2. Review of Operations and the state of the
Company's affairs:

The highlights of the Company's performance on
Standalone basis are as under:

i. Revenue from operations grew to H 6,409.77 million
in FY26 from H 4,219.39 million in FY25, a growth of
51.91% Year on Year basis.

ii. The Total income grew to H 7,021.27 million in FY26
from H4,575.50 million in FY25, a growth of 53.45%
Year on Year basis.

iii. Profit before exceptional items and tax from
continuing operations (PBT) increased to
H 1,746.49 million in FY26, compared to H 904.00
million in FY25.

iv. Profit after tax (PAT) from business activities scaled
to H1,637.36 million in FY26 as against loss of H 90.26
million in FY25.

The operational performance highlights have been
comprehensively discussed in Management Discussion
and Analysis Report forming an integral part of this Report.

3. Subsidiaries, Associate Companies & Joint
Ventures:

The Company has following wholly owned subsidiaries as
on March 31,2026. The details are as follows:

. BlackBuck Finserve Private Limited:

BlackBuck Finserve Private Limited ("BBFS") was
incorporated on January 29, 2019. BBFS is a
systemically important non-deposit taking Non¬
Banking Financial Company (NBFC). BBFS has
received the Certificate of Registration dated August
31,2023 from the Reserve Bank of India (RBI) to carry
business of Non-Banking Financial institution without
accepting public deposits (NBFC-ND). The Company
is primarily engaged in business of providing loans
for Purchase of Commercial Vehicles.

. TZF Logistics Solutions Private Limited:

TZF Logistics Solutions Private Limited ("TZF") was
incorporated on August 29, 2018. TZF is engaged in
providing logistics services through its platform.

There has been no material change in the nature
of the business of such subsidiaries, except that
the Reserve Bank of India has granted a Prepaid
Payment Instruments (PPI) license to TZF on July 03,
2025. This authorisation enables TZF to issue and
operate PPIs, allowing customers to make payments,
remittances, and other transactions through a secure
digital wallet system, in compliance with applicable
regulatory guidelines.

As per Rule 8(5) (iv) of the Companies (Accounts)
Rules, 2014, no Company ceased to be a subsidiary
of the Company during FY26. However, ZZ Logistics
Solutions Private Limited ("ZZLSPL"), a non-material
wholly owned subsidiary of the Company has been
struck off by the Ministry of Corporate Affairs on
an application filed by the ZZLSPL in this regard.
Accordingly, ZZLSPL ceased to exist as a wholly
owned subsidiary of the Company with effect
from May 1 1,2026.

The report on the performance and financial position
of each subsidiary, as applicable and salient features
of their Financial Statements in the prescribed Form
AOC-1, is annexed to this Report as Annexure I.

Further, contribution of subsidiaries to the overall
performance of the Company has been disclosed in
note 25 of the Consolidated Financial Statements.

In accordance with the provisions of Section 136
of the Act and the amendments thereto, read
with the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements)
Regulations, 2015 (SEBI Listing Regulations).
The audited financial statements, including the
consolidated financial statements and related
information of the Company and financial
statements of the subsidiary companies are
available on the website of the Company athttps://a.
blbk.in/Financials Informationfor inspection
by the Members.

Pursuant to the provisions of Regulation 16(c) of the
SEBI Listing Regulations, the Board has approved and
adopted a Policy for determining Material Subsidiary.
The said policy is uploaded on the website of the
Company athttps://a.blbk.in/material-subsidiary.

The company has no joint ventures or
associate companies.

Appropriations to general reserve for the financial
year ended March 31, 2026 as per financial
statements are as under:

5. Dividend:

During the FY26, the Board has not recommended any
Dividend. The Dividend Distribution Policy is available
on the Company's website athttps://a.blbk.in/dividend-
distribution.

6. Transfer of Amounts to Investor Education
and Protection Fund:

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).

