BLT Logistics Ltd Auditor Reports

on Restated Standalone Financial Information of

BLT Logistics Limited

To,

The Board of Directors BLT Logistics Limited Plot No 304 A/2 Kh 14/20/1 F/F,

Patel Garden, Kakrola,

South West Delhi,

India, 110078

Dear Sir(s)/ Madam(s),

1. We have examined the attached Restated Standalone Financial Information of BLT Logistics Limited (the “Company” or the “Issuer”), comprising the Restated Standalone Statement of Assets and Liabilities as at March 31, 2025, 2024 and 2023, the Restated Standalone Statements of Profit and Loss, the Restated Standalone Statement of Cash Flow for the financial year ended March 31, 2025, 2024 and 2023, the Restated Standalone Statement of Significant Accounting Policies, and other explanatory information (collectively, the “Restated Standalone Financial Information”), as approved by the Board of Directors of the Company at their meeting held on July 21, 2025 for the purpose of inclusion in the Draft Red Herring Prospectus / Red Herring Prospectus / Prospectus prepared by the Company in connection with its proposed Initial Public Offer of equity shares (“IPO”).

2. These Restated Standalone Financial Information have been prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the “Act")

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (“ICAI”), as amended from time to time (the “Guidance Note”).

3. The Companys Board of Directors is responsible for the preparation of the Restated Standalone Financial Information for the purpose of inclusion in the Draft Red Herring Prospectus / Red Herring Prospectus / Prospectus to be filed with Securities and Exchange Board of India, Registrar of Companies, Delhi and the SME Platform of BSE Limited (BSE SME) in connection with the proposed IPO. The Restated Standalone Financial Information have been prepared by the management of the Company on the basis of preparation stated in Annexure IV(A) to the Restated Standalone Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

4. We have examined such Restated Standalone Financial Information taking into consideration:

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated Jul 28, 2024 in connection with the proposed IPO of equity shares of the Issuer;

b) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

c) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Standalone Financial Information; and

d) The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

5. These Restated Standalone Financial Information have been compiled by the management from the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, prepared in accordance with accounting principles generally accepted in India (“Indian GAAP”), as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Accounting Standards) Rules, 2021, as amended, and other accounting principles generally accepted in India , which have been approved by the Board of Directors at their meeting held on May 07, 2025, August 02, 2024 and September 20, 2023 respectively.

6. We have audited the Standalone Financial Statements of the Company for the financial year ended March 31, 2025 and March 31, 2024, prepared by the company in accordance with Indian GAAP. We have issued our report dated May 07, 2025 and August 02, 2024, respectively, on these Financial Statements which have been approved by the Board of Directors at their meeting held on May 07, 2025 and August 02, 2024, respectively.

7. For the purpose of our examination, we have relied on:

a) Auditors Report issued by us, Jain Agarwal & Company, dated May 07, 2025 and August 02, 2024 on the Standalone Financial Statements of the company as at and for the financial year ended on March 31, 2025 and March 31, 2024 respectively as referred in paragraph 5 (a) above;

b) Auditors Report issued by, Mehta Garg & Associates, dated September 20, 2023 on the Standalone Financial Statements of the company as at and for the year ended on March 31, 2023 as referred in Paragraph 5(a) above.

8. The Restated Standalone Financial Information has been prepared after adjusting the following matter(s) giving rise to modifications on the financial statements for the year ended on 31 March, 2025, 2024 and 2023:

a) There were no qualifications in the Audit Reports issued by us for the financial year ended 31 March, 2025 and 31 March 2024 and Audit Reports issued by the Previous Auditors for the financial year ended on 31 2023 which would require adjustments in this Restated Standalone Financial Information of the Company.

9. Based on our examination and according to the information and explanations given to us and also as per the reliance placed on the audit report submitted by the previous auditor for the financial year ended 31 March 2023 and the audit report submitted by us for the financial year ended March 31, 2024 and 2025, we report that the Restated Standalone Financial information:

a) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

b) have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any;

c) The Restated Standalone Financial Information have been made after incorporating adjustments for prior period and other material amounts in the respective financial years to which they relate, if any and there are no qualifications which require adjustments;

d) have been made after giving disclosure of Extra-ordinary items that needs to be disclosed separately in the accounts has been disclosed wherever required;

e) have been made after giving effect to the matter giving rise to modifications in paragraph (8) above;

f) Profits and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts as set out in Annexure IV(A) and IV(B) to this report;

g) There was no change in accounting policies, which needs to be adjusted in the Restated Standalone Financial Information;

h) There are no revaluation reserves, which need to be disclosed separately in the Restated Standalone Financial Information;

i) The Company has not declared dividend during the period.

