Bluestone Jewellery & Lifestyle Ltd Auditor Reports

on the Restated Consolidated Statement of Assets and Liabilities as at March 31, 2025 and Restated Consolidated Statement of Profit and Loss (including other comprehensive income), Restated Consolidated Statement of Changes in Equity and Restated Consolidated Statement of Cash Flows along with the Statement of Material Accounting Policies and other explanatory information for the year ended March 31, 2025; Restated Standalone Statement of Assets and Liabilities as at March 31, 2024 and 31 March 2023 and Restated Standalone Statement of Profit and Loss (including other comprehensive income), Restated Standalone Statement of Changes in Equity and Restated Standalone Statement of Cash Flows along with the Statement of Material Accounting Policies and other explanatory information for the years ended March 31, 2024 and 31 March, 2023 of BlueStone Jewellery and Lifestyle Limited (formerly known as BlueStone Jewellery and Lifestyle Private Limited ) (collectively, the " Restated Financial Information")

The Board of Directors

Bluestone Jewellery and Lifestyle Limited (formerly known as Bluestone Jewellery and Lifestyle Private Limited)

Site no.89/2 Lava Kusha Arcade, Munnekolal Village,

Outer Ring Road, Marathahalli,

Bangalore-560037, Karnataka, India,

Dear Sirs / Madams,

1. We have examined the Restated Financial Information of BlueStone Jewellery and Lifestyle Limited (formerly known as BlueStone Jewellery and Lifestyle Private Limited) (the " Company" or the "Holding Company" or the "Issuer") and its subsidiary (the Company and its subsidiary together referred to as the "Group") and its associate annexed to this report for the purpose of inclusion in the Red Herring Prospectus ("RHP") and Prospectus prepared by the Company in connection with its proposed Initial Public Offer of equity shares of face value of Re 1 each ("Offer"). The Restated Financial Information, which have been approved by the Board of Directors of the Company (the "Board of Directors") at their meeting held on July 16, 2025 and have been prepared by the Company in accordance with the requirements of:

a) the Sub-section (1) of 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 (the "SEBI 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").

2. The Companys Board of Directors is responsible for the preparation of Restated Financial Information for the purpose of inclusion in the RHP and Prospectus to be filed with Securities and Exchange Board of India ("SEBI"), BSE Limited ("BSE"), the National Stock Exchange of India Limited ("NSE") and Registrar of Companies, Karnataka situated at Bangalore ("ROC") in connection with the Offer. The Restated Financial Information have been prepared by the management of the Company in accordance with the basis of preparation stated in Note 2.1 to Annexure V of the Restated Financial Information. The Board of Directors of the Company is responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of Restated Financial Information. The Board of Directors of the Company is also responsible for identifying and ensuring that the Company complies with the Act, the SEBI ICDR Regulations and the Guidance Note. The respective Board of Directors of the companies included in the Group and its associate are also responsible for identifying and ensuring that the Group and its associate comply with the Act, the SEBI ICDR Regulations and the Guidance Note, as may be applicable.

3. We have examined the Restated Financial Information taking into consideration:

a) the terms of reference and our engagement agreed with you vide our engagement letter dated July 24, 2024 and addendum to engagement letter June 9, 2025 in connection with the Offer;

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

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

d) the requirements of Section 26 of the Act and the SEBI ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities in relation to compliance with

the Act, the SEBI ICDR Regulations and the Guidance Note in connection with the Offer.

4. The Restated Financial Information have been compiled by the management from:

a) the audited consolidated financial statements of the Group and its associate as at and for the year ended March 31, 2025 prepared in accordance with the Indian Accounting Standards, as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended ("Ind AS"), and other accounting principles generally accepted in India, (the "March 2025 Consolidated Financial Statements") which have been approved by the Board of Directors at their meetings held on April 24, 2025.

b) the audited financial statements of the Company as at and for the year ended March 31, 2024 prepared in accordance with Ind AS, and other accounting principles generally accepted in India, (the "March 2024 Financial Statements") which have been approved by the Board of Directors at their meetings held on May 17, 2024.

c) the audited financial statements of the Company as at and for the year ended March 31, 2023 prepared in accordance with Ind AS, and other accounting principles generally accepted in India, (the "March 2023 Financial Statements") which have been approved by the Board of Directors at their meetings held on September 30, 2023.

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

a) Auditors reports issued by us dated April 24, 2025 on the March 2025 Consolidated Financial Statements as referred in Paragraph 4(a) above.

Our audit report referred to in above included Report on Other Legal and Regulatory Requirements paragraph which is reproduced below:

In respect of Holding Company:

Based on our examination which included test checks, the Holding Company has used certain accounting softwares for maintaining its books of account, which has a feature of recording audit trail (edit log) facility except that we are unable to comment on audit trail at database level (managed and maintained by a third-party service provider) due to absence of adequate coverage in SOC 1 Type II report, as explained in Note 52 to the consolidated financial statements.

Further, the Holding Company migrated to a new accounting software on October 1, 2024 for maintaining its books of account, which has a feature of recording audit trail (edit log) facility except that we are unable to comment on audit trail at database level (managed and maintained by a third-party service provider) due to absence of adequate coverage in SOC 1 Type II report, as explained in Note 52 to the consolidated financial statements.

Further, where enabled, audit trail feature has operated throughout the period for all relevant transactions recorded in the accounting software. Also, during the course of our audit, we did not come across any instance of audit trail feature being tampered with in respect of such accounting software. Additionally, the audit trail of prior year has been preserved by the Holding Company as per the statutory requirements for record retention to the extent it was enabled and recorded in the previous year.

