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 3rd 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: 500335/954744/954925 Scrip Symbol: BIRLACORPN Dear Sir(s), Sub: Disclosure under Regulation 30, 51 and 55 of SEBI (Listing Obligations and Disclosure Pursuant to Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that CARE Ratings Limited vide its press release has re- affirmed the credit ratings on the bank loan facilities and debt securities of the Company, the details of which are provided hereunder: Name of Facilities/ Size of Issue Rating/Outlook Rating Action Credit Rating Instruments (crore) Agency Long Term Bank 526.00 CARE AA, Re-affirmed CARE Facilities Outlook: Stable Ratings Long Term/ Short 960.00 CARE AA, Re-affirmed Limited Term Bank Facilities Outlook: Stable/ CARE A1+ Non-Convertible 80.00 CARE AA, Re-affirmed Debentures Outlook: Stable Non-Convertible 20.00 CARE AA, Re-affirmed Debentures Outlook: Stable Further, pursuant to Regulation 55 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular SEBI/HO/DDHS/DDHS-PoD 1/P/CIR/2025/0000000103 dated 11th July, 2025, please find below the details of the ratings that are re-affirmed for the following debt securities of the Company in the prescribed format: Details of credit rating Current rating details Sr. ISIN Name of Credit Outlook Rating Action Specify Date of Verificati- Date of No. the rating (Stable/ (New/ Upgrade/ other Credit rating on status verification Credit assigned Positive/ Downgrade/ Re- rating of Credit Rating Negative Affirm/ Other) action Rating Agency / No Agencies Outlook) 1 2 3 4 5 6 7 8 9 10 1 INE340A07084 CARE CARE AA Stable Re-affirmed - 02.07.2026 Verified 03.07.2026 Ratings Limited 2 INE340A07092 CARE CARE AA Stable Re-affirmed - 02.07.2026 Verified 03.07.2026 Ratings Limited 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 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 Copy of the aforesaid press release issued by CARE Ratings Limited is enclosed herewith. The aforesaid information was received on 3rd July, 2026 at around 10.35 a.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 July 02, 2026 Facilities/Instruments Amount (₹ crore) Rating1 Rating Action 526.00 Long-term bank facilities CARE AA; Stable Reaffirmed (Reduced from 542.50) 960.00 Long-term / Short-term bank facilities CARE AA; Stable / CARE A1+ Reaffirmed (Enhanced from 945.00) 80.00 Non-convertible debentures CARE AA; Stable Reaffirmed (Reduced from 140.00) 20.00 Non-convertible debentures CARE AA; Stable Reaffirmed (Reduced from 35.00) 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 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 Q4 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. 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 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-6. 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 has established a strong presence in cement markets of central, eastern, and northern India. The company’s standalone cement capacity of 10.19 MTPA is supplemented by 11.21 MTPA capacity of RCCPL, wholly owned subsidiary of BCL. RCCPL’s capacity increased by 1.4 MTPA, with the commencement of the Kundanganj line (grinding unit [Showing first 8,000 characters — download PDF for full document]