1. We have audited the accompanying standalone
financial statements of Sunteck Realty Limited
('the Company'), which comprise the Standalone
Balance Sheet as at 31 March 2026, the Standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement
of Cash Flow and the Standalone Statement of
Changes in Equity for the year then ended, and notes
to the standalone financial statements, including
material accounting policy information and other
explanatory information.

2. 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 ('Ind AS') specified under
section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and other
accounting principles generally accepted in India, of
the state of affairs of the Company as at 31 March
2026, and its loss (including other comprehensive
income), its cash flows and the changes in equity for
the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the
Standards on Auditing 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 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 together with the audit evidence
obtained by the other auditors, in terms of their
reports referred to in paragraph 16 of the Other
Matter section below is sufficient and appropriate
to provide a basis for our opinion.

Emphasis of Matter

4. We draw attention to Note 57 to the accompanying
standalone financial statements, which describes
the uncertainties relating to recoverability of
^1,402.73 lakhs as at 31 March 2026, from a
partnership firm ('firm'), included in other non¬
current financial assets, in which the Company was
associated as a partner till 6 October 2020. On
account of certain disputes with the other partner
of the firm, the Company had initiated arbitration
proceedings against the other partner which was
decided in favour of the Company on 4 May 2018 but
has been challenged by the other partner before the
Hon'ble Bombay High Court. Further, as described
in the said note, the financial statements of the firm
are not available with the Company and therefore,
the Company's share of profit/(loss) for the period
from 1 April 2015 till 6 October 2020 has not been
accounted by the management for preparation of
the accompanying standalone financial statements,
however the management is of the view that the
impact of such share of profit/(loss) would not be
material to the accompanying standalone financial
statements since there were no operations in the
firm during the aforesaid period. Basis the favourable
arbitration award and the legal opinion obtained, the
management believes that the aforesaid balances
are fully recoverable and hence, no provision
for impairment is required to be recognised in
respect of such balances as at 31 March 2026.

Our opinion is not modified in respect of the above
matter.

Key Audit Matters

5. Key audit matters are those matters that, in
our professional judgment, and based on the
consideration of the reports of the other auditors
as referred to paragraph 16 below, 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, we do not provide a
separate opinion on these matters.

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

Information other than the Standalone Financial
Statements and Auditor's Report thereon

7. The Company's Board of Directors are responsible for
the other information. The other information comprises
the information included in the Director's Report, but
does not include the standalone financial statements and
our auditor's report thereon. The Director's Report is
expected to be made available to us after the date of this
auditor's 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 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.

When we read the Director's Report, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance.

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

8. The accompanying standalone financial statements
have been approved by the Company's Board of
Directors. The Company's Board of Directors
are responsible for the matters stated in section
134(5) of the Act with respect to the preparation
and presentation 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 specified under section 133 of the Act and
other accounting principles generally accepted in
India. 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 financial statements that
give a true and fair view and are free from material
misstatement, whether due to fraud or error.

9. 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 Board of Directors either
intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do
so.

10. The Board of Directors is also responsible for
overseeing the Company's financial reporting
process.

Auditor's Responsibilities for the Audit of the Standalone
Financial Statements

11. 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 Standards on Auditing 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.

12. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of the
Act 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 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 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
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; and

• Obtain sufficient appropriate audit evidence regarding
the business activities and financial statements of the
Company which includes financial information of limited
liability partnership (LLPs), to express an opinion on the
standalone financial statements. We are responsible for
the direction, supervision and performance of the audit
of financial statements of the entities of which we are
the independent auditors. For the other LLPs included
in the standalone financial statements, which have
been audited by the other auditors, such other auditors
remain responsible for the direction, supervision and
performance of the audits carried out by them. We
remain solely responsible for our audit opinion.

13. 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.

14. 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.

15. 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 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 Matter

16. The standalone financial statements also include
the Company's share in the net loss (including other
comprehensive income) of ^ 161.65 lakhs for the
year ended 31 March 2026 in respect of three (3)
LLPs whose financial statements have not been
audited by us. These financial statements have been
audited by the other auditors whose reports have
been furnished to us by the management, and our
opinion on the standalone financial statements, in
so far as it relates to the amounts and disclosures
included in respect of these LLPs, and our report
in terms of sub-section (3) of section 143 of the
Act in so far as it relates to the aforesaid LLPs, is
based solely on the report of such other auditors.

