Indian Oil Corporation Ltd Auditor Reports

To

The Members of IndianOil Corporation Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of IndianOil Corporation 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 financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the Standalone Financial Statements).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with Indian Accounting Standards specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015, as amended and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, and profit including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the 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 thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Emphasis of Matter

We draw attention to Note 9 of the Standalone Financial Statements in respect of LPG and Crude Oil shipments waiting at the Arab Gulf / Persian Gulf region as on March 31, 2026. Attention is also invited to Note 49.7 regarding the geopolitical developments in the Middle East region.

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 of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report:

Key Audit Matters	Auditors\u2019 response to Key Audit Matters
Property, Plant & Equipment and Intangible Assets
There are areas where management judgement impacts the carrying value of property, plant and equipment, intangible assets, and their respective depreciation / amortisation rates / impairment. These include the decision to capitalise or expense costs; the annual asset life review; the timeliness of the capitalisation of assets and the use of management assumptions and estimates for the determination or the measurement and recognition criteria for assets retired from active use and re-assessment of the carrying amount to test for impairment. Due to the materiality in the context of the Balance Sheet of the Company and the level of judgement and estimates required, we consider this to be as area of significance.	We assessed the controls in place over the fixed asset cycle, evaluated the appropriateness of capitalisation process, performed tests of details on costs capitalised, the timeliness of the capitalisation of the assets and the de-recognition criteria for assets retired from active use and identification of impairment indicators.
	In performing these procedures, we reviewed the judgements made by management including the nature of underlying costs capitalised; determination of realizable value of the assets retired from active use; the appropriateness of assets lives applied in the calculation of depreciation/amortisation; the useful lives of assets prescribed in Schedule II to the Act, the useful lives of certain assets as per the technical assessment of the management and evaluate the assumptions used by management in impairment assessment.
(Refer Note No. 2, 3 & 49.3 to the Standalone Financial Statements)
	We observed that the management has regularly reviewed the aforesaid judgements and there are no material changes.

Provision for Direct Taxes
The Company has uncertain direct tax positions including matters under dispute which involves significant judgment relating to the possible outcome of these disputes in estimation of the provision for income tax. Because of the judgement required, this area is considered as a key audit matter.	Our audit procedures involved assessment of the management\u2019s underlying assumptions in estimating the tax provision and the possible outcome of the disputes taking into account the legal precedence, jurisprudence and other rulings in evaluating management\u2019s position on these uncertain direct tax positions.
(Refer Note No. 7 to the Standalone Financial Statements)	We have also assessed the disclosures made by the Company in this regard in Standalone Financial Statements.

Provisions, Contingencies and Litigations
The Company is involved in various taxes and other disputes for which final outcome cannot be easily predicted and which could potentially result in significant liabilities. The assessment of the risks associated with the litigations is based on complex assumptions, which require the use of judgement, and such judgement relates, primarily, to the assessment of the uncertainties connected to the prediction of the outcome of the proceedings and to the adequacy of the disclosures in the Standalone Financial Statements. Because of the judgement required, the materiality of such litigations and the complexity of the assessment process, this area is considered as a key audit matter. (Refer Note No. 18, 36B & 49.6 to the Standalone Financial Statements)	Our audit procedures in response to this Key Audit Matter included, among others,
	Assessment of the process and relevant controls implemented to identify legal and tax litigations and pending administrative proceedings.
	Assessment of assumptions used in the evaluation of potential legal and tax risks performed by the legal and tax department of the Company considering the legal precedence and other rulings in similar cases.
	Inquiry with the legal and tax departments regarding the status of the most significant disputes and inspection of the key relevant documentation.
	Analysis of opinion received from the experts wherever available.
	Review of the adequacy of the disclosures in the notes to the Standalone Financial Statements.

Investments in Subsidiaries, Joint Ventures and Associates
Investments in subsidiaries, joint ventures and associates which are valued at cost have been adjusted for impairment losses in line with \u201cInd AS 36 Impairment of assets\u201d. In case there is an indication of possible impairment, the Company carries out an impairment test by comparing the recoverable amount of the investments determined according to the value in use method and their carrying amount. The valuation process adopted by management is complex and is based on a series of assumptions, such as the forecast cash flows, the appropriate discounting rate and the growth rate. These assumptions are, by nature, influenced by future expectations regarding the evolution of external market.	With reference to this key audit matter, we considered the following: Comparing the carrying amount of investments with financial
	statements of investee companies to identify whether their net assets value, being an approximation of their minimum recoverable amount, were in excess of their carrying amount.
	Market capitalisation in case of listed entities in which investments have been made.
	Certain entities where carrying value of Investments is less than the Net Assets Value due to being in the construction stage and have not begun commercial operations.
Since judgement of the management is required to determine whether there is indication of possible impairment and considering the subjectivity of the estimates relating to the determination of the cash flows and the key assumptions of the impairment test, the area is considered as a key audit matter.	Based on the information and explanations obtained as above, we concluded that the Management\u2019s judgement regarding indication of impairment in certain investments during the year is appropriate. Where there is indication of impairment, we examined the approach taken by management to determine the value of the
(Refer Note No. 4 & 49.2 to the Standalone Financial Statements)	investments, analysed the methods and assumptions applied by management to carry out the impairment test and the reports obtained from the experts in valuation.
	The following audit procedures were adopted: identification and understanding of the significant controls implemented by the Company over the impairment testing process; analysis of the reasonableness of the principal assumptions made to estimate their cash flows, and obtaining other information from management that we deemed to be significant;
	analysis of actual data of the year and previous years in comparison with the original plan, in order to assess the nature of variances and the reliability of the planning process;
	assessment of the reasonableness of the discount rate and growth rate;
	Verification of the mathematical accuracy of the model used to determine the value in use of the investments.
	We also examined the adequacy of the information provided by the Company about the impairment test and its consistency with the requirements of Ind AS 36.
	Review of the adequacy of the disclosures in the notes to the Standalone Financial Statements.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility and Sustainability Report, Corporate Governance, but does not include the Standalone Financial Statements and our auditors reports thereon.

