Monitoring Agency Report

Ref: BLACKBUCK/CORP/2026-27/102 October 29, 2026 To To National Stock Exchange of India Ltd., BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Dalal Street Bandra (E), Mumbai – 400 051 Mumbai – 400 001 Scrip Code: 544288, Scrip Symbol: BLACKBUCK, Series – EQ ISIN- INE0UIZ01018 Dear Sir/ Madam, Sub: Monitoring Agency Report for the quarter ended September 30, 2026. Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby submit the Monitoring Agency Report dated October 29, 2026 issued by ICRA Limited, Monitoring Agency, for the quarter ended September 30, 2026, in respect of utilization of proceeds of the Initial Public Offer of the Company. The above information will also be available on the website of the Company i.e. www.blackbuck.com Kindly take the above information on record. Thanking you Yours Sincerely, For BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited) Barun Pandey Company Secretary & Compliance Officer Membership No. A39508 September2026 MONITORING AGENCYREPORT Report of the Monitoring Agency Name of the Issuer:BlackBuckLimited(formerly known as Zinka Logistics SolutionsLimited) For quarter ended: September30, 2026 Name of the Monitoring Agency:ICRA Limited (a) Deviation from the objects of the issue: Nodeviation -the utilization of the issuance proceeds is in line with the objects of the issue. (b) Range of deviation1: 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 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 intendedto 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 creditrelated analyses. We confirm that we do not perceive any conflict of interest in such relationship/ interest while monitoring and reporting the utilization of the issue proceeds by the issuer. 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 repor the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by Signature: Suprio Banerjee Vice President & Co-Group Head Analyst: Sweety Shaw QA: Dhwani Vinchhi 1The range of deviation may be computed by taking weighted average of financial deviation of each object in the ratio of issue proceeds allocated for it. Non-financial deviation may be indicated separately by way of notes. Sensitivity Label : Internal September2026 1. Issuer Details Name of the Issuer:BlackBuck Limited (formerly known as Zinka Logistics Solutions Limited) Name(s) of the promoter: Promoters Rajesh KumarNaidu Yabaji Chanakya Hridaya Ramasubramaniam Balasubramaniam Source: Prospectus Industry/ sector to which it belongs: Transport Services 2. Issue Details Issue Period:Openingdate-November 13, 2024 Closingdate-November 18, 2024 Type of Issue: Initial Public Offer Type of specified securities:Equity shares IPO Grading, if any:No credit rating agency registered with SEBI has been appointed in respect of obtaining grading for the offer. Issue Size (Rs. Crore):1,114.722Crore With OFS portion: 1,114.722Crore; Excluding OFS portion: INR550.00Crore Grossproceeds: INR 550 Crore(IncludingIssue Related Expensesamounting INR 26.672Crore*) Note: Issue Related Expenses are being utilized as a part of General Corporate Purposes. *The gross proceeds from the issue amounted to INR 550.000 crore. As per the prospectus, issue expenses were initially estimated at INR 30.281 crore. Upon completion of the issue and final reconciliation of actual invoices and contractual settlements, the total issue expenses have been determined at INR 26.672crore. Sensitivity Label : Internal September2026 3. Details of the arrangement made to ensure the monitoring of issue proceeds Source of information, Comments of certifications considered Comments of the Monitoring Particulars Reply by the Monitoring Agency Board of Agency for the Directors preparation of report -Prospectus -Peer Reviewed CA Whether all utilization is as per Certificate the disclosures in the Offer Yes -Monitoring and Escrow No deviation observed No Comment Document? bank statement and the bank statement of the proceeds account Whether shareholder approval has been obtained in case of Not As confirmed by the material deviations from No comments No Comment Applicable expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the No As confirmed by the No comments No Comment issue has changed? Is there any major deviation observed over the earlier No deviation observed. No comments No Comment applicable monitoring agency reports? Whether all Government/ statutory approvals related to Not As confirmed by the No comments No Comment the object(s) have been Applicable obtained? Whether all arrangements pertaining to technical Not As confirmed by the No comments No Comment assistance/ collaboration are in Applicable operation? Are there any favorable events improving the viability of these No As confirmed by the No Comment management object(s)? Are there any unfavorable events affecting the viability of No As confirmed by the No Comment management the object(s)? Is there any other relevant information that may materially As confirmed by the No No Comment affect the decision making of the management investors? Sensitivity Label : Internal September2026 4. Details of the object(s) to be monitored (i)Cost of object(s) Source of information, Directors certifications Original cost considered Comments (as per the Revised by the of the Particulars S.N. Item Head offer cost Reason Proposed Monitoring Monitoring of firm document) [Rs. Crore] for cost financing Agency for Agency arrangeme [Rs. Crore] revision option the nts made preparation of report Funding towards 1 sales and marketing Prospectus 200.000 - N.A. N.A. N.A. comments costs Investment in Blackbuck Finserve Private Limited, NBFC subsidiary for 2 financing the Prospectus 140.000 - N.A. N.A. N.A. comments augmentation of its capital base to meet its future capital requirements Funding of expenditure in No 3 Prospectus 75.000 - N.A. N.A. N.A. relation to product comments development General corporate No 4 Prospectus 135.000 - N.A. N.A. N.A. purposes comments Total 550.000 Sensitivity Label : Internal September2026 (ii)Progress in theobject(s) Source of Comments of the Amount utilized information, Amount as [Rs. Crore] certifications proposed Total Comments of Directors considered by in the unutilized the S.N. Item Head* As at the At the the Monitoring offer During amount Monitoring Reasons Proposed beginning end of Agency for the document the [Rs. Crore] Agency for idle course of of the the preparation of [Rs. Crore [Showing first 8,000 characters — download PDF for full document]