustment is required to the Standalone Financial Statements in respect of this matter, other than those already recognised in the Standalone Financial Statements.
Our opinion is not modified in respect of this matter.
Key Audit Matters
6. 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 period. 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.
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7. We have determined the matters described below to be the key audit matters to be communicated in our report.
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Key audit matter
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How our audit addressed the key audit matter
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1. Revenue recognition for sale of real estate property
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Refer note 2.2(h)(i) and 24 to the accompanying Standalone Financial Statements for the material accounting policy information on revenue recognition for sale of real estate property and related disclosures.
The Company applies Ind AS 115, Revenue from Contracts with Customers (‘Ind AS 115') for recognition of revenue from sale of real estate property including revenue from joint development agreements.
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Our audit procedures on revenue recognised from sale of real estate property included, but were not limited to, the following:
• Evaluated the appropriateness of accounting policy for revenue recognition on sale of real estate property in terms of principles enunciated under Ind AS 115;
• Understood the revenue recognition process, evaluated the design and implementation, and tested the operating effectiveness of key controls over revenue recognition including determination of satisfaction of performance obligations as per Ind AS 115 and of fair value of construction service provided under the JDAs;
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Key audit matter
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How our audit addressed the key audit matter
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Revenue is recognised upon transfer of control of residential/
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• Inspected, on a sample basis, underlying customer contracts,
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commercial units to customers for an amount which reflects
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occupancy certificate, receipt of consideration, registered sale
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the consideration the Company expects to receive in exchange for
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deed/ handover documents, as the case may be, evidencing the
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those units. The ‘transfer of control' for the said revenue stream is
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transfer of control of the residential/ commercial units to the
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determined to be earlier of either:
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customer based on which revenue is recognised at a point in time;
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- on legal registration of the units; or
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• For projects executed during the year as per JDAs, we have
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- on grant of unconditional physical possession of the units
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performed the following additional procedures on a sample basis:
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to the Customer
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- Inspected the JDAs entered into by the Company, including
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For revenue contracts forming part of joint development
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addendums thereto, and identified the performance obligations
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arrangements (‘JDA') that are not jointly controlled operations and
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under such contracts. Further, compared the ratio of
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where the land owner is identified as a customer for the Company,
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constructed area/ revenue sharing arrangement between the
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the revenue from the construction services is measured at the
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Company and the landowner as mentioned in the agreement
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fair value of the estimated construction service rendered by
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to the computation statement prepared by the management;
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the Company to the land owner under the JDA. Such revenue is
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- Obtained and examined the computation of the fair value of the
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recognised over time in accordance with the requirements of Ind
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construction service under JDA with reference to project cost
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AS 115.
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estimates and profit mark-up considered by the management
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The above assessment requires significant judgment in determining
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in such computation;
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when ‘control' of the real estate property is transferred to the
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- Tested the computation for recognition of revenue over time
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customer. Further, for projects executed through JDA, significant
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for revenue contracts forming part of JDA and management's
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estimate is undertaken by management for determining the fair
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assessment of stage of completion of projects and project cost
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value of the estimated construction service.
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estimates.
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Considering the significance of management judgements and
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• Assessed the adequacy of disclosures included in the Standalone
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estimates involved and the materiality of amounts involved,
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Financial Statements in compliance with the requirements of Ind
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aforementioned revenue recognition is identified as a key audit matter for current year's audit.
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AS 115.
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2. Assessment of the recoverability of the carrying value of Investment property including investment properties under
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development and related fair value disclosures
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Refer note 2.2(b) and 4 and 5 to the accompanying Standalone
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Our audit procedures in assessing the recoverability of the carrying
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Financial Statements for the accounting policy information on
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value of the investment properties including investment properties
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Investment property including investment property under
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under development and related fair value disclosures included, but
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development and related disclosures.
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were not limited to, the following:
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As at March 31, 2026, the carrying value of the Investment property
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• Obtained an understanding from the management with respect
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is 1138,169 lakhs and investment property under development is
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to its process of determination of carrying value of investment
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1201,881 lakhs. The carrying value of the investment property is
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properties including investment properties under development
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carried at cost less accumulated depreciation and accumulated
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and related fair value disclosures, including assumptions used and
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impairment loss, if any. The Company is also required to disclose
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estimates made by the management in determining whether any
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the fair value of the investment properties in accordance with the
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impairment indicators exist and related fair valuations;
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requirements of Ind AS 40, Investment Property (‘Ind AS 40').
