Hindustan Copper Ltd Auditor Reports

To

The Members of Hindustan Copper Limited

Revised Report on the Audit of the Standalone Financial Statements

On the basis of observations made by the Comptroller & Auditor General of India, this revised audit report as issued on date supersedes our earlier report dated 15th May, 2026 in compliance thereof.

Opinion

We have audited the accompanying Standalone Financial Statements of Hindustan Copper Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2026 , the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and notes to the Standalone Financial Statements including a summary of the information significant (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 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 flowsfor 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 (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 Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.

Emphasis of Matters

We draw attention to the following matters: a) We draw attention to Note No. 2.5(i) of the accompanying Standalone Financial Statements, wherein revenue is recognized on provisional basis for want of actual parameters and differential sales value recorded only on receipt of actual ASSAY report. b) We draw attention to Note No. 42(4) of the accompanying Standalone Financial Statements wherein the deeds for leasehold land acquired in respect of Gujarat Copper Project (GCP) as at March 31, 2026 is yet to be executed in favour of the Company; c) We draw attention to Note No. 42(29) of the accompanying Standalone Financial Statements regarding arbitration order against the company in favor of a vendor and the company filing an appeal in the Commercial Court Jabalpur under Section 34 of the Arbitration and Conciliation Act ,1996 including for a stay which has not yet been granted. d) We draw attention to Note No. 42(28) of the accompanying Standalone Financial Statements regarding demands of Terminal Tax by Municipal Council Malanjkhand (MCP) pending in AMRCD as well as in Courts including Honble Supreme Court refusing relief in quantum of deposit of the demand before hearing of appeal. e) We draw attention to Note No. 42(30) of the accompanying

Standalone Financial Statements regarding a demand by

Water Resources Department, Jharkhand on the basis of revised computation as per order of the Honble High Court of Jharkhand and the company challenging the applicability of the Act in the divisional bench of Honble High Court of Jharkhand. f) We draw attention to Note No. 42(5) of the accompanying Standalone Financial Statements wherein, trade and other payables and advances are subject to confirmation / reconciliation and consequential adjustment, if any. judgment, were of most significance in our audit of the Standalone Financial Statements of the 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. We have determined the matters described below to be the key audit matters to be communicated in our report.

Our opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that, in our professional

