To the Members BLT Logistics Limited

The Board of Directors takes pleasure in presenting Annual Report on the business and operations of BLT Logistics Limited (hereinafter ‘the Company' or ‘BLT') along with the Company's Annual Audited Standalone and Consolidated Financial Statements and Statutory Auditor's Report thereon for the Financial Year ended on March 31, 2025. This report is an integral part of the Financial Statement of the company and prepared in compliance of Section 134(3) of the Companies Act, 2013 (“the act”) and rules made thereunder

BLT's financial highlights, for the financial year under review along with previous year's figures, are given hereunder:

(Amount in hundreds, unless otherwise stated)

The Company's total revenue on a standalone basis has increased from Rs. 397.14 lacs in the previous year to Rs. 479.24 lacs in the current year. The total revenue came from Domestic Transport Operations.

No dividend was declared for the financial year ended on 31st March, 2025.

The Directors do not propose to transfer any amount to reserves. The amount of the Net Profit of Rs. 300.86 lacs carried to the Reserves and Surplus as shown in notes to the financial statements for the year ended on March 31, 2025.

BLT Logistics Ltd, established in 2011, is a player in the Indian logistics industry. The company has its headquarters located in the vibrant city of New Delhi, strategically positioned to efficiently serve a diverse range of clients. With a pan-India operational network, BLT has firmly established its presence and influence in the logistics sector.

One of the core strengths of BLT is its current fleet, boasting an impressive 88 containerized vehicles. This extensive fleet empowers the company to offer a wide array of logistics solutions, ensuring the seamless movement of goods across the country.

The road map for coming years includes new understanding of customer value and increase of supply chain services. The performance of the Company has been very stable and Growth indicators like Revenue, Net Profit, EBITDA showing upward trends in comparison to previous financial year. A positive trend has been seen in the revenue and net profit of the company.

The main revenue stream of the Company is Transport Operations. The Company increases the goods transportation network across India through aggressively penetrating in the domestic markets by expanding transportation network to enhance visibility.

The Company aim to be a leading force in road transport and logistics services, serving core industries with high-quality service and innovative solutions, while promoting sustainability and ethical business conduct.

Your directors are optimistic about BLT's business and hopeful of better performance with increased revenue in next year. There was no change in the nature of business of the Company during the financial year 2024-25.

The Authorized Equity Share Capital of the Company as on 31st March, 2025 is Rs. 8,00,00,000/- divided into 80,00,000 Equity Shares of Rs.10/- each.

The Paid-up Share Capital of the Company as on 31st March, 2025 is 3,50,00,000/- divided into 35,00,000 Equity Shares of Rs 10/- each.

The company has not issued any Employees Stock options/ Sweat Equity Shares and not redeemed any Preference Shares or Debentures during the Year under review. Also, the Company has not bought back any of its securities during the year under review. The company has not issued any Equity shares with differential rights during the year under review.

During the period from the end of the financial year to which the financial statement related till the date of this report, BLT has successfully completed its maiden IPO. the Board of Directors of the Company, at their meeting held on August 7, 2025, approved the allotment of 12,96,000 equity shares of face value ^ 10/- each. These shares were issued pursuant to the IPO. The allotment was made to all applicants for the 12,96,000 equity shares, bearing distinctive numbers from 3500001 to 4796000 (both inclusive), in dematerialized form. The shares were issued at a price of Rs 75/- per equity share, which includes a share premium of Rs 65/- per share

The IPO of the company was comprised of a fresh issue of up to 12,96,000 Equity shares. There was no offer for sale in this IPO, which is a 100% book-built issue.

• The IPO bidding started from Aug 4, 2025 and ended on Aug 6, 2025. The anchor portion of the IPO opens for bidding on August 1, 2025.The allotment was finalized on Aug 7, 2025.

• The company IPO price band was set at Rs 75.00 per share. The lot size for an application was 1,600. The minimum amount of investment required by an individual investor (retail) was Rs 2,27,200.00 (3,200 shares). The minimum lot size investment for HNI was 3 lots (4,800 shares), amounting to Rs 3,60,000.

• Beeline Capital Advisors Pvt Ltd. was the book running lead manager and Skyline Financial Services Pvt Ltd is the registrar of the issue.

• The IPO was subscribed 467.79 times on August 6, 2025. The public issue subscribed 521.36 times in the individual investors category, 65.44 times in the QIB category, and 876.73 times in the NII category.

• The shares got listed on BSE SME on Aug 11, 2025.The IPO received overwhelming demand, the company made a strong debut on August 11 on the BSE SME platform and listed at Rs 90.95 at a healthy premium of 21% over the issue price of Rs 75.

