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

1. FINANCIAL HIGHLIGHT, COMPANY’S AFFAIRS AND FUTURE OUTLOOK
Company’s performance

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

Graphical Representation of Consolidated Financials

*Graphical figures are in hundreds

? Year ended 31.03.2025 ? Year ended 31.03.2024

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.

Dividend

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

Transfer to reserves

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.

State of company’s affairs and future outlook

About BLT:

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.

Market Outlook:

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.

Business Outlook:

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.

Future Outlook:

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.

Change in the nature of business

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.

2. SHARE CAPITAL

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 ' 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.

Issue of Shares- Initial Public Offering of the company (IPO)

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 ?75/- per equity share, which includes a share
premium of ?65/- per share

Details of the IPO:

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 ?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
?2,27,200.00 (3,200 shares). The minimum lot size investment for HNI was 3 lots (4,800
shares), amounting to ?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 ?90.95
at a healthy premium of 21% over the issue price of ?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.

3. MANAGEMENT

Board of Directors and Key Managerial Personnel

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.

Retirement by Rotation at the ensuing AGM:

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.

Disclosure of Interest in other concerns:

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.

Independent Directors

Declaration from Independent directors

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.

Independent directors’ meeting

The Independent Directors met once without the attendance of Non-Independent Directors and
members of the management. The Independent Directors reviewed the performance of Non¬
Independent 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.

Number of meetings of the Board

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.

Statutory Committees of Board:

Audit Committee

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:

Nomination and Remuneration Committee

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 Non¬
Executive 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

Stakeholders Relationship Committee

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.

Corporate Social Responsibility Committee

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.

Others Management Mechanisms

Whistle Blower / Vigil Mechanism Policy

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.

Risk management

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.

Annual Performance Evaluation

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 Non¬
Independent 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.

Policy on directors’ appointment and remuneration

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.

4. DISCLOSURES

Particulars of employees

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.

Material changes and commitment if any affecting the financial position between the end of
the financial year and the date of the report

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.

Disclosure under Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013

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:

Maternity Benefit Compliance

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.

Particulars of Loans, Guarantees or Investments

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.

Particulars of contracts or arrangements made with related parties

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.

Public deposits

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.

Subsidiaries, Joint ventures and Associate companies

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.

Insolvency

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 one¬
time 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.

Material Orders Passed by Judicial Bodies / Regulators

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.

Transfer of unclaimed dividend to investor education and protection fund

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 and its adequacy with respect to the financial statement

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.

5. SECRETARIAL
Annual Return

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.

Secretarial Standards

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

6. AUDITORS AND AUDITORS REPORT
Statutory Auditors

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.

Reporting of Frauds by Auditors

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.

Secretarial Auditors

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.

Cost Auditor

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.

Internal Auditor

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

7. SOCIAL RESPONSIBILITY AND SUSTAINABILITY
Corporate Social Responsibility

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.

Conservation of energy, technology absorption, foreign exchange earnings and outgo

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 in¬
house 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.

Corporate Governance

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.

8. DIRECTORS’ RESPONSIBILITY STATEMENT

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.

9. ACKNOWLEDGEMENT

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.

For and on behalf of the Board of Directors of
BLT LOGISTICS LIMITED

Place: Delhi RAKESH KUMAR KRISHAN KUMAR

Whole Time Chairman cum

Date: 05 September, 2025

Director Managing Director

DIN: 03588589 DIN: 03588595