The above referred information is expected to be made available to us after the date of this audit report.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate actions necessitated by the circumstance and the applicable laws and regulations. We have nothing to report in this regard.

Responsibilities 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, total comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and

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 management 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 scepticism 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 Standalone Financial Statements in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by 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 ability of the Company 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.

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 Standalone Financial Statements include the Companys proportionate share (relating to Jointly controlled operations of E&P activities, wherein the Company is not an operator) in assets Rs. 890.76 Crore and liabilities Rs. 469.06 Crore as at March 31, 2026 and total revenue of Rs. 193.64 Crore, expenditure of Rs. 513.87 crore and profit / (loss) before tax of Rs. (320.23) Crore for the year ended on that date. Our observations thereon are based on unaudited statements from the operators to the extent available with the Company in respect of 24 Blocks (out of which 8 Blocks are relinquished) in India and overseas and have been certified by the management. Our opinion in respect thereof is solely based on the management certified information. According to the information and explanations given to us by the Companys management, these are not material to the Company.

We have also placed reliance on technical/ commercial evaluations by the management in respect of categorisation of wells as exploratory, development and dry well, allocation of cost incurred on them, liability under New Exploration Licensing Policy (NELP) and nominated blocks for under-performance against agreed Minimum Work Programme.

(b) The Company did not have the minimum number of Independent Directors (including one Woman Independent Director) and Non Executive Director required in terms of the provisions contained in the Act and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, throughout the reporting financial year in respect of the composition of its Board of Directors.

Further, due to non-availability of any Independent Director w.e.f. 28.03.26, the Audit Committee, the Nomination & Remuneration Committee & the CSR Committee were discontinued and has not reconstituted till the date of reporting.

Our opinion is not modified in respect of these matters.

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 A a statement on the matters specified in the paragraphs 3 and 4 of the said Order, to the extent applicable.

2. We are enclosing our report in terms of Section 143 (5) of the Act, on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, in the Annexure B on the directions issued by the Comptroller and Auditor General of India.

3. 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;

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 Indian Accounting Standards specified under Section 133 of the Act;

e. As the Company is a Government company, in terms of notification no. G.S.R. 463(E) dated 5 th June 2015, issued by the Ministry of Corporate Affairs, sub-section (2) of section 164 of the Act is not applicable to the Company;

f. With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer our separate report in Annexure C ;

g. As the Company is a Government Company, in terms of notification no. G.S.R. 463(E) dated 5 th June 2015, issued by the Ministry of Corporate Affairs, sub-section (16) of section 197 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 36B and 49.6 to the Standalone Financial Statements;

ii. The Company has made provision, as required under the applicable law or Indian accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts - Refer Note 18 to the Standalone Financial Statements;

iii. There has been no delay in transferring the amount, required to be transferred to the Investor Education and Protection Fund by the Company;

iv. a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (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 the audit procedures 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 (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. As stated in Note 32 to the Standalone Financial Statements:

a) The final dividend paid by the Company during the year in respect of the same declared for the previous year is in compliance with section 123 of the Act to the extent it applies to payment of dividends.

b) The interim dividend declared and paid by the Company, is in accordance with section 123 of the Act.

c) The Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend proposed is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2026 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during our audit we did not come across any instance of the audit trail feature being tampered with. Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

Annexure A to the Independent Auditors Report

Annexure referred to in Independent Auditors Report to the members of IndianOil Corporation Limited on the standalone financial statements for the year ended March 31, 2026

To the best of our information and the books of account and records examined by us in the normal course of audit, we state that:

(i) (a) (A) The Company has generally maintained proper records showing full particulars including quantitative details and situation of Property, Plant and Equipment including Right of Use assets.

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

(b) There is a regular programme of physical verification of all Property, Plant and Equipment, other than LPG cylinders and pressure regulators with customers, 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 Property, Plant and Equipment. In our opinion and as per the information given by the Management, the discrepancies observed were not material and have been appropriately accounted for in the books.

(c) According to the information and explanations given to us and on the basis of our examination of records of the Company, the title/ lease 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) disclosed in the financial statements are held in the name of the Company. The details of exceptions are given in Appendix A to this report.

(d) According to the information and explanations given to us, the Company has not revalued any of its Property, Plant and Equipment (including Right of Use assets) or intangible assets during the year.

(e) According to the information and explanations given to us, no proceeding has been initiated or is pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

(ii) (a) According to the information and explanations given to us, the inventory (excluding inventory lying with third parties, inventory under joint operations and material in transit) has been physically verified by the management during the year and in our opinion, the frequency of verification is reasonable. In our opinion the coverage and the procedure of such verification by the management is appropriate. As explained to us, no discrepancy of 10% or more in the aggregate for each class of inventory was noticed on physical verification of inventories as compared to the book records.

