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 1st October, 2026 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers, Limited Dalal Street, ‘Exchange Plaza’, C-1, Block G, Mumbai- 400 001 Bandra-Kurla Complex, Bandra (East), Scrip Code: 500335 Mumbai- 400 051 Scrip Symbol: BIRLACORPN Dear Sir(s), Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015- Intimation of Credit Rating Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that CARE Ratings Limited vide its press release dated 1st October, 2026 has re-affirmed the credit ratings on the bank loan facilities of the Company, the details of which are provided hereunder: Name of Facilities/ Amount Rating/ Rating Action Credit Rating Instruments (` in crore) Outlook Agency Long Term Bank 696.00 CARE AA, Re-affirmed CARE Ratings Facilities (Enhanced from Outlook: Stable Limited 526.00) Long Term/ Short 960.00 CARE AA, Re-affirmed Term Bank Facilities Outlook: Stable/ CARE A1+ Copy of the aforesaid press release issued by CARE Ratings Limited is enclosed herewith. The aforesaid intimation was received on 1st October, 2026 at around 8.17 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 Birla Corporation Limited October 01, 2026 Name of the Rating Facilities/Instruments Amount (₹ crore) Rating2 Regulator1 Action Long-term / Short-term bank CARE AA; Stable / RBI 960.00 Reaffirmed facilities CARE A1+ 696.00 Long-term bank facilities RBI CARE AA; Stable Reaffirmed (Enhanced from 526.00) Non-convertible debentures SEBI 80.00* CARE AA; Stable Reaffirmed Non-convertible debentures SEBI 20.00* CARE AA; Stable Reaffirmed Details of instruments/facilities in Annexure-1. *Nil outstanding as on September 30, 2026 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has reaffirmed ratings for bank loan facilities and instruments of Birla Corporation Limited (BCL) at CARE AA; Stable/ CARE A1+. The rating assessment continues to factor in BCL’s healthy competitive position in grey cement manufacturing, supported by installed capacities of 21.4 metric tonne per annum (MTPA) as on March 31, 2026, which are well diversified across central, northern, western, and eastern regions of India. In FY26, the installed capacities grew by 1.4 MTPA, with the commencement of the Kundanganj line (grinding unit) in Uttar Pradesh (UP) in FY26. The company has further plans to expand its capacities to 27.6 MTPA by FY29. The company has established a healthy brand recall of its cement products, which is supported on ground by its distribution network leading to higher retail trade mix. BCL enjoys cost competitiveness in its business driven by captive limestone mines, coal block mines, power generation with a healthy mix of thermal, and green power and high proportion of blended cement, which further reduces its fuel requirements. 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. These strengths are partially tempered by moderate operating efficiencies driven by high fuel requirements in BCL (Standalone) as one of its plants is a very old cement manufacturing unit. However, efficient units under its subsidiary, RCCPL Private Limited (RCCPL), continue to support profitability margins at a consolidated level. 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 • Significant increase in scale of operations and/or profitability. • Sustained strengthening of debt coverage metrics particularly, net debt (inclusive of security deposits [SD] and letter of credit [LC] acceptances) to profit before interest, lease rentals, depreciation, and taxation (PBILDT) of less than 2x, on a sustained basis. Negative factors • Moderation in net debt/PBILDT levels (inclusive of SD and LC acceptances) of over 3.50x on a sustained basis. • Announcement of major debt programme leading to expectation of moderation in capital structure. • Significant deterioration in liquidity from current levels, particularly reduction in cash and cash equivalents (including current investments) below ₹300 crore. 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority 2Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release Analytical approach: Consolidated CareEdge Ratings has considered a consolidated view of the parent, BCL, and its subsidiaries owing to significant business, operational, and financial linkages between the parent and subsidiaries. Details of subsidiaries consolidated are listed under Annexure-5. Outlook: Stable ‘Stable’ outlook reflects CareEdge Ratings’ expectation of the company, which is sustaining its current financial risk profile, particularly, debt coverage metrics, while continuing strong operating performance. Detailed description of key rating drivers Key strengths Healthy competitive position supported further by diversified geographical profile BCL is among the oldest cement manufacturing companies in India. Over the years, it established a strong presence in cement markets in central, eastern, and northern India. The company’s standalone cement capacity of 10.19 MTPA is supplemented by 11.21 MTPA capacity of RCCPL, BCL’s wholly owned subsidiary. RCCPL’s capacity increased by 1.4 MTPA, with the commencement of the Kundanganj line (grinding unit) in UP in FY26. The company derives ~50% sales volumes from central India, catered by dedicated 10.75 MTPA cement capacity in the region, followed by ~20% share from eastern region, 16% share from western region, and 13% share from the northern region in FY26. In June 2026, BCL also commenced the Bikram coal block, which is expected to augment coal production. Consolidated cement sales volume for BCL were reported at 5.05 MT in Q1 FY27, growing by 5.4% y-o-y. In FY26, the consolidated cement sales volume stood at 18.72 MT, registering a growth of 3.6% y-o-y. BCL’s total operating income (TOI) improved by 5% y-o-y in FY26, to ₹9662 crore, supported by healthy volume sales while overall realisations were reported at ₹4,818/tonne in FY26 (₹4821/tonne in FY25), remaining largely stable. In Q1 FY27, the TOI grew by 8% y-o-y at Rs. 2,647 crore, with overall realisations of Rs. 4,947/tonne. The company continued to maintain a healthy capacity utilisation of 87-88% in FY26 and Q1FY27 (90% in FY25), though slightly moderated on a y-o-y basis because of increase in consolidated cement capacities. Going forward, no steep price hikes are anticipated; however, volume growth and capacity expansion in the medium term is expected to provide overall support [Showing first 8,000 characters — download PDF for full document]