7. Material changes and commitments:

There have been no material changes and commitments
affecting the financial position of the Company which
has occurred during the financial year and till the date of
report except for as stated below:

i. Change in name of the Company

The name of the Company was changed from "Zinka
Logistics Solutions Limited" to "BlackBuck Limited"
with effect from August 20, 2025, pursuant to the
approval of the Registrar of Companies, Ministry of
Corporate Affairs ("MCA").

The Company is committed to complying with all
applicable provisions of the Insurance Act, 1938 and
the regulations, guidelines and directions issued
by IRDAI from time to time in connection with its
Corporate Agent (Composite) operations.

8. Details of utilisation of Initial Public Offer
("IPO") Proceeds:

Your Company undertook an Initial Public Offering
("IPO") of its Equity Shares during FY2024-25 and was
subsequently listed on the National Stock Exchange of
India Limited ("NSE") and BSE Limited ("BSE") (collectively
referred to as "Stock Exchanges") on November 22, 2024.

The proceeds realised by the Company from the IPO are
being utilised as per objects of the offer disclosed in the
Prospectus of the Company.

Funds unutilised as on March 31,2026 is H1,056.39 million.
There has been no deviation in the utilisation of the IPO
proceeds of the Company. The statement of deviation/
variation in utilisation of funds and the Monitoring Agency
Report is available at the Company's website athttps://
www.blackbuck.com/investor-relations.html

Statement of utilisation of IPO proceeds as on March 31, 2026 is provided below:

9. Capital Structure:

Authorised share capital:

Total Authorised Share Capital of the Company as on March 31, 2026 is H 39,50,00,000 (Indian Rupees Thirty-Nine Crore Fifty
Lakhs Only) divided into 25,00,00,000 (Twenty-Five Crore) Equity Shares of H 1/- (Indian Rupee One Only) each and 1,45,00,000
(One Crore Forty-Five Lakhs) Compulsorily Convertible Preference Shares of H 10/- (Indian Rupees Ten Only) each.

Paid up share capital

The Paid-up share capital of the Company as at March 31,2025 was H 17,74,06,667 (Indian Rupees Seventeen Crore Seventy-
Four Lakh Six Thousand Six Hundred Sixty-Seven Only) divided into 17,74,06,667 (Seventeen Crore Seventy-Four Lakh Six
Thousand Six Hundred Sixty-Seven) fully paid-up equity shares of face value of H 1/- each.

Changes in Issued, Subscribed and Paid-up Share Capital:

a) Increase in Paid up Share Capital through allotment of Equity Shares under BlackBuck Limited Employees Stock Option
Scheme 2016 (ESOP 2016) & BlackBuck Limited Employees Stock Option Scheme 2019 (ESOP 2019) as approved by
Nomination and Remuneration Committee ("NRC"):

The Paid up share capital of the Company as at March 31, 2026 was H 18,17,96,612 (Indian Rupees Eighteen Crore
Seventeen Lakh Ninety-Six Thousand Six Hundred Twelve Only) divided into 18,17,96,612 (Eighteen Crore Seventeen Lakh
Ninety-Six Thousand Six Hundred Twelve) fully paid up equity shares of face value of H 1/- each.

b) After the closure of the reporting period, your Company has allotted equity shares as per following details:

10. Employee Stock Options Schemes:

The Company has two Employee Stock Option Schemes, namely "Zinka Logistics Solutions Limited Employees Stock Option
Scheme 2016 (ESOP 2016)" and "Zinka Logistics Solutions Limited Employees Stock Option Scheme 2019 (ESOP 2019)".

The Nomination and Remuneration Committee of the Board of Directors, vide circular resolution dated September 24, 2025,
approved the change in the nomenclature of the aforesaid ESOP Schemes pursuant to the change in the name of the Company.

Accordingly, the names of the ESOP Schemes were revised as follows:

These ESOPs are in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021 (hereinafter referred to as "SEBI SBEB & SE Regulations").

