Hindustan Zinc Ltd Auditor Reports

To the Members of Hindustan Zinc Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS
OPINION

We have audited the standalone financial statements of Hindustan Zinc Limited ("the Company"), which comprise the
Balance sheet as at March 31, 2026, the Statement of Profit and Loss, including the Statement of Other Comprehensive
Income, the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and notes to the
Standalone financial statements, including a summary of material accounting policies and other explanatory information .

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, as amended ("the Act") in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2026, its profit including other comprehensive loss, its cash flows and the changes
in equity for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs), as
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 together with the
ethical requirements that are relevant to our audit of the 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 audit
opinion on the standalone financial statements.

EMPHASIS OF MATTER

We draw attention to Note 43 to the standalone financial statements, regarding allegations made during the year by a short
seller, and ongoing matters for which information has been sought by regulators/authorities, and Managements assessment
thereof/responses thereto. Our opinion is not modified in respect of this matter.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements for the financial 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. For each matter below, our description of how our audit addressed the matter is
provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have
fulfilled the responsibilities described in the Auditors responsibilities for the audit of the standalone financial statements
section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the standalone financial statements. The
results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our
audit opinion on the accompanying standalone financial statements.

Key audit matters	How our audit addressed the key audit matter
Claims and exposure relating to taxation and litigation (as described in Note 3(I)(u), 3(III)(B)(i), 30 and 32(c)(ii) of the standalone financial statements)	Our audit procedures included the following:
The Company is subject to several legal and tax related claims and exposures which have been either disclosed or accounted for in the accompanying standalone financial statements.	-Gained an understanding of the process of identification of claims, litigations and contingent liabilities and identified key controls in the process. For selected controls, we have performed test of controls.
Taxation and litigation exposures have been identified as a key audit matter due to complexities involved in these matters, timescales involved for resolution and the potential financial impact of these on the standalone financial statements. Significant management judgement is involved in assessing the exposure of each case and thus a risk that such cases may not be adequately provided for or disclosed.
	-Obtained the year end summary of Companys legal and tax cases and assessed managements position through discussions with the General Counsel, Head of Tax and operational management, on both the probability of success in significant cases, and the magnitude of any potential loss.
	-For selected cases, we have obtained independent external lawyer confirmations from Legal Counsels of the Company who are contesting the cases.
	-Inspected external legal opinions and/ or past judicial orders, wherever considered necessary, and other evidence to evaluate the managements assessment in respect of legal claims.
	-Engaged tax specialists to technically assess the managements assessment on certain tax disputes and positions.
	-Assessed the relevant disclosures made within the standalone financial statements to address whether they reflect the facts and circumstances of the respective tax and legal exposures as per the requirements of relevant accounting standards.
Transactions with the Related parties (as described in Note 37 of the standalone financial statements)
During the year, the Company has undertaken transactions with related parties including parent company, fellow subsidiaries and other related parties. Such transactions, includes transactions with related parties which are consolidated within Immediate Parent Group like payment of strategic services and brand fee and those which are outside of Immediate Parent Group Companies like power delivery agreements, residue treatment contract, sale of property, plant & equipment and IT service agreement.	Our audit procedures included the following:
Accounting and disclosure of such related party transactions has been identified as a key audit matter due to	-Obtained and read the Companys policies, processes and procedures in respect of identification of such related parties both within the Immediate Parent Group and Outside of Immediate Parent Group, in accordance with relevant laws and standards, obtaining approval, recording and disclosure of related party transactions and identified key controls. For selected controls we have performed tests of controls.
a) Significance of such related party transactions;	-On sample basis tested some related party transactions and balances with the underlying contracts, confirmation letters and other supporting documents provided by the Company.
b) Risk of such transactions being executed without proper authorizations;	-Examined, where applicable, the approvals of the board and audit committee of these transactions.
c) Risk of such transactions being executed without adequate justification, inherent risk of management bias and not at arms length pricing	-Obtained and read the reports including the half yearly report for review of related party transactions and benchmarking report issued by the experts engaged by the management for the payment towards strategic services and brand fees and Power delivery agreement.
d) Risk of material information relating to aforesaid transactions not getting disclosed in the standalone financial statements.	-Assessed the competence and objectivity of the external experts.
e) Increased focus of regulatory bodies on accounting and disclosure of related party transactions in compliance with applicable laws and accounting standards.	-Held discussions and obtained representations from the management in relation to such transactions.
	-Engaged internal transfer pricing experts to evaluate the arms length pricing of selected related party transactions.
	-Read the disclosures made in this regard in the standalone financial statements and assessed whether relevant and material information have been disclosed.