Sl No. Key Audit Matters	Auditors Response
1 Ascertainment, disclosure and Drovisionina in resDect of tax matters and continaent liabilities Refer to the Note No. 42(1) to the standalone financial statements.	Principal Audit Procedures
	Our audit procedures relating to the ascertainment, disclosure and provisioning in respect of contingent liabilities included the following:
	We obtained a detailed understanding and evaluated the design and implementation of controls that the Company has established in relation to disclosure and provisioning of contingent liabilities in accordance to Ind AS 37 Provisions, Contingent Liability and Contingent Assets. Regarding indirect tax contingent liabilities, we undertook following principal audit procedures:
The Company has material uncertain tax matter under dispute involving material aggregate demand which require significant judgement to determine the possible outcome of these disputes.
Additionally, the Company has other on-going legal matters relating to various claims by contractors/ suppliers which require application of Management judgement in order to determine the likely outcome.	• Assessment of the process and relevant controls implemented to identify tax litigations and pending administrative proceedings.
	• Reviewing orders and other communication from tax and other regulatory authorities and management responses thereto.
	• Assessment of assumptions used in the evaluation of potential tax risks performed by the tax department of the Company considering the legal precedence.
	• Discussion with the Management regarding the status of the most significant disputes and inspection of the key relevant documentation.
	• Analysis of opinion received from tax experts where available.
	• Review of the adequacy of the disclosures in the notes to the standalone financial statements. In assessing the potential exposures of the Company in respect of other contingent liabilities, we have:
	• assessed the design and implementation of controls in relation to the monitoring of known exposures;
	• referred Board and other meeting minutes to identify areas subject to Companys consideration;
	• consulted with the Companys internal legal advisors in understanding on-going and potential legal matters impacting the Company;
	• reviewed available legal opinions from experts; and • Reviewed the proposed accounting and disclosure of actual and potential legal liabilities. Audit Conclusion No material exceptions identified
2 Assessment of indication of imoairment and the recoverable amount of cash aeneratina units (CGUs)	Principal Audit Procedures
	Our audit procedures related to assessment of indication of impairment and recoverable amounts of these CGUs included the followings:
Refer to the Note No. 42(3) of the accompanying Standalone Financial Statements.	a. Understanding and evaluating the design and operating effectiveness of controls for identification and assessment of any potential impairment, including determining the carrying amount and recoverable amount of the CGUs;
There is an assessment done by the Company at the end of each reporting period for any indication that an asset may be impaired.
	a. Relying on the report of external agency appointed solely for evaluating the assessment of impairment at plants this year and calculating the recoverable amount and impairment loss;
Based on such indications, impairment testing was performed by the management with the help of an independent third party, in accordance with the requirements of Ind AS 36 "Impairment of Assets" for their Plant and Machinery of Moubhandar Plant, Sulphuric Acid Plant & Nickel Plant at the Indian Copper Complex (ICC) situated in Ghatshila.
	b. Using auditors own judgments/ assessment for testing appropriateness of the method and model used for determining the recoverable amount, and mathematical accuracy of the models calculations and evaluating reasonableness of key assumptions used in future cash flow projections such as future use of those assets or management plan;
The company has recognized the Impairment Loss of Rs. 862.45 Lakhs during the year 2025-26, as per provisions of Ind AS 36.
	c. Testing related presentation and disclosures in the Standalone Financial Statements.
	Audit Conclusion
	No material exceptions identified
3. Valuation of employees defined benefit obligations and other long-term benefits	Our audit procedures relating to the valuation of employees defined benefit obligations and other long-term benefits include the following:
The company has recognized long-term employee benefit liabilities and defined benefit obligations including a Post-Retirement Medical Benefit Plan introduced during the year, (net of planned plan asset against funded gratuity obligation) in the Standalone Financial Statements.	a. In testing the valuation, we have examined the reports of external actuarial specialists to review the key actuarial assumptions, and the methodology adopted for the calculation of the liability
	b. We evaluated the assumption made by the management and the Actuary to ensure that they are consistent with the principles of Ind AS 19.
The valuation of employee benefit obligations is dependent on market conditions and assumptions made. The key audit matter specifically relates to the key assumptions, like Discount rate, Life expectancy and Inflation forecasts. The setting of these assumptions is complex, and involves the exercise of significant judgment on the part of the Management along with the external Actuarial Specialists.	Audit Conclusion
	No material exceptions identified.

Information Other than the Standalone Financial Statements and Auditors Report thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Report of the Board of Directors, Management Discussion and Analysis Report, Report on CSR activities, Business Responsibility and sustainability Report, Corporate Governance Report and other annexure to Directors Report including Shareholders Information, but does not include the Standalone Financial Statements and our auditors report thereon. The Report of the Board of Directors, including annexures and other related statements forming part of the Companys annual report, is expected to be made available to us after the date of this auditor report. Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance or conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information 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. 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.

If, based on the Report of the Board of Directors including annexures and other related statements which form part of the annual report and made available to us after the date of this audit report, we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance

Responsibility of Management and those charged with Governance for the Standalone Financial Statements

The Companys 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 financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act. 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 Board of Directors is responsible for assessing the Companys 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.

The Board of Directors is also responsible for overseeing the Companys 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 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 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 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 management.

Conclude on the appropriateness of managements 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 Companys 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 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 a. The Company does not have Independent Directors as required by the provisions of the Companies Act, 2013 so as to validly constitute its Audit Committee. As a result, no valid Audit Committee meeting could be held and the Standalone Financial Statements has been approved by the Board of Directors of the Company. Consequent to above, the Company has not complied with the provisions of the Companies Act, 2013 w.e.f 3rd November, 2024. b. The Company does not have Woman Director w.e.f 22nd March, 2025 as required by the provisions of Section 149 of the Companies Act, 2013 read with Rule 3 of the Companies (Appointment and Qualification of Directors)

Rules, 2014. Consequent to above, the Company has not complied with the provisions of the Companies Act,2013.

