The Board of Directors of Aditya Birla Sun Life AMC Limited (the 'Company') are pleased to present the 32^nd Annual Report and the
Audited Financial Statements of the Company for the financial year ended 31^st March, 2026 ('financial year under review').

FINANCIAL SUMMARY AND HIGHLIGHTS

The Company's financial performance for the financial year ended 31^st March, 2026 as compared to the previous financial year ended
31^st March, 2025 is summarised below:

The above figures are extracted from the Consolidated and Standalone Financial Statements of the Company.

PERFORMANCE OVERVIEW

The Company acts as an Investment Manager to Aditya Birla
Sun Life Mutual Fund ('ABSLMF'), which is one of the largest
Mutual Funds in India, in terms of the Quarterly Average Assets
under Management ('QAAUM') as on 31^st March, 2026. The Company
also operates multiple alternate strategies including Portfolio
Management Services, Real Estate Investments and Alternative
Investment Funds.

Key Highlights of the Company's performance for the
financial year ended 31^st March, 2026 are as under:

• QAAUM of ABSLMF as on 31^st March, 2026 was ? 4,35,866 Crore
with a market share of 6.02% (excluding ETF) representing
14% Year on Year (y-o-y) growth.

• Equity QAAUM of ABSLMF as on 31^st March, 2026 was
? 1,97,374 Crore with a market share of 4.06% and
Fixed Income QAAUM of ABSLMF as on 31^st March, 2026
was ? 2,38,492 Crore with a market share of 7.25%
(including ETF) and ? 2,25,568 Crore with market share of
10.45% (excluding ETF).

• Consolidated Revenue of the Company for FY 2025-26 was
? 1,845.03 Crore as against ? 1,684.78 Crore in FY 2024-25
representing 9.51% y-o-y growth.

• Consolidated Profit After Tax for FY 2025-26 was
? 975.07 Crore as against ? 930.60 Crore in FY 2024-25
representing 4.78% y-o-y growth.

• Return on Equity for FY 2025-26 was 25.53% with a
consistent dividend paying track record.

• As on 31^st March, 2026, the Company offered Portfolio
Management Services, Alternative Investment Funds,
Offshore and Real Estate offerings, with an aggregate
QAAUM of ? 38,136 Crore.

ACCOUNTING METHOD

The Consolidated and Standalone Financial Statements of
the Company have been prepared in accordance with Indian
Accounting Standards ('Ind AS'), as notified under Sections
129 and 133 of the Companies Act, 2013 (the 'Act') read with
the Companies (Accounts) Rules, 2014, as amended and other
relevant provisions of the Act.

In accordance with the provisions of the Act, applicable
Accounting Standards and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ('SEBI Listing Regulations'),
the Audited Consolidated and Standalone Financial Statements of
the Company for the financial year ended 31^st March, 2026, together
with the Auditor's Report forms part of this Annual Report.

The Audited Financial Statements of the Company as stated
above and the Financial Statements of each of the Subsidiaries of
the Company, are available on the Company's website athttps://
mutualfund.adityabirlacapital.com/shareholders/%20annual-
reports.

MATERIAL EVENTS DURING THE FINANCIAL YEAR
Incorporation of a Wholly Owned Subsidiary

During the financial year under review, Aditya Birla Sun Life AMC
International (IFSC) Limited ('ABSLAMC IFSC') was incorporated
on 4^th December, 2025 as a Wholly Owned Subsidiary of the
Company. ABSLAMC IFSC has been established in Gujarat
International Finance Tec-City ('GIFT City'), International Financial
Services Centre ('IFSC'), and has obtained Fund Management
Entity - Retail registration from the International Financial Services
Centres Authority ('IFSCA').

ABSLAMC IFSC has been set up with the strategic objective
of undertaking fund management activities in accordance
with the IFSCA (Fund Management) Regulations, 2025 and
providing investment management, portfolio management,
advisory and related financial services, including management
of Alternative Investment Funds and other global investment
strategies for domestic and international clients under the
IFSC framework.

Further, pursuant to the Business Transfer Agreement
entered into between the Company and ABSLAMC IFSC on
23^rd March, 2026, the Company transferred its GIFT City, IFSC Branch
Fund Management business to ABSLAMC IFSC.

