ఆడిటర్ నివేదిక Raymond Realty Ltd.

Mar 31, 2026

Raymond Realty Limited

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of Raymond 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 Flows 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 find 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 profit (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 is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

4. We draw attention to note 41 to the accompanying standalone financial statements which describe that pursuant to the scheme of arrangement (the ‘Scheme’) between Raymond Limited (‘the Demerged Company’), the Company and the respective shareholders of the Demerged Company, as approved by the Flon’ble National Company Law Tribunal and filed with respective Registrar of Companies, the real estate business undertaking of the Demerged Company is demerged and transferred to the Company with effect from the appointed date of 01 April 2025. Such transfer of business to the Company has been given accounting effect in the current year in accordance with the accounting treatment prescribed in the Scheme as explained in the said note.

Our opinion is not modified in respect of this matter.

Key Audit Matters

5. 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.

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

Key audit matters	How our audit addressed the key audit matters
Revenue recognition from real estate projects Refer note 1 and note 24 to the standalone financial statements for material accounting policy information and related disclosures, respectively. Revenue recognised from real estate projects under development (‘construction projects’) during the year ended 31 March 2026 amounts to ? 160,282 lakhs.	Our audit procedures included, but were not limited to the following: • Evaluated the appropriateness of the Company’s accounting policy for revenue recognition from real estate projects in terms of principles enunciated under Ind AS 115; • Obtained an understanding of the management’s processes and evaluated the design and tested operating effectiveness of key controls over the revenue recognition from construction projects;

Key audit matters	How our audit addressed the key audit matters
In accordance with Ind AS 115, ’Revenue from Contracts with Customers’ (‘Ind AS 115’), the Company has assessed and concluded that its performance obligations arising from the construction projects satisfy the criteria for recognition of revenue over the period of time. Accordingly, revenue is recognized using a percentage of completion method (POCM) computed as per the input method. We focused on this area because significant management judgments and estimates are applied in: • determining whether the criteria for satisfaction of performance obligation and recognition of revenue over the period of time in accordance with Ind AS 115 was met; • estimating total contract costs of the construction projects, including contingencies that could arise from variations to the original contract terms; and • estimating the proportion of contract work completed forthe construction projects which requires estimates in relation to remaining cost to be incurred to complete the projects. The estimates of various contract-related costs and revenue can be potentially impacted on account of various factors and it can differ from the actual outcomes. The changes in these judgements and the related estimates as contracts progress can result in material adjustments to revenue recognized during the year and margins. Considering the materiality of the amounts involved, and significant judgements applied in determining the appropriate accounting treatment as mentioned above, this matter required significant auditor’s attention and therefore, has been identified as a key audit matter for the current year audit.	• Evaluated the appropriateness of the management’s assessment that the performance obligations arising from the construction projects satisfy the criteria for revenue recognition over time, in accordance with Ind AS 115; • On a sample basis, tested revenue transactions recorded during the year with the underlying customer contracts/agreements; • Assessed the reasonableness of key inputs and assumptions used in the estimation of total contract costs and remaining cost to complete the projects and also reviewed management’s internal approvals process on a sample basis for any changes in initial budgeted costs; • Examined actual costs incurred on a sample basis by verifying supporting documents such as underlying invoices and signed work orders and further compared it with the budgeted total contract costs to determine percentage of completion of construction projects as applied for revenue recognition; • Visited sites during the year for selected projects to understand the nature, status and progress of the projects and tested the mathematical accuracy of the underlying calculations of stage of completion with respect to construction projects; and • Assessed the appropriateness and adequacy of disclosures made in accordance with applicable accounting standards.
Assessment of recoverability of carrying values of inventories Refer note 1 and note 9 to the standalone financial statements for material accounting policy information and related disclosures, respectively. As at 31 March 2026, the carrying value of inventories of the Company comprise of land of ? 6,997 lakhs , finished properties of ? 2,299 lakhs, properties under development of ? 86,284 lakhs and stores and spares of ? 44 lakhs, which collectively represents 27% of the Company’s total assets. These inventories are valued at lower of cost and net realisable value (NRV). The inventory is not written down below cost when completed flats/ under-construction flats / properties are expected to be sold at or above cost and the cost includes direct and indirect expenditure relating or incidental to construction activity. The determination of NRV involves various estimates such as prevailing market conditions, current market prices, and it also takes into account the stage of completion of the inventory, the estimated future selling price, cost to complete projects and selling costs. Considering the materiality of amounts and the significance of management judgement and estimates involved as mentioned above, this matter has been identified as a key audit matter for the current year audit.	Our audit procedures included, but were not limited to the following: • Evaluated the appropriateness of the Company’s accounting policy with respect to inventories in terms of principles enunciated under Ind AS 2, ‘Inventories’; • Obtained an understanding of the management process for determination of NRV and identification of possible impairment indicators; • Evaluated the design and tested the operating effectiveness of key controls for inventory valuation including review of estimates involved in the expected cost of completion of projects, total budgeted costs, and NRV; • Understood and reviewed key assumptions used by the management in determination of the NRV; • For a sample of selected projects, compared costs incurred and estimates of future costs to complete the project with costs of similar projects and/or with the budgets and also compared NRV to recent sales price or to the estimated selling price; • For land stock obtained fair valuation reports from management and reviewed the valuation methodology, key estimates and assumptions adopted in valuation; and • Evaluated the appropriateness and adequacy of disclosures made in accordance with applicable accounting standard.

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 Annual Report, but does not include the standalone financial statements and our auditor’s report thereon. The Annual 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 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 when it becomes available 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.

When we read the Annual 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 standalone 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 are 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 controls;

• Obtain an understanding of internal controls 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; 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.

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 controls 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 of the Company for the year ended 31 March 2025 were audited by Chaturvedi & Shah LLP, Chartered Accountants, one of the joint auditors of the Company, who have expressed an unmodified opinion on those standalone financial statements vide their audit report dated 03 May 2025.

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 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 beliefwere 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;

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 is disqualified as on 31 March 2026 from being appointed as a director in terms of section 164(2) of the Act;

f) The qualification relatingtothe maintenance of accounts and other matters connected therewith are as stated 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 accordingtotheexplanationsgiventous:

i. The Company, as detailed in note 36 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 were no amounts which were 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, as disclosed in note 45 (e) 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 person(s) 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 of the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, as disclosed in note 45 (f) 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.

v. As stated in note 40(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 44 to the standalone financial statements and based on our examination which included test checks, the Company, in respect of financial year commencing on 1 April 2025, has used an accounting software is 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 an ‘Independent Service Auditor’s Assurance Report on the Description of Controls, their Design and Operating Effectiveness’ (‘Type 2 report’ issued in accordance with SAE 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 the Type 2 report, we are unable to comment on preservation of audit trail at the database level.

For Walker Chandiok & Co LLP For Chaturvedi & Shah LLP

Chartered Accountants Chartered Accountants

Firm’s Registration No.: 001076N/N500013 Firm’s Registration No.: 101720W/W100355

Vijay D. Jain Lalit R. Mhalsekar

Partner Partner

Membership No.: 117961 Membership No.: 103418

UDIN: 26117961PEEBEK6015 UDIN: 26103418VFUXEG1973

Place: Mumbai Place: Mumbai

Date: 05 May 2026 Date: 05 May 2026