A. We have audited the accompanying standalone Ind
AS Financial Statements of OIL INDIA LIMITED ("the
Company"), which comprises the Balance Sheet as
at 31^st March, 2026, the Statement of Profit and
Loss (including Statement of Other Comprehensive
Income), the Statement of Changes in Equity, the
Statement of Cash Flows for the year ended on
that date, and notes to the Financial Statements
including a summary of Material Accounting
Policies and other explanatory information
(hereinafter referred to as the "Standalone Ind AS
Financial Statements").

B. 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 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 31^st March, 2026 and its profit, total
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 ("SA's) specified under section 143(10) of
the Companies Act, 2013. 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 ("ICAI") together with the ethical
requirements that are relevant to our audit of the
Standalone Ind AS Financial Statements under the
provisions of the Companies Act, 2013 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 we have obtained is sufficient and appropriate

to provide a basis for our audit opinion on the Standalone
Ind AS Financial statements.

3. Emphasis of Matter

We draw attention to the following matters in the notes
to the Standalone Ind AS Financial Statements.

a) Note No. 33.3 states that the rate for Crude Oil
forward pumping segment has undergone revision
with effect from FY 2018-19 with M/s Numaligarh
Refinery Limited (NRL). An amount of '263.11
crore being the arrear transportation income of
the above segment upto 31^st March, 2025 has been
considered during the current financial year.

b) Note No. 57.8 regarding provision towards Service
Tax / GST liability on royalty on Crude Oil and
Natural Gas, under the Oil Fields (Regulation &
Development) Act, 1948 provided for the quarter
ended March' 2026 amounting to '243.79 crore
which includes an interest of '96.97 crore ('865.12
crore including interest of '360.42 crore for the
year ended 31^st March' 2026). The total amount
provided on account of disputed service tax/GST
on royalty till 31^st March' 2026 is '4,753.77 crore.

Our opinion on the Standalone Ind AS Financial
Statements is not modified in respect of this matter.

4. 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 period. 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. We have fulfilled the responsibilities described
in the Auditor's responsibilities for the audit of the
Standalone Ind AS Financial Statements section of
our report, including in relation to these matters.
Accordingly, our audit included the performance of
procedures designed to respond to our assessment of
the risks of material misstatement of the Standalone
Ind AS Financial Statements. The results of our audit
procedures, including the procedures performed to
address the matters below, provide the basis for our
audit opinion on the accompanying Standalone Ind AS
Financial Statements.

5. 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, Board's Report including
Annexures to Board's Report, Business Responsibility
and Sustainability Report, Corporate Governance and
Shareholder's Information, but does not include the
Standalone Ind AS Financial Statements, Consolidated
Ind AS Financial Statements and our Auditor's Report
thereon.

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 our audit or
otherwise appears to be materially misstated.

If, based on the work we have performed on the other
information that we have obtained prior to the date of
Auditor's Report, we conclude that there is a material
misstatement of this other information, we are required
to report that fact. We have nothing to report in this
regard.

When we read the other information, which we will
obtain after the date of Auditors' Report and if we
conclude that there is material misstatement therein,
we are required to communicate the matter to those
charged with governance and take appropriate actions
necessitated by the circumstance and the applicable
laws and regulations.

6. 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 Companies Act,
2013 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, cash flows and
change in equity of the Company in accordance with
the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS)
specified under Section 133 of the Act, read with the

Companies (Indian Accounting Standards) Rules, 2015,
as amended.

This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and
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
Statements 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,
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.

7. 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 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 Ind AS Financial Statements.

A. As part of an audit in accordance with SAs, we
exercise professional judgement and maintain
professional scepticism throughout the audit. We
also:

1. 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.

2. 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
Companies Act, 2013, 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.

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

4. 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 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.

5. 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.

B. Materiality is the magnitude of misstatements in
the Standalone Ind AS Financial Statements that,
individually or in aggregate, makes it probable
that the economic decisions of a reasonably
knowledgeable user of the Standalone Ind AS
Financial Statements may be influenced. We

consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements
in the Standalone Ind AS Financial Statements.

C. 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.

D. 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.

E. From the matters communicated with those
charged with governance, we determine those
matters that were of most significance in the audit
of the 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.

8. Other Matter:

a) The Standalone Ind AS Financial Statements and
other financial information include Company's
proportionate share in joint ventures/operations
in respect of assets '4,209.31 crore, liabilities
'2,139.19 crore, expenses '3,173.67 crore, income
'270.17 crore and the elements making up the
Statement of Cash Flow and related disclosures as
at 31^st March' 2026 which is based on 39 audited by
other auditors and 66 unaudited statements from
the operator and certified by the management.
Out of these 66 unaudited statements 49 are
relinquished.

b) We have also placed reliance on technical/
commercial evaluation by the management in
respect of categorization of wells as exploratory,
development, producing and dry well, allocation
of cost incurred on them, impairment, liability
for decommissioning cost, liability under New

Exploration Licensing Policy (NELP)/ Hydrocarbon
Exploration and Licensing Policy ("HELP") and
nominated blocks for under performance against
agreed Minimum Work Program (MWP)/ Committed
Work Program (CWP).

