We have audited the accompanying standalone Ind AS
financial statements of Dilip Buildcon Limited ("the
Company”), which comprise the Balance Sheet as at March
31, 2026, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Cash
Flows and the Statement of Changes in Equity for the
year then ended and a summary of material accounting
policies and other explanatory information (hereinafter
referred to as 'standalone Ind AS financial statements').

In our opinion and to the best of our information
and according to the explanations given to us, the
aforesaid standalone Ind AS financial statements
give the information required by the Companies Act,
2013 ('the Act') in the manner so required and give a
true and fair view in conformity with the accounting
principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) prescribed under
Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules 2015, as amended of the
state of affairs of the Company as at March 31, 2026, its
profits and total other comprehensive income, changes in
equity and its cash flows for the year ended on that date.

2. Basis for Opinion

We conducted our audit of the standalone Ind AS
financial statements in accordance with the Standards on
Auditing, as prescribed 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 Ind AS 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 Ind AS 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 Code
of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis
for our opinion on standalone Ind AS financial statements.

3. Key audit matters

Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the standalone Ind AS financial statements of the
current year. These matters were addressed in the context
of our audit of the standalone Ind AS 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 the matters described below to be the
key audit matters to be communicated in our report.

4. Information other than the standalone Ind
AS financial statements and Auditor's report
thereon

The Company's Board of Directors is responsible for the
preparation of other information. The other information
comprises the information included in the Management
Discussion and Analysis, Directors Report, Business
Responsibility and Sustainability Reporting, Corporate
Governance and Shareholders Information, but does not
include the standalone Ind AS financial statements and
our auditor's report thereon. The Other information is
expected to be made available to us after the date of our
auditor's report.

Our opinion on the standalone Ind AS 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 Ind AS
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
Ind AS financial statements or our knowledge obtained
during the course of audit, or otherwise appears to be
materially misstated.

When we read the other information included in the above
reports, if we conclude that there is material misstatement
therein, we are required to communicate the matter
to those charged with governance and determine the
actions under the applicable laws and regulations.

5. Management's responsibility for the
Standalone Ind AS 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 Ind AS
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 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
material 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 Ind AS financial statement that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the standalone Ind AS 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.

The Board of Directors are also responsible for overseeing
the Company's financial reporting process.

6. Auditor's Responsibilities for the Audit of the
Standalone Ind AS financial statements

Our objectives are to obtain reasonable assurance about
whether the standalone Ind AS 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 Ind AS financial statements.

As part of an audit in accordance with Standards on

auditing, we exercise professional judgment and maintain

professional skepticism throughout the audit. We also:

i) Identify and assess the risks of material
misstatement of the standalone Ind AS 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.

ii) 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.

iii) Evaluate the appropriateness of material
accounting policies used and the reasonableness
of accounting estimates and related disclosures
made by management.

iv) 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 ability of the Company 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 Ind AS 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.

v) Evaluate the overall presentation, structure
and content of the standalone Ind AS financial
statements, including the disclosures, and whether
the standalone Ind AS 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 standalone
Ind AS 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.

7. Report on Other Legal and Regulatory
Requirements

i) 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 A” a
statement on the matters specified in paragraphs 3
and 4 of the Order.

ii) As required by section 143 (3) of the Act, based on
our audit, 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 purpose of our audit of the standalone
Ind AS financial statements.

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 for not complying
with the requirement of audit trail as stated
in i(vi) below.

c) The Balance Sheet, Statement of Profit
and Loss including Other comprehensive
income, the Statement of Changes in Equity
and the Statement of Cash Flows dealt with
by this Report are in agreement with the
books of account.

d) In our opinion, the aforesaid standalone Ind AS
financial statements comply with the Indian
Accounting Standards specified under section
133 of the Act.

e) On the basis of written representations
received from the directors of the Company
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 modification relating to the maintenance
of accounts and other matters connected
therewith, is as stated in paragraph (b) above.

g) With respect to the adequacy of the internal
financial controls with reference to standalone
Ind AS financial statements of the Company and
the operating effectiveness of such controls,

refer to our separate Report in "Annexure B”
to this report.

h) With respect to the other matters to be included
in the Auditors Report in accordance with the
requirements of Section 197(16) of the Act, as
amended, in our opinion and to the best of our
information and according to the explanations
given to us, the remuneration paid / provided
by the Company to its directors during the year
is in accordance with the provisions of Section
197 of the Act.

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, 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 Ind AS financial
statements to the extent determinable/
ascertainable - Refer Note 26 to the
standalone Ind AS financial statements.

ii. The Company does not have any long¬
term contracts including derivative
contracts for which there are any material
foreseeable losses.

iii. There were no delays in amounts which
were required to be transferred to the
Investor Education and Protection Fund
by the Company during the year.

iv. (a) The Management has represented

that no funds have been advanced
or loaned or invested other than as
disclosed in Note 52b (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 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; and

(c) Based on audit procedures that we
have considered reasonable and
appropriate in the circumstance
nothing has come to our notice
that has caused us to believe that
the representations under sub¬
clause (i) and (ii) of Rule 11(e),
as provided under contain any
material misstatement.

v. The dividend declared and paid by the
Company during the year is in compliance
with provisions of Section 123 of the
Companies Act, 2013.

As stated in note 11.1 to the standalone
Ind AS financial statements, the Board of
Directors of the Company have proposed
final dividend for the year which is
subject to the approval of the members
at the ensuing Annual General Meeting.
The amount of proposed dividend is
in accordance with section 123 of the
Act, as applicable.

vi. Based on our examination, which included
test checks, the Company has used
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 except that
audit trail feature was not enabled at the
database level for accounting software to
log any direct data changes.

Further, during the course of our audit, we
did not come across any instance of the
audit trail feature being tampered with,
in respect of accounting software for the
period for which the audit trail feature
was enabled and operating. The audit
trail has been preserved by the Company
as per the statutory requirements for
record retention.

For M. K. Dandeker & Co LLP.

Chartered Accountants,

Firm's Registration No.: 000679S / S000103

S. Poosaidurai

Partner

Membership No. 223754
UDIN:26223754FVFBYO1266

Place: Bhopal
Date: 14.05.2026