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• Evaluated the appropriateness of accounting policies with
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For investment properties where any impairment indicators are
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respect to initial recognition and subsequent measurement of
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identified, the management performs an impairment testing by
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investment properties;
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estimating the recoverable amounts, being higher of the fair value
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• Evaluated the design and implementation, and tested the
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less costs of disposal and value-in-use. in accordance with the
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operating effectiveness of internal controls related to subsequent
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principles of Ind AS 36, Impairment of Assets (‘Ind AS 36').
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measurement and disclosures in respect of investment properties;
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The management determines value-in-use using discounted cash
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• Verified on test check the basis, the underlying property documents
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flow method, which requires management to make significant
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and other records for determination of the Company's right over
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estimates and assumptions relating to project cash flows, longterm growth rate and selection of appropriate discount rates. The
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the properties;
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management determines the fair value of the investment properties
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• Evaluated the Company's use of inputs and assumptions in future
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using the principles of Ind AS 113, Fair value measurement (‘Ind AS
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cash flow projections for the purpose of value-in-use computation
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113') with the help of external valuation experts, which also requires management to make significant estimates and assumptions relating to the valuation methodology and other inputs used in
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and fair valuations with respect to revenue and cost growth trends for reasonableness thereof, basis our understanding of the business;
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the valuation model adopted, based on factors such as prevailing
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• Evaluated the competence and objectivity of the external
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and expected future market conditions, and the individual nature,
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specialist involved by the management, if any, in fair valuation of
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condition and location of each property.
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investment properties;
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Considering the materiality of the amounts involved and significant
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• Engaged auditor's valuation experts to assess appropriateness of
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degree of judgement and subjectivity involved in the valuation and
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the valuation methodology applied and the reasonableness of the
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key assumptions used in determining the fair value/ value-in-use,
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valuation assumptions used including discount rate and long-term
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we have determined assessment of recoverability of the carrying
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growth rates;
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value of investment properties including investment properties
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• Performed sensitivity analysis on these key assumptions to assess
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under development and related fair value disclosures, as a key audit
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the degree of estimation uncertainty involved in the estimates; and
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matter for current year's audit.
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• Assessed the adequacy and appropriateness of disclosures made by the management in the Standalone Financial Statements in accordance with the accounting standards.
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Key audit matter
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How our audit addressed the key audit matter
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3. Assessing the recoverability of carrying value of Inventories, advances paid towards land procurement and deposits paid under joint development arrangements (‘JDAs’)
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Refer note 2.2(f), 2.2(g), and 9,10 and 11 to the Standalone Financial
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Our audit procedures in assessing the recoverability of carrying value
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Statements for accounting policy information on inventories,
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of the inventories, land advances and deposits paid under JDA included,
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advances paid towards land procurement and deposits paid under
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but were not limited to the following:
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JDAs (financial asset) and related disclosures.
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• Evaluated the appropriateness of accounting policies with respect
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As at March 31, 2026, the carrying value of the inventory is
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to inventories, land advances and deposits paid under JDAs as per
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1703,041 lakhs, land advances is 13,572 lakhs and refundable
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the principles of applicable accounting standards;
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deposits paid under JDA is 149,104 lakhs, represents a significant
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• Evaluated the design and implementation, and tested the operating
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portion of the Company's total assets.
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effectiveness of internal controls related to recoverability
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The inventories are carried at lower of cost and net realisable value
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assessment of inventory, land advances and deposits paid
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(‘NRV'). The determination of the NRV involves estimates based on
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under JDAs;
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prevailing market conditions, estimated future selling price, cost to
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• Understood and reviewed key assumptions used by the
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complete projects and selling costs.