Our opinion on the Standalone Ind AS Financial

Statements is not modified in respect of these matters.

9. 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 Companies Act 2013, and on the
basis of our examination of the books and records
of the Company carried out in accordance with
the generally accepted auditing practices in India
and according to the information and explanations
given to us, we give in the "Annexure-A", a
statement on the matters specified in paragraphs
3 and 4 of the Order to the extent applicable.

2. As required by Comptroller and Auditor
General of India (C&AG) through directions and
additional directions issued under Section 143
(5) of the Companies Act 2013, on the basis of
our examination of books and records of the
Company carried out in accordance with generally
accepted auditing practice in India and according
to the information, explanation and written
representation received from the management,
we give our report on the matter specified in the
"Annexure - B" and "Annexure - C" statement on
the matter specified in directions and additional
directions of C&AG respectively.

3. 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 appears from our examination of
those books;

c. The Balance Sheet, Statement of Profit
and Loss (including Statement of Other
Comprehensive Income), Statement of Change
in Equity, and 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 (Ind AS) specified under
section 133 of the Act, read with the Companies
(Indian Accounting Standards) Rules, 2015 as
amended;

e. Pursuant to the Notification No. GSR 463(E)
dated 5^th June 2015 issued by the Ministry
of Corporate Affairs, Government of India,
provisions of sub-section (2) of Section 164
of the Companies Act, 2013 regarding the
disqualification of directors, are not applicable
to the Company, being a Government Company;

f. With respect to the adequacy of the internal
financial control over financial reporting of
the Company and the operating effectiveness
of such control, as required under section
143(3)(i) of the Act, refer to our separate
report in "Annexure - D" to this report. Our
report expresses an unmodified opinion on
the adequacy and operating effectiveness of
the Company's internal financial controls over
financial reporting;

g. Pursuant to the Notification No. GSR 463(E)
dated 5^th June 2015 issued by the Ministry
of Corporate Affairs, Government of India,
provisions of Section 197 of the Companies
Act, 2013 regarding remuneration to directors,
are not applicable to the Company, being a
Government Company; 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 has disclosed the impact of
pending litigations on its financial position in
its Standalone Ind AS Financial Statements
- Refer Note 50 to the standalone financial
statements;

ii. The Company had not entered into any long¬
term contracts including derivative contracts
for which there would have been any material
foreseeable losses;

iii. There has been no delay in transferring the
amount which was required to be transferred
to the Investor Education and Protection Fund
by the Company;

iv. (a) The Management has represented that,
to the best of its knowledge and belief, no
funds (which are material either individually
or in the aggregate) have been advanced or
loaned or invested (either from borrowed
funds or share premium or any other sources
or kind of funds) by the Company to or in any
other person or entity, including foreign entity
("Intermediaries"), with the understanding,
whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly
or indirectly lend or invest in other persons or
entities identified in any manner whatsoever
by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries;

(b) The Management has represented, that,
to the best of its knowledge and belief, no
funds (which are material either individually
or in the aggregate) have been received by the
Company from any person or entity, including
foreign entity ("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 the audit procedures
that have been considered reasonable and
appropriate in the circumstances, nothing
has come to our notice that has caused us to
believe that the representations under sub¬

clause (i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any material
misstatement.

v. As stated in Note 21.3 to the Standalone Ind AS
Financial Statement:

a. The final dividend paid by the Company
during the year in respect of the same
declared for the previous year is in
compliance with section 123 of the Act
to the extent it applies to payment of
dividends.

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 final dividend for the year 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. Based on our examination which included test
checks, the Company has used accounting
software system 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 system.
Further, during the course of our audit we did
not come across any instance of audit trail
feature being tampered with and the audit trail
has been preserved by the Company as per the
statutory requirements for record retention.

FOR GOPAL SHARMA & CO. FOR RKP ASSOCIATES

Chartered Accountants Chartered Accountants

Firm Regn. No: 002803C Firm Regn. No: 322473E

Sd/- Sd/-

CA. Abhishek Sharma CA. Devajit Biswas

Partner Partner

Membership No.: 079224 Membership No.: 304922

UDIN: 26079224LMOZNG3906 UDIN: 26304922WTLNVP5182

Place: Noida
Date: 13^th May, 2026