Monitoring Agency Report

August 11, 2026 To, To, National Stock Exchange of India Ltd., BSE Limited, Exchange Plaza, C-1 Block G, Bandra Kurla Phiroze Jeejeebhoy Towers, Dalal Street, Complex Bandra [E], Mumbai – 400051 Fort, Mumbai -400 001 NSE Scrip Symbol: BLSE BSE Scrip Code: 544107 Dear Sir/Madam, Sub: Monitoring Agency Report for the Quarter ended June 30, 2026 Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended and relevant provision(s) of SEBI (Issue of Capital and Disclosures Requirement) Regulations 2018 we are enclosing herewith the Monitoring Agency Report, received from Monitoring Agency CRISIL dated August 11, 2026 for the first quarter ended June 30, 2026 with respect to the utilization of proceeds from Initial Public Offer of the Company. You are requested to take the same on record. For BLS E-Services Limited Neha Baid Company Secretary and Compliance Officer ICSI Membership No. A-33753 Encl: as above Monitoring Agency Report BLS E-Services Limited for the quarter ended June 30, 2026 CRL/MAR/BSESL/2026-27/1978 August 11, 2026 BLS E-Services Limited G-4B-1, Extension, Mohan Co-operative Indl. Estate Mathura Road, South Delhi, New Delhi –110044 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of BLS E-Services Limited (“the Company”) Pursuant to Regulation 41 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”) and Monitoring Agency Agreement dated January 23, 2024, entered with the Company, we enclose herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, as per Schedule XI of the SEBI ICDR Regulations towards utilization of IPO proceeds for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Report of the Monitoring Agency (MA) Name of the issuer: BLS E-Services Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: No (During the previous quarter ended March 31, 2026, deviation was observed in the utilization of funds against the objects stated in the Prospectus however, utilization was in line with change and variation of objects as approved by shareholders' resolution on EGM dated March 16, 2026) Refer Note 2 on page 6. (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 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 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: Name and designation of the Authorized Signatory: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer BLS E-Services Limited Names of the promoter a. Diwakar Aggarwal b. Shikhar Aggarwal c. BLS International Services Limited Industry/sector to which it belongs IT Enabled Services 2) Issue Details Issue Period: Tuesday, January 29, 2024, to Thursday, February 1, 2024 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Issue size comprises of fresh issuance - gross proceeds of Rs 30,929.29 lakh. The net proceeds* of Rs 27,774.50 lakh was revised to Rs 27,776.93 lakh (Refer Note 1 on page 6) *Crisil Ratings shall be monitoring the net proceeds amount as per the prospectus dated February 2nd, 2024 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of Comments of the Particulars Reply considered by the Board of Monitoring Agency Monitoring Agency Directors for preparation of report During the reported quarter, the utilization Whether all utilization is as per is towards the revised No Further the disclosures in the Offer Yes Management cost of object 1. Comments Document? undertaking, (Refer Note 2 Peer reviewed on page 6) Independent Chartered Accountant Whether shareholder approval Certificate^, has been obtained in case of Prospectus, material deviations# from NA No Comments NA Bank Statements expenditures disclosed in the O ffer Document? Source of information / certifications Comments of Comments of the Particulars Reply considered by the Board of Monitoring Agency Monitoring Agency Directors for preparation of report Whether the means of finance for No Further the disclosed objects of the issue No No Comments Comments has changed? Is there any major deviation No Further observed over the earlier No No Comments Comments monitoring agency reports? Whether all Government/statutory NA No Comments NA approvals related to the object(s) have been obtained? Management undertaking, Peer Whether all arrangements reviewed pertaining to technical NA Independent No Comments NA assistance/collaboration are in Chartered operation? Accountant Certifi cate^ Are there any favorable events No Further improving the viability of these No No Comments Comments object(s)? Are there any unfavorable events affecting the viability of NA No Comments NA the object(s)? Is there any other relevant information that may materially No Further No No Comments affect the decision making of the Comments investors? # Where material deviation may be defined to mean: - (a) Deviation in the objects or purposes for which the funds have been raised. (b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents. NA represents Not Applicable ^On the basis of Certificate dated July 30, 2026, issued by M/s NGMKS and Associates, Chartered Accountants (Firms’ Registration No. 024492N), Peer Reviewed Independent Chartered Accountants. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original Comments of the Board of Directors information/ cost Revised certifications (as per the Particulars of S. Item Cost Comments Reason Proposed considered by Offer firm No Head (Rs in of the MA of Cost financing MA for Document) arrangements lakh) revision opt [Showing first 8,000 characters — download PDF for full document]