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management in determination of the net recoverable value;
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Advances paid by the Company to the seller/ intermediary towards outright purchase of land is recognised as ‘land advance' disclosed
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• For inventory balance:
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under other current/non current assets until the legal title is
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- Compared the NRV to recent sales made of units of the project
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transferred to the Company, whereupon it is recognised as ‘land
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or to the estimated selling price;
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stock' under ‘Inventories'. Further, deposits paid under JDAs are
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- Compared the estimated construction costs to complete each
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in the nature of non-refundable/refundable deposits made by the
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project with the Company's updated budgets; and
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Company for acquiring the related development rights under such JDAs. On the launch of the project, the non-refundable amount is
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• For land advances/ deposits paid under JDA:
- Obtained an update on the status of the land acquisition/
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transferred as land cost to work-in-progress.
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project progress from the management and verified the
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The aforesaid deposits and advances are carried at the lower
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underlying documents for related developments and expected
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of the amount paid/payable and net recoverable value, which
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recoverability of advances paid on test check basis;
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is based on the management's assessment of the expected
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- Carried out external confirmation procedures on sample basis
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dates of commencement and completion of the project, and the estimate of sale prices and construction costs related to
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to obtain evidence supporting the carrying value of land advance
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such projects.
We identified the assessment towards recoverability of
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and deposits paid under JDA.
• Assessed the adequacy of disclosures included in the Standalone Financial Statements in compliance with the applicable
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carrying value of inventory, land advances and deposits paid under JDA as a key audit matter due to the significance of the balance to the Standalone Financial Statements as a whole and the involvement of estimates and judgement in the assessment.
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accounting standards.
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4. Assessment of the recoverability of Investments in and loans given to subsidiaries
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Refer note 2.2(r)(xii), 2.2(f) and 7A and 7B and 8 to the accompanying
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Our audit procedures in assessment of recoverability of investments
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standalone financial statements for material accounting policy
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in and loans given to subsidiaries included, but were not limited to, the
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information on impairment for Investments in and loans given to
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following:
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subsidiaries and for related disclosures.
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• Assessed the appropriateness of the Company's accounting policy
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As at the balance sheet date, the carrying amount of investment
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as per the principles of applicable accounting standards;
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in and loans given to subsidiaries amount to 1246,010 lakhs and
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• Obtained an understanding of the management process and
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1120,475 lakhs represents a significant portion of the Company's
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controls implemented by the Company for identification of
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total assets as on such date, respectively.
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possible impairment indicators and determining impairment in the
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The recoverability of the above-mentioned balances is dependent
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value of investment in / loans recoverable from subsidiaries, and
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on the operational performance of the subsidiaries. At each
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evaluated the design and implementation, and tested the operating
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reporting date, management regularly reviews whether there are
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effectiveness of such controls;
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any indicators of impairment as per Ind AS 36, Impairment of Assets
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• Assessed the financial condition of entities to whom loans were
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(‘Ind AS 36') and a possible increase in credit risk with respect to
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granted by inspecting the most recent audited financial statements
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loans as per the principles of Ind AS 109, Financial Instruments.
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of such entities;
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Key audit matter
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How our audit addressed the key audit matter
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The Management has assessed the recoverability of the said
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• Performed inquiries with management on the project status and
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investment and loans, by carrying out a valuation of the underlying
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future business plans of entities in which investments were made
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investment properties of certain subsidiaries with the help of an
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and loans were granted to evaluate their recoverability;
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external valuation expert using discounted cash flow method
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• Assessed the competence and objectivity of management's expert
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and estimation of projected cash flow from the ongoing real
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involved by the management in determining the fair value of the
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estate projects, which requires management to make significant estimates and assumptions relating to forecast of future business
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underlying investment properties in the subsidiary companies;
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performance and selection of the discount rates to determine the
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• Assessed the valuation methodology and valuation assumptions
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recoverable value to be considered for impairment testing of the
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used by management's expert to estimate the recoverability of
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carrying value of the investment.
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investment with the help of auditor's valuation experts;
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Considering the materiality of amounts, complexities and
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• Evaluated the appropriateness of assumptions applied in
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judgement involved, and significant auditor attention required to
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determining key inputs such as discount rate and growth rates,
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test the management assessment, we have identified this as a key
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based on our knowledge of the business and relevant external
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audit matter for current year audit.
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market conditions;
• Tested mathematical accuracy of the projections and applied independent sensitivity tests to the key assumptions mentioned above to consider the impact of estimation uncertainty; and
• Assessed the appropriateness and adequacy of disclosures made by the management in the Standalone Financial Statements in accordance with applicable accounting standards.