The Company has received the In-principal approval for ESOP 2016 and ESOP 2019 from BSE Limited on February 10, 2025
and from National Stock Exchange of India Limited on February 11,2025.

Further, the details as required to be disclosed under Regulation 14 of the SEBI SBEB & SE Regulations can be accessed
athttps://a.blbk.in/Financials Informationand details for ESOP Schemes of the Company also forms part of the note 20 of
Standalone and Consolidated financial statements.

The ESOP Scheme documents are available on website of the company atBlackbuck Limited Employee Stock Option Scheme.

The details of Mr. Anand Daniel, as required under
the SEBI Listing Regulations are contained in the
Notice convening the ensuing AGM of the Company.

iv. Independent Directors' declaration:

The Company has received necessary declarations
from each Independent Director that they meet
criteria of independence laid down under section
149 (6) of the Act and Regulation 25 of the Securities
and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("SEBI
Listing Regulations").

Further, in terms of Rule 8(5) (iiia) of the Companies
(Accounts) Rules, 2014, in the opinion of the Board,
there has been no change in the circumstances
which may affect their status as Independent
Directors of the Company and the Board is satisfied
of the integrity, expertise and experience (including
proficiency in terms of Section 150(1) of the Act
and applicable rules thereunder) of all Independent
Directors on the Board.

Further, in terms of Section 150 of the Act read
with Rule 6 of the Companies (Appointment and
Qualification of Directors) Rules, 2014, as amended,
Independent Directors of the Company have
included their names in the data bank of Independent
Directors maintained with the Indian Institute of
Corporate Affairs.

During the year under review, the Non-Executive
and Independent Directors of the Company had
no pecuniary relationship or transactions with
the Company, other than remuneration, sitting
fees and reimbursement of expenses incurred by
them to attend meetings of the Board/Committees
of the Company.

None of the Directors of the Company are disqualified
from being appointed as Directors under Section
164(2) of the Act and Rule 14(1) of the Companies
(Appointment and Qualification of Directors) Rules,
2014. The Company has obtained the Certificate
from Mr. Pramod S, Practicing Company Secretary
that none of the Directors on the Board of the
Company has been debarred or disqualified for
being appointed or continuing as directors of the
Companies by the SEBI/ Ministry of Corporate Affairs
or any such statutory authority. The Certificate is
attached as Annexure III forming an integral part
of this Report.

v. Familiarization Programme for Directors:

Disclosure pertaining to Familiarization programmes
for Directors is provided in the Corporate Governance
Report forming part of this Report.

The Familiarization Policy along with note on the
Familiarization programme adopted by the Company

for orientation and training of the Directors and
the Board evaluation process undertaken is made
available on the Company's official website at
https://a.blbk.in/familiari7ation-programme.

vi. Company's policy on Directors' appointment,
remuneration and other matters:

The Nomination and Remuneration Policy
("NRC Policy") on appointment and remuneration
including criteria for determining the qualification,
positive attributes, independence and other matters
of Directors, KMPs & SMPs has been formulated
as per applicable provisions under Section 178 of
the Act read with the SEBI Listing Regulations to set
out a framework for the nomination, evaluation,
and remuneration of Directors, KMPs and SMPs
of the Company.

The NRC Policy is uploaded on the website of the
Company athttps://a.blbk.in/nomination-remuneration
and is followed for respective appointment(s).

None of the Executive Directors of the Company
were in receipt of any commission from the
Company or any remuneration from the subsidiaries
of the Company.

12. Number of meetings of Board:

During the year under review, the Board met Four (04)
times, to consider and approve various matters. The
maximum interval between any two consecutive Board
meetings did not exceed 120 days, as prescribed under
Section 173 of the Act, Regulation 17(2) of the SEBI Listing
Regulations and the Secretarial Standard on Meetings of
the Board of Directors (SS-1).The details of the meetings
and the attendance of the Directors are provided in the
Corporate Governance Report forming part of this report.

