We have audited the standalone financial statements
of DLF Limited (‘the Company’), which comprise the
Balance sheet as at 31 March 2026, the Statement
of Profit and Loss, including the statement of Other
Comprehensive Income, the Cash Flow Statement
and the Statement of Changes in Equity for the year
then ended, and notes to the standalone financial
statements, including a summary of material
accounting policies and other explanatory information.

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 accounting principles generally accepted
in India, of the state of affairs of the Company
as at 31 March 2026, its profit including other
comprehensive loss, its cash flows and the changes
in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial
statements in accordance with the Standards on
Auditing (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 together with the ethical requirements that are
relevant to our audit of the 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 is sufficient and appropriate to provide
a basis for our audit opinion on the standalone
financial statements.

Emphasis of Matter

We draw attention to note no. 50(8)(i) (a), (b) and (c) to
the standalone financial statements of the Company,
which describes the uncertainty relating to outcome
of following lawsuits filed against the Company:

a) In a complaint filed against the Company relating
to imposing unfair conditions on buyers, the
Competition Commission of India (CCI) has

imposed a penalty of ^ 63,000.00 lakhs on the
Company which was upheld by Competition
Appellate Tribunal. The Company has filed an
appeal which is currently pending with Hon’ble
Supreme Court of India and has deposited
^ 63,000.00 lakhs as per direction of the Hon’ble
Supreme Court of India.

b) In a writ filed with Hon’ble High Court of
Punjab and Haryana, the Company, one of its
subsidiary and a joint venture Company have
received judgements cancelling the sale deeds
of land/ removal of structure relating to two IT
SEZ/ IT Park Projects in Gurgaon. The Company,
its subsidiary and joint venture company filed
Special Leave Petitions (SLPs) challenging the
orders which is currently pending with Hon’ble
Supreme Court of India. The Hon’ble Supreme
Court has admitted the matters and stayed
the operation of the impugned judgements till
further orders in both the cases.

c) Securities and Exchange Board of India (‘SEBI’)
in a complaint filed against the Company,
imposed certain restrictions on the Company.
The Company had received a favorable order
against the appeal in said case from Securities
Appellate Tribunal (‘SAT’). SEBI, subsequently,
has filed a statutory appeal which is currently
pending before Hon’ble Supreme Court. SEBI
has also imposed penalties upon the Company,
some of its directors, officers, its three
subsidiaries and their directors which has been
disposed off by SAT with a direction that these
appeals will stand automatically revived upon
disposal of civil appeal filed by SEBI against
aforementioned SAT judgement.

Based on the advice of the external legal
counsels, no adjustment has been considered
in these Standalone financial statements by the
management in respect of above matters. Our
opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgment, were of most significance
in our audit of the standalone financial statements
for the financial year ended 31 March 2026. 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. For
each matter below, our description of how our audit
addressed the matter is provided in that context.

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 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 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 financial statements.

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

The Company’s Board of Directors is responsible
for the other information. The other information
comprises the Chairman’s Message, Board’s
Report, Management Discussion and Analysis
Report and Corporate Governance Report, but does
not include the standalone financial statements
and our auditor’s report thereon.

Our opinion on the standalone financial statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the standalone
financial statements, our responsibility is to read
the other information and, in doing so, consider
whether such other information is materially
inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise
appears to be materially misstated. If, based on the
work we have performed, 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.

Responsibilities of Management and Those
Charged with Governance for the Standalone
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
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 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 the design, implementation and maintenance
of adequate internal financial controls, that were

operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to
the preparation and presentation of the standalone
financial statements that give a true and fair view
and are free from material misstatement, whether
due to fraud or error.

In preparing the standalone financial statements,
management 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.

Those Board of Directors are also responsible for
overseeing the Company’s financial reporting
process.

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

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

• Obtain an understanding of internal 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
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 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 most significance in the audit of the
standalone financial statements for the financial
year ended 31 March 2026 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 Matters

The comparative financial statements and other
financial information of the Company for the year

ended 31 March 2025 included in these standalone
financial statements, are restated pursuant to
Scheme of Amalgamation as explained in note 58 of
the accompanying standalone financial statements
and are based on the previously issued statutory
financial statements of the Company and one of the
transferor company as at and for the year ended
31 March 2025, whose financial statement reflects
total assets of =? 2,230.19 lakhs as at 31 March 2025,
total revenue of ^ 572.96 lakhs and net cash
outflow of ^ 115.00 lakhs for the year ended on
that date, included in these standalone financial
statements as per the scheme approved by the
Hon’ble National Company Law Tribunal (NCLT),
Chandigarh Bench. These financial statements
and other financial information of the transferor
company was audited by other auditor whose audit
report has been furnished to us by the management,
as adjusted for the accounting effects of the
scheme recorded by the Company (in particular, the
accounting effects of scheme of Amalgamation)
and other consequential adjustments, which have
been audited by us. Our opinion in so far as it
relates to the amounts and disclosures included in
respect of another transferor company, is based
solely on the report of such auditor. Our opinion
is not modified in respect of the above matters.