(b) According to the information and explanations given to us, the Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks and financial institutions on the basis of security of current assets and the quarterly returns / statements filed by the Company with such banks and financial institutions are materially in agreement with the books of account of the Company.

(iii) (a) In our opinion and according to the information and explanations given to us, the Company has granted loans or provided advances in the nature of loans or stood guarantee during the year to the following entities. However, the Company has not provided any Security during the year to Subsidiary, Joint Venture, Associates & Others.

(in Rs. Crore)

Particulars	Guarantees	Loans	Advances in nature of Loans
Aggregate amount granted/provided during the year:
- Subsidiary	8,647.41	8.68	-
- Joint Ventures	619.91	-	21.00
- Others	-	773.57	112.38

(in Rs. Crore)

Particulars	Guarantees	Loans	Advances in nature of Loans
Balance outstanding as at balance sheet date in respect of above cases:
- Subsidiary*	9,441.04	8.68	-
- Joint Ventures	591.92	-	21.00
- Others	-	740.49	40.97

*includes impact of forex revaluation at closing rate.

(b) In our opinion and according to the information and explanations given to us, the investments made, the terms and conditions of the grant of all loans, advances in the nature of loans and guarantees provided are prima-facie not prejudicial to the Companys interest.

(c) In our opinion and according to the information and explanations given to us, the schedule of repayment of principal and payment of interest with respect to loans and advances in the nature of loans, has been stipulated and the repayments or receipts are generally regular except in case of the following company:

Name of the Company	Amount ( Rs. In Crore)	Due Date	Date of Payment	Extent of delay	Remarks
Petronet Vadinar Kandla Limited	110.90	18-Mar-2026	Not received	13 days as at 31-March-2026	Yet to be regularised as at reporting date

(d) In our opinion and according to the information and explanations given to us, there are no material amounts which are overdue for more than 90 days.

(e) According to the information and explanations given to us, in respect of the following company, where the loan or advance in the nature of loan granted which have fallen due during the year, have been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties,

Name of the Parties	Relation with Company	Aggregate amount of Loans or advances in the nature of Loans granted to the party during the year	Aggregate overdue amount settled by renewal or extension or by fresh loans granted to same parties (in Rs. Crore)	Percentage of the aggregate to the total loans or advances in the nature of loans granted during the year
Petronet Vadinar Kandla Limited	Associate	Nil	110.90	12.11%

(f) In our opinion and according to the information and explanations given to us, no such cases are found where the Company has granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment.

(iv) In our opinion and according to the information and explanations given to us, the Company is exempted from the provisions of section 186 of the Act (except section 186(1) of the Act) as it is engaged in the business of providing infrastructure facilities as provided under Schedule-VI of the Act. The Company has complied with the provisions of Section 185 and 186 (1) of the Act, wherever applicable.

(v) In our opinion and according to the information and explanations given to us, during the year, the Company has not accepted deposits from the public in terms of the provisions of sections 73 to 76 of the Act read with the Companies (Acceptance of Deposits) Rules,2014, as amended and other relevant provisions of the Act or under the directives issued by the Reserve Bank of India and no deposits are outstanding at the year-end except old cases under dispute aggregating to H 0.01 Crore, where we are informed that the Company has complied with necessary directions. According to information and explanation provided to us no order has been passed by the company law board or National Company law Tribunal or Reserve Bank of India or any Court or any other tribunal.

(vi) We have broadly reviewed the accounts and records maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (1) of Section 148 of the Act, read with Companies (Cost Records & Audit) Rules, 2014, as amended and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not, however, made detailed examination of the records with a view to determining whether they are accurate and complete.

(vii) (a) According to the information and explanations given to us, the Company has generally been regular in depositing with appropriate authorities undisputed statutory dues, including provident fund, employees state insurance, income-tax, value added tax, goods and services tax, excise duty, cess and other statutory dues applicable to it. Further, no undisputed amounts payable in respect of provident fund, employees state insurance, income tax, value added tax, goods and services tax, cess and any other statutory dues were in arrears, as at March 31, 2026, for a period of more than six months from the date they become payable.

(b) The disputed statutory dues that have not been deposited on account of matters pending before appropriate authorities are annexed in Appendix B to this report.

(viii) According to the information and explanations given to us, there are no transactions which were not recorded in the books of account and have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

(ix) (a) According to the information and explanations given to us, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) According to the information and explanations given to us, the Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

(c) According to the information and explanations given to us, the Company has applied for the term loans for the purpose for which loans were obtained.

(d) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at year end i.e., March 31, 2026, we report that funds raised on short-term basis to the extent of Rs. 46,776.38 Crore have been used for long-term purposes. However, during the year funds raised on short-term basis have not been used for long-term purposes.

(e) According to the information and explanations given to us, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates, or joint ventures.

(f) According to the information and explanations given to us, the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures, or associate companies.

(x) (a) According to the information and explanations given to us, the Company has not raised money by way of initial public offer or further public offer (including debt instruments) during the year.

(b) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares, convertible debentures (fully, partially or optionally) during the year and therefore provisions of Section 42 and 62 of the Act are not applicable to the Company.

