We have audited the accompanying standalone financial
statements of Hindustan Petroleum Corporation 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 Changes in Equity and the Standalone
Statement of Cash Flows for the year then ended and notes to the
standalone financial statements, including material accounting
policy information and other explanatory information, which
includes the standalone financial statements of the Visakh
Refinery for the year ended on that date, audited by the branch
auditor, located at Visakhapatnam (hereinafter referred to as
the "standalone financial statements”).

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone
financial statements give the information required by the
Companies Act, 2013 ("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 accounting principles generally
accepted in India, of the state of affairs of the Company as
at March 31, 2026 and its profit, total comprehensive income,
changes in equity and its cash flows 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”) specified
under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the "Auditors’
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 (the "ICAI”)
together with the ethical requirements that are relevant to
our audit of the standalone financial statements under the
provisions of the Act and the Rules made 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 opinion on the
standalone financial statements.

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
March 31, 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, taking into
consideration audit report issued by the branch auditors, the
matters described below to be the key audit matters to be
communicated in our report:

Information Other than the Standalone Financial
Statements and Auditors’ Report thereon

The Company’s Management and the Board of Directors are
responsible for the preparation of the other information. The
other information comprises the information included in the
Directors’ Report including Annexures to the Directors’ Report,
Corporate Governance Report, Management Discussion and
Analysis Report and Business Responsibility and Sustainability
Report, but does not include the standalone financial
statements and our auditors’ report thereon. The other
information as above is expected to be made available to us
after the date of this auditors’ report.

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

In connection with our audit of the standalone financial
statements, our responsibility is to read the other information
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements, or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.

If based on our work we have performed, if we conclude that
there is a material misstatement therein, we are required to
report that fact to those charged with governance.

Responsibilities of Management and
Those Charged with Governance for the
Standalone Financial Statements

The Company’s Management and the Board of Directors are
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, changes in equity and cash flows of the Company in
accordance with the Ind AS and other 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 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 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
and the Board of Directors are 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 and
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.

Auditors’ Responsibilities for the Audit of
the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditors’ 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 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 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.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by the 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 auditors’
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 auditors’
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.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably
knowledgeable user of the standalone 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
financial statements.

We believe that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our audit opinion on the
standalone financial statements.

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

of the current period and are therefore the key audit matters.
We describe these matters in our auditors’ 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

1. We did not audit the financial statements and other
financial information of Visakh Refinery which is
considered as a branch, and included in the standalone
financial statements, whose financial statements reflect
total assets of ? 47,633.79 Crore as at March 31, 2026,
total revenues of ? 1,07,955.40 Crore, net profit after
tax of ? 3,378.13 Crore and total comprehensive income
of ? 3,346.32 Crore for year ended March 31, 2026. The
financial statements of the Visakh Refinery of the
Company have been audited by the Branch Auditor of
the Company. The Branch Auditors’ report dated May 1,
2026, has been furnished to us and our opinion in so far
as it relates to the amounts and disclosures included in
respect of this branch, is based solely on the report of
such branch auditor.

2. We refer to Note No. 50 in respect of 17 unincorporated
Joint Operations involved in exploration activities, of
which majority are under relinquishment. The standalone
financial statements include Company's proportionate
share in Assets and Liabilities amounting to ? 3.39 Crore
and ? 3.19 Crore respectively, as on March 31, 2026, and
Income and Expenditure amounting to ? 1.22 Crore and
? 2.95 Crore for the year ended March 31, 2026, which have
been included based on unaudited financial information.
Our opinion in respect thereof is solely based on the
management certified information.

We have placed reliance on technical/commercial
evaluation by the management in respect of categorization
of wells, allocation of cost incurred on them, liability for
decommissioning costs, liability for NELP and nominated
blocks for under performance against agreed Minimum
Work Programme.

3. The standalone financial statements of the Company
for the year ended March 31, 2025, were audited by the
previous joint auditors, one of which is predecessor audit
firm and have expressed an unmodified opinion on such
standalone financial statements vide their report dated
May 6, 2025.

Our opinion is not modified in respect of above matters.

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 Section 143(11) of the Act and on the
basis of verification of the books and records of the
company, as we considered appropriate and according to
the information and explanations given to us, we give in
"Annexure I” a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required under section 143(5) of the Act, based on our
audit as aforesaid, we give in the Annexure II, a report
on the directions including additional directions issued by
the Comptroller and Auditor General of India, action taken
thereon and its impact on the accounts and standalone
financial statements of the company.

3. The Company does not have the required number of
independent directors on its Board, as stipulated under
SEBI Listing Regulations 2015, for the period from April 1,
2025 to March 31, 2026, and up-to the date of this report.

4. As required by Section 143 (3) of the Act, based on the
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 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 and
proper returns adequate for the purposes of our audit
have been received from branch not visited by us;

c) The report dated May 1,2026, on the accounts of the
Visakh Refinery of the Company, issued under section
143(8) of the Act by the Branch Auditors upon their
audit of the books of accounts of Visakh Refinery
has been forwarded to us and have been properly
dealt with by us in preparing our report in the manner
considered necessary by us;

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

e) In our opinion and to the best of our information
and according to the explanations given to us, the

aforesaid standalone financial statements comply
with the Indian Accounting Standards specified under
section 133 of the Act read with Companies (Indian
Accounting Standard) Rules, 2015 as amended;

f) The company being a Government Company, the
provision of section 164(2) of the Act relating to
disqualification of directors is not applicable in view
of the Notification No. G.S.R. 463(E) dated June 5,
2015, issued by the Ministry of Corporate Affairs;

g) With respect to the adequacy of the internal financial
controls over financial reporting of the company and
the operating effectiveness of such controls, refer to
our separate Report in "Annexure III” 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 we report that:

As per Notification number G.S.R. 463 (E) dated June 5,
2015 issued by Ministry of Corporate Affairs, section
197 of the Act regarding remuneration to directors
is not applicable to the Government Company; and
hence we are not required to report as to whether the
remuneration paid 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 Auditors’ 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
No.53 of the standalone financial statements);

ii. The Company has made provision, as required
under the applicable law or accounting
standards, for material foreseeable losses, if
any, on long-term contracts including derivative
contracts (Refer Note No. 54 to the standalone
financial statements);

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,
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 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 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; and

(c) Based on such 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. (a) The final dividend paid by the Company

during the year, in respect of the previous
year, is in accordance with section 123 of
the Act to the extent it applies to payment
of dividend;

(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 to the extent it
applies to payment of dividend;

(c) As stated in note no. 48 to the standalone
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
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 for maintaining its books of account
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. Further, during the
course of our audit we did not come across any
instance of audit trail feature being tampered
with and the same has been preserved by the
Company as per statutory requirements of
record retention.

For S K Patodia & Associates LLP For Batliboi & Purohit

Chartered Accountants Chartered Accountants

Firm’s Registration No: 112723W/W100962 Firm’s Registration No: 101048W

sd/- sd/-

Dhiraj Lalpuria Parag Hangekar

Partner Partner

Membership No.: 146268 Membership No.: 110096

UDIN: 26146268BBQZNA6616 UDIN: 26110096IFRCNB1761

Place: Mumbai Place: Mumbai

Date: May 13, 2026 Date: May 13, 2026