The Revised Report is being issued in supersession of our
earlier Audit Report dated 18th May 2026, at the instance of the
Comptroller & Auditor General (C&AG) of India in order to make
it more clarificatory, in respect of the reporting requirements
under Paragraph 3(iii)(a)(A) of the Companies (Auditor's Report)
Order, 2020. Further, we confirm that there is no change in
the true & fair view of the financial statements as expressed
in earlier report and also none of the figures have undergone
any change in the financial statements of the Company as at
31st March 2026.

Opinion

We have audited the accompanying Standalone Financial
Statements of Indraprastha Gas Limited ("the Company”),
which comprise of the Standalone Balance Sheet as at 31st
March 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 a summary of
Material Accounting Policies and other explanatory information
(hereinafter referred to as "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 and other accounting principles generally accepted
in India, of the state of affairs of the Company as at 31st March
2026, its profit and other comprehensive income, changes in
equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under Section 143(10) of the Act.
Our responsibilities under those SAs 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
obtained by us is sufficient and appropriate to provide a basis
for our opinion on the Standalone Financial Statements.

Emphasis of Matter

i) We draw attention to Note No. 35(c) of the financial
statements regarding the increase in license fees
demanded by DDA for the period up to March 2016
amounting to H 330.73 crores (excluding interest). The
Hon'ble High Court of Delhi has disposed off the case on
11.03.2026 relegating the parties to AMRCD Mechanism.
The representation in this regard is being finalized for
filing before AMRCD seeking parity with oil marketing
companies. The Company is of the view that demand is not
tenable and has reported the same as Contingent Liability.

ii) We draw attention to the Note No. 41 of the financial
statements, regarding the accounting treatment and
potential financial impact of the New Labour Codes,
effective from 21 November 2025. The corresponding
supporting rules under these codes have been notified
on May 08, 2026 and the same are still being assessed by
experts. Thus, the Company has considered the impact on
the basis of best information and estimate available and,
accordingly, financial implications amounting to H 28.96
crore has been recognized till year ended March 31, 2026
based on actuarial valuation.

iii) We draw attention to the Note No. 52(a) of the financial
statements, regarding the awaited opinion from Expert
Advisory Committee of the Institute of Chartered
Accountants of India on disclosure of unbilled revenue.

Our opinion is not modified in respect of above 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 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.

We have determined the matter described below to be the key
audit matter to be communicated in our report.

Information Other than the Standalone Financial
Statements and Auditors' Report Thereon

The Company's Board of Directors are responsible for the
preparation of the 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
(part of Annual Report) but does not include the Standalone
Financial Statements and our auditors' report thereon. The
above referred information is expected to be made available to
us after the date of this audit 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
when it becomes available to us and, in doing so, consider
whether the other information is materially inconsistent
with the Standalone Financial Statements, or our knowledge
obtained during the audit or otherwise appears to be materially
misstated. The other information is not made available to us at
the date of this auditor's report.

When we read the other information, as and when made
available to us, if we conclude that there is a material
misstatement therein, we are required to communicate the
matter to those charged with governance.

Responsibilities of the Management and Those
Charged with Governance for 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 state of affairs, profit and 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 (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 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, 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 management either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors is 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 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 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 and
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 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; and

• 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
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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' 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 such checks of the books and records
of the company as we considered appropriate and
according to the information and explanation given to
us, we give in "Annexure A” a statement on the matters
specified in paragraphs 3 and 4 of the said Order, to the
extent applicable.

2. As required by the Comptroller and Auditor General of
India through directions/ sub-directions issued under
Section 143(5) of the Companies Act 2013, on the basis
of written representations received from the management
and on verification of books of accounts of the Company,
we give our report on the matter specified in the
“Annexure B”, attached.

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 it
appears from our examination of those books except
for the matter stated in the paragraph 3(i)(vi) below
on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014;

(c) The Standalone Balance Sheet, 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 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 Ind AS specified under
Section 133 of the Act read with the Companies
(Indian Accounting Rules), 2015 as amended;

(e) 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.

(f) The observation relating to the maintenance of
accounts and other matters connected therewith are
as stated in the paragraph 3(b) above on reporting
under Section 143(3)(b) and paragraph 3(i)(vi) below
on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014.

(g) With respect to the adequacy of the internal financial
controls over financial reporting with reference to
the Standalone Financial Statements of the Company
and the operating effectiveness of such controls,
refer to our separate Report in “Annexure C”

(h) With respect to the matter to be included in the
Auditors' Report under Section 197(16) of the Act:

According to the information and explanations
given to us, the remuneration to its directors is
being reimbursed by the Holding Companies. The
Company is only paying some reimbursements to
its Executive Directors and sitting fees and other
payments to Independent Directors. Thereby we are
not able to comment on whether the remuneration
paid to any director is in excess of the limit laid down
under Section 197 of the Act or not.

(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, 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 as at 31 March 2026 on its
financial position in its Standalone Financial
Statements. Refer Note No. 35 of 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. Refer Note No. 48(b) of 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
during the year ended 31 March 2026; and

iv. (a) The management has represented that,

to the best of its knowledge and belief,
as disclosed in the notes to the accounts,
during the year, 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 notes to the
accounts, during the year, 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.

(c) Based on such audit procedures that
we have 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) contain
any material mis-statement.

v. (a) 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 as applicable,

(b) The company has declared interim
dividend during the year. The same is
paid by the company in accordance with
Section 123 of the Act as applicable.

(c) As stated in Note No. 59 of 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 amount of the dividend proposed
is in accordance with Section 123 of the
Act, as applicable.

vi. Based on representation and explanation from
the company and 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 except
that audit trail was not enabled at the database
level for accounting software to log any direct

data changes as explained in Note No. 56
of the Standalone Financial Statements. For
accounting software for which the audit trail
feature is enabled, the audit trail facility has
been operating throughout the year for all
relevant transactions recorded in the software,
and we did not come across any instance of the
audit trail feature being tampered with during
the course of our audit. Additionally, the audit
trail has been preserved by the Company as per
the statutory requirements for record retention
except in case of Database level where it
was not enabled.

For PSMG & Associates

Chartered Accountants

FRN:008567C

Sd/-

Swati Singh

Partner

M. No.: 404531

UDIN: 26404531DTYTUO1426

Place: New Delhi

Date: 29th July 2026