(xi) (a) According to the information and explanations given to us, no fraud by the Company and on the Company has been noticed or reported during the year, except the following:

Sl. No.	No. of instances	Amount Involved till March 31, 2026
Nature of Fraud		( Rs. In Crore)
1. Pilferage and Stock discrepancies booked by Employees	3	2.97
2. Procurement Fraud and Asset Misappropriation by Employees	4	8.32

(b) During the year, Form ADT- 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 had been filed with Central Government in respect of 5 fraud cases reported under clause (xi)(a) for the year ended March 31, 2025. Further, we are in the process of complying with the provisions of section 143(12) of the Act with respect to the fraud reported under sub-clause (a) above.

(c) According to the information and explanations given to us, no whistle blower complaints were received by the Company during the year.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company and therefore, the reporting under Clause 3 (xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given by the management, all transactions during the year with the related parties are in compliance with section 177 and 188 of the Act, where applicable and the details have been disclosed in the standalone financial statements, as required by the applicable Indian accounting standards.

(xiv) (a) In our opinion and based on our examination, the Company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the Company issued till date, for the period under audit.

(xv) According to the information and explanations given to us, in our opinion during the year the company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence the reporting requirements under clause 3 (xv) of the Order is not applicable to the Company.

(xvi) According to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the reporting under Clause 3(xvi)(a), 3(xvi)(b), 3(xvi)(c) is not applicable. Further in respect of reporting requirements under sub-clause (d), we report that there is no Core Investment Company in the Group.

(xvii) In our opinion and according to the information and explanations given to us, the Company has not incurred cash losses in the financial year 2025-26 and in the immediately preceding financial year 2024-25.

(xviii) There has been no resignation of the statutory auditors during the year and accordingly clause 3(xviii) is not applicable.

(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the 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) In our opinion and according to the information and explanations given to us, in respect to other than ongoing projects, there are no unspent amounts that are required to be transferred to the Funds specified in Schedule VII to the Companies Act, 2013 within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the Act. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable for the year.

(b) In our opinion and according to the information and explanations given to us, with respect to ongoing projects, there are no unspent amounts that are required to be transferred to a special account, within a period of thirty days from the end of the financial year in compliance with section 135(6) of the Act.

Reporting as per Companies (Auditors Report) Order 2020 Immovable Property not held in the name of the Company

