Monitoring Agency Report

October 22, 2026 BSE Ltd. National Stock Exchange of India Ltd. Listing Department, Exchange Plaza, P. J. Towers, Dalal Street, Bandra-Kurla Complex, Mumbai – 400 001. Bandra (E), Mumbai – 400 051. (Scrip Code: Equity - 544484), (Symbol: BLUESTONE, Series EQ) Dear Sirs/ Madam, Sub: Monitoring Agency Report on the utilisation of proceeds raised through issuance of equity shares by way of Public Issue of the Company Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulations 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) please find enclosed the Monitoring Agency Report issued by CARE Ratings Limited (Monitoring Agency), appointed by the Company for monitoring the utilization of funds raised through Public Issue of equity shares of the Company for the quarter ended September 30, 2026 You are requested to take the above information on record. Thanking you, Yours faithfully, For BlueStone Jewellery and Lifestyle Limited (Formerly known as BlueStone Jewellery and Lifestyle Private Limited) Mandar Godbole Company Secretary and Compliance Officer ACS: 30240 Encl: As above BlueStone Jewellery and Lifestyle Limited [Formerly Known as BlueStone Jewellery and Lifestyle Private Limited] Reg. off : Site No. 89/2 Lava Kusha Arcade, Munnekolal Village, Outer Ring Road, Marathahalli, Bangalore - 560037 statutorycompliance@bluestone.com www.bluestone.com CIN: L72900KA2011PLC059678 Corporate off: 302, Dhantak Plaza, Makwana Road, Marol, Andheri East, Mumbai - 400 059, Maharashtra. Contact No: 080 4514 6904 Monitoring Agency Report No. CARE/HO/GEN/2026-27/1178 The Board of Directors Bluestone Jewellery and Lifestyle Limited Site No. 89/2 Lava Kusha Arcade, Munnekolal Village, Outer Ring Road, Marathahalli, Bangalore, Karnataka, India – 560037. October 22, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the initial public offer (IPO) of Bluestone Jewellery and Lifestyle Limited (“the Company”) We write in our capacity of Monitoring Agency for the initial public offer (IPO) for the amount aggregating to Rs. 820.00 crore of the Company and refer to our duties cast under Regulation 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 04, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Raunak Modi Assistant Director raunak.modi@careedge.in Report of the Monitoring Agency Name of the issuer: Bluestone Jewellery and Lifestyle Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (b) Range of Deviation: Not Applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The Monitoring Agency (MA) does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name and designation of the Authorized Signatory: Raunak Modi Designation of Authorized person/Signing Authority: Assistant Director 1) Issuer Details: Name of the issuer : Bluestone Jewellery and Lifestyle Limited Name of the promoter/promoter group : Gaurav Singh Kushwaha, Arpita Tomar, Shivraj Singh Kushwaha, Prabha Kushwaha, Prashant Singh Kushwaha, Nivaan Singh Kushwaha, Kanya Singh Kushwaha, Arvind Pratap Singh Tomar, Mina Tomar, Anurag Tomar, Archana Tomar Industry/sector to which it belongs : Consumer Durables – Gems, Jewellery and Watches 2) Issue Details Issue Period : August 11, 2025 to August 13, 2025 Type of issue (public/rights) : Public Issue (IPO) Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 820.00 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Particulars Reply considered by Monitoring Agency for Comments of the Monitoring Agency Board of Directors preparation of report All proceeds utilized in Q2 FY27 are towards the objects specified in the offer document. The company’s Board of Directors, vide resolution dated April 23, 2026, approved the reallocation of surplus of issue expenses to the extent of ₹26.53 crore for utilization towards general corporate purposes. The above resolution further authorized the Red-Herring Prospectus, CA MD and CFO to severally authorize specific utilization of Whether all utilization is as per the disclosures in Certificate*, Management No proceeds. No comments the Offer Document? Declaration, Board Resolution dated April 23, 2026 The offer document stipulates the timeline for deployment of net proceeds as March 31, 2026. However, IPO proceeds of Rs. 16.57 crore remain unutilized as on September 30, 2026. The board has, vide resolution dated April 23, 2026, approved the extension of timeline for utilisation of balance net proceeds till March 31, 2027 which is in line with prospectus. (Refer point iv for further details) Source of information / certifications Comments of the Particulars Reply considered by Monitoring Agency for Comments of the Monitoring Agency Board of Directors preparation of report The company has transferred unutilized issue proceeds to other bank accounts for onward utilization of proceeds. Such other accounts contain multiple other debits and credits resulting in comingling of funds. The MA has verified the utilization of funds through bank statements and supporting documents. Whether shareholder approval has been Not Red-Herring Prospectus, CA obtained in case of material deviations# from Nil No comments applicable Certificate*, Management Declaration expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed Red-Herring Prospectus, CA No Nil No comments objects of the issue have changed? Certificate*, [Showing first 8,000 characters — download PDF for full document]