Please find attached the transcript of the investors/ analyst conference call held on 2nd November, 2026 at 2.30 p.m. (IST) on the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended 30th September, 2026.

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 6th November, 2026 BSE Limited National Stock Exchange of India Ltd. 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: Transcript of the investors/analyst conference call on the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended 30th September, 2026 Pursuant to the provisions of Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the transcript of the investors/analyst conference call held on 2nd November, 2026 at 2.30 P.M. (IST) on the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended 30th September, 2026. The event concluded at 3.17 P.M. (IST) on 2nd November, 2026. A copy of the same is also available on the Company's website at https://birlacorporation.com/earnings-call-transcript.html. This is for your information and record. 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 “Birla Corporation Limited Q2 FY27 Earnings Conference Call” November 02, 2026 MANAGEMENT: MR. SANDIP GHOSE – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – BIRLA CORPORATION LIMITED MR. ADITYA SARAOGI – GROUP CHIEF FINANCIAL OFFICER BIRLA CORPORATION LIMITED MR. RAJAT PRUSTY – CHIEF OF MANUFACTURING AND PROJECTS – BIRLA CORPORATION LIMITED MODERATOR: MR. RAJESH RAVI – HDFC SECURITIES Page 1 of 12 Birla Corporation Limited November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Birla Corp Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rajesh Ravi from HDFC Securities. Thank you, and over to you, sir. Rajesh Ravi: Thank you, Steve. Good afternoon, everyone. On behalf of HDFC Securities, I welcome all of you to Q2 and H1 FY27 Earnings Call of Birla Corporation Limited. From the management side, we have Mr. Sandip Ghose, MD and CEO Mr. Aditya Saraogi, Group CFO; and other senior leaders from the team. I now hand over the call to Sandip Ghose sir, for his opening remarks. After his presentation concludes, we'll start the Q&A session. Over to you, sir. Sandip Ghose: Very good afternoon to all of you. Pleasure connecting with you in this festive season when everybody is gearing up for Diwali. The Bombay, I suppose, is already on a celebration mode. As far as we are concerned, I don't think we are -- this quarter's results are exactly celebratory. We know it is modest and subdued, largely due to factors which everybody knows, especially on the cost side. Everybody has been hit by the fuel prices primarily, and that's -- we are no exception in that. But where we are probably affected a little more is our main presence, a very substantial presence is in the central region. And in Central region, again, we play much more on the trade side, which all of you know, and the prices there have been depressed. I was just checking, we are -- after 4 years since some major acquisitions and mergers happened, consolidation in the industry and thereafter also for a period of more than a year or so, there have been other consolidations which took place. And all pundits believe that consolidation is going to be healthy in terms of pricing for the industry. But we have not seen that happening, especially in the regions where we operate. We haven't seen any such impact of the consolidation. In fact, that has kept the prices soft, in particular, also not just in the popular segment, but even in what is called the premium segment of the A category. Some market leaders who were earlier commanding a premium over the rest of their peer group have diluted their price positioning. And there is a continuous dynamic tension in terms of retaining market share due to which the trade prices have not shown any significant increase despite even in months when there has been fairly healthy demand. So this does affect us because we -- again, the cost of reputation, we are very, very skewed towards trade sales and blended cement sales. Where people have the headroom are in non-trade. Those -- we operate, as you know, in about -- right now, this quarter, we operated at 85% capacity utilization, but we go up to 90%, 95%, whereas many of our peer group or larger players also operate below even 70% capacity Page 2 of 12 Birla Corporation Limited November 02, 2026 utilization, and they are all having more expansion plans on the anvil or in the pipeline. So there is -- therefore, they do have anxiety to garner market share or retain market share. But this plays out largely in the non-trade segment. But the non-trade segment, okay, there was some degree of rational behavior in the last quarter towards the end due to which the non-trade prices, which had really plummeted, there was correction. I'm talking primarily of Central India because that's where our major interests lie. But the non-trade prices increase doesn't really help us because we are -- we continue to dominate or be skewed heavily towards the trade sector. Some amount of increases, we are seeing some uptick in October, but I wouldn't call them very significant uptick, and I wouldn't really call them very solid increases, which may not slip if the market conditions change. We'll come to that later. So that has been our -- basically the bane for us, whereas we have continued within that, what we can do in terms of increasing our premiumization, not just in this core market, but also in markets where our premium percentage is low. For example, in Rajasthan, we have increased our premium percentage there. We have -- in Maharashtra, where we are operating. We have consciously cut down on leads and trying to focus and gain our trade market shares or even non-trade market shares in proximate markets of Vidarbha and Marathwada, Khandesh to get it up there. So we have tried those mixes. In terms of costs in some -- for some factors, our cost increase, while common with other people, certain places, we benefited because of our captive coal mines ourselves. The second captive coal mine, Bikram has come -- is on stream. From there also, we are getting captive coal for our things. But we had some carryforward of shutdowns in that unit due to which we had to buy some amount of clinker from third party and the clinker cost hit us. So you may find that our cost increase relatively is higher than some of the other industry players, and -- but that's largely the impact of purchased clinker, which we had in this particular quarter. This is broadly, I think, the overall context I will place. And I'll come back to you towards the end to give our view of how the market will behave, how we are seeing the next 2 quarters or the last 2 quarters of the year or H2 playing out and state-wise view, we will share with you. But I will now pass on the mike to my colleagues. First, Aditya Saraogi, our CFO, Group CFO; then Rajat Prusty. And we have a new Head of National Sales, Mr. Kalidas Pramanik has taken early superannuation, but he remains attached to the company in consulting capaci [Showing first 8,000 characters — download PDF for full document]