Further, Pursuant to Regulation 32 (1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, there was no deviation/variation in the utilization of proceeds as mentioned in the objects stated in the Prospectus in respect of the IPO of the Company.

The Composition of the Board of Directors of the Company and KMP as on 31.03.2025 are as follows:

During the Financial Year 2024-25, there were some changes in the composition of the Board of Directors and Key Managerial Personnel of the Company.

Mr. Ananga Pratap Roy has resigned from the directorship of the company with effect from August1, 2024. Mr. Vipin Kumar has resigned from the directorship of the company with effect from March 26, 2025. Mrs. Rama Kanojia has been appointed as Company Secretary & Compliance Officer of the company during the year. No change has been reported in the Key Managerial Personnel from the end of Financial Year till the date of this Report.

Mr. Rakesh Kumar has been longest in office, and liable to be retired by rotation at the ensuing AGM and being eligible, offers himself for re-appointment. Resolution seeking members' approval to the re-appointment Mr. Rakesh Kumar has been incorporated in the notice convening the 14th AGM of the Company. The Board taken the note of the same and recommend his re-appointment.

The Company has received the annual disclosure(s) from all the directors, disclosing their Directorship/Interest in other concerns in the prescribed format, for the Financial Years 2024-25 and for 2025-26 as well. The Company has received confirmation from all the directors that none of the Directors were disqualified to act as a director by virtue of the provisions of Section 164(1) and 164(2) of the act.

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence prescribed under sub-section (6) of Section 149 of the act.

In the opinion of the Board, Mr. Naveen Kumar Gupta and Mrs. Rajni Sharma, Independent Directors of the Company possesses requisite expertise, proficiency, integrity and experience and the Board considers that their professional background, experience and contributions made during their tenure in the Company and the continued association with the Company would be beneficial to the Company.

The Independent Directors met once without the attendance of Non-Independent Directors and members of the management. The Independent Directors reviewed the performance of NonIndependent Directors, the Committees and the Board as a whole along with the performance of the

Chairman of the Company, taking into account the views of Executive Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of flow of information between the management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

During the Financial Year 2024-25, the Board met 17 (Seventeen) on 11th April, 2024, 27th April, 2024, 29th April, 2024, 29th May, 2024, 6th July, 2024, 15th July, 2024, 1st August, 2024, 2nd August, 2024, 5th September, 2024, 13th September, 2024, 23rd October, 2024, 12th November, 2024, 26th December, 2024, 4th January, 2025, 22nd January, 2025, 26th March, 2025 and 29th March, 2025. Mr. Rakesh Kumar, Mr. Krishan Kumar, Mrs. Rajni Sharma and Mr. Naveen Kumar Gupta has attended and participated all Board Meetings.

Mr. Ananga Pratap Roy has resigned from the directorship of the company with effect from August1, 2024 and Mr. Vipin Kumar has resigned from the directorship of the company with effect from March 26, 2025.

The Board has constituted an Audit Committee in compliance with the provisions of Section 177 of the act. As on March 31, 2025, the Audit Committee comprised of 3 (three) members with 2 (two) Independent Directors. The Chairman of the Audit Committee is a Non-Executive Independent Director.

The Company Secretary and Compliance officer shall act as the secretary of the Audit Committee.

During the Financial Year under review, 5 (Five) meetings of the Audit Committee were held and the maximum interval between any two meetings was within the maximum allowed gap pursuant to the act. The details of the Audit Committee meetings held during 2024-25 are given as under:

The Board has constituted a Nomination and Remuneration Committee (hereinafter referred to as the

“NRC Committee”) in compliance with the provisions of Section 178 of the act. As on March 31, 2025, the NRC Committee comprised of 3 (three) members all being Non- Executive Directors, with majority of them being Independent Directors. The Chairman of the NRC Committee is a NonExecutive Independent Director.

During the Financial Year under review, 2 (Two) meetings of the NRC Committee was held. The details of its meetings held during the Financial Year 2024-25 are as under:

* Mr. Vipin Kumar has resigned from the directorship of the company with effect from March 26, 2025

The Board of Directors of our Company has, in pursuance to provisions of Section 178 of the act, or any subsequent modification(s) or amendment(s) thereof in its Meeting held on March 15, 2024 constituted Stakeholders Relationship Committee, which was subsequently reconstituted in the Board Meeting held on March 26, 2025.

The constitution of the Stakeholders Relationship Committee is as follows:

During the Financial Year under review, no meetings of the Stakeholder Relationship Committee was held.

The provisions of Section 135 of the act read with Companies (Corporate Social Responsibility) Rules, 2014 were not applicable to the company during the year; however, the company does continue efforts for the betterment of the society and human kind and committed to empowering communities and creating sustainable livelihoods.