13. Committees of the Board:

As on March 31, 2026, the Board has 6 (six) committees:
Audit Committee, Nomination and Remuneration
Committee, Risk Management Committee, Stakeholders'
Relationship Committee, Corporate Social Responsibility
Committee, Investment Committee.

The Board has constituted Investment Committee on
May 27, 2025 for effectively managing the substantial
investable surplus fund of the Company.

The Initial Public Offer Committee constituted by the
Board specifically for purpose of IPO was dissolved on
August 05, 2025.

A detailed note on the composition of the committees
and other mandatory details is provided in the Corporate
Governance Report forming part of this Annual Report.

All the recommendations of the committees are
accepted by the Board.

14. Board Evaluation:

The Nomination and Remuneration Committee has
formulated a policy and criteria for evaluation of the Board
and its Committees and the same has been adopted by
the Board. During the FY26, the performance of the Board
and its Committees were evaluated after seeking inputs
from all the Directors on the basis of criteria such as the
composition and meetings, role & responsibilities and
overall effectiveness of the Board & Committees.

Evaluation of the performance of all Individual Directors
(including Independent Directors and Chairperson) was
also carried out during the FY26. The details of the Board
Evaluation process are mentioned in the Corporate
Governance Report forming part of this Report.

Pursuant to Schedule IV of the Act read with Regulation 25
of SEBI Listing Regulations, the Independent Directors met
on November 14, 2025 and February 03, 2026, without the
presence of Non-Independent Directors and members of
the management and have, inter-alia, 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 its duties.

Policy on evaluation of the performance of the Board
of Directors is made available on the Company's official
website athttps://a.blbk.in/board-evaluation.

15. Directors' Responsibility Statement:

In accordance with the provisions of Section 134 of the
Act, Directors to the best of their knowledge and belief
confirm and state that:

i. in the preparation of the annual accounts, the
applicable accounting standards had been
followed along with proper explanation relating to
material departures;

ii. 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 and loss of the company for that period;

iii. 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;

iv. the Directors had prepared the annual accounts on a
going concern basis;

v. the Directors had laid down internal financial controls
to be followed by the company and that such internal
financial controls are adequate and were operating
effectively; and

vi. 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.

16. Particulars of Loans, Guarantees or
Investments:

Particulars of Investments made during the financial year
under the provisions of Section 186 of the Companies Act,
2013, have been disclosed in Note 31 to the Standalone
Financial Statements forming an integral part of this Report.

Additionally, the Company has invested the surplus funds
available in the units of mutual funds, fixed deposits with
Scheduled Banks, debt securities etc., details of which
have been disclosed in Note 5 to the Standalone Financial
Statements forming an integral part of this report.

During FY26, the Company has not given any loan
pursuant to Section 186 of the Act, except as disclosed in
the notes to account.

The Company has given Corporate Guarantee of INR 200
million in favour of IDFC First Bank Limited to secure term
loan facility of INR 200 million borrowed by BlackBuck
Finserve Private Limited, the wholly owned subsidiary
of the Company.

During the period under review, Company has made an
investment of H 100,00,00,050/- (Rupees One Hundred
Crore and Fifty only) by subscribing 66,66,667 Equity
Shares having a face value of H 10/- each at a premium
of H 140/- per Equity Share in BlackBuck Finserve Private
Limited, a wholly owned subsidiary of the Company by
way of subscription to Right Issue on December 15, 2025.
The investment was funded out of the IPO proceeds and
was in line with the objects of the issue, as approved by
the Board of Directors, the relevant Committees and the
shareholders of the Company.

17. Related Party Transactions:

During the financial year under review, the Company has
not entered into any materially significant related party
transaction which is not at arm's length. The related
party transactions entered into were approved by the
Audit Committee and the Board, from time to time and
are disclosed in the notes to accounts of the financial
statements forming part of this Annual Report.

