We have audited the accompanying Standalone Financial
Statements of Repco Home Finance 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 Standalone Statement of Cash flows for the
year then ended and notes to the Standalone Financial Statements,
including material accounting policies and other explanatory
information (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 and
other accounting principles generally accepted in India of the
state of affairs of the Company as at March 31, 2026, and its profit
including Other 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 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 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 Financial Statements.

Emphasis of Matter

We draw attention to following matters in financial statements:

1. As described in Note 52.8 (i) to the standalone financial
statements, regarding non-recognition of Deferred Tax
Liability on Special Reserve created and maintained under
Section 36(1)(viii) of the Income tax act and de-recognition
of Deferred Tax Liability recognised till December 31, 2025.
As stated in the said note, the accounting treatment has
been adopted by the company based on the Board approved
position of continued maintenance of such special reserve,
management assessment under Ind AS 12 and the practice
followed by similarly placed institutions.

2. As described in Note 52.8 (ii) to the standalone financial
statement, taking into consideration the advisory received
from National Housing Bank, the company has reversed
interest charged on loans during the FY 2024-25 amounting
to ^9.66 Crores through the Statement of Profit and loss of
previous financial year 2024-25, in accordance with Ind AS
8 "Accounting policies, Changes in accounting estimates and
errors".

Our opinion on the Statement is not modified in respect of
the 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 for the year ended March 31,
2026. This matter was 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
this matter. We have determined the matter described below to
be the key audit matter to be communicated in our report.

Information other than the Financial Statements and
Auditor's Report Thereon

The Company's Management and Board of Directors are
responsible for the other information. The other information
comprises the "Management Discussion and Analysis FY 2025¬
26", which we obtained prior to the date of this auditor’s report
and the other information included in the Annual report (but does
not include the standalone financial statements and our Auditor's
Reports thereon), which is expected to be made available to us
after that date.

Our Opinion on the Standalone Financial Statements does not
cover the other information and we do not and will 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
identified above and, in doing so, consider whether the other
information is materially inconsistent with the Standalone
Financial Statements, or our knowledge obtained in the audit or
otherwise appears to be materially misstated.

If, based on the work we have performed on the other information
that we obtained prior to the date of this 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 in the annual report,
other than "Management Discussion and Analysis FY 2025-26"
which we obtained prior to the date of this auditor’s report, if
we conclude that there is a material misstatement therein, we
are required to communicate the matter to those charged with
governance and we shall:

(i) If the material misstatement is corrected, perform necessary
procedure to ensure the correction; or

(ii) I f the material misstatement is not corrected after
communicating the matter to those charged with governance,
take appropriate action considering our legal rights and
obligations, to seek to have the uncorrected material
misstatement appropriately brought to the attention of users
for whom this Auditor’s Report is prepared.

Management's and Board of Director's Responsibility for the
Standalone Financial Statements

The Company’s Management and 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 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 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
Management and 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 the 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.

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 the Standalone 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 the Management and the Board of
Directors.

• C onclude on the appropriateness of the Management's
and Board of Directors' use of the going concern basis of
accounting in preparation of financial statements and,
based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may
cast a 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 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 ofthe
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.

Other Matters

The comparative financial statements of the company as at April
01, 2024 (except the restatement of deferred tax liability and
other equity of the Company amounting to ^183.56 Crores as at
April 01, 2024 as stated in note 52 of the standalone financial
statements) included in these financial statement, were audited
by the predecessor auditor, who have expressed an unmodified
opinion on those standalone financial statements vide their audit
report dated May 14, 2024. Our opinion above on the standalone
financial statements is not modified in respect of this matter.

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,
we give in "Annexure A" a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.

2. 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 purposes of our audit.

b. In our opinion, proper books of account as required by
law relating to preparation of the aforesaid Standalone
Financial Statements have been kept by the Company so
far as it appears from our examination of those books.

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 Accounting Standards
specified under Section 133 of the Act, read with the
Companies (Indian Accounting Standards) Rules, 2015,
as amended.

e. On the basis of the written representations received
from the directors 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. With respect to the adequacy of the internal financial
controls with reference to the standalone financial
statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in "Annexure B".

g. 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. There are no litigations pending as on the date of the
Standalone Financial Statements that have material
impact on the Standalone Financial Statements
other than those disclosed in the Standalone
Financials Statements. Refer Note No.43.1 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 were no amounts which were 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(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, no funds
(which are material either individually or
in the aggregate) 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 the audit procedures that has 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. The interim dividend declared and paid by the
Company during the year and until the date of this
audit report is in accordance with Section 123 of the
Act.

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 45 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. Based on our examination which included test
checks, the Company has used such 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 the audit, based on the
test-checks performed, we did not come across any
instance of audit trail feature being tampered with in
respect of the accounting software and such audit trail
has been preserved by the Company as per the statutory
requirements for record retention.

1 With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements of
Section 197(16) of the Act, as amended;

I n 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 was in compliance with provisions of Section 197 of the
Act. The remuneration paid to any director is not in excess
of the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other details
under Section 197(16) of the Act which are required to be
commented upon by us.

for R.Subramanian and Company LLP
Chartered Accountants
ICAI Firm Registration Number 004137S/S200041

Sd/-
V. Adithya

Partner

Membership Number. 245475
UDIN: 26245475ZZEFDD5748
Place: Chennai
Date: May 21, 2026