As Per Section 177(9) of the act the company has constituted the Whistle Blower/Vigil Mechanism Policy which aims to provide inter-alia a mechanism for Directors and Employees of the Company to report any violations of legal or regulatory requirements, incorrect or misrepresentation of any financial statements and reports, unethical behavior, violation of Code of Conduct, etc., calling the attention of the Audit Committee. Your Company has also provided adequate safeguards against victimization of whistleblowers who may express their concerns against such wrongdoings occurring in the organization. As per policy, the Company has also provided direct access to the Chairman of the Audit Committee.

The Board is continually applying various risk identification methods for identifying elements of risks in different functional areas of the Company. The Board aims at developing a framework that enables activities to take place in a consistent and controlled manner. Major risks confronted by the management are systematically addressed through mitigating actions on a continuing basis.

The Nomination and Remuneration Committee and the Board has adopted a methodology for carrying out the performance evaluation of the Board, Committees, Independent Directors and NonIndependent Directors of the Company, which includes the criteria, manner and process for carrying out the performance evaluation exercise. Criteria in this respect includes; the Board composition and structure, effectiveness of board processes, information and functioning, contribution of the individual director to the Board and Committee Meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. Evaluation of the Performances of the Board and its Committees for the Financial Year 2024-25 has been completed as per the adopted methodology.

The broad terms of reference of the Nomination and Remuneration Committee of the Company are as under:

a. To identify suitable persons and recommend them as suitable candidates to fill up vacancies on the Board or augment the Board and Senior Management.

b. To lay down criteria for the evaluation of the Board including Independent Directors and carrying out evaluation of every Director's performance.

c. To formulate a criterion for determining qualifications, positive attributes and independence of a director and recommending to the Board, appointment, remuneration and removal of directors and senior management.

d. Ensuring remuneration paid to Directors, Key Managerial Personnel and Senior Management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the Company and its goals.

e. Devising a policy on Board diversity.

f. To do such act as specifically prescribed by Board and

g. Carry out such other activities as maybe prescribed by the Companies Act 2013, read with Rules and regulations as maybe specified by the regulator from time to time, including any modification or amendment thereto.

The Company has adopted a Nomination and Remuneration Policy as recommended by NRC

Committee and the objective of Nomination and Remuneration Policy is to ensure rationale and objectivity in the appointment and remuneration of the Directors, Senior Management Personnel and employees of the Company. The Policy also provides bringing in a pragmatic methodology in screening of candidates who may be recommended to the position of Directors and to establish effective evaluation criteria to evaluate the performance of every Director.

The Policy also serves as a guiding principle to ensure good Corporate Governance as well as to provide sustainability to the Board of Directors of the Company. The remuneration paid to the Directors of the Company is in accordance with the provisions of the act and the Remuneration Policy adopted by the Company. The NRC evaluated the performance of the Board, its committees and of individual directors during the year.

The provisions of Section 197(12) of the act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not applicable to your company during the year 2024-25. There were no Employees drawing remuneration more than as stated under Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

No material changes and commitments affecting the financial position of the Company occurred during the period from the end of the financial year to which the financial statement related till the date of this report except as mentioned in this report.

The Company has constituted an Internal Complaints Committee and has complied with the provisions in this respect as are applicable under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013. There was no complaint received from any employee during the year, nor any complaint pending or outstanding for redressal as on March 31, 2025. The Company conducts awareness programs at regular intervals, and provides necessary updates / guidance through its website and through other employee communication channels. The constitution of Internal Complaints Committee is as follow:

During the Financial Year under review, 3 (Three) meetings of the NRC Committee was held. The details of its meetings held during the Financial Year 2024-25 are as under:

* Mr. Vipin Kumar has resigned from the directorship of the company with effect from March 26, 2025.

The Company has complied with the provisions of the Maternity Benefit Act, 1961, as amended, and ensures that all eligible women employees are extended the benefits and protections mandated under the Act, including paid maternity leave and other entitlements. The Company also promotes a gender- inclusive workplace and is committed to supporting the health and well-being of women employees through appropriate workplace policies and practices.

The details of Loans, Guarantees and Investments as per Section 186 of the act are provided in notes to the financial statements for the year ended on March 31, 2025. The Members are requested to refer the Note/s to the financial statements which forms the part of the Annual Report for detailed information.

All contracts/arrangements/transactions entered by the Company during the Financial Year with related parties were in its ordinary course of business and on an arm's length basis. During the year, the Company had not entered into any contract/arrangement/ transaction with related parties which could be considered as material or which is required to be reported in Form AOC-2 in terms of Section 134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014. There were no materially significant related party transactions which could have potential conflict with interest of the Company at large. Members may refer notes to the Standalone Financial Statement which sets out the related party disclosures.