All transactions with related parties are in accordance
with the Related Party Transactions policy (''RPT Policy") .
Further, during the financial year under review in terms
of Section 188 of the Act, all transactions entered into
by the Company with its related parties were on arm's
length basis and ordinary course of business including
investment of H 100,00,00,050/- (Rupees One Hundred
Crore and Fifty only) in BlackBuck Finserve Private Limited,
wholly owned subsidiary pursuant to object of the IPO.

The disclosure in the prescribed Form AOC-2, pursuant to
Section 134 of the Act, is attached as Annexure IV.

The RPT Policy is made available on the Company's official
website athttps://a.blbk.in/rpt-materiality.

18. Auditors:

i. Statutory Auditors:

M/s B S R & Co. LLP, Chartered Accountants, having
Firm Registration No. 101248W/W-100022 (Peer
Review Certificate No. 019712) were appointed as
the Statutory Auditors of the Company to hold the
office for the first term of five consecutive years,
commencing from the conclusion of 10^th Annual
General Meeting till the conclusion of 15^th Annual
General Meeting (to be held in the calendar year 2030).

Further, they have confirmed that:

a) their appointment is within the limit prescribed
under Section 141 of the Act;

b) they are not disqualified from continuing as
Statutory Auditors under the Section 141
of the Act; and

c) they hold a valid certificate issued by the peer
review board of the Institute of Chartered
Accountants of India.

M/s B S R & Co. LLP, Chartered Accountants, having
Firm Registration No. 101248W/W-100022, have
given unmodified opinion and have not given any
qualification or reservation in their audit report on
the audited financial statements (standalone and
consolidated) of the Company for the financial year
ended on March 31,2026.

ii. Secretarial Auditors:

CS. Pramod S (ICSI Membership No: A36020,
COP: 13335), a Peer Reviewed Firm of Company
Secretaries in Practice were appointed as Secretarial
Auditor of the Company for a term of five years
commencing from 1^st April 2025 up to 31^st March
2030. The secretarial audit report issued by the
Secretarial Auditor does not contain any qualification
or reservation or observation or adverse remark.

Further, they have confirmed that they are not
disqualified from continuing as Secretarial Auditors
and they hold a valid certificate issued by the
peer review board of the Institute of Company
Secretaries of India.

The Secretarial audit report is annexed as
Annexure V. The Company has submitted the
Annual secretarial compliance report with BSE and
NSE in compliance with Regulation 24A of the SEBI
Listing Regulations and the same can be accessed at
https://a.blbk.in/Secretarial Compliance Certificate
FY25-26.

The Board appointed M/s Guru & Jana Chartered
Accountants (Firm Registration Number: 006826S)
as Internal Auditors of the Company for the financial
year ended on March 31, 2026 who have conducted
the internal audits periodically and shared their
reports and findings with the Audit Committee
including significant observations, if any, and follow¬
up actions thereon from time to time.

Further, M/s., Guru & Jana Chartered Accountants
(Firm Registration Number: 006826S) is re-appointed
as Internal Auditors of the Company for the
financial year 2026-27.

The Audit Committee reviews the adequacy and
effectiveness of the Company's internal control
environment and monitors the implementation of
audit recommendations including those relating
to strengthening the Company's risk management
policies and systems.

19. Downstream Investment:

As on March 31, 2026, the Company was not classified
as a Foreign Owned or Controlled Company ("FOCC").
Therefore, the provisions relating to downstream
investment under the Foreign Exchange Management
(Non-debt Instruments) Rules, 2019, issued by the Reserve
Bank of India ("RBI") were not applicable to the Company.
Hence, obtaining a certificate from the statutory auditors
in this regard was not applicable.

20. Internal Financial Controls:

The Company has adequate internal financial control
systems in place which are supplemented by an extensive
internal audit program conducted by an independent
professional agency. The internal control system is
designed to ensure that all financial and other records
are reliable for preparing financial statements and for
maintaining accountability of assets.