Our opinion on the Standalone Financial Statements is not modified in respect of the above matters.

We had previously issued our Independent Auditors Report dated 15th May 2026 on the Standalone Financial Statements of the Company for the year ended 31 March 2026. Subsequent to the issuance of that report, Comptroller & Auditor General (C&AG) of India has observed in their provisional comments certain reporting requirements under the Companies (Auditors Report) Order, 2020 were inadvertently omitted. Accordingly, this revised Independent Auditors Report is being issued solely to incorporate the omitted reporting under CARO 2020.

Our opinion on the Financial Statements remains unchanged and except for the inclusion of the omitted CARO reporting, all other matters contained in our original report remains unchanged.

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 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, 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 except as reported in Clause (e) of the "Emphasis of Matters" paragraph above; 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; c) 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 account. d) In our opinion, the aforesaid Standalone Financial

Statements comply with the Ind AS specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

e) In pursuance to the NotificationNo. G.S.R 463(E) dated 05-06-2015 issued by Ministry of Corporate Affairs, Section 164(2) of the Act regarding disqualification of Directors, is not applicable to the Company, since it is a Government Company;

f) 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 B".

g) As per Notification No. GSR 463(E) dated 05-06-2015 issued by the Ministry of Corporate Affairs, Government of India, Section 197 of the Act is not applicable to the Government Companies. Accordingly, reporting in accordance with the requirement of provisions of Section 197(16) of the Act is not applicable to the Company.

h) 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 on its financial position in its Standalone Financial Statements– [Refer Note No. 42(1) to the accompanying 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 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 their knowledge and belief, other than as disclosed in the notes to accounts, no funds have been have been advanced or loaned or invested ( either from borrowed funds or share premium or any other source or kind of funds) by the Company to or 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, other than as disclosed in the notes to accounts, 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; and

(c) Based on such audit procedures, we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representation under sub-clause (a) and (b) contain any material misstatement.

3) As required under Section 143(5) of the Act, we give in the "Annexure C", a statement on the directions and sub-directions issued by the Comptroller and Auditor General of India in respect of the Company.

4) The dividend declared or paid during the year by the Company is in compliance with Section 123 of the Companies Act, 2013.

5) The management has represented that the company uses accounting software (supported by ORACLE) for maintaining its books of account which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled and the audit trail been preserved by the company as per the statutory requirements for record retention.

For P. A. & Associates

Chartered Accountants

(FRN.313085E)

(CA Haramohan Dash)

Partner

Membership No. 063523

UDIN: 26063523RXKXNN9176

Place : Bhubaneswar

Date : 02-07-2026

"Annexure A" To the Independent Auditors Report

{Referred to in Paragraph (1) of "Report on Other Legal and Regulatory Requirements" section of our Independent Auditors Report}

(i) In respect of the Companys Property, Plant & Equipment: (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant & Equipment. However, asset identification numbers and codification of some movable tangible assets along with make/model number needs to be assigned to the assets and particulars like quantitative details in case of few old assets along with their description, particulars of depreciation, amortization or impairment have to be properly disclosed in the Fixed Asset Register. Further, Location details and areas of freehold land and leasehold land held by the Company at different locations need to be updated in the Fixed Asset Register. (B) The Company has maintained proper records showing full particulars of intangible assets; us, the Property, Plant & Equipment of the Company has been physically verified by the management every year so that all the assets of Units/offices are covered once in a block of three years interval, which in our opinion is reasonable having regard to the size of the Company and the nature of its business. Discrepancies noted have been properly dealt with in the books of accounts.

(c) On the basis of the information compiled by the Company and considering the voluminous nature and various locations, we report that title/lease deeds and other documents of title in respect of immovable properties as referred in Note No.3A, and 3B of the accompanying Standalone Financial Statements, are held in the name of the Company, except in case of leasehold lands of Gujarat Copper Project having Gross book value of Rs 4,819.66 lakh as at March 31, 2026 are yet to be executed in favor of the Company. [Note

No.42 (4) of the accompanying Standalone Financial Statements].