We did not audit the financial statements and other
financial information, in respect of one partnership
firm whose financial statements include
Company’s share of profit (post tax) of ^ 360.38
lakhs for the year ended 31 March 2026 included
in accompanying standalone financial statements.
These standalone financial statements and other
financial information of the said partnership
firm has been audited by other auditor, whose
financial statements, other financial information
and auditor’s reports have been furnished to us by
the management. Our opinion on the standalone
financial statements, in so far as it relates to the
amounts and disclosures included in respect of
this partnership firm and our report in terms of
sub-section (3) of Section 143 of the Act, in so far
as it relates to the aforesaid partnership firm, is
based solely on the reports of such other auditors.
Our opinion is not modified in respect of this matter.

The accompanying standalone financial statements
include unaudited financial statements and
other unaudited financial information as regards
Company’s share in (loss) of partnership firm (post tax)
of ^ 400.24 lakhs for the year ended 31 March 2026.
These unaudited financial statements and other
unaudited financial information has been furnished
to us by the management. Our opinion, in so far as
it relates to Company’s share of profit included in
respect of the partnership firm, is based solely on
the on such unaudited financial statements and
other unaudited financial information. In our opinion

and according to the information and explanations
given to us by the Management, these financial
statements and other financial information are not
material to the Company.

Our opinion above on the standalone financial
statements, and our report on Other Legal and
Regulatory Requirements below, is not modified
in respect of the above matters with respect to our
reliance on the work done and the reports of the
other auditor and the financial statements and other
financial information certified by the Management.

Report on Other Legal and Regulatory
Requirements

1. As required by the Companies (Auditor’s
Report) Order, 2020 (‘the Order’), issued by the
Central Government of India in terms of sub¬
section (11) of Section 143 of the Act, based
on our audit and on the consideration of report
of the other auditors on separate financial
statements and the other financial information
of the partnership firm as noted in the ‘Other
Matter’ paragraph we give in the ‘Annexure 1’
a statement on the matters specified in
paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, 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 purposes of our audit;

(b) In our opinion, proper books of account
as required by law have been kept by the
Company so far as it appears from our
examination of those books except for the
matters stated in paragraph 2(j)(vi) below
on the reporting under Rule 11(g);

(c) The Balance Sheet, the 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) In our opinion, the aforesaid standalone
financial statements comply with the
Accounting Standards specified under
Section 133 of the Act, read with
Companies (Indian Accounting Standards)
Rules, 2015, as amended;

(e) The matters described in Emphasis of
Matter paragraph above, in our opinion,
may have an adverse effect on the
functioning of the Company;

(f) On the basis of the written representations
received from the directors as on
31 March 2026 taken on record by the

Board of Directors, none of the directors
is disqualified as on 31 March 2026 from
being appointed as a director in terms of
Section 164 (2) of the Act;

(g) The modification relating to the
maintenance of accounts and other
matters connected therewith are as stated
in paragraph (b) above;

(h) With respect to the adequacy of the
internal financial controls with reference to
standalone financial statements and the
operating effectiveness of such controls,
refer to our separate Report in ‘Annexure
2’ to this report;

(i) In our opinion, the managerial
remuneration for the year ended
31 March 2026 has been paid/ provided
by the Company to its directors in
accordance with the provisions of Section
197 read with Schedule V to the Act;

(j) 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
financial statements - Refer Note 50 to
the standalone financial statements;

ii. The Company did not have any
long-term contracts including
derivative contracts for which there
were any material foreseeable losses;

iii. There has been no delay in transferring
amounts, 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, as disclosed in the note
41 to the standalone financial
statements, no funds have been
advanced or loaned or invested
(either from borrowed funds or
share premium or any other sources
or kind of funds) by the Company
to or in any other person (s)
or entity(ies), including foreign
entities (‘Intermediaries’), with the
understanding, whether recorded
in writing or otherwise, that the
Intermediary shall, whether, directly
or indirectly lend or invest in other
persons or entities identified in

any manner whatsoever by or on
behalf of the Company (‘Ultimate
Beneficiaries’) or provide any
guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

b) The management has represented
that, to the best of its knowledge
and belief, as disclosed in the note
41 to the standalone financial
statements, no funds have been
received by the Company from any
person(s) or entity(ies), including
foreign entities (‘Funding Parties’),
with the understanding, whether
recorded in writing or otherwise,
that the Company shall, whether,
directly or indirectly, lend or invest in
other persons or entities identified
in any manner whatsoever by or
on behalf of the Funding Party
(‘Ultimate Beneficiaries’) or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
and

c) Based on such audit procedures
performed 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 (a) and (b) contain
any material misstatement.

v. The final dividend paid by the
Company during the year in respect
of the same 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 39 to the standalone
financial statements, 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. The Company has migrated from
legacy accounting software to new
accounting software during the year.
Based on our examination of legacy
and new accounting software, which
included test checks and review of
Service Organisation Controls report
of legacy software operated by a
third party service provider, both
accounting software has a feature of