21. Risk Management:

The Board of Directors of the Company has constituted Risk
Management Committee ('RMC') which assists the Board
in monitoring and reviewing the risk management plan,
implementation of the risk management framework of the
Company and such other functions as Board may deem fit.
Pursuant to Section 134(3) of the Act, the Company has in
place, an effective risk management framework, which is
governed at the highest level by the Board.

The Board has also formulated Risk Management Policy
which identifies elements of risk, if any, which in the opinion
of the Board may threaten the existence of the Company.
A detailed section on Risk Management is provided in the
Management Discussion and Analysis Report forming an
integral part of this Report.

The Risk Management Policy can be accessed at the
Company's website athttps://a.blbk.in/risk-management.

22. Energy Conservation, Technology Absorption
and Foreign Exchange Earnings and Outgo:

The details of the conservation of energy, technology
absorption, foreign exchange earnings and outgo,
information required to be disclosed under Section 134(3)
(m) of the Companies Act, 2013 read with rule 8(3) the
Companies (Accounts) Rules, 2014 are as follows:

i. Conservation of Energy:

Though business operations of the Company are not
energy intensive, the Company, being a responsible
corporate citizen, makes conscious efforts to reduce
its energy consumption.

Some of the initiatives undertaken by the Company
on a continuous basis to address environmental
issues and focus on a responsible and sustainable
business growth including during the year under
review, are listed below:

1. Energy-Efficient Infrastructure: The

Company utilizes LED lighting, energy-
efficient equipment, and energy efficient air¬
conditioning systems across its facilities to
minimize electricity consumption and reduce
the carbon footprint of its operations.

2. Automated Energy Management: To avoid
energy wastage, the Company ensures that all
non-essential electrical systems such as air-
conditioners and lighting are turned off outside
of working hours through automated and
monitored protocols.

3. Digital-first, paperless operations: App-
based freight matching, e-receipts, digital
payments and electronic documentation
reduce reliance on paper, printing and physical
logistics, lowering the overall energy and
resource footprint.

ii. Technology Absorption:

BlackBuck being a technology driven organization is
committed to using technology to transform every
aspect of our business, ensuring a seamless and
exceptional experience for all stakeholders.

Below are some of the initiatives which have been
taken during the year driving technology adoption:

Telematics-Driven Fuel Efficiency: Leveraging
its core telematics and GPS-based solutions, the
Company empowers truck operators with real-time
insights into fuel consumption, route optimization,
and driver behavior analytics. These tools significantly
contribute to reducing fuel usage, idle time, and
carbon emissions, thereby supporting sustainable
logistics and transportation practices.

AI/ML and automation: Use of machine learning
for route optimisation, ETA prediction, fraud/risk
detection and demand-supply matching.

iii. Foreign Exchange Earnings and Outgo: Nil

23. Vigil Mechanism/Whistle Blower Policy:

Pursuant to the provisions of Section 177 of the Act and
Regulation 22 of the SEBI Listing Regulations, the Company
has established a Vigil Mechanism/Whistle Blower Policy
for Directors, employees, vendors, customers and other
stakeholders of the Company and its subsidiaries to raise
and report concerns regarding any unethical conduct,
irregularity, misconduct, actual or suspected fraud or any
other violation of the Policy within the Company.

The vigil mechanism provides for adequate safeguards
against victimization of persons who use such mechanisms
and make provision for direct access to the chairperson of
the Audit Committee in appropriate or exceptional cases.

The Vigil Mechanism/Whistle Blower Policy can be
accessed at the Company's website athttps://a.blbk.in/
whistleblower.

Further, all the Whistle Blower Complaints along with its
status update are periodically placed before the Audit
Committee for their review and discussion.