(b) According to the information and explanations given to

Description of Property	Gross carrying value of Land as per FA register	Held in the name of	Whether promoter, director, or their relative or employee	Period held	Reason for not being held in the name of the Company
Plot No: 747, GIDC Mega Estate, Jhagadia, Bharuch, PIN Code- 393110	Rs.48,19,66,501	Jhagadia Copper Limited	No	Since Oct 2016	Disputed valuation for registration pending before Honble High Court, Ahmedabad

(e) The Company has not revalued any of its Property, Plant and Equipment (including right-of-use-assets) and Intangible Assets during the year; (f) According to information and explanations given to us by the management, the Company doesnt hold any benami property and therefore there are no proceedings initiated or pending against the Company as at the year-end under the Benami Transactions (Prohibition) Act, 1988, as amended, and Rules made there under; ii. (a) Inventories have been physically verified at reasonable intervals by the Management. In our opinion the coverage and procedure of such verification by the management is appropriate. No discrepancies of 10% or more in the aggregate for each class of inventory were noticed.

(b) The company has been sanctioned / renewed working capital limit in excess of Rupees five crores, in aggregate, from banks on basis of security of stocks and receivables. The company has filed the monthly statements of stocks and receivables with the banks and the same are in agreement with the books of accounts of the company.

(iii) In our opinion and according to the information and explanation given to us, the Company has not granted any loans, secured or unsecured to any companies, firms, limited liability partnership or other parties, covered in the register maintained under section 189 of the Companies Act, 2013. Hence, the clauses (iii) (a), (iii) (b), (iii) (c), (iii) (d), (iii) (e) and (iii) (f) of the paragraph 3 of the order are not applicable to the Company.

(iv) According to the information and explanations given to us, the Company has not given any loan or made any investment, given any guarantee or provided any security in connection with such loan given/Investment made during the year to which provisions of Section 185 of the Act apply. The provisions of Section 186 of the Act, in our opinion, are not applicable to the Company.

(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits during the year from public within the meaning of Sections 73 to 76 of the Companies Act 2013 and rules framed there-under.

(vi) According to the information and explanations given to us, the maintenance of cost records has been specified by the

Central Government under section 148(1) of the Companies Act, 2013 in respect of mining activities of the Company. We have broadly reviewed the same and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether these are accurate and complete.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of books of accounts, the Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Goods and Service Tax, Customs Duty, Cess and other material statutory dues applicable to it with the appropriate authorities. According to the information and explanations given to us, there is no arrear of undisputed statutory dues as at March 31, 2026 outstanding for a period of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us and as per the records of the Company, there are disputed statutory dues, which have not been deposited as on March 31, 2026 as given herein below: -

