HLV Limited Audited Results for FY 2025-26

HLV LIMITED — Quarter and year ended 31st March 2026

Z. ZW
HLV LIMITED
May 12, 2026

The Department of Corporate Services The Listing Department
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers, Exchange-Plaza, 5th Floor,
Dalal Street, Plot No .C/1,G block,
Mumbai — 400 001 Bandra Kurla Complex,
Bandra (E)
Mumbai — 400 051
Stock Code: 500193 Stock Code: HLVLTD

Dear Sir,
Sub: Outcome of the Board Meeting held on May 12, 2026

With reference to the captioned subject, we would like to inform you that the Board of Directors
in its meeting held on May 12, 2026 have, inter alia, approved the following items:
1. Audited Financial Results for the fourth quarter and year ended March 31, 2026
alongwith the Statutory Auditors Audit Report for the Audited Financial
Statement of the Company for the quarter and financial year ended March 31, 2026 with unmodified opinion.

We enclose herewith Audited Financial Results for the fourth quarter and year ended
March 31, 2026 along with Statement of Assets and Liabilities, Cash Flow Statement
of the Company for the year ended March 31, 2026 and Auditors Reports with
unmodified opinion submitted by Statutory Auditors of the Company M/s. N. S. Shetty
& Co., Chartered Accountants on the Financial Results, pursuant to Regulations 30 and
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The extract of the financial results along with the QR Code is also being published in
the newspapers.

We also enclose herewith a Declaration on Auditors’ Report with unmodified opinion
under Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 with respect to Audited Financial Results for the
quarter and year ended March 31, 2026.

Appointment of M/s. Murali & Venkat, Chartered Accountants, as Internal
Auditor for Financial Year 2026-27:
Based on the recommendation of Audit Committee, the Board of Directors have
appointed M/s. Murali & Venkat, Chartered Accountants, as Internal Auditor of the
Company for the F Y 2026-27. The detailed disclosure under Regulation 30 of SEBI

Regd. Office: The Leela Mumbai, Sahar, Mumbai 400 059 India. CIN L55101MH1981PLC024097
Phone: (91-22) 6691 1234; Fax: (91-22) 6691 1212 Website: www.hlvitd.com; Email: info@hlvltd.com

Zh
HLV LIMITED

(Listing Obligations and Disclosure Requirements) Regulations 2015 and SEBI Master
Circular dated 11 November, 2024 is provided below:

Reason for change viz. appointment,
re-appointment, resignation,
removal, death or otherwise;
Re-Appointment

Date of appointment/re-
appointment/cessation (as
applicable) & term of
appointment/re-appointment;
May 12, 2026
For F Y: 2026-27

Brief profile (in case’ of
appointment);
M/s. Murali & Venkat, Chartered
Accountants, Firm Registration No.
0021628 is a partnership firm registered
with the Institute of Chartered Accountant
of India (ICAI). The firm having experience
of over 34 years provides wide range of
audit services for both public and private
sector such as statutory audit, internal
audits, special audits services for Banks and
Insurance Companies, Tax Consultancy
Services, etc.

Disclosure of relationships between
directors (in case of appointment of
a director).
Not Applicable

The Board meeting started at 12.00 Noon and concluded at 01: 27 P.M.

Please take the above documents and information on record.

Thanking you,
Yours faithfully,
For HLV Limited
Sucheta Chaturvedi
Company Secretary
Encl: as above

Regd. Office: The Leela Mumbai, Sahar, Mumbai 400 059 India. CIN L55101MH1981PLC024097
Phone: (91-22) 6691 1234; Fax: (91-22) 6691 1212 Website: www.hlvitd.com; Email: info@hlvltd.com

N.S. SHETTY & CO.
CHARTERED ACCOUNTANTS

Phone : 2623 1716, 2623 7669 Fax : 2624 5364 “Arjun” , Plot No. 6A, V.P. Road,
E-mail : nsshetty_co@yahoo.com Andheri (W), Mumbai – 400 058

Independent Auditor’s Report on the Quarterly and Year to Date Audited Financial Results of
HLV Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015

TO THE BOARD OF DIRECTORS OF
HLV Limited

Opinion
We have audited the accompanying financial results of HLV Limited (‘the Company’) for the
quarter and for the year ended 31% March, 2026 (financial results), attached herewith, being
submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and
Exchange Board of India (‘SEBI’) (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended (‘Listing Regulations’).

