Birla Corporation Ltd

Birla Corporation Limited - Trading Window closed from 1 October 2026 until 48 hours after the announcement of unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026

Commercial Paper issuance

• 1000 CP units of ₹5,00,000 aggregating ₹50 crore issued on 15 September 2026.
• Maturity 14 December 2026; tenor 90 days; coupon 6.50% p.a.; upfront payment.
• Proposed listing on BSE Limited; no charge over assets.
• Principal repayable at maturity; coupon paid upfront.
• Instrument: Commercial Paper, short-term debt.

NCD redemption

• Fully redeemed 500 Secured, Rated, Listed, Redeemable NCDs (Series VII).
• Each NCD had face value ₹10 lakh; aggregate outstanding ₹20 crore.
• Maturity date was 14 September 2026, redeemed on that date.
• Interest paid on redemption: ₹1,86,01,371 (inclusive of TDS).
• Post-redemption, no outstanding NCDs remain.

Kalidas Pramanik – CMO ceases; advisory role retained

• Early superannuation; CMO Kalidas Pramanik ceases as Senior Management Personnel on 10 Sep 2026.
• Reason: ongoing family health challenges; advisory role retained with Birla Corporation.

Tamal Kumar Pal – new designation and role

• Designation change; Tamal Kumar Pal appointed President - National Sales Head; Senior Management Personnel, effective 10 Sep 2026.
• Profile: 25+ years in strategy and operations; Birla MC member since 2018; ex-Adani Cementation.

ESG rating disclosure

• ESG rating of 'Crisil ESG 58' assigned based on publicly available information.
• Company states it did not engage CRISIL; rating was independently assigned.
• Rating information received on 24 August 2026 around 7:43 p.m. IST.
• Disclosure made under Regulation 30 of SEBI LODR.
• Information uploaded on Birla Corporation website.

NCD redemption

• Fully redeemed 2000 Series VI NCDs on maturity date 18 August 2026.
• Aggregate outstanding face value ₹80,00,00,000; original face value ₹10,00,000 per NCD; outstanding ₹4,00,000.
• Interest paid on redemption ₹7,40,00,000.
• Post-redemption outstanding NCDs ₹20 crore under different ISINs; ISIN for redeemed NCDs: INE340A07084.

ESG Rating Disclosure

• ESG rating of 63 assigned by ESG Risk Assessments & Insights Limited.
• Company states it did not engage the rating firm and rated independently.
• Rating based on publicly available information.
• Information received on 17 August 2026 around 10:25 PM IST.
• Information uploaded on Birla Corporation website.
• Disclosure published on 18 August 2026.

GST ITC demand against RCCPL

• RCCPL, a wholly owned Birla Corporation subsidiary, received a demand-cum-show-cause notice.
• The notice concerns alleged wrongful ITC availed for FY 2020-21 and 2022-23.
• The claimed amount is ₹10,30,06,338, plus applicable penalty and interest.
• Intimation was received on 11 August 2026 around 12:57 p.m. IST.
• There is no material impact on RCCPL's finances or operations.
• RCCPL asserts the notice lacks merit and will respond within the timeline.
• RCCPL has previously received a favourable order in a similar matter.

Operational snapshot

• Mukutban volume: 7.5 lakh tons.
• Total lead distance: 335 km.
• Mukutban lead distance: about 400 km.
• KCal cost: INR 1.64.
• Capex for Q1: INR 120 crores.
• Net debt: INR 2,300 crores.
• Incentive accrued: INR 33 crores.
• Packaging cost per ton: INR 269 this quarter.
• Last quarter packaging: INR 191 per ton.
• WHRS capacity: 43-44 MW; target around 50 MW.
• Maihar Line 2 adds 17-18 MW WHRS.
• Kundanganj Line 2 included in INR 4,800 crores capex.
• On track for 25 mt capacity; FY29 target 27.6 mt.

Guidance and outlook

• Capex guidance for the year: INR 900 crores.
• Debt exit guidance around INR 2,000 crores; no change.
• FY28 capex expected to rise to about INR 2,500 crores.
• Full-year EBITDA outlook is too early to comment.
• Bikram coal volumes: 1.2 lakh tons this year.
• Next year volumes: 3.5 lakh tons; one-third CPP via Bikram.
• FY28 capex near INR 2,500 crores.
• Net debt/EBITDA target: 2.5x.
• No deferral of capacity expansion; utilization >90% and growth constrained.
• No price war; focus on trade and blended cement; not shifting to non-trade.

Capex and projects

• Maihar clinker project: EC and pre-project activities ongoing.
• Kundanganj Line 2 included in INR 4,800 crores capex; activity started.
• FY28 capex jump to around INR 2,500 crores.
• Total incentive for Mukutban and Kundanganj: INR 130-135 crores.

Q&A highlights

• Mukutban volume: 7.5 lakh tons; lead distance 335 km.
• Capex for Q1: INR 120 crores; net debt: INR 2,300 crores.
• Incentive accrued: INR 33 crores.
• Q2 cost to rise by INR 70-80 per ton sequentially.
• Realization rose by INR 80 per ton excluding incentives.
• Capex for year: INR 900 crores; on track.
• Incentives total for Kundanganj and Mukutban: INR 130-135 crores.
• Bikram coal: 1.2 lakh tons this year; 3.5 lakh next year.
• One-third CPP coal to be met by Bikram.
• Packaging per ton: INR 269 this quarter; INR 191 last quarter.
• Higher other expenses due to mining and packaging; YoY up 8-9%.