Our opinion above on the standalone financial
statements, and our report on other legal and
regulatory requirements below, are not modified
in respect of the above matters with respect to our
reliance on the work done by and the reports of the
other auditors.

Report on Other Legal and Regulatory Requirements

17. As required by section 197(16) of the Act, based
on our audit, we report that the Company has paid
remuneration to its directors during the year in
accordance with the provisions of and limits laid
down under section 197 read with Schedule V to the
Act.

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

19. Further to our comments in Annexure I, as required
by section 143(3) of the Act based on our audit, and
on the consideration of the reports of the other
auditors as referred to in paragraph 16 above, 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 purpose of our audit of the

accompanying standalone financial statements;

b) Except for the matters stated in paragraph 19(h)(vi)
below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended), 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;

c) The standalone financial statements dealt with by this
report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial
statements comply with Ind AS specified under section
133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015;

e) On the basis of the written representations received
from the directors and taken on record by the Board of
Directors, none of the directors are disqualified as on 31
March 2026 from being appointed as a director in terms
of section 164(2) of the Act;

f) The qualification relating to the maintenance of
accounts and other matters connected therewith are
as stated in paragraph 19(b) above on reporting under
section 143(3)(b) of the Act and paragraph 19(h)(vi)
below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended);

g) With respect to the adequacy of the internal financial
controls with reference to financial statements of the
Company as on 31 March 2026 and the operating
effectiveness of such controls, refer to our separate
report in 'Annexure II' wherein we have expressed an
unmodified opinion; 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 and based on the consideration of the reports of the
other auditors as referred to in paragraph 16 above:

i. The Company, as detailed in notes 38(i), 38(ii),
38(iii), 38(iv), 38(v) and 57 to the standalone
financial statements, has disclosed the impact of
pending litigations on its financial position as at 31
March 2026;

ii. The Company did not have any long-term
contracts including derivative contracts for which
there were any material foreseeable losses as at
31 March 2026;

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;

iv.

a. The management has represented that, to the

best of its knowledge and belief, on the date
of this audit report, other than as disclosed
in note 55(i)(l) to the standalone financial
statements, no funds have been advanced
or loaned or invested (either from borrowed
funds or securities premium or any other
sources or kind of funds) by the Company
to or in any persons or entity(ies), including
foreign entities ('the 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 ('the Ultimate Beneficiaries') or
provide any guarantee, security or the like on
behalf the Ultimate Beneficiaries;

b. The management has represented that, to the
best of its knowledge and belief, on the date of
this audit report as disclosed in note 55(i)(II) to
the standalone financial statements, no funds
have been received by the Company from
any person(s) or entity(ies), including foreign
entities ('the 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
as considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
management representations under sub¬
clauses (a) and (b) above contain any material
misstatement.

a. The final dividend paid by the Company during
the year ended 31 March 2026 in respect of
such dividend declared for the previous year, is
in accordance with section 123 of the Act to the
extent it applies to payment of dividend.

b. As stated in note 46(b) to the accompanying
standalone financial statements, the Board of
Directors of the Company have proposed final
dividend for the year ended 31 March 2026
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. As stated in Note 60 to the standalone financial
statements and based on our examination which
included test checks, the Company, in respect of
financial year commencing on 01 April 2025, has
used an accounting software operated by a third-
party software service provider for maintaining its
books of account which has a feature of recording
audit trail facility and the same has been operated
throughout the year for all relevant transactions
recorded in the software at the application level.
In absence of any information on existence of audit
trail (edit log) facility for any direct data changes
made at the database level in the 'Independent
Service Auditor's Report on a Description of a
Service Organization's System and the Suitability
of the Design and Operating Effectiveness of
Controls' ('Type 2 report' issued in accordance with
ISAE 3402, Assurance Reports on Controls at a
Service Organization), we are unable to comment
on whether audit trail feature of the said software
was enabled and operated throughout the year for
all relevant transactions or whether there were
any instances of audit trail feature being tampered
with at the database level. The audit trail has been
preserved at the application level by the Company as
per the statutory requirements for record retention.
Further, due to absence of information in the Type 2
report, we are unable to comment on preservation
of audit trail at the database level.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

Rakesh R. Agarwal

Partner

Membership No.: 109632
UDIN: 26109632WBLKQD3374

Place: Mumbai
Date: 21 April 2026