HOLDING/SUBSIDIARIES/JOINT VENTURES/
ASSOCIATE COMPANIESHolding Company

The Company does not have a Holding Company.

Subsidiaries

As on 31^st March, 2026, the Company has 7 (seven) subsidiaries
including step-down subsidiaries (subsidiaries by virtue of holding
management shares). During the financial year, ABSLAMC IFSC
was incorporated as a Wholly Owned Subsidiary of the Company on
4^th December, 2025. The subsidiaries of the Company are engaged
in financial services.

As required under Regulations 16(1)(c) and 46 of the SEBI Listing
Regulations, the Board has approved and adopted the Policy for
determining Material Subsidiaries. The Policy is available on the
Company's website athttps://mutualfund.adityabirlacapital.
com/-/media/bsl/files/resources/policies-and-codes/policy-for-
determining-material-subsidiaries.pdf. During the financial year
under review, the Company did not have any material subsidiaries.

Pursuant to Section 129(3) of the Act, a statement containing
salient features of the financial statements of the Company's
subsidiaries in the prescribed Form AOC - 1 is enclosed as
Annexure I to the Board's Report.

Joint Ventures/Associates

The Company does not have any Joint Venture/Associate Company.

DIVIDEND

The Board of Directors of the Company have recommended
payment of dividend of ? 25.50 per equity share of face value of
? 5 each for the financial year ended 31^st March, 2026, subject to the
approval of the Shareholders at the ensuing Annual General Meeting
('AGM') of the Company. Accordingly, the dividend pay-out for
FY 2025-26 would amount to approx. ? 737 Crore.

The dividend recommended is in line with the Company's
Dividend Distribution Policy, which is available on the Company's
website athttps://mutualfund.adityabirlacapital.com/-/media/
bsl/files/resources/policies-and-codes/dividend-distribution-
policy.pdf.

Further, pursuant to Finance Act, 2020, as amended from time
to time, and applicable provisions of the Income-tax Act, 2025,
dividend income will be taxable in the hands of shareholders and
the Company is required to deduct tax at source from dividend
paid to shareholders at the prescribed rates. The Company shall
withhold tax at source appropriately.

TRANSFER TO RESERVES

The Company had transferred ? 1.17 Crore to the General Reserves
for the financial year ended 31^st March, 2026.

SHARE CAPITAL

During the financial year under review, 3,16,911 equity shares of
? 5 each of the Company were allotted to the eligible employees
pursuant to the exercise of Stock Options and Restricted Stock
Units in terms of Aditya Birla Sun Life AMC Limited Employee Stock
Option Scheme 2021.

Consequently, the issued, subscribed and paid-up share capital
of the Company increased from ? 144.24 Crore comprising of
28,84,89,286 equity shares of ? 5 each as on 1^st April, 2025 to
? 144.40 Crore comprising of 28,88,06,197 equity shares of ? 5
each as on 31^st March, 2026.

DEPOSITORY

All the equity shares of the Company are held in dematerialised
mode and are compulsorily tradable in electronic form.

DEPOSITS

The Company, being an Asset Management Company, primarily
governed by SEBI (Mutual Funds) Regulations, 2026 has not
accepted any deposits from the public during the financial year
under review, in accordance with Sections 73 and 74 read with
Chapter V of the Act.

PARTICULARS OF LOANS, GUARANTEES AND
INVESTMENTS

The details of loans and guarantees given, investments made or
security provided, if any, during the financial year under review
pursuant to the Section 186 of the Act are provided in the Notes
to the Financial Statements forming part of this Annual Report.

CONSERVATION OF ENERGY & TECHNOLOGY
ABSORPTION

The Company is in financial services industry and does not consume
high levels of energy. However, regular efforts are made to adopt
appropriate energy conservation measures and technology
absorption methods. The particulars regarding conservation of
energy and technology absorption as required to be disclosed
pursuant to Section 134(3)(m) of the Act read with Rule 8(3) of
the Companies (Accounts) Rules, 2014 are not relevant to the
Company's activities.

However, some of the steps taken by the Company for
conservation of energy includes:

• The Company is committed to reducing negative
environmental impact.

