Monitoring Agency Report

.,.# BLACKBUCK Ref: BLACKBUCK/CORP/2026-27/59 July 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 June 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 July 29, 2026 issued by ICRA Limited, Monitoring Agency, for the quarter ended June 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 ~ +91 80461 22800 B cs@blockbuck.com blockbuck.com ~ BlackBuck Umlted (Formerly known os Zinko Logistics Solutions Limited) Registered office address: "Essoe Vo,s/mavi-Summit' 1st Floor. No-6/8, 7th Main, 80 Feet Rood, 3rd Block, Koromongolo Industrial Layout, Corporation Ward No. 68, Koromongolo, Benga/uru • 560034, Komotoko, Indio. CIN:L63030KA2015PLC079894 ICRA June 2026 MONITORING AGENCY REPORT Report of the Monitoring Agency Name of the Issuer: BlackBuck Limited {formerly known as Zinka Logistics Solutions Limited) For quarter ended: June 30, 2026 Name of the Monitoring Agency: ICRA Limited (a) Deviation from the objects of the issue: No deviation -the utilization of the issuance proceeds is in line with the objects of the issue. (b) Rangeofdeviation1 : 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 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 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 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: Parul Digitally signed byParul Goyal Goyal Narang Date: 2026.07.29 Na rang 16:44:48 +05'30' Parul Goyal Narang Vice President & Head-Process Excellence Analyst: Sweety Shaw QA: Dhwani Vinchhi 1 The 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 ICRA June 2026 1. Issuer Details Name of the Issuer: BlackBuck Limited (formerly known as Zinka Logistics Solutions Limited) Name(s) of the promoter: Promoters Rajesh Kumar Naidu Yabaji Chanakya Hridaya Ramasubramaniam Balasubramaniam Source: Prospectus Industry/ sector to which it belongs: Transport Services 2. Issue Details Issue Period: Opening date-November 13, 2024 Closing date-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): 1,114.722 Crore With OFS portion: 1,114.722 Crore; E~cluding OFS portion: INR 550.00 Crore Gross proceeds: I NR 550 Crore ( Including Issue Related Expenses amounting I NR 26.684 Crore *) Note: Issue Related Expenses are being urlllzed 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 andf inal reconciliation of actual invoices and contractual settlements, the total issue expenses have been determined at INR 26.684 crore. Sensitivity Label: Internal ICRA June 2026 3. Details of the arrangement made to ensure the monitoring of issue proceeds Source of information, Comments of certifications considered Comments of the Monitoring the Issuer's 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 Issuer's management 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? Issuer's management 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 Issuer's management obtained? Whether all arrangements pertaining to technical Not As confirmed by the No comments No Comment assistance/ collaboration are in Applicable Issuer's management operation? Are there any favorable events As understood from the Issuer's improving the viability of these No As confirmed by the No Comment management object(s)? Issuer's management Are there any unfavorable As understood from the Issuer's events affecting the viability of No As confirmed by the No Comment management the object(s)? Issuer's management Is there any other relevant information that may materially As confirmed by the As understood from the Issuer's No No Comment affect the decision making of the Issuer's management management investors? Sensitivity Label: Internal ICRA June 2026 4. Details of the object(s) to be monitored (i) Cost of object(s) Source of Comments of the Issuer's Board of information, Directors certifications Original cost considered Comments (as per the Revised bythe of the Particulars S.N. Item Head offer cost Reason Proposed Monitoring Monitoring of firm document [Showing first 8,000 characters — download PDF for full document]