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Information other than the Standalone Financial Statements and Auditor’s Report thereon
8. 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 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.
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.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
9. The accompanying Standalone Financial Statements have been approved by the Company's Board of Directors. The Company's Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation and presentation 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 Ind AS specified under Section 133 of the Act and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
10. In preparing the Standalone Financial Statements, the 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
11. The Board of Directors is also responsible for overseeing the Company's financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
12. 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 Standards on Auditing 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.
13. As part of an audit in accordance with Standards on Auditing, specified under Section 143(10) of the Act 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 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 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 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; and
• Obtain sufficient appropriate audit evidence regarding the business activities and financial statements of the Company which includes financial statements of its Limited Liability Partnership (LLP), to express an opinion on the Standalone Financial Statements. We are responsible for the direction, supervision and performance of the audit of financial statements of the Company, of which we are the independent auditors. For the other LLP included in the Standalone Financial Statements, which have been audited by the other auditor, such other auditor remain responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion.
14. 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.
15. 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.
16. 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
17. The Standalone Financial Statements include the Company's share in the net loss (including other comprehensive income) of 1948 lakhs for the year ended March 31, 2026 in respect of one LLP, whose financial statements have not been audited by us. This financial statements has been audited by the other auditor whose report has been
furnished to us by the management, and our opinion on the Standalone Financial Statements, in so far as it has relates to the amounts and disclosures included in respect of this LLP, is based solely on the report of such other auditor.
Our opinion above on the Standalone Financial Statements, is not modified in respect of the above matter with respect to our reliance on the work done by and the report of the other auditor.
Report on Other Legal and Regulatory Requirements
18. As required by Section 197(16) of the Act, based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V to the Act.
19. As required by the Companies (Auditor's Report) Order, 2020 (‘the Order') issued
20. by the Central Government of India in terms of Section 143(11) of the Act we give in the Annexure I a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
21. Further to our comments in Annexure I, as required by Section 143(3) of the Act based on our audit, 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 purpose of our audit of the accompanying Standalone Financial Statements;
b) Except for the matters stated in paragraph 20 (h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended), 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 Standalone Financial Statements dealt with by this report are in agreement with the books of account;
d) In our opinion, the aforesaid Standalone Financial Statements comply with Ind AS specified under Section 133 of the Act;
e) On the basis of the written representations received from the directors and 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 qualification relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 20(b) above on reporting under Section 143(3)(b) of the Act and paragraph 20(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);
g) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company as on March 31, 2026 and the operating effectiveness of such controls, refer to our separate report in Annexure II wherein we have expressed an unmodified opinion; and
h) 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, as detailed in note 34 to the Standalone Financial Statements, has disclosed the impact of pending litigations on its financial position as at March 31, 2026;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at March 31, 2026;
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 ended March 31, 2026;
iv. a. The management has represented that,
to the best of its knowledge and belief, other than as disclosed in note 46(iii) to the Standalone Financial Statements, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries'), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether,
directly or indirectly lend or invest in other person(s) or entity(ies) identified in any manner whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;
b. The management has represented that, to the best of its knowledge and belief, as disclosed in note 46(iv) to the Standalone Financial Statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (‘the Funding Parties'), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other person(s) or entity(ies) 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 as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.
v. The final dividend paid by the Company during the year ended March 31, 2026 in respect of such dividend declared for the previous year is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.
As stated in note 17 to the accompanying Standalone Financial Statements, the Board of Directors of the Company have proposed final dividend for the year ended March 31, 2026 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend.
vi. As stated in note 49 of the financial statements and based on our examination which included test checks, the Company, in respect of financial year commencing on April 1, 2025, has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software at the application level. The accounting software is operated by a third-party software service provider and in the absence of any information on the existence of audit trail (edit logs) feature at database level in the Independent Service Auditor's ‘Type 2 report' issued in accordance with ISAE 3402, we are unable to comment on whether audit trail feature at the database level of the said software was enabled and operated throughout the year. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with, where such feature is enabled. Furthermore, the audit trail has been preserved by the Company as per the statutory requirements for record retention, where such feature is enabled.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Manish Agrawal
Partner
Membership No.: 507000 UDIN: 26507000AJAZSB6723
Place: Bengaluru Date: May 6, 2026
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