• The Company has tied up with ViaGreen, an organisation that
helps the Company in waste management and recycling.

• Most of the offices of the Company have installed LED lights
making them energy-efficient. Additionally, regular garbage
bags have been replaced with biodegradable garbage bags.

• At the Registered Office in Mumbai, wet and dry waste are
segregated, and wet waste is processed through an Organic
Waste Compost Machine, with the compost generated being
utilised for plantation and horticulture activities within
the premises.

• As a step towards further reducing the environmental
impact, the documents for Board and Committee Meetings
of the Company are transmitted electronically using a secure
web-based application, thereby saving paper.

• The other energy saving measures include selecting and
designing offices to facilitate maximum natural light
utilisation, video-conferencing facilities/Microsoft Teams/
Zoom calls across all offices to reduce the need of employee
travel, digital learning initiatives for employees, optimised
usage of lights and continuous monitoring and control of
the operations of the air conditioning equipment as well as
elimination of non-recyclable plastic in the offices.

FOREIGN EXCHANGE EARNINGS AND OUTGO

• Foreign exchange earnings during the financial year:
? 15.28 Crore (Previous year: ? 12.54 Crore).

• Foreign exchange expenditure during the financial year:
? 14.46 Crore (Previous year: ? 16.73 Crore).

BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORT

Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations,
the Business Responsibility and Sustainability Report ('BRSR')
along with the report on assessment of the BRSR Core attributes
for the financial year ended 31^st March, 2026, provided by
DNV Business Assurance India Private Limited, forms part of this
Annual Report and is also available on the Company's website at
https://mutualfund. adityabirlacapital.com/shareholders/annual-
reports.

MATERIAL CHANGES AND COMMITMENTS
AFFECTING THE FINANCIAL POSITION OF THE
COMPANY

There were no material changes and commitments affecting the
financial position of the Company between the end of the financial
year up to the date of this Report.

CHANGE IN NATURE OF BUSINESS

During the financial year under review, there has been no change
in the nature of business of the Company.

EMPLOYEE STOCK OPTION SCHEMES

Employee Stock Options have been recognised as an effective
instrument to attract talent and align the interest of employees
with that of the Company, thereby providing an opportunity to the
employees to share in the growth of the Company and to create
long-term wealth in the hands of employees, thereby acting as a
retention tool.

Aditya Birla Sun Life AMC Limited Employee
Stock Option Scheme 2021 ('ESOP Scheme 2021')

In view of above, the Company has adopted ESOP Scheme
2021 for the benefit of the employees of the Company and
its Subsidiaries. During the financial year under review, the
Company had not granted any Stock Options and/or Restricted
Stock Units to the eligible employees under ESOP Scheme 2021.
Further, there were no material changes made to the
ESOP Scheme 2021 during the financial year under review.

Aditya Birla Sun Life AMC Limited Employee
Stock Option and Performance Stock Unit
Scheme 2025 ('ESOP Scheme 2025')

Pursuant to the recommendation of the Nomination,
Remuneration and Compensation Committee of the Company,
the Board of Directors of the Company at their Meeting held
on 24^th October, 2025, had approved the adoption of the
ESOP Scheme 2025. Subsequently, the Members of the Company,
through special resolutions passed by way of postal ballot on
19^th December, 2025, had approved the adoption of ESOP Scheme
2025 including the extension of its benefits to the employees of
the Subsidiary Companies.

During the financial year under review, the Company had granted
9,82,768 Stock Options and 2,24,032 Performance Stock Units to
the eligible employees under ESOP Scheme 2025.

The details/disclosure(s) on the ESOP Scheme 2021 and
ESOP Scheme 2025 as required under the SEBI (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021, are
available on the Company's website athttps://mutualfund.
adityabirlacapital.com/shareholders/annual-reports.
The certificate issued by the Secretarial Auditor of the Company
with respect to the implementation of the ESOP Scheme 2021
and ESOP Scheme 2025 will be available for inspection by the
Shareholders at the ensuing AGM of the Company.