In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid financial results:
i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations
in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable Indian accounting standards and other accounting principles generally
accepted in India, of the net profit, other comprehensive income and other financial
information of the Company for the quarter and for the year ended 31% March, 2026.

Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (‘SAs’) specified under
section 143(10) of the Companies Act, 2013 (‘the Act’). Our responsibilities under those Standards
are further described in the “Auditor’s Responsibilities for the Audit of the Financial Results”
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
Cate that are relevant to our audit of the financial results under the provisions of the Act andt
made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on the financial results.

Emphasis of Matter
We draw your attention to following Notes in Financial results,
i. Note 6(a) relating to enhancement in lease rent by Airport Authority of India (AAI), unilateral
termination of lease of the Mumbai Hotel, and eviction proceedings initiated by them which the
Company is legally contesting. Disputed amount not provided in the Books for the quarter
ended 31% March, 2026 is Rs. 543 lakhs and cumulatively for the period upto 31%t March, 2026
amounting to Rs. 17,552 lakhs.
ii. Note 6(b) relating to the demands made by AAI relating to lease rent, Minimum Guarantee Fees
as royalty in respect of lease of 11000 sq. mtrs of land in Mumbai, amounting to Rs. 80,705
lakhs upto 31st January, 2019 not provided in the books as the liability is disputed and
contingent in nature as per the legal opinion.
iii. Note 7 relating to preparation of financial results on a ‘going concern basis’ on the assumption
that the company is confident of getting favourable judgements/ orders / settlement in respect
of disputes with AAI referred above, including the renewal of lease and continuing the business.
Our conclusion is not modified in respect of these matters.

Management’s and Board of Directors’ Responsibilities for the Financial Results
These financial results have been prepared on the basis of the financial statements. The
Company’s Management and Board of Directors are responsible for the preparation and
presentation of these financial results that give a true and fair view of the net profit and other
comprehensive income and other financial information in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard prescribed under Section 133 of
the Act read with relevant rules issued thereunder and other accounting principles generally
accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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, beévant to the
preparation and presentation of the financial annual results that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

In preparing the financial results, the Management and the Board of Directors are responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Board of
Directors either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting
process.

Auditor’s Responsibilities for the Audit of the Financial Results
Our objectives are to obtain reasonable assurance about whether the financial results as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with 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 financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
e Identify and assess the risks of material misstatement of the financial results, 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.
e 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.
e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the financial results made by the Management-and. Board
of Directors. qd
e Conclude on the appropriateness of the Management and Board of Directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exist, we are required to draw attention in our auditor’s report to the related disclosures in the
financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
e Evaluate the overall presentation, structure and content of the financial results, including the
disclosures, and whether the financial results 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.

Other Matters
Attention is drawn to the fact that the figures for the last quarter ended 31%t March, 2026 and the
corresponding quarter ended in the previous year as reported in these annual financial results are
the balancing figures between audited figures in respect of full financial year and the published
year to date figures upto the end of third quarter of the current and previous financial year
respectively. Also, the figures up to the end of third quarter for the current year and previous year
had only been reviewed and not subjected to audit.

For N. S. Shetty & Co
Chartered Accountants
FRN: 110101W
42 suet
Rohit Shetty
Partner
Membership No.:135463
Place: Mumbai
Date: 12’* May, 2026
UDIN: 96135463 DUM UGWEu42I

Registered Office: The Leela, Sahar, Mumbai – 400 059

Tel: 022-6691 1234 | Fax: 022-6691 1212 | Email: investor.service@hlvltd.com | Website: www.hlvltd.com
CIN No.: L55101MH1981PLC024097

Audited Financial Results For The Quarter and Year Ended 31st March 2026

Rs. in lakhs

Statement of Assets and Liabilities

Rs. in lakhs

| Particulars | As at 31st March 2026 (Unaudited) | As at 31st