We have determined that there are no other key audit matters to communicate in our report.

INFORMATION OTHER THAN THE 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 Annual report, but does not include the standalone financial statements and our auditors report thereon.

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 such other information is materially inconsistent with the 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.

RESPONSIBILITIES OF THE 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 including other comprehensive income, cash flows and statement of changes in equity of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS)
specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the
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, management 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 management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

Those Board of Directors are 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 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 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 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.

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 for the financial year ended March 31,2026 and are therefore
the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in
our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India
in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure 1" a statement on the matters specified
in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, 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 purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books, also refer note(h)(vi) below;

(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive Income,
the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the
books of account ;

(d) I n our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

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

(f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements and
the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this report;

(g) I n our opinion, the managerial remuneration for the year ended March 31, 2026 has been paid / provided by the
Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act.

(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, as amended 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 3(I)(u), 3(III)(B)(i), 30 and 32(c)(ii) to the standalone financial statements;

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

iii. There 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 its knowledge and belief, as disclosed in the

Note 42 to the standalone financial statements, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any
other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 42
to the standalone financial statements, 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 performed that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations under
sub-clause (a) and (b) contain any material misstatement.

v. The interim dividends declared and paid by the Company during the year and until the date of this audit report
is in accordance with section 123 of the Act.

v. Based on our examination which included test checks, the Company has used accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant transactions recorded in the software as described in
Note 41 to the standalone financial statements. Further, during the course of our audit we did not come across
any instance of audit trail feature being tampered with in respect of accounting software. Additionally, the
audit trail of prior year(s) has been preserved by the Company as per the statutory requirements for record
retention, to the extent it was enabled and recorded in respective year, as stated in Note 41 to the standalone
financial statements.

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Tridevlal Khandelwal

Partner

Membership Number: 501160

UDIN: 26501160YQPREG2690

Place of Signature: Ahmedabad

Date: April 24, 2026

ANNEXURE1

referred to in paragraph under the heading "Report on other legal and regulatory requirements" of our report of even date
Re: Hindustan Zinc Limited ("the Company")

In terms of the information and explanations sought by us and given by the company and the books of account and
records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and

situation of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(b) Property, Plant and Equipment have been physically verified by the management during the year in accordance
with a planned programme of verifying them over a period of three years which, in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets and no material discrepancies were
noticed on such verification.

(c) The title deeds of all the immovable properties (other than properties where the Company is the lessee and
the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.

(d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or intangible
assets during the year ended March 31, 2026.

(e) There are no proceedings initiated or are pending against the Company for holding any benami property
under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals during the year by management

except for inventories lying with third parties. In our opinion, the coverage and procedure of such verification
by the management is appropriate. Inventories lying with third parties have been confirmed by such third
parties as at March 31,2026. There were no discrepancies of 10% or more noticed, in the aggregate for each
class of inventory.

(b) The Company has not been sanctioned working capital limits in excess of five crores in aggregate from
banks or financial institutions during any point of time of the year on the basis of security of current assets.
Accordingly, the requirement to report on clause 3(ii)(b) of the Order is not applicable to the Company.

(iii) (a) During the year the Company has provided loans, advances in the nature of loans, stood guarantee and

provided security to companies and others as follows:

(Amount in Crores)

Particulars	Guarantees	Security	Loans	Advances in nature of loans
Aggregate amount granted/ provided during the year
- Subsidiaries	-	-	0	-
- Others	-	-	0	-
Balance outstanding as at balance sheet date in respect of above cases
- Subsidiaries	66	-	0	-
- Others	-	-	2	-

(b) During the year the investments made, loans granted and the terms and conditions of the grant of all
investments and loans to companies and any other parties are not prejudicial to the Companys interest.
The Company has not provided guarantees, given securities and given advances in the nature of loans to
companies or any other parties during the year.