Based on our examination which included test checks, the Holding Company has used certain accounting softwares for maintaining its books of accounts, as explained in Note 52 to the consolidated financial statements. However, in the absence of sufficient and appropriate audit evidence, we are unable to comment on whether the statutory requirements for record retention prescribed under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

In respect of subsidiary company

Based on our examination which included test checks, the Company has used an accounting software for maintaining its books of account which do not have a feature of recording audit trail (edit log) facility as

explained in Note 52 to the consolidated financial statements. Accordingly, we are unable to comment whether the audit trail feature has been tampered with. The audit trail of prior year is not applicable to the Company, as per the statutory requirements for record retention prescribed under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 as, the Company is incorporated in the financial year March 31, 2025.

In respect of associate company

Based on our examination which included test checks, the Company has used an accounting software for maintaining its books of account, as explained in Note 52 to the consolidated financial statements. However, in the absence of sufficient and appropriate audit evidence, we are unable to comment whether the Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility, or whether the audit trail feature has been operated throughout the period August 12, 2024 to March 31, 2025 for all relevant transaction recorded in the software or whether there is any instance of audit trail feature being tampered with. The audit trail of prior year is not applicable to the Company, as per the statutory requirements for record retention prescribed under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 as, the Company is incorporated in the financial year March 31, 2025.

b) Auditors reports issued by us dated May 17, 2024 on the March 2024 Financial Statements as referred in Paragraph 4(b) above.

Our audit report referred to in above included Other Matter and Other Legal and Regulatory Requirements paragraph which are reproduced below:

Other Matter

The financial statements of the Company for the year ended March 31, 2023, were audited by another auditor whose report dated September 30, 2023 expressed an unmodified opinion on those statements.

Our opinion is not modified in respect of this matter.

Other Legal and Regulatory Requirements paragraph

Based on our examination, the Company has used an accounting software for maintaining its books of account for the year ended 31 March, 2024, which has a feature of recording audit trail (edit log) facility, except that no audit trail feature was enabled at the database level throughout the said period in respect of the software (MS Navision) to log any direct data changes.

Further, the audit trail facility has been operated for the year ended 31 March, 2024 for all relevant transactions recorded in the accounting software, except for the software at the database level as stated above, in respect of which the audit trail facility has not operated for all the relevant transactions recorded in this accounting software throughout this period.

Further, during the course of our examination, we did not come across any instance of audit trail feature being tampered with.

Based on our examination, the Company has used an accounting software for maintaining its books of accounts pertaining to payroll processing during the year ended March 31, 2024, which is operated by a third-party software service provider. In the absence of an independent service auditors report, we are unable to comment whether the software has a feature of recording audit trail (edit log) facility, nor are we able to comment on whether the audit trail feature was enabled in the said software and operated throughout the year for all relevant transactions recorded in the software. We are further unable to comment as to whether there were any instances of the audit trail feature been tampered with.

c) Auditors report issued by the Deloitte Haskins & Sells ("the Previous Auditor") dated 30 September, 2023 on the March 2023 Financial Statements as referred to in Paragraph 4(c) above.

6. The audit for the year ended March 31, 2023 were conducted by the Previous Auditor and accordingly reliance is placed on the examination report dated July 16, 2025 on the Restated Statement of Assets and Liabilities as at March 31, 2023 and Restated Statement of Profit or Loss (including other comprehensive income), Restated Statement of Changes in Equity, and Restated Statement of Cash Flows along with the

Statement of Material Accounting Policies and other explanatory information for the year ended March 31, 2023 (the " March 2023 Special Purpose Restated Financial Information").

Our examination report in so far as it relates to the said financial year is based solely on the report submitted by the Previous Auditor. The Previous Auditor has also confirmed that the March 2023 Special Purpose Restated Financial Information:

i) have been prepared after incorporating adjustments for the changes in accounting policies, any material errors and regroupings/reclassifications retrospectively in the financial years as at and for the year ended March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed in the March 2025 Financial Statements as more fully described in Note 2.1 of Annexure V to the Restated Financial Information.

ii) There are no qualifications in the auditors report on the audited financial statements of the Company as at and for the year ended March 31, 2023 which require any adjustments to the March 2023 Special Purpose Restated Financial Information; and

iii) March 2023 Special Purpose Restated Financial Information have been prepared in accordance with the Act, the SEBI ICDR Regulations and the Guidance Note.

7. Based on our examination and according to the information and explanations given to us and also as per the reliance placed on the Examination Report submitted by the Previous Auditor for the year ended March 31, 2023, we report that the Restated Financial Information:

i) have been prepared after incorporating adjustments for the changes in accounting policies, any material errors and regroupings/ reclassifications retrospectively in the financial years ended March 31, 2024 and March 31, 2023, to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the year ended March 31, 2025, as more fully described in note 2.1 of Annexure V to the Restated Financial Information;

ii) there are no qualifications in the auditors reports on the Financial Statements of the Company as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 which require any adjustments to the Restated Financial Information; and there are other legal and regulatory matter referred to in clause 5(a) above which do not require any adjustment to the Restated Financial Information;

iii) Restated Financial Information have been prepared in accordance with the Act, the SEBI ICDR Regulations and the Guidance Note.

8. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements mentioned in paragraph 4 above.

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

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

11. Our report is intended solely for use of the Board of Directors and for inclusion in the RHP and Prospectus to be filed with the SEBI, BSE, NSE and ROC as applicable in connection with the proposed issue. Our report should not be used, referred to or distributed for any other purpose without prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care towards any other person relying on the statement.

For M S K A & Associates

Chartered Accountants

Firm Registration Number: 105047W

Ankush Agrawal

Partner

Membership No. 159694 UDIN: 25159694BMLWHH3274

Place: Mumbai Date: July 16, 2025