Name of the Statue	Nature of Dues	Period to which the amount relates	Forum where dispute is pending	Gross Dispute Amount ( in lakh)	Amount Deposited under protest/ Provisions made ( in lakh)	Balance Amount not paid ( in lakh)
Central Excise Act	Central Excise	2014-15 to 2016- 17(ICC)	High Court of Jharkhand	560.60	-	560.60
Jharkhand Valued Added Tax	State Sales Tax/ VAT	2017- 18 (ICC)	State Tax Authority	130.00	39.93	90.07
Madhya Pradesh Municipal Council	Terminal Tax	1996-2006,2000- 2006,2006-2010,2006- 2012 (MCP)	Civil Court, Baihar & Administrative Mechanism for Resolution of CPSEs	26414.94	2571.23	23843.71
			Disputes (AMRCD)
Madhya Pradesh Municipal Council Madhya Pradesh	Property Tax	1998-99,2005-06,2006- 07,2008-09,2009- 10,2013-14 & 2024-25 2009-2010	Civil Court, Baihar & High Court, Jabalpur	1355.21	461.50	893.71
Value Added Tax Act	State Sales Tax/ VAT	(MCP)	Sales tax Authority (Bhopal)	34.47	13.40	21.07
Madhya Pradesh Value Added Tax Act, Madhya Pradesh	State Sales Tax/ VAT	2011-12 (MCP) 2012-13	Sales tax Authority (Bhopal)	16.66	8.03	8.63
Value Added Tax Act	State Sales Tax/ VAT	(MCP)	Sales tax Authority (Bhopal)	99.89	39.96	59.93
Madhya Pradesh GST	GST	2019-20 & 2017-2022 (MCP)	Appellate Tribunal GST	879.89	58.35	821.54
Central Excise Act	Central Excise	2010-11 TO 2013-14 (MCP)	CESTAT	627.60	68.37	559.23
GST	GST	2018-19,2019-20, 2020- 21,2021-22 MCP	Commissioner Jabalpur	2406.09	240.61	2165.48
GST	GST	2017-18,2018-19,2019- 20 & 2020-21 (KCC)	Appellate Authority Add/ Joint Commissioner	1496.09	156.74	1339.35
			(Appeals), CGST Jaipur
Central Excise Act	Central Excise	2014-15,2018-19 (KCC)	CESAT, Mumbai New Delhi, Kolkatta	3400.96	-	3400.96
Central Excise Act	Central Excise	2018-19 (KCC)	Commissioner Custom (Appeal) Mumbai	8.43	-	8.43
Panvel Municipal Corporation Act	Local Body Tax	01.01.2017 TO 30.06.2017 (TCP)	Bombay High Court, Mumbai	5789.42	-	5789.42
Panvel Municipal Corporation Act	Property Tax	1-10-2016 to 31-03-2023 TCP	Bombay High Court, Mumbai	68.71	-	68.71
GST	GST	2018-19 & 2019-20 TCP	GST Appellate Authority	15.41	-	15.41
Income Tax Act	Income Tax	2007-08 HO	High Court of Calcutta	1200.00	-	1200.00
Income Tax Act	Income Tax	2006-07 HO	ITAT, Calcutta Bench	285.95	-	285.95
Income Tax Act	Income Tax	2013-14,2018-19,2022- 23,2024-25	NFAC (National Faceless Appeal Centre)	4813.46	-	4813.46
Water (Prevention and control of Pollution) Cess Act,1977)	Water Cess	1999-2000 TO 2020-21 ICC	Water Resources Department Govt. of Jharkhand	21847.90	4714.37	17133.53
GST	GST	2016-17, 2017-18, & 2018-19 to 2022-23 ICC	GST Appellate Authority	303.59	7.40	296.19
		GRAND TOTAL		71755.27	8379.89	63375.38

According to the information and explanation provided to us, we did not come across any instance of any transactions not recorded being disclosed or surrendered before the tax authorities as income during the year. (viii) (a) According to the information and explanations given to us, the Company has not defaulted in repayment of the loans or other borrowings or in the payment of interest to any lender during the year; (b) According to the information and explanations given to us, the Company has not been declared as wilful defaulter by any bank or financial institution or other lender; (c) According to the information and explanations given to us, the Company has not issued any debentures and has availed a Term Loan from a bank. Term loans were applied for the purpose for which the loans were obtained. (d) According to the information and explanations given to us, we did not come across any data to suggest that funds raised for short term purposes were used for long term purpose.

(e) According to the information and explanations given to us, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its associate or joint ventures; (f) According to the information and explanations given to us, there were no loans raised during the year by pledging of securities held in its subsidiaries, joint ventures or associate companies.

(ix) (a) According to the information and explanations given to us, the Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, reporting under clause (x) (a) of paragraph 3 of the Order is not applicable; (b) According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year in compliance with section 42 and section 62 of the Companies Act 2013, for which the proceeds were utilized for the purpose for which the funds were raised.

Accordingly, reporting under clause (x)(b) of paragraph 3 of the order is not applicable; (x) (a) To the best of our knowledge and according to the information and explanations given to us and based on the audit procedure performed, we report that no cases of fraud by the Company or no material fraud on the

Company by its officers or employees has been noticed or reported during the year.

(b) No report has been filed under Sub-section (12) of

Section 143 of the Companies Act by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government during the year and up to the date of this of Registration (CoR) from the Reserve report; (c) According to the information and explanations given to us, no whistle blower complaints have been received during the year by the company; (xi) In our opinion, the Company is not a Nidhi Company.