Further, Aditya Birla Capital Limited ('ABCL') had adopted
"Aditya Birla Capital Limited Employee Stock Option Scheme
2017" and "Aditya Birla Capital Limited Employee Stock
Option and Performance Stock Unit Scheme 2022" for
the benefit of the employees of ABCL, its Subsidiaries and
Group Companies. The benefits of the said Schemes are
extended to the permanent employees in the Management
cadre of the Company, as applicable from time to time.

Employee Stock Appreciation Rights Scheme

The Company has adopted a long-term incentive plan namely,
"Aditya Birla Sun Life AMC Limited Stock Appreciation Rights
Scheme 2022" ('SAR 2022') for the welfare of the employees of
the Company and its Subsidiaries. Under SAR 2022, cash incentive

benefits are provided to the eligible employees through grant of
Stock Appreciation Rights. During the financial year under review,
the Company had not granted Stock Appreciation Rights to the
eligible employees.

MANAGEMENT DISCUSSION AND ANALYSIS

Pursuant to Regulation 34(2) of SEBI Listing Regulations,
the Management Discussion and Analysis Report for the financial
year under review forms part of this Annual Report.

CORPORATE GOVERNANCE REPORT

The Corporate Governance Report as stipulated under
Regulation 34(3) read with Schedule V of the SEBI Listing
Regulations forms part of this Annual Report. The certificate
from M/s. N L Bhatia & Associates, Practicing Company Secretaries,
on compliance with the requirements of Corporate Governance
is enclosed as Annexure II to the Board's Report.

RISK MANAGEMENT

Risk Management is fundamental to the business, ensuring an
optimal balance between risk and return in alignment with
the Company's risk appetite. The Company's comprehensive
risk management framework monitors Governance, Risk and
Compliance across the organisation. The Risk Management
philosophy focusses on the following organisational structure to
manage risks through the following three lines of defence:

First Line is the Management (Functional Heads/Process Owners)
that has the primary responsibility to own and manage risks
associated with day-to-day operational activities.

Second Line function enables the identification of emerging
risks in daily operations of the business. It does this by providing
compliance and oversight in the form of framework, policies, tools,
and techniques to support risk and compliance management.

Third Line function provides objective and independent assurance
through audits.

The Board has constituted a Risk Management Committee as
required under SEBI Listing Regulations and SEBI (Mutual Funds)
Regulations, 2026 to frame, implement and monitor the risk
management plan of the Company and the Schemes of the
Aditya Birla Sun Life Mutual Fund.

The objectives and scope of the Risk Management Committee
broadly include:

• Risk Identification;

• Risk Assessment;

• Risk Response and Risk Management Strategy; and

• Risk Monitoring, Communication and Reporting.

Over the years, the Company has built a strong Risk Management
Framework supported by well-established policies and procedures
and a talented pool of risk professionals.

Further, the Company has adopted the Risk Management
Framework prescribed by SEBI through circular dated
27^th September, 2021. Through this framework, the Company has
devised the mechanism for identifying and measuring the AMC
level and Mutual Fund's Scheme level risk appetite and has also
setup a robust risk control assessment mechanism to report key
emerging risks and control environment at functional level to the
Management and the Board of the Company.

The Company has an enterprise risk management framework
in place, which includes key risk management activities such
as risk identification, risk assessment, risk response and
risk management strategy. The identified risks are evaluated and
managed by either avoidance, transfer, mitigation or retention.
The risks faced can be broadly classified as reputation risk,
people risk, regulatory risk, operational risk, investment risk,
technology risk, strategic risk and business risk. Close monitoring
and control processes, including the establishment of appropriate
key risk indicators and key performance indicators are put in
place to ensure that risk profiles are managed within limits.

The Company's Investment function operates under the
Investment Governance framework approved by the Investment
Committee and the Board. The framework helps in not only
ensuring regulatory compliance but also provides the framework
for management and mitigation of the risks associated
with investments.

The Company has implemented an Operational Risk Management
framework to manage specific risks that may arise from inadequate
or failed internal processes, people, systems, or external events.
To manage and control such risks, the Company uses various tools
including self-assessments, operational risk alerts and key risk
indicator monitoring. The Company recognises that information
is a critical business asset and, accordingly, the Company has an
information security and cyber security framework that ensures all
information assets are safeguarded by establishing comprehensive
management processes throughout the organisation.