10. In accordance with the requirements of Part I of Chapter III of Act including rules made thereunder, ICDR Regulations and Guidance Note, we report that:

a) The “Restated Standalone Statement of Assets and Liabilities” as set out in Annexure I to this report, of the Company as at and financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 are prepared by the Company and approved by the Board of Directors. These Restated Standalone Statement of Assets and Liabilities, have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV(A) and IV(B) to this Report.

b) The “Restated Standalone Statement of Profit and Loss” as set out in Annexure II to this report, of the Company as at and financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 are prepared by the Company and approved by the Board of Directors. These Restated Standalone Statement of Profit and Loss have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV(A) and IV(B) to this Report.

c) The “Restated Standalone Statement of Cash Flow” as set out in Annexure III to this report, of the Company as at and financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 are prepared by the Company and approved by the Board of Directors. These Restated Standalone Statement of Cash Flow have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in the Restated Standalone Statement of Significant Accounting Policies and Notes to Accounts as set out in Annexure IV(A) and IV(B) to this Report.

d) We have also examined the following other financial information relating to the Company prepared by the Management and as approved by the Board of Directors of the Company and annexed to this report relating to the Company as at and financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 proposed to be included in the Draft Red Herring Prospectus / Red Herring Prospectus /Prospectus.

Annexure No. Particulars

I Restated Standalone Statement of Assets & Liabilities

II Restated Standalone Statement of Profit & Loss

III Restated Standalone Statement of Cash Flows

IV(A) Restated Standalone Statement of Significant Accounting Policies

IV(B) Notes to Standalone Restated Financial Statements

V Restated Standalone Statement of Share Capital

VI Restated Standalone Statement of Reserves and Surplus

VII Restated Standalone Statement of Share Application Money Pending Allotment

VIII Restated Standalone Statement of Long Term Borrowings

Restated Standalone Statement of Principal Terms of Secured Loans and Assets Charged as ( ) Security

VIII(B) Restated Standalone Statement of Terms & Conditions of Unsecured Loans

IX Restated Standalone Statement of Deferred Tax (Assets)/ Liabilities

X Restated Standalone Statement of Long Term Provisions

XI Restated Standalone Statement of Short Term Borrowings

XII Restated Standalone Statement of Trade Payable

XIII Restated Standalone Statement of Other Current Liabilities

XIV Restated Standalone Statement of Short-Term Provisions

XV(A) Restated Standalone Statement of Property, Plant & Equipment

XV(B) Restated Standalone Statement of Capital Work in Progress

XV(C) Restated Standalone Statement of Intangible Assets under Development

XVI Restated Standalone Statement of Non current Investments

XVII Restated Standalone Statement of Other Non Current Assets

XVIII Restated Standalone Statement of Trade Receivable

XIX Restated Standalone Statement of Cash & Cash Equivalents

XX Restated Standalone Statement of Short-Term Loans and Advances

XXI Restated Standalone Statement of Other Current Assets

XXII Restated Standalone Statement of Revenue from operations

XXIII Restated Standalone Statement of Other Income

XXIV Restated Standalone Statement of Cost of Operating Expenses

XXV Restated Standalone Statement of Employees Benefit Expenses

XXVI Restated Standalone Statement of Finance Cost

XXVII Restated Standalone Statement of Depreciation

XXVIII Restated Standalone Statement of Other Expenses

XXIX Restated Standalone Statement of Earning Per Share

XXX Restated Standalone Statement of Tax Shelter

XXXI Restated Standalone Statement of Related Party Transaction

XXXII Statement of Standalone Analytical Ratios, As Restated

XXXIII Statement of Standalone Accounting & Other Ratios, As Restated

XXXIV Capitalization Statement

11. We, M/s. Jain Agarwal & Co., Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India (“ICAI”) and hold a valid peer review certificate issued by the “Peer Review Board” of the ICAI which is valid till August 31, 2025.

12. The Restated Standalone Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose interim financial statements and audited financial statements mentioned in paragraph 5 above.

13. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by us, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

14. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

15. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus to be filed with Securities and Exchange Board of India, the stock exchanges and Registrar of Companies, Delhi in connection with the proposed IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.

For, Jain Agarwal & Company

Chartered Accountants

Firm Reg. No: 024866N

Sd/-

Jatin Jain

Partner

Membership No: 516377

UDIN: 25516377BMJOPL6169

Place: New Delhi

Date: July 21, 2025