The Company did not accept any deposit during the year under review. There were no outstanding deposits within the meaning of Section 73 and 74 of the Companies Act, 2013 read with rules made thereunder at the end of FY 24 or the previous financial years.

BLT have a Subsidiary company i.e., Sabarmati Express India Private Limited (CIN: U60230DL2020PTC365294) in which company holds 99.99% shareholding. A statement containing the salient features of the financial statement of the subsidiary in the prescribed format AOC-1 is annexed herewith and forms part of this report. There has been no material change in the nature of the business of the subsidiary.

The Company did not make any application under the Insolvency and Bankruptcy Code, 2016, and hence no proceeding is pending under the Code.

The requirement of stating the difference between the amount of valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions does not arise, and the same is not applicable on the Company.

No significant and material orders have been passed by any regulators or courts or tribunals against the Company impacting the going concern status and Company's operations in future.

The provisions of Section 125(2) of the act does not apply as the company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF)

Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been documented, digitized and embedded in the business processes. Assurance on the effectiveness of internal financial controls is obtained through management reviews, control, self- assessment, continuous monitoring by functional experts as well as testing of the internal financial control systems by the internal financial control tea.

The Annual Return of the Company for the Financial Year 2023-24 is available on the website of the Company at https://www.bltlogistics.com/investors.php. Further, The Annual Return for the Financial Year shall be made available on the website of the Company upon the same being filed with the concerned Registrar of Companies.

Your company has complied with all the Secretarial Standards applicable on the Company.

At the Company's 13th AGM held on September 30, 2024, M/s Jain Agarwal & Co., Chartered Accountants (FRN: 024866N), has been appointed as the statutory Auditor of the Company for a term of 5 years to hold office from the conclusion of the Financial Year 2024-25 until the conclusion of the Financial Year 2028-29.

The Notes on financial statement referred to in the Auditors' Report are self-explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation, or adverse remark.

During the year under review, under clause (c) of sub-section (3) of Section 134 of the act, the Statutory Auditors has not reported any instances of frauds committed in the Company by its Officers or Employees the details of which needs to be mentioned in this report under section 143 of the act.

The Company was not falling under the applicability to appoint Secretarial Auditor during the Financial Year 2024-25. However, as company falls under the applicability Section 204 of the act after from financial year 2025-26 onwards.

The maintenance of cost records as specified by the Central Government under sub-section (1) of

Section 148 of the act, is not applicable on the Company.

For the Financial Year 2024-25, company did not require to appoint any Internal Auditor.

The provisions of Section 135 of the act read with Companies (Corporate Social Responsibility) Rules, 2014 were not applicable to the Company during the year; however, BLT does continue efforts for the betterment of the society and human kind and committed to empowering communities and creating sustainable livelihoods.

A. Conservation of Energy:

i) Steps taken or impact on conservation of energy: NA

ii) The steps taken by the Company for utilizing alternate sources of energy: NA

iii) Capital Investment on energy conservation equipment's: NA

B. Technology Absorption:

a) Efforts made towards technology absorption: The Company does not need any specific inhouse R & D efforts.

b) The benefits derived include product improvement, cost reduction, product development or import substitution: Improved technology helps in reduction in cost without compromising the quality.

c) Information regarding imported technology (imported during last three years): NA

d) Expenditure on Research and Development (current year & last year): NIL

C. Foreign Exchange Earnings and Outgo:

The company does not have any foreign exchange earnings and the foreign exchange outgo during the financial year 2024-25.

The members may please note that the provisions relating to Corporate Governance i.e. Regulation 27 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are not applicable to the Company and accordingly, the Company is not required to submit the Corporate Governance Report with this Annual Report.

The Board of Directors acknowledges the responsibility for ensuring compliance with the provisions of Section 134(3) read with Section 134(5) of the act in the preparation of the annual accounts for the year ended 31st March, 2025 and state that:

a) The preparation of the Annual Accounts for the Financial Year ended on 31^st March, 2025; the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) The Directors had selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the profit of the Company for that period;

c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors had prepared the annual accounts on a going concern basis;

e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

f) The Directors, in the case of listed company, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively-Not applicable for Financial Year 2024-25.

Your directors extend sincere gratitude to the customers, vendors, investors, bankers, business associates, consultants and various Government Authorities who have contributed to the continuous growth and performance of the Company. The success of your Company would be incomplete without the commendable efforts put in by the past and present employees of the Company. It is because of their hard work, persistence, solidarity, cooperation and support, the Company has been able to create a niche for itself.