The Company's risk management systems and procedures highlight
its dedication to ethical operations and profitable functioning while
adhering to best practices, applicable laws, rules, and regulations.
These systems aim to provide reasonable, though not absolute,
assurance against material misstatements or loss. They also
ensure the safeguarding of assets, the maintenance of accurate
accounting records, the reliability of financial information, and the
identification and management of business risks.

The detailed Risk Management framework is enclosed as
Annexure III to the Board's Report.

Business Continuity

The Company has instituted a comprehensive Business Continuity
Management Programme to ensure uninterrupted functioning
of critical operations during unforeseen disruptions. This is
underpinned by a robust Disaster Recovery Framework that
addresses both business and technology-related interruption risks,
thereby safeguarding service continuity for customers. A formal
Business Continuity Policy further reinforces this framework by
outlining a structured response to contingencies, ensuring timely
recovery of essential activities in alignment with regulatory
expectations. Regular testing of all business-critical processes
is conducted to validate preparedness and operational resilience.

CONTRACTS AND ARRANGEMENTS WITH
RELATED PARTIES

During the financial year under review, all transactions entered
into by the Company with related parties were in ordinary course
of business and at arm's length basis and were not considered
material as per the provisions of Section 188 of the Act read with
the Companies (Meetings of Board and its Powers) Rules, 2014 and
Regulation 23 of the SEBI Listing Regulations. Hence, disclosure in
form AOC-2 under Section 134(3)(h) of the Act, read with Rule 8 of
the Companies (Accounts) Rules, 2014, is not applicable.

Prior approval of the Audit Committee is obtained for all
Related Party Transactions ('RPTs') which are of a repetitive
nature and entered in the ordinary course of business and at
arm's length. A statement on RPTs specifying the details of the
transactions, pursuant to each omnibus approval granted, is placed
on a quarterly basis for review by the Audit Committee.

Pursuant to Regulation 23(9) of SEBI Listing Regulations,
disclosures of RPTs are submitted to the Stock Exchanges on
a half-yearly basis and published on the Company's website
athttps://mutualfund.adityabirlacapital.com/shareholders/
announcements-and-updates.

There were no material transactions entered into with related
parties during the period under review, which may have had any
potential conflict with the interests of the Company at large.
The details of transactions with related parties of the Company for
the financial year under review, are given in Notes to the Financial
Statements, which forms part of this Annual Report.

The policy on RPTs is available on the Company's website at
https://mutualfund.adityabirlacapital.com/-/media/bsl/ files/
resources/policies-and-codes/Policy-on-Related-Party-
Transaction.pdf.

INTERNAL FINANCIAL CONTROLS

The Company has well-established internal control systems
in place which commensurate with the nature of its business
and size, scale and complexity of its operations.

Further, the Internal Audits are undertaken on periodic basis to
independently validate the existing controls as per the scope
assigned to the Internal Audit Function. The Internal Audit
Reports are regularly reviewed by the Management and corrective
actions, if any, are initiated to strengthen controls and enhance
the effectiveness of existing systems. During the financial year
under review, no material or serious observation was identified
for inefficacy or inadequacy of such controls.

The Company also periodically engages outside experts to carry
out independent review of the effectiveness of various business
processes. The observations and best practices suggested are
reviewed by the Management and the Audit Committee and
appropriately implemented with a view to continuously strengthen
internal controls.

INTERNAL AUDIT

The Company has in place an adequate internal audit framework
to monitor the efficacy of internal controls with the objective of
providing to the Audit Committee and the Board of Directors of
the Company, an independent and reasonable assurance on the
adequacy and effectiveness of the organisation's risk management,
internal control and governance processes. The framework is
commensurate with the nature of the business, size, scale and
complexity of its operations with a risk based internal audit
approach. The audit plan is approved by the Audit Committee,
which regularly reviews the compliance to the plan.