Accordingly, clauses of paragraph 3(xii) (a), (b), & (c) of the said order are not applicable to the Company.

(xii) According to the information and explanations given to us and based on our examination of books of accounts, transactions with the related parties are in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable and the details of such transactions have been disclosed in the Standalone Financial Statements as required by the applicable Indian Accounting Standards. (xiii) (a) Based on information and explanations provided to us, and based on our audit procedures, it appears that the Company has an internal audit system commensurate with the size and nature of its business. (b) We have considered the reports of Internal Auditors for the year under audit, issued to the Company during the year, in determining the nature, timing and extent of our audit procedures; xiv. According to the information and explanations given to us and based on our examination of books of accounts, the Company has not entered into any non-cash transactions specified under Section 192 of the Act with its Directors or persons connected to them. Accordingly, the provisions of paragraph 3(xv) of the said order are not applicable to the Company.

(xv) (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, reporting under this sub-clause is not applicable to the Company.

(b) According to the information and explanations given to us, the Company has not conducted any Non-Banking Financial or Housing Finance activities without a valid

Bank Certificate of India as per the Reserve Bank of India Act, 1934; (c) According to the information and explanations given to us, the Company is not Core Investment Company

(CIC) (as defined in the regulations made by Reserve

Bank of India);

(d) According to the information and explanations given to us, there is no Core Investment Company (CIC) within the Group; (xvi) According to the information and explanations given to us and based on our examination of books of accounts, the company has not incurred cash losses in the financial year and in the immediately preceding financial year.

(xvii) There has been no resignation of statutory auditors during the year. Accordingly, Clause 3(xviii) of the Order is not applicable.

(xviii) Based on the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our understanding of the Board of Director and Management plans, and according to the information and explanations given to us, we are of the opinion that no material uncertainty exists as on the date of the audit report that the company is capable of meeting its liabilities existing at the date of the Balance Sheet, as and when they fall due within a period of one year from the Balance Sheet date.

xix. (a) According to the information and explanations given to us, there is no unspent amount towards Corporate Social Responsibility (CSR) in respect of other than ongoing projects during the year requiring a transfer to a fund specified in Schedule VII to the Act in compliance with second proviso to Sub-section (5) of Section 135 of the Act. Accordingly, reporting under clause (xx)(a) of paragraph

3 of the Order is not applicable; (Refer Note No. 54 of Standalone Financial Statements).

(b) According to the information and explanations given to us and based on our examination of books of accounts, there are unspent amount of CSR in respect of ongoing projects during the year which has been duly transferred to a special account as per Section 135 (6) of the Act.

For P. A. & Associates

Chartered Accountants

(FRN.313085E)

(CA Haramohan Dash)

Partner

Membership No. 063523

UDIN : 26063523RXKXNN9176

Place : Bhubaneswar

Date : 02-07-2026

"Annexure B" To the Independent Auditors Report

{Referred to in Paragraph (2) (f) of "Report on Other Legal and Regulatory Requirements" section of our Independent Auditors Report}

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Hindustan Copper Limited (hereinafter referred as "the Company") as of March 31, 2026 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the

Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to respective

Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls.

Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over financial reporting of the

Company.

Meaning of Internal Financial Controls over Financial Reporting

A Companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, internal financial controls system over financial reporting and such internal financial controls over financial reporting were generally operating effectively as at March 31,

2026, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by The Institute of Chartered Accountants of India.

However further improvement is required in strengthening of the monitoring of the controls in respect of accounting for expenses and Property, Plant & Equipment, confirmation/reconciliation of balances for current and non-current assets, trade payables and other current liabilities. The internal control system for inventories of stores and spares with regard to receipt, issue for production and generation of report from ERP is required to be further strengthened.

There is scope to leverage the ERP to strengthen some of the existing controls, more specifically around Property, Plant & Equipment, and posting of Journal Vouchers.

