Credit Rating

Birla Corporation Limited Corporate Office: 1, Shakespeare Sarani, A.C. Market (2nd Floor), Kolkata 700 071 P: 033 6603 3300-02 F: +91 332288 4426 E: Coordinator@birlacorp.com 10th July, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, ‘Exchange Plaza’, C-1, Block G, Dalal Street, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 001 Mumbai- 400 051 Scrip Code: 500335 Scrip Symbol: BIRLACORPN Dear Sir(s), Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Intimation of Credit Rating of RCCPL Private Limited (Wholly-Owned Material Subsidiary) Pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find below the details of the ratings reaffirmed by Care Ratings Ltd. on bank loan facilities of RCCPL Private Limited, Wholly-Owned Material Subsidiary of the Company: Name of Credit Facilities Amount Rating/Outlook Rating Action Rating Agency (` in crore) Long Term Bank 740.44 CARE AA/stable Reaffirmed Care Ratings facilities Limited Long Term / Short 1,010.00 CARE AA/stable; Reaffirmed Term Bank facilities CARE A1+ Copy of Press Release issued by Care Ratings Limited is enclosed herewith. The aforesaid intimation was received on 10th July, 2026 at around 12.52 p.m. (IST). This is for your information and record please. Thanking you, Yours faithfully, For BIRLA CORPORATION LIMITED (MANOJ KUMAR MEHTA) Company Secretary & Legal Head Encl: As above Registered Office: Birla Building, 9/1 R. N. Mukherjee Road, Kolkata-700001 | CIN: L01132WB1919PLC003334 | | www.birlacorporation.com| P: 033 6616 6745/6826; +91 33 2248 2872/7983 Press Release RCCPL Private Limited July 09, 2026 Facilities/Instruments Amount (₹ crore) Rating1 Rating Action 740.44 Long-term bank facilities CARE AA; Stable Reaffirmed (Reduced from 968.18) Long-term / Short-term bank facilities 1,010.00 CARE AA; Stable / CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. The list of facilities / instruments falling under the purview of various financial sector regulators (FSRs), along with the names of respective FSRs has been disclosed under Annexure-7. Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has reaffirmed ratings for bank facilities of RCCPL Private Limited (RCCPL) at CARE AA; Stable/ CARE A1+. The rating assessment continues to consider RCCPL’s healthy competitive position emanating from business synergies it shares with the parent, Birla Corporation Limited (BCL at a consolidated level, which includes RCCPL), stemming from a similar product profile, and shared branding and distribution network and strong financial and management linkages. In the grey cement manufacturing business, RCCPL’s capacity increased from 9.81 metric tonnes per annum (MTPA) as on March 31, 2025, to 11.21 MTPA as on March 31, 2026, with the commencement of the Kundanganj line (grinding unit) in Uttar Pradesh (UP) in Q4 FY26. RCCPL’s capacity contributes over 50% of BCL’s consolidated cement capacity currently. The group has further plans to expand its capacities to 27.6 MTPA by FY29, majority of which is expected to happen under RCCPL, underscoring the company’s strategic importance to the group. RCCPL enjoys a strong market position, which is amplified by the group’s significant penetration in central, followed by eastern, western and northern India regions. The group benefits from strong brand recall of its cement products, supported by its distribution network, leading to higher retail trade mix. RCCPL’s sound operating efficiencies is driven by the presence of captive limestone mines, coal block mines, and power generation with a mix of thermal, waste heat recovery system (WHRS) and solar power. The company’s new age plants are efficient in power and fuel consumption. These operational factors allow the company to operate at healthy profitability and support the overall operating profitability at BCL consolidated level in FY26, RCCPL contributed ~57% in the BCL consolidated profitability. With reduction in debt, the company’s capital structure and debt coverage indicators improved in the last two years. However, this remains sensitive to ongoing debt-funded capital expenditure (capex) plans to fund its capacity enhancement. CareEdge Ratings notes that the company remains exposed to cyclicality in the cement industry, and volatility in input costs and realisations. Ongoing geopolitical tensions may lead to volatility in pet coke prices. The impact is partly mitigated by the availability of raw material inventory sufficient for 2-3 months of operations. Prolonged input cost pressure could lead to higher operating costs and remains a key monitorable. Rating sensitivities: Factors likely to lead to rating actions Positive factors • Improvement in the credit profile of BCL (parent). Negative factors • Deterioration in the credit profile of BCL (parent). • Large debt programme, which can significantly deteriorate capital structure of RCCPL, overall gearing over 3x, on a sustained basis. • Substantially reducing shareholding or financial/ operational linkages between RCCPL and BCL, which may impact its credit profile. 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release Analytical approach: Consolidated CareEdge Ratings has considered consolidated financials of RCCPL to arrive at its ratings and factoring linkages with its parent, BCL. RCCPL’s consolidated financials consider significant business, operational, and financial linkages between RCCPL and its subsidiaries. Details of subsidiaries consolidated in RCCPL are listed under Annexure-6. Strong linkage with its parent, BCL (owns 100% in RCCPL), is also factored to arrive at ratings of RCCPL, as these companies are engaged in similar operation under a common management, having financial linkage, and sell its products under a common brand and marketing team. RCCPL provides significant strategic strength to the BCL group. Outlook: Stable The ‘Stable’ outlook reflects CareEdge Ratings expectation of the company sustaining its financial risk profile, particularly, its debt coverage metrics, while continuing its strong operating performance. Detailed description of key rating drivers: Key strengths Shared marketing and branding strategies with parent, BCL Despite being a commoditised business, the group has been able to establish its brand over the years with its flagship cement brand, “MP Birla Cement". The group has a portfolio of 11 cement brands with varied characteristics, where “M.P Birla Perfect Plus” and “Rakshak” are its premium brands. This is further characterised by a distribution network of 310 sales promoters, 9,000 dealers, and 41,000+ sub-dealers, which significantly supports on-ground sales of the group’s products. RCCPL houses more than 50% of the group’s total consolidated cement capacity, allowing the company to further penetrate the central region and providing presence in western India. RCCPL’s plants are newer and more efficient, adding strategic and operational advantages to the group. Operationally as well, RCCPL is well-integrated with BCL, with raw materials procurement, production, marketing, and finance functions being centrally managed, benefiting RCCPL from BCL’s scale of operations. BCL and RCCPL share a common leadership, with Harsh Lodha serving as chairman and Sandip Ghose as managing director. The group has also demonstrated financial support in the past by extending an unconditional and irrevocable corporate guarantee for RCCPL’s debt obligations. BCL has planned capacity expansion of ~3.4 MTPA between FY27 to FY29 under RCCPL, which further underscores its strategic importance reaffirming the group's long-term growth focus on RCCPL’s efficient and regionally well- placed operations. The group largely sells ble [Showing first 8,000 characters — download PDF for full document]