The internal audit plan is developed based on the risk profile of
business activities of the organisation. It covers process audits at
the head office and across various branches of the organisation.
The internal audits are carried out by an independent external
firm. Additionally, there is an appointed Head Internal Audit to
ensure that the audit process is conducted in accordance with
the Company's policies and regulatory requirements, and to
oversee the implementation of audit recommendations/timely
closure of management actions to improve internal controls and
operational efficiency.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act and to the best of their
knowledge and belief and according to the information and
explanations obtained from the Management, the Directors of
the Company state that:

i. in the preparation of the Annual Accounts for the
financial year ended 31^st March, 2026, the applicable
accounting standards have been followed and there were
no material departures from the same;

ii. the Directors had selected such accounting policies and
applied them consistently and made judgements and
estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company as at
31^st March, 2026 and of the profit of the Company for financial
year ended on that date;

iii. the Directors had taken proper and sufficient care for the
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 fraud and
other irregularities;

iv. the Directors had prepared the Statement of Accounts for
the financial year ended 31^st March, 2026 on a 'going concern
basis';

v. the Directors had laid down Internal Financial Controls and
that such Internal Financial Controls were adequate and were
operating effectively; and

vi. the Directors had devised proper systems to ensure
compliance with the provisions of all applicable laws and that
such systems are adequate and operating effectively.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

As on 31^st March, 2026, the Board of Directors of the Company
comprised of 9 (nine) Directors including 1 (one) Woman
Independent Director.

Appointment

Based on the recommendation of the Nomination, Remuneration
and Compensation Committee ('NRCC') and pursuant to the
approval of the Board of Directors of the Company, the Members
of the Company, by way of a special resolution passed through
postal ballot on 21^st June 2025, approved the appointment of
Ms. Anita Ramachandran as an Independent Director of the
Company for a term of five consecutive years, effective from
25^th March, 2025 upto 24^th March, 2030.

Retirement by Rotation

Pursuant to Section 152 of the Act, read with the Articles
of Association of the Company, Mr. Sandeep Asthana,
Non-Executive Director of the Company is liable to retire
by rotation at the ensuing AGM and, being eligible, has offered
his candidature for re-appointment. The NRCC and the Board of
Directors of the Company have recommended the re-appointment
of Mr. Asthana as a Non-Executive Director of the Company at the
ensuing AGM. The brief resume and other related information of
Mr. Asthana have been detailed in the Notice convening the AGM
of the Company.

Declaration by Independent Directors

In terms of Section 149 of the Act and the SEBI Listing Regulations,
Mr. Navin Puri, Mr. Ramesh Abhishek, Mr. Sunder Rajan Raman,
Mr. Supratim Bandyopadhyay and Ms. Anita Ramachandran are
the Independent Directors of the Company as on the date of
this Report.

All Independent Directors have submitted the declaration
of Independence, pursuant to the provisions of Section 149(7)
of the Act and Regulation 25(8) of the SEBI Listing Regulations,
stating that they meet the criteria of Independence as provided
in Section 149(6) of the Act and Regulation 16(1)(b) of the
SEBI Listing Regulations and they are not aware of any
circumstance or situation, which exist or may be reasonably
anticipated, that could impair or impact their ability to discharge
their duties with an objective independent judgement and
without any external influence. The Board is of the opinion that the
Independent Directors of the Company possess requisite
qualifications, experience, expertise and hold the highest
standards of integrity.

The Independent Directors have also confirmed their registration
with the data bank of Independent Directors maintained with
the Indian Institute of Corporate Affairs in compliance with
requirements of the Companies (Appointment and Qualification
of Directors) Rules, 2014.

Fit and Proper Criteria

All the Directors meet the fit and proper criteria as stipulated under
SEBI (Mutual Funds) Regulations, 2026 and SEBI (Intermediaries)
Regulations, 2008 (as amended from time to time).

Key Managerial Personnel (KMP)

In terms of the provisions of Sections 2(51) and 203 of the Act,
read with the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, Mr. A. Balasubramanian,
Managing Director & CEO, Mr. Pradeep Sharma, Chief Financial
Officer and Mr. Prateek Savla, Company Secretary are the KMPs
of the Company.

Annual Performance Evaluation

The evaluation framework for assessing the performance of
the Directors of the Company comprises of contributions at the
Meeting(s) and strategic perspective or inputs regarding the
growth and performance of the Company, amongst others.