24. Particulars of Employees/Human Resources:

The Company focuses on promoting a collaborative,
transparent, participative organization culture and
rewarding merit and sustained high performance. The
details with respect to the remuneration of directors
and employees as required under Section 197 of the
Act and Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is
annexed as Annexure VI.

As per the proviso to Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014, the statement contains the names and other
details of employees drawing more than H10.2 million per
financial year or H 0.85 million per month, as the case may
be, are set out in a separate Annexure forming the Board's
Report. However, in terms of Section 136(1) of the Act, this
report is being shared excluding the aforesaid Annexure
and is available for inspection on the website of Company.

Further, as per the proviso to Rule 5(3) of the said Rules,
the particulars of employees posted and working outside
India not being Directors or their relatives, need not be
included in the Board's Report but, such particulars shall
be furnished to the Registrar of Companies. Accordingly,
this Report does not contain the particulars of employees
who are posted and working outside India. If any Member
is interested in obtaining the aforesaid information, such
Member may write to the Company in this regard.

If any shareholder is interested in obtaining a copy of the
aforesaid information, such shareholder may send an
email to the Company Secretary and Compliance Officer
of the Company at cs@blackbuck.com in this regard.

25. Prevention of Sexual Harassment:

The Company has zero tolerance towards sexual
harassment at the workplace. The Company has adopted
a Policy on prevention, prohibition and redressal of sexual
harassment at workplace in line with the provisions of the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules
made thereunder.

The Company has complied with the provisions relating
to the constitution of the Internal Committee as per the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.

The details of sexual harassment complaints during the
financial year are provided in the Corporate Governance
Report and Business Responsibility and Sustainability
Report of this Annual Report.

During the financial year under review, the status of
complaints received under the said Act is as follows:

- number of complaints pending at the beginning of
the financial year - Nil;

- number of complaints received during the
financial year - Nil;

- number of complaints disposed of during the
financial year - Nil

- number of complaints pending as at the end of the
financial year - Nil.

No complaint remained pending for more than
ninety (90) days.

The Policy is available on the website of the Company at
https://a.blbk.in/Policy POSH.

26. Compliance with Maternity Benefit Act,
1961:

The company has complied with the provisions relating to
the Maternity Benefit Act, 1961.

27. Corporate Social Responsibility ("CSR")
Policy:

The Company has adopted a CSR Policy towards a
sustainable community development to the requirements
of Section 135 of the Act. The CSR policy is available on the
website of the Company athttps://a.blbk.in/Policy CSR.

The Annual Report on CSR activities, in terms of Section
135 of the Act and the Rules framed thereunder, is
annexed to this Report as Annexure VII. More details are
mentioned in the Corporate Governance Report forming
part of this Report.

28. Corporate Governance:

The Company has complied with the applicable corporate
governance requirements under the Act and SEBI Listing
Regulations. A separate section on corporate governance,
along with a certificate from the practicing company
secretary confirming Corporate Governance compliances
is annexed as Annexure VIII forming part of this Report.

29. Management Discussion and Analysis
Report ("MD&A Report"):

The Management Discussion and Analysis Report ("MD&A
Report") for FY26, as stipulated under Regulation 34 of
the SEBI Listing Regulations, is annexed as Annexure IX
separately forming part of this Report.

30. Business Responsibility and Sustainability
Report ("BRSR"):

The BRSR for FY26, as stipulated under Regulation 34(2)(f)
of the SEBI Listing Regulations, is annexed as Annexure X
separately forming part of this Report.

31. Prevention of Insider Trading:

The Company has adopted a Code of Conduct for
Prevention of Insider Trading, in accordance with the
requirements of Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015, as
amended from time to time.

The said Code is available on the website of the Company
athttps://a.blbk.in/upsi-fair-disclosure.

Further, the violations against the Code are reported to
the Audit Committee from time to time and details of the
same are placed before the Audit Committee on a periodic
basis for their perusal and necessary action.