Appendix – A

Sl. No.	Description of the property	Gross Carrying Value ( J Crore)	Held in name of	Whether promoter, director or their relative or employee	Period held- indicate range, where appropriate	Reason for not being held in name of company
1	Freehold
A	Freehold Land
	CTMPL \u2013 RCP Station Land at Reddimangudii*	0.00	Nalluswamy Ramar	No	30-05-2005	Purchase price of the private- government land parcel has not been fixed by State Government.
	Freehold Land	0.02	RAMAVATHI/ LEGAL HEIRS	No	20-03-1995	Title Appeal has been filed before Jharkhand High Court. Approval for the same is under process.
	Freehold Land*	0.00	RAMAVATHI/ LEGAL HEIRS	No	28-04-1995	Title Appeal has been filed before Jharkhand High Court. Approval for the same is under process.
	Freehold Land*	0.00	Not available	No	01-01-1959	Title Deed is not available or found. Re-generation of title deed is in process for making an application to Sub registrar.
	Land	0.10	Bharat Petroleum Corporation Limited (BPCL)	No	01-10-1990	The land has been registered in the name of BPCL. BPCL has demarcated 77,540.00 Sqm of land in the name of IOCL.
	Freehold Land	0.52	Kerala state Government (GCDA)	No	31-03-2003	Following up with Govt. Secretary and GCDA for registration.
	Freehold Land	5.77	Indian Railways	No	31-03-1994	The said land had been exchanged with railways for construction of railway siding and the same had not been registered. However a person had disputed the title in the court claiming that they have registered documents to portion of the land (400 Sq.Yards) . Pending the decision of the Railways and the legal case, IOC is unable to go ahead with the registration of land.
	Freehold Land*	0.00	Burmah Oil Company Limited	No	31-03-2022	Mutation is pending.
	Freehold Land	0.46	Central Government	No	1994	The title is in the name of Central Government (with possession in the name of IndianOil). The matter is being taken up with the Teshildar & DC, Panipat for correction in the mutation.
	Freehold Land	0.06	APIIC	No	18-01-1997	4 plots in Industrial park Kakinada were allotted to IOCL for setting up of LPG Godown and Showroom. However, after few years, APIIC intimated the cancellation of 3 plot allotments due to non utilisation of the plots along with refund. IOCL is taking up the issue with APIIC for withdrawal of cancellation order.
						Further during the year, APIIC issued modified order for cancellation of 2 plots.
	Freehold Land	0.16	Government of Assam	No	1962	Land measuring 60.50 Acre not registered in the name of IOCL, GR for which follow up is being made with the government
	Land Freehold	0.20	Government of Bihar	No	1959	Govt. of Bihar instituted a certificate case against Barauni Refinery for realisation of the additional cost of Registration charges towards stamp and registration fee for the conveyance deed executed by Govt. of Bihar in favour of BR. The matter related to the claim of District Authorities, for additional cost of Registration charges, is pending with the Honble High Court, Patna.
	Land-Freehold Land	0.40 1.14	GIDC & Others Oil India Limited	No No	1962 27-05-2024	Transfer execution pending Transfer of land in name of IOCL is under process.
	Chittoor Colony Land	0.24	T.V.Subramanyam Reddy (Late)	No	12-03-2012	As per Court order Ref O.S. NO 18 of 2017 dated 30.12.2024, IOCL (plaintiff) does not have the right and title of the Land. The Court order is in favour of the defendant.
	Freehold Land	0.82	Not Available	No	21-05-2014	IOCL has remitted an amount of H14,78,830/ - through DD No. 865016 dated 16.05.2014, drawn in favor of the RDO C LAO, payable at Chittoor towards deposit for alienation of 2.56 acres of Government land as advised by RDO, Chittoor vide his letter No. ROC G/5854/2012 dated 21.10.2013. On continuous follow up with District authorities, Collector has directed to Tahsildar for handing over the land to IOCL on 04.02.2025. Subsequently Advance possession certificate received and chain link fencing provided for the additional land of 2.56 acres.
						Now, Permanent alienation is pending from the Government Authorities with the condition that \u201cIOCL shall pay the land value as fixed by the Govt, duly deducting the amount already deposited by them\u201d.
	Freehold Land	1.15	Ministry of Defence	No	01-08-1990	The Draft MOU has been mutually agreed upon.
						The Ministry of Defense, Head office, will provide confirmation by 30.05.2025. Following such confirmation, the Title Deed shall be executed.
	Freehold Land	0.02	Railways	No	31-12-2012	The subject Asset was acquired through Railways C Tirunelvelli depot was constructed in 1981.The discussion for title deed with Railways is ongoing.
	Land Freehold/ Punpun,Patna- BP Repl*	0.00	Detail not available	No	31-07-2002	Old lands, details not available with location.
	Land Freehold/ Barauni, BP Repl*	0.00	Detail not available	No	31-07-2002	Old lands, details not available with location.
	Land Freehold/ Gazipur*	0.00	Detail not available	No	28-02-1990	Old lands, details not available with location.
	Land Freehold/ Allahabad*	0.00	Detail not available	No	30-09-1987	Old lands, details not available with location.
	Land Freehold/ Fathepur*	0.00	Detail not available	No	31-01-1985	Old lands, details not available with location.
	Land Freehold/ Samhan*	0.00	Detail not available	No	31-03-1983	Old lands, details not available with location.
	Land Freehold/ Gulamipur*	0.00	Detail not available	No	31-03-1980	Old lands, details not available with location.
	Land Freehold/ Birpur*	0.00	Detail not available	No	31-03-1980	Old lands, details not available with location.
	Land Freehold/ Dildarnagar*	0.00	Detail not available	No	31-03-1980	Old lands, details not available with location.
	Land Freehold/ Bindyachal*	0.00	Detail not available	No	31-03-1980	Old lands, details not available with location.
	Land Freehold/ Sirathu*	0.00	Detail not available	No	31-03-1976	Old lands, details not available with location.
	Total	11.06
	Freehold Building	15.86	Govt. of West Bengal	No	26-07-1989	Copy of Handing over, taking over note C duly executed agreement is available. The executed deed was not registered after taking over the building. Mutation of this plot of Land & Building is not available.
	Freehold Building	0.01	M/s Bonny Enterprise	No	01-04-1984	No one from Bonny Enterprise is traceable. Probably Bonny enterprise is closed.
	Freehold	0.04	M/s Bonny	No	16-05-1983	Therefore, Title Deed cannot be executed.
	Building Freehold Building (3 cases)	0.05	Enterprise M/s Bonny Enterprise	No	29-04-1985	We are paying the Municipal Tax regularly and are also in possession of Flats since inception.
	Freehold	0.06	Mukund	No	29-02-1984	Matter under Litigation for execution of sale deed
	Building		Constructions
	Total	16.02
2	ROU assets
A	Leasehold Land
	ROU - Leasehold Land	0.08	Tata Iron and Steel Company Limited (TISCO)	No	14-11-1996	The Land has been awarded to TISCO during British Govt. Embargo from State Govt. over Subleasing to IOCL.
	ROU - Leasehold Land	0.01	Tata Iron and Steel Company Limited (TISCO)	No	14-12-1996	The Land has been awarded to TISCO during British Govt. Embargo from State Govt. over Subleasing to IOCL.
	ROU - Leasehold Land	0.05	Tata Iron and Steel Company Limited (TISCO)	No	19-11-1996	The Land has been awarded to TISCO during British Govt. Embargo from State Govt. over Subleasing to IOCL.
	ROU - Leasehold Land (16 cases)	65.62	Indian Air Force	No	29-08-2011	AFS Umbrela Agreement/MOU, but no individual Agreement
	ROU - Leasehold Land	22.67	Tuticorin Port Trust	No	31-07-1998	The lease agreement not yet signed due to dispute with Tuticorin Port Trust on incorporation of MGT clause.
	ROU - Leasehold Land	0.80	SAIL	No	10-02-2016	Lease renewal SD and premium has been paid and renewal is under process
	Land \u2013 Leasehold	18.45	Government of Uttar Pradesh	No	1977	Approval for lease deed & execution is pending at the level of Department of Industries, UP Govt., Lucknow.
	Land of Calico Mill, Baroda	31.99	Gujarat Industrial Development Corporation	No	2006	Case is pending in High Court
	Land-Leasehold	33.74	Government of Orissa	No	2010	Transfer of land in name of IOCL is under process
	ROU - Leasehold Land	0.32	Tuticorin Port Trust	No	31-07-1998	The lease agreement not yet signed due to dispute with Tuticorin Port Trust on incorporation of MGT clause
	ROU - Leasehold Land ROU - Leasehold Land	514.59 2.03	M/s.JNPT M/s.V.O. Chidambaranar Port Authority	No No	27-02-2025 01-04-2025	Title deed is not executed Lease agreement is yet to be executed with VOC Chidambranar Port trust for land taken for RO named ST Antony\u2019s agency, Madurai DO. ROU asset created based on allotment letter.
	ROU - Leasehold Land	0.83	M/s.NHAI	No	15-06-2024	Land lease agreement is yet to be executed on receipt of clearance order from state Govt .
	ROU - Leasehold Land	0.51	BPCL	No	22-12-2022	CUF Meeramundali is Common user facility for use by IOC, BPC and HPC.
	ROU - Leasehold Land*	0.00	BPCL	No	25-03-2021	Land was purchased by BPCL as per agreement the land is to be registered for all three companies.
	ROU - Leasehold Land	0.03	BPCL	No	25-03-2021	Sub lease in favour of IOCL is yet to be executed.
	ROU - Leasehold Land	0.03	BPCL	No	18-01-2021
	ROU - Leasehold Land	0.04	BPCL	No	18-01-2021
	ROU - Leasehold Land	0.09	BPCL	No	01-02-2021
	ROU - Leasehold Land	165.64	Paradeep Port Trust	No	01-01-2025	Lease deed execution is under progress.
	ROU - Leasehold Land	3.83	Paradeep Port Trust	No	01-01-2025	Lease deed execution is under progress.
	ROU - Leasehold Land	2.58	Paradeep Port Trust	No	01-01-2025	Lease deed execution is under progress.
	ROU - Leasehold Land	73.33	Paradeep Port Trust	No	01-06-2025	Lease deed execution is under progress.
	Total	937.26
3	Investment Property	-
4	Non-Current	-
	Assets held for sale
	Grand Total	964.34

