We have audited the accompanying standalone financial statements of
BIRLA CORPORATION LIMITED ("the Company”), which comprise the
Standalone Balance Sheet as at 31^st March 2026, and the Standalone
Statement of Profit and Loss (including Other Comprehensive Income),
the Standalone Statement of Changes in Equity and the Standalone
Statement of Cash Flows for the year then ended, and notes to the
standalone financial statements, including material accounting policies
and other explanatory information (hereinafter referred to as "the
standalone financial statements”).

In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Companies Act, 2013, as amended,
("the Act”) in the manner so required and give a true and fair view in
conformity with the Indian Accounting Standards ("Ind AS”) specified
under Section 133 of the Act, read with the Companies (Indian
Accounting Standards) Rules, 2015 and other accounting principles
generally accepted in India, of the state of affairs (financial position)
of the Company as at 31^st March 2026, profit (financial performance
including other comprehensive income), changes in equity and its cash
flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements in
accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities under those SAs are
further described in the "Auditor's Responsibilities for the Audit of
the Standalone Financial Statements” section of our report. We are
independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India ("ICAI”)
together with the ethical requirements that are relevant to our audit
of the standalone financial statements under the provisions of the Act
and the Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI's
Code of Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion on the
standalone financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the standalone financial
statements of the current period. These matters were addressed in the
context of our audit of the standalone financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. We have determined the matters described
below to be the key audit matters to be communicated in our report.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL
STATEMENTS AND AUDITOR'S REPORT THEREON

The Company's Board of Directors is responsible for the preparation of
the other information. The other information comprises the information
included in the Company's Annual Report but does not include the
standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover
the other information and we do not express any form of assurance
conclusion thereon.

In connection with our audit of the standalone financial statements, our
responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the
standalone financial statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated. If, based on the work
we have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact.

We have nothing to report in this regard.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED
WITH GOVERNANCE FOR THE STANDALONE FINANCIAL
STATEMENTS

The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Act with respect to the preparation of these
standalone financial statements that give a true and fair view of the
financial position, financial performance including other comprehensive
income, changes in equity and cash flows of the Company in accordance
with the Indian Accounting Standards (”Ind AS”) specified under Section
133 of the Act, read with the Companies (Indian Accounting Standards)
Rules, 2015 and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the standalone financial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the standalone financial statements, the Board of Directors
is responsible for assessing the Company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
Board of Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Company's Board of Directors is also responsible for overseeing the
Company's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE
STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether
the standalone financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these
standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of the
standalone financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3X0 of the Act, we are
also responsible for expressing our opinion on whether the
Company has adequate internal financial controls with reference
to the standalone financial statements in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures
made by management.

• Conclude on the appropriateness of management's use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related disclosures
in the standalone financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the Company to
cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the
standalone financial statements, including the disclosures, and
whether the standalone financial statements represent the
underlying transactions and events in a manner that achieves fair
presentation.

We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit
of the standalone financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor's
report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh
the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1 As required by the Companies (Auditor's Report) Order, 2020
("the Order”) issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, we give in
the "Annexure A" a statement on the matters specified in the
paragraphs 3 and 4 of the Order, to the extent applicable.

2 As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and
explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit of the aforesaid
standalone financial statements;

b) I n our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from
our examination of those books;

c) The Standalone Balance Sheet, the Standalone Statement
of Profit and Loss (including other comprehensive income),
the Standalone Statement of Changes in Equity and the
Standalone Statement of Cash Flows dealt with by this
report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial statements
comply with the Indian Accounting Standards (Ind AS)
specified under section 133 of the Act, read with relevant
rules issued thereunder;

e) On the basis of the written representations received from
the directors as on 31^st March, 2026 taken on record by the
Board of Directors, none of the directors is disqualified as on
31^st March, 2026 from being appointed as a director in terms
of section 164(2) of the Act;

f) With respect to the adequacy of the internal financial
controls with reference to standalone financial statements
of the Company and the operating effectiveness of such
controls, refer to our separate report in "Annexure B";

g) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements of
section 197(16) of the Act, as amended:

In our opinion and to the best ofour information and according
to the explanations given to us, the remuneration paid /
provided by the Company to its directors during the current
year is in accordance with the provisions of section 197 of
the Act.

h) With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended,
in our opinion and to the best of our information and
according to the explanations given to us:

i. The Company has disclosed the impact of pending
litigations as at 31^st March, 2026 on its financial
position in its standalone financial statements - Refer
Note No. 41 to the standalone financial statements;

ii. The Company has made provision as at 31^st March
2026, as required under the applicable law or Ind AS,
for material foreseeable losses, if any, on long-term
contracts including derivative contracts;

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company during the
year ended 31^st March, 2026 in accordance with the
relevant provisions of the Act and Rules made there
under.

iv. (a) The management has represented that, to the

best of its knowledge and belief, other than
as disclosed in the notes to the accounts, no
funds (which are material either individually
or in the aggregate) have been advanced or
loaned or invested (either from borrowed funds
or share premium or any other sources or kind
of funds) by the Company to or in any other
persons or entities, including foreign entities
("Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that
the Intermediary shall, directly or indirectly lend
or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of
the Ultimate Beneficiaries (Refer Note No. 59.4
to the standalone financial statements);

(b) The management has represented, that, to the
best of it's knowledge and belief, other than
as disclosed in the notes to the accounts, no
funds (which are material either individually

or in the aggregate) have been received by
the Company from any persons or entities,
including foreign entities ("Funding Parties”),
with the understanding, whether recorded in
writing or otherwise, that the Company shall,
directly or indirectly, lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Funding
Party ("Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries (Refer Note No. 59.4 to the
standalone financial statements); and

(c) Based on such audit procedures performed that
we have considered reasonable and appropriate
in the circumstances, nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (a) and (b)
contain any material mis-statement.

v. The dividend declared or paid during the year by the
Company is in accordance with section 123 of the Act.

vi. Based on our examination which included test
checks, the Company has used accounting softwares
for maintaining its books of account for the financial
year ended 31^st March, 2026 which has a feature of
recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant
transactions recorded in the softwares. Further,
during the course of audit we did not come across
any instance of audit trail feature being tempered
with and the company has preserved the audit
trail in accordance with statutory record retention
requirements.

For V. Sankar Aiyar & Co.

Chartered Accountants
(Firm Regn. No.: 109208W)

(PUNEET KUMAR KHANDELWAL)

Place: Kolkata Partner (M. No.: 429967)

Dated: 9^th May, 2026 UDIN: 26429967IQJFCL3810