(c) The Company has granted loans during the year to companies and any other parties where the schedule of
repayment of principal and payment of interest has been stipulated and the repayment or receipts are regular.

(d) There are no amounts of loans granted to companies and any other parties which are overdue for more
than ninety days.

(e) There were no loans granted to companies and any other parties which was fallen due during the year, that
have been renewed or extended or fresh loans granted to settle the overdues of existing loans given to
the same parties.

(f) The Company has not granted any loans either repayable on demand or without specifying any terms or
period of repayment to companies and any other parties. Accordingly, the requirement to report on clause
3(iii)(f) of the Order is not applicable to the Company.

(iv) There are no loans, investments, guarantees, and security in respect of which provisions of sections 185 of the
Companies Act, 2013 are applicable hence the requirement to report on compliance with section 185 is not
applicable for the Company. Further, according to the information and explanations given to us, provisions of
sections 186 of the Companies Act, 2013 in respect of investments have been complied with by the Company.

(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are
deemed to be deposits within the meaning of sections 73 to 76 of the Companies Act and the rules made
thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not
applicable to the Company

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by
the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013,
related to the manufacture of products and generation of electricity, and are of the opinion that prima facie,
the specified accounts and records have been made and maintained. We have not, however, made a detailed
examination of the same.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including

goods and services tax, provident fund, income-tax, duty of customs and other statutory dues applicable to
it. According to the information and explanations given to us and based on audit procedures performed by
us, no undisputed amounts payable in respect of these statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable. The provisions relating to employees
state insurance are not applicable to the Company.

(b) The dues of goods and services tax, provident fund, income-tax, sales-tax, service tax, duty of custom ,
duty of excise, value added tax, cess, and other statutory dues have not been deposited on account of any
dispute, are as follows:

(Amount in Crores)

Name of the statute	Nature of the dues	Amount *#	Period to which the amount relates	Forum where the dispute is pending
Income Tax Act, 1961	Income taxes	8	1998-99 to 2003- 2004,2013-14 and 2014-15	Commissioner of Income tax (Appeals)
		7,801	1988-1989 to 1990-1991, 1992-1993, 1997-98, 1999-00 to 2001-02, 2004-05 to 2010-2011, 2012-13 to 2014-16 and 2021-22.	Income tax appellate Tribunal
		5,576	1989-90 to 2011-12, 2016-17 and 2017-18	High Court / Supreme Court
Customs Act, 1962	Custom Duty	4	2008-09 to 2019-20	CESTAT
		2	2015-16 to 2022-23	Commissioner and
				Commissioner Appeal
		46	2012-13	High Court
Central Excise Act, 1944	Excise Duty	47	1989-90 to 2017-18	CESTAT
		10	2000-01 to 2004-05 and	Commissioner and
			2008-09 to 2016-17	Commissioner Appeal
		251	1997 to 2013 and	High Court
			2015-16
Finance Act, 1994	Service Tax	12	2004-05 to 2017-18	CESTAT
		7	2002-03 to 2004-05 and	Commissioner and
			2008-09 to 2014-15	Commissioner Appeal
		189	2004-05 and 2017-18	High Court
Rajasthan sales tax	Sales Tax	24	2009 to 2011, 2012 to	Commissioner and
act, 1994			2019 and 2020-21	Commissioner Appeal
		35	2007-2008	High Court
		0	1985-1986	Supreme Court
		6	1998 to 2000, 2001 to 2004 and 2009 to 2014	Tax Board
Goods and Service	GST	39	2017-18 to 2019-20	GSTAT
Tax Act, 2017		196	2017-18 to 2024-25	Commissioner and
				Commissioner Appeal
		605	2017-18 to 2020-21 and	High Court
			2024-25
The Environment	Environme-ntal	142	2007-08 to 2015-16	Supreme Court
Protection Act, 1986	and Health Cess
The Rajasthan Electricity	Electricity Duty	9	2008-09	Supreme Court
(Duty) Act, 1962		32	2020-21 to 2025-26	High Court

* Net of amount paid under protest / adjusted against refunds

# Includes interest where applicable

(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the
tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on
clause 3(viii) of the Order is not applicable to the Company.

(ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest

thereon to any lender.

(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

(c) Term loans were applied for the purpose for which the loans were obtained.

(d) On an overall examination of the standalone financial statements of the Company, no funds raised on short-term
basis have been used for long-term purposes by the Company.

(e) On an overall examination of the standalone financial statements of the Company, the Company has not taken any
funds from any entity or person on account of or to meet the obligations of its subsidiaries. The Company does not
have any associate or joint venture.

(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries. Hence, the
requirement to report on clause (ix)(f) of the Order is not applicable to the Company. The Company does not have
any associate or joint venture

(x) (a) The Company has not raised any money during the year by way of initial public offer / further public offer (including

debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment or private placement of shares /fully or partially or optionally
convertible debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the
Order is not applicable to the Company.

(xi) (a) No fraud by the Company or no material fraud on the Company has been noticed or reported during the year.

(b) During the year, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by cost
auditor, secretarial auditor or by us in Form ADT - 4 as prescribed under Rule 13 of Companies (Audit and Auditors)
Rules, 2014 with the Central Government.

(c) We have taken into consideration the whistle blower complaints received by the Company during the year while
determining the nature, timing and extent of audit procedures.

(xii) The Company is not a Nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to
report on clause 3(xii)(a),(b) and (c) of the Order is not applicable to the Company.

(xiii) Transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where
applicable and the details have been disclosed in the notes to the standalone financial statements, as required by the
applicable accounting standards.

(xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business.

(b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have
been considered by us.

(xv) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors
and hence requirement to report on clause 3(xv) of the Order is not applicable to the Company.

(xvi) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company.
Accordingly, the requirement to report on clause (xvi)(a),(b),(c) and (d) of the Order is not applicable to the Company.

(xvii) The Company has not incurred cash losses in the current financial year or immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year and accordingly requirement to report on Clause
3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of the financial ratios disclosed in Note 38 to the standalone financial statements, ageing and expected
dates of realization of financial assets and payment of financial liabilities, other information accompanying the standalone
financial statements, our knowledge of the Board of Directors and management plans and based on our examination
of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any
material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet
date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our
reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance
that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company
as and when they fall due.

(xx) (a) I n respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a
fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5
of section 135 of the Act. This matter has been disclosed in Note 34 to the standalone financial statements.

(b) There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special
account in compliance of provision of sub section (6) of section 135 of Companies Act. This matter has been
disclosed in Note 34 to the standalone financial statements.

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Tridevlal Khandelwal

Partner

Membership Number: 501160

UDIN: 26501160YQPREG2690

Place of Signature: Ahmedabad

Date: April 24, 2026

ANNEXURE 2

TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF
Hindustan Zinc Limited

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION
143 OF THE COMPANIES ACT, 2013 ("THE ACT")

We have audited the internal financial controls with reference to standalone financial statements of Hindustan Zinc Limited
("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 Companys Management 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 ("ICAI"). 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 the 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 Companys internal financial controls with reference to these standalone
financial statements 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") and the Standards on Auditing, as specified under section
143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued by ICAI. 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 with reference to these standalone financial statements 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 with reference to these standalone financial statements and their operating effectiveness. Our audit of
internal financial controls with reference to standalone financial statements included obtaining an understanding of
internal financial controls with reference to these standalone financial statements, 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 judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the Companys internal financial controls with reference to these standalone financial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THESE STANDALONE
FINANCIAL STATEMENTS

A companys internal financial controls with reference to standalone financial statements 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
controls with reference to standalone financial statements 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 authorisations of management and directors
of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised
acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO STANDALONE
FINANCIAL STATEMENTS

Because of the inherent limitations of internal financial controls with reference to standalone financial statements,
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 with
reference to standalone financial statements to future periods are subject to the risk that the internal financial control
with reference to standalone financial statements 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, the Company has, in all material respects, adequate internal financial controls with reference to standalone
financial statements and such internal financial controls with reference to standalone financial statements were 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 issued by the ICAI.

For S.R. Batliboi & Co. LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Tridevlal Khandelwal

Partner

Membership Number: 501160
UDIN: 26501160YQPREG2690

Place of Signature: Ahmedabad
Date: April 24, 2026