*Following values are not reflected above due to rounding off:

Particulars	Held in name of	Gross Carrying value (in J )
CTMPL-RCP station Land at Reddimangudii	Nalluswamy Ramar	30,000
Freehold Land	Ramavathi/ Legal heirs	25,540
Freehold Land	Not Available	24,416
Freehold Land	Burmah Oil Company Limited	1
Land Freehold/Punpun,Patna-Bp Repl	Not available	1,792
Land Freehold/Barauni, BP Repl	Not available	1,010
Land Freehold/Gazipur	Not available	5,113
Land Freehold/Allahabad	Not available	4,049
Land Freehold/Fathepur	Not available	2,418
Land Freehold/Samhan	Not available	25
Land Freehold/Gulamipur	Not available	1,264
Land Freehold/Birpur	Not available	1,184
Land Freehold/Dildarnagar	Not available	1,116
Land Freehold/Bindyachal	Not available	323
Land Freehold/Sirathu	Not available	745
ROU-Leasehold Land	BPCL	17,057

Disputed Statutory Dues

Appendix – B

Sl. No. Name of the Statute	Nature of Dues	Forum Where Dispute is pending	Gross Amount ( Rs. Crore)	Amount Paid under Protest ( Rs. Crore)	Amount (net of deposits) ( Rs. Crore)	Period to which the Amount relates (Financial Years)
1 CENTRAL EXCISE ACT, 1944	CENTRAL EXCISE	Supreme Court	120.19	10.00	110.19	1987 to 2007
		High Court	517.28	1.19	516.09	1987 to 2017
		Tribunal	4,391.80	7.04	4,384.76	1987 to 2023
		Revisionary Authority	-	-	-	-
		Appellate Authority (Below Tribunal)	0.42	-	0.42	1996 to 2023
		Total	5,029.69	18.23	5,011.46
2 CUSTOMS ACT, 1962	CUSTOMS DUTY	Supreme Court	17.22	4.05	13.17	1998 to 2002
		High Court	20.84	-	20.84	2002 to 2016
		Tribunal	83.82	1.29	82.53	2008 to 2013
		Revisionary Authority	-	-	-	-
		Appellate Authority (Below Tribunal)	5.06	-	5.06	1998 to 2012
		Total	126.94	5.34	121.60
3 SALES TAX/ VAT LEGISLATIONS	SALES TAX/ VAT/ TURNOVER TAX	Supreme Court	1,388.80	353.86	1,034.94	1986 to 2026
		High Court	1,229.28	23.92	1,205.36	1989 to 2024
		Tribunal	3,290.20	75.36	3,214.84	1984 to 2021
		Revisionary Authority	176.93	-	176.93	1979 to 2018
		Appellate Authority (Below Tribunal)	243.07	21.00	222.07	1995 to 2021
		Total	6,328.28	474.14	5,854.14
4 INCOME TAX ACT, 1961	INCOME TAX	Supreme Court	-	-	-	-
		High Court	1,985.63	1.39	1,984.24	2010 to 2011
		Tribunal	5,186.39	538.11	4,648.28	2011 to 2018
		Revisionary Authority	-	-	-	-
		Appellate Authority (Below Tribunal)	1,516.20	361.04	1,155.16	2007 to 2023
		Total	8,688.22	900.54	7,787.68
5 FINANCE ACT, 1994	SERVICE TAX	Supreme Court	-	-	-	-
		High Court	1.80	-	1.80	2003 to 2012
		Tribunal	312.60	0.38	312.22	2006 to 2017
		Revisionary Authority	-	-	-	-
		Appellate Authority (Below Tribunal)	4.17	0.10	4.07	2012 to 2017
		Total	318.57	0.48	318.09
6 STATE LEGISLATIONS	ENTRY TAX	Supreme Court	12.53	-	12.53	1991 to 2002
		High Court	5,633.85	54.15	5,579.70	1999 to 2015
		Tribunal	14.07	-	14.07	2012 to 2014
		Revisionary Authority	1.44	0.20	1.24	1999 to 2013
		Appellate Authority (Below Tribunal)	1.81	0.89	0.92	1998 to 2005
		Total	5,663.70	55.24	5,608.46
7 The IGST Act, 2017	GST	Supreme Court	71.47	-	71.47	2018 to 2019
		High Court	260.93	0.58	260.35	2017 to 2022
		Tribunal	34.55	1.35	33.20	2017 to 2023
		Revisionary Authority	-	-	-	-
		Appellate Authority (Below Tribunal)	261.42	11.23	250.19	2017 to 2024
		Total	628.37	13.16	615.21
8 OTHER CENTRAL/ STATE LEGISLATIONS	OTHERS COMMERCIAL TAX etc.	Supreme Court	13.82	0.35	13.47	2008 to 2011
		High Court	68.44	1.14	67.30	2001 to 2021
		Tribunal	-	-	-	-
		Revisionary Authority	6.68	-	6.68	2023 to 2024
		Appellate Authority (Below Tribunal)	119.32	0.06	119.26	1991 to 2026
		Total	208.26	1.55	206.71
		GRAND TOTAL	26,992.03	1,468.68	25,523.35