However, our opinion is not qualified in respect of the above matters

	For P. A. & Associates
	Chartered Accountants
	(FRN.313085E)
	(CA Haramohan Dash)
	Partner
	Membership No. 063523
	UDIN : 26063523RXKXNN9176
Place : Bhubaneswar
Date : 02-07-2026

"Annexure C" To the Independent Auditors Report

{Referred to in Paragraph (3) of "Report on Other Legal and Regulatory Requirements" section of our Independent Auditors Report}

Sl. No. Details/Directions Auditors Reply	Action Taken and Impact on Accounts and Financial statements
1. Assess the fair valuation of all the investments, As per the information & explanation provided to us, both quoted and unquoted, made directly by the the company has held investments in PF and Gratuity Company or through Trusts, for Postretirement fund trusts managed by it for post-retirement benefits of benefits of the employees. This includes employees. Based on our verification and information verifying valuation methodologies, ensuring provided to us, we are of the view that investments consistency with Ind AS and reviewing supporting have been valued as per guidelines of Provident Fund documentation. The auditor shall provide a brief Act and as per the provisions of IND AS 19 "Employee note on the valuation approach, its reasonability Benefit" based on actuarial valuations. We have not and compliance with applicable regulations, come across any deviations or misstatement thereof. reporting any material deviation or misstatements.	No Impact
Companies 2. Whether the Company has a system in place to Yes, the company has a system in place to process process all the accounting transactions through all the accounting transactions through IT System. As IT System? If yes, whether review of this system per information provided to us, the company has not and controls that are significant carried out review of the IT system during the financial financial reporting process as well as cyber year. security has been done by Information Security As informed, the company has appointed an agency Auditing Organizations empaneled by Cert-In to carry out such review and work order has already at a minimum frequency of once in a year and been placed. material discrepancies found, if any, have been suitably reported? The implications of processing of accounting transactions outside IT System on the integrity of the accounts along with the financial implications may also be reported.	No Impact
3. Whether funds (grants / subsidy etc.) received The company has not received any grant from state or / receivable for specific schemes from Central / central government during this financial year. State Government or its agencies were properly accounted for as per the applicable accounting standards or norms and whether the received funds were utilized as per its terms and conditions? Whether accounting of interest earned on grants received has been done as per terms and conditions of the Grant. List the cases of deviation.	Not Applicable

 

Sl. No. Details/Directions	Auditors Reply	Action Taken and Impact on Accounts and Financial statements
4. Whether the Company has identified the key Risk areas? If yes, whether the Company has formulated any Risk Management Policy to mitigate these risks? If yes, (a) whether the Risk Management Policy has been formulated considering global best practice? (b) Whether the Company has identified its data assets and whether it has been valued appropriately?	The company had a valid risk committee till 31.03.2026. The committee has met two times during the financial year 2025-26 and has identified certain risk areas and has outlined steps to be taken to mitigate such risks. However, the company ceased to have a valid risk committee since 01.04.2026 in absence of an independent director. The company has a risk management policy. As informed, the company has not identified data assets and accordingly has not valued any data assets.	Not Ascertainable
5 Whether the Company is complying with the Securities and Exchange Board of India (SEBI) (Listing Obligation and Disclosure Requirement) Regulations, 2015, and other applicable rules and regulations of SEBI. Department of Investment and Public Asset Management, Ministry of Corporate Affairs, Department of Public Enterprises. Reserve Bank of India, Telecom Regulatory Authority of India CERT-IN, Ministry of Electronics and Information Technology and National Payments Corporation of India wherever applicable? If not, the cases of deviation may be highlighted.	As per the information and compliance certificates received from different departments and company secretary, the company has complied to the provisions of different acts as applicable mentioned in the sub- directions. We have not come across any deviations regarding such compliance during the course of our audit except the penalty levied by NSE / BSE for non-compliance relating to appointment of women director and non- constitution of certain committees in absence of requisite number of independent directors. The company has contested the imposition of penalties on the ground that the appointment of women director and independent director is to be done by President of India and is beyond the power of the company. The penalty so imposed has not been accounted for in the books of accounts.	No Impact

For P. A. & Associates

	Chartered Accountants
	(FRN.313085E)
	(CA Haramohan Dash)
	Partner
	Membership No. 063523
	UDIN: 26063523KSTRXY2005
Place : Bhubaneswar
Date : 02-07-2026