32. Other Statutory Disclosures:

i. Details in respect of frauds reported by
auditors:

During the financial year under review, pursuant
to Section 143(12) of the Act, M/s. B S R & Co. LLP,
Chartered Accountants, Statutory Auditor and M/s.
Pramod S., Secretarial Auditor have not reported any
instance of fraud committed in the Company by its
officers or employees to the audit committee.

ii. Public Deposits:

The Company has not accepted any deposits from
the public, during the financial year, within the

meaning of Section 73 of the Act read with the
Companies (Acceptance of Deposits) Rules, 2014,
and no amount of principal or interest on deposits
from the public was outstanding at the beginning
and end of FY26.

iii. Cost Records:

During the year, maintenance of cost records
under Section 148(1) of the Act is not applicable
to the Company.

iv. Annual return:

The annual return of the Company as on the financial
year ended on March 31, 2026 in terms of Section
92 and Section 134 of the Act is available on the
website of the Company athttps://a.blbk.in/Annual
return 2025-26.

v. Issuance of Shares with Differential Voting
Rights and Sweat Equity Shares:

The Company has not issued any shares with
differential voting rights and sweat equity shares
during the financial year.

vi. Disclosure of Orders Passed by Regulators or
Courts or Tribunals:

No significant material orders have been passed
by any Regulators/Courts/Tribunals which has
been received by the Company having impact
on the going concern status and the Company's
operation in future.

vii. Change in Nature of Business:

There was no change in nature of the business of the
Company in FY26.

viii. Compliance with Secretarial Standards:

The Company has complied with the applicable
Secretarial Standards on Meeting of the Board (SS-1)
and General Meetings (SS-2) specified by the Institute
of Company Secretaries of India.

ix. Application/Proceedings pending under the
Insolvency and Bankruptcy Code, 2016:

No application has been made under the Insolvency
and Bankruptcy Code; hence the requirement to
disclose the details of application made or any
proceeding pending under the Insolvency and
Bankruptcy Code, 2016 during the year along with
their status as at the end of the financial year is
not applicable.

x. Details of difference between the Amount of
Valuation Done:

The requirement to disclose the details of difference
between amount of the valuation done at the time
of onetime settlement and the valuation done while

taking loan from the Banks or Financial Institutions
along with the reasons thereof, is not applicable.

xi. Listing on Stock Exchanges:

The equity shares of the Company are listed on the
National Stock Exchange of India Limited (NSE) and
BSE Limited (BSE). The Company confirms that the
annual listing fees for the financial year 2026-27 have
been paid to both the Stock Exchanges within the
prescribed time.

33. Cautionary Statement:

Statements in this Report and the Management Discussion
& Analysis Report describing the Company's objectives,
expectations or forecasts may be forward-looking within
the meaning of applicable laws and regulations. Actual
results may differ materially from those expressed or
implied in such statements on account of various factors
and assumptions.

34. Acknowledgement:

The success of the Company is directly linked to hard work
and commitment of the employees who worked hard to
ensure business continuity and exceptional service quality
offerings for the customers.

The Board wishes to place on record its sincere
appreciation to all employees for their hard work,
dedication, commitment and efforts put in by them for
achieving encouraging results under difficult conditions
during this year. The Board also wishes to express its
sincere appreciation and gratitude to all customers,
suppliers, banks, financial institutions, solicitors, advisors,
Government of India, concerned State Governments
and other regulatory & statutory authorities for their
consistent support and cooperation extended to the
Company during the year.

The Board is deeply grateful to the Members of the
Company for continuing to entrust their confidence and
faith in the Company.

For & on behalf of the Board of Directors,
For BlackBuck Limited

(Formerly Known as Zinka Logistics Solutions Limited)

Sd/-

(Rajesh Kumar Naidu Yabaji)
Chairman, Managing Director &
Place: Bengaluru Chief Executive Officer

Date: July 29, 2026 DIN: 07096048