Note: Dues include penalty and interest, wherever applicable.

Annexure B to the Independent Auditors Report

(Referred to in Paragraph 2 under Other legal and regulatory requirements of our report of even date)

Annexure referred to in Independent Auditors Report to the members of IndianOil Corporation Limited on the standalone financial statements for the year ended March 31, 2026

1. Assess the fair valuation of all the investments, both quoted and unquoted, made directly by the Company or through Trusts, for Post retirement benefits of the employees. This includes verifying valuation methodologies, ensuring consistency with Ind AS and reviewing supporting documentation. The auditor shall provide a brief note on the valuation approach, its reasonability, and compliance with applicable regulations, reporting any material deviations or misstatements.

Our Reply:

We have assessed the fair valuation of investments, both quoted and unquoted, made through Trusts established for post-retirement employee benefits (no such investments being directly made by the Company). Fixed income securities such as GOI Securities, SDLs and corporate bonds have been valued using discounted cash flow methodology based on applicable market yield curves and duration-based yields. Mutual Funds and ETFs have been valued based on NAV declared by AMFI, whereas Investment Trusts have been valued based on the last traded market price as on the valuation date. Deposits and LIC policies have been considered at their carrying/book value as a reasonable approximation of fair value. Based on our examination, the valuation methodologies applied are generally consistent with the requirements of the applicable accounting framework and are considered reasonable. No material deviations or misstatements were observed in respect of the valuation of the aforesaid investments during the course of our audit.

2. Whether the Company has a system in place to process all accounting transactions through an IT system? If yes, whether review of this system and controls significant to the Companys financial reporting process as well as cyber security has been done by Information Security Auditing Organisations empanelled by Cert-In at a minimum frequency of once in a year and material discrepancies found, if any, have been suitably reported. The implications of processing accounting transactions outside the IT system on the integrity of accounts along with the financial implications may also be reported.

Our Reply:

The Company has an established system whereby all accounting transactions are recorded in the SAP ERP system either directly or through SAP-integrated IT systems. However, certain computations such as closing stock valuation, provision for taxation, expected credit loss assessment and similar year-end accounting estimates are carried out outside the SAP environment due to the complexity of such computations, involvement of significant external inputs and the need for extensive validation and review prior to accounting. These computations are primarily performed during the process of closing of books of accounts. We observed that the complete financial impact of such computations is thereafter recorded in SAP through a defined maker-checker control mechanism and that the financial statements are generated from the SAP system. Further, no material accounting transactions processed outside the IT system, which could have an adverse impact on the integrity of accounts or financial statements, were observed.

Based on the information and explanations provided by the Management, the review of IT systems, application controls, general IT controls and cyber security framework significant to the Companys financial reporting process has been carried out by Information Security Auditing Organisations empanelled with CERT-In at the prescribed periodicity of at least once in a year. The reports issued by such agencies and the corrective actions taken by the Management on the observations, wherever applicable, have also been reviewed. However, no material discrepancies were reported.

3. Whether funds (grants/ subsidy etc.) received/ receivable for specific schemes from Central/State Government or its agencies were properly accounted for as per the applicable accounting standards or norms and whether the received funds were utilised 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.

Our Reply:

Based on the audit procedures performed by us and according to the information and explanations provided by the Management, the Company has properly accounted for funds (grants / subsidy etc.) received/ receivable for specific schemes from Central/ State Government or its agencies, as the case may be, as per the applicable accounting standards or norms. The received funds were utilised as per its terms and conditions. Further, accounting of interest earned on grants received has been done as per terms and conditions of the grant.

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 practices? Our Reply:

Based on the audit procedures performed by us and according to the information and explanations provided by the Management, the Company has identified key risk areas relevant to its operations and also formulated a Risk Management Policy approved by the Board.

As informed by management, the policy has not been specifically benchmarked against any global framework, however based on our review of the policy framework, related documents and discussions with the Management, the Risk Management Policy appears to have been formulated broadly considering globally accepted risk management principles and practices. The policy also provides for periodic monitoring and review of identified risks and mitigation measures.

(b) whether the Company has identified its data assets and whether it has been valued appropriately? Our Reply:

BasedontheauditproceduresperformedbyusandaccordingtotheinformationandexplanationsprovidedbytheManagement, the Company has not separately identified or recognised any data assets requiring valuation in the financial statements.

5. Whether the Company is complying with the Securities and Exchange Board of India (SEBI) (Listing Obligation and Disclosure Requirements) 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.

Our Reply:

Based on the audit procedures performed by us and according to the information and explanations provided by the Management, in respect of the year under audit, the Company is generally complying with the applicable provisions of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable rules and regulations issued by regulatory authorities including Department of Investment and Public Asset Management (DIPAM), 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 to the Company.

Our review included examination of compliance reports, filings, returns, disclosures, policies and representations made available to us by the Management on a test-check basis. Based on such review, no material non-compliance or deviations requiring reporting under this clause were observed during the course of our audit, except as stated below:

a) the Company did not have the minimum number of Independent Directors including one Woman Independent Director, Non Executive Director required in terms of the provisions contained in the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, throughout the reporting financial year in respect of the composition of its Board of Directors.

b) Further, due to non-availability of any Independent Director w.e.f. 28.03.26, the Audit Committee, the Nomination & Remuneration Committee & the CSR Committee were discontinued and has not reconstituted till the date of reporting

Annexure C to the Independent Auditors Report

Annexure referred to in Independent Auditors report of even date to the members of IndianOil Corporation Limited on the Standalone Financial Statements for the year ended March 31, 2026

Report on the Internal Financial Controls with reference to the Standalone Financial Statements 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 IndianOil Corporation Limited (the Company) for the year ended on 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 with reference to Standalone Financial Statements 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to 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, issued by ICAI and prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls with reference to Standalone Financial Statement and both issued by the Institute of Chartered Accountants of India. 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 Standalone Financial Statements were 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 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 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 Standalone 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 Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to 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 Standalone Financial Statements for external purposes in accordance with the 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 Standalone 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 Standalone 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, to the best of our information and according to the explanation given to us, the Company has, in all material respects, adequate internal financial controls with reference to Standalone Financial Statements in place and such internal financial controls with reference to Standalone Financial Statements were operating effectively as at March 31, 2026 based on the internal financial control with reference to Standalone Financial Statements 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 ICAI.

Revised Independent Auditors Report

To

The Members of Indian Oil Corporation Limited

Revision in Independent Auditors Report dated May 18, 2026, on Standalone Financial Statements of Indian Oil Corporation Limited for the year ended on March 31, 2026

Indian Oil Corporation Limited (the Company), being a Government Company, the Comptroller & Auditor General of India (C&AG) had carried out supplementary audit of the Company pursuant to provisions of Section 143 (6) of the Companies Act, 2013.

Upon Supplementary audit, the C&AG has issued comments under section 143(6)(b) of the Companies Act, 2013 on our Report as Statutory Auditors of the Company with respect to Para (i)(a)(A) and Para (iii)(C) of Annexure A to our Audit report dated May 18, 2026.

Pursuant to the comments made by C&AG, we hereby make consequent revision in our audit report dated May 18, 2026 at Para (i)(a)(A) and Para (iii)(C) of Annexure A to the aforesaid audit report on Standalone Financial Statements of the Company and making necessary changes in the said clause.

The revised Para (i)(a)(A) and Para (iii)(C) of Annexure A to our audit report dated May 18, 2026, on standalone financial statements of the Company, should now be read as under:-

(i) (a) (A) The Company has generally maintained proper records showing full particulars including quantitative details and situation of Property, Plant and Equipment including Right of Use assets and Non-Current Assets Held for Sale.

(iii) (c) In our opinion and according to the information and explanations given to us, the schedule of repayment of principal and payment of interest with respect to loans and advances in the nature of loans, has been stipulated and the repayments or receipts are generally regular except in case of the following company:

Name of the Company	Amount ( Rs. In Crore)**	Due Date	Date of Payment	Extent of delay	Remarks
Petronet Vadinar Kandla Limited	110.90	18-Mar-2026	Not received	13 days as at 31-March-2026	Yet to be regularised as at reporting date

** Further as per loan agreement, Total Outstanding is H 164.49 crore (including interest) as on 31 st March 2026.

Except for the above, there is no change in our audit report and audit opinion on standalone financial statements of the Company for the year ended March 31,2026

For KHANDELWAL JAIN & CO	For K G SOMANI & CO LLP	For M K P S & ASSOCIATES LLP	For KOMANDOOR & CO LLP
Chartered Accountants	Chartered Accountants	Chartered Accountants	Chartered Accountants
Firm Regn. No.	Firm Regn. No.	Firm Regn. No.	Firm Regn. No.
105049W	006591N/N500377	302014E/W101061	001420S/S200034

Sd/-	Sd/-	Sd/-	Sd/-
(Naveen Jain)	(Amber Jaiswal)	(Sanjay Jain)	(Mangal Singh)
Partner	Partner	Partner	Partner
M. No. 511596	M. No. 550715	M. No. 086784	M. No. 547176
UDIN: 26511596REBERZ6203	UDIN: 26550715TUEFYW2106	UDIN: 26086784KSSIVJ1531	UDIN: 26547176BXUUOG5542

Place: Mumbai	Place: New Delhi	Place: New Delhi	Place: New Delhi
Date: 17-07-2026	Date: 17-07-2026	Date: 17-07-2026	Date: 17-07-2026