Pursuant to the provisions of the Act and SEBI Listing Regulations
and in terms of the Framework of the Board Performance
Evaluation, the Board of Directors of the Company have carried

out an annual performance evaluation of the Board as-a-
whole, performance of various Committees of the Board and
Individual Directors and fulfilment of Independence criteria
by the Independent Directors. A separate Meeting of the
Independent Directors was also held during the financial year under
review for the evaluation of the performance of Non-Independent
Directors and performance of the Board as-a-whole. The manner
in which the evaluation has been carried out has been set out
in the Corporate Governance Report, which forms part of this
Annual Report.

Outcome of the Evaluation

The Board of the Company was satisfied with the functioning
of the Board and its Committees. Non-Executive Directors and
Independent Directors demonstrate a strong understanding of the
Company and its requirements. They keep themselves current on
the areas to be discussed at the Board Meetings. The Committees
are functioning well and besides covering the Committees'
terms of reference, as mandated by applicable laws, important
issues are brought up and discussed in the Committee Meetings.
The Board was also satisfied with the contribution of Directors in
their individual capacities.

MEETINGS OF THE BOARD AND ITS COMMITTEES
Board

The Board meets at regular intervals, inter alia, to discuss and
decide on the Company's performance and strategies.
During the financial year under review, the Board met eight times
on 28^th April, 2025, 26^th May, 2025, 25^th June, 2025, 24^th July, 2025,
24^th October, 2025, 7^th January, 2026, 22^nd January, 2026, and
12^th March, 2026.

Further details on the Board Meetings are provided in the
Corporate Governance Report, which forms part of this
Annual Report.

Audit Committee

The Board of Directors of the Company have constituted an
Audit Committee with its composition, quorum, powers, role
and scope in line with the applicable provisions of the Act,
SEBI Listing Regulations and SEBI (Mutual Funds) Regulations, 2026.

During the financial year under review, the Audit Committee of
the Company reviewed the internal controls put in place to ensure
that the accounts of the Company are properly maintained and
that the accounting transactions are in accordance with the
prevailing laws and regulations. In conducting such reviews,
the Committee found no material discrepancy or weakness in
the internal control systems of the Company.

Further details on the Audit Committee of the Company,
its Meetings, composition and attendance are provided in
the Corporate Governance Report, which forms part of this
Annual Report. During the financial year under review, all
recommendations made by the Audit Committee were accepted
by the Board.

Nomination, Remuneration and Compensation
Committee

The Board of Directors of the Company have constituted a
Nomination, Remuneration and Compensation Committee
('NRCC'), with its composition, quorum, powers, role and
scope in line with the applicable provisions of the Act and
SEBI Listing Regulations.

The NRCC has formulated a policy on criteria of appointment,
qualification, remuneration, etc. for the Directors, KMPs and
Senior Management Personnel of the Company under the
provisions of Section 178(3) of the Act, which is enclosed as
Annexure IV to the Board's Report and the same is uploaded on the
website of the Company athttps://mutualfund. adityabirlacapital.
com/-/media/bsl/files/resources/policies- and-codes/executive-
remuneration-policy-amc.pdf.

Further, details on the NRCC, its Meetings, composition and
attendance are provided in the Corporate Governance Report,
which forms part of this Annual Report.

Other Board Committees

The Board of Directors of the Company have also constituted
the following Committees of the Board under the relevant
provisions of the Act read with the applicable SEBI laws:

• Risk Management Committee

• Stakeholders Relationship Committee

• Corporate Social Responsibility Committee

• Unit Holder Protection Committee

Details of mandatory Committees of the Board as per the Act,
SEBI Listing Regulations and SEBI (Mutual Funds) Regulations,
2026 are provided in the Corporate Governance Report, which
forms part of this Annual Report.

ANNUAL RETURN

Pursuant to the provisions of Section 92(3) read with Section
134(3)(a) of the Act, the Annual Return for FY 2025-26 is available on
the Company's website athttps://mutualfund.adityabirlacapital.
com/shareholders/annual-reports.

AUDITORS
Statutory Auditor

In terms of Section 139 of the Act read with the Companies
(Audit and Auditors) Rules, 2014, S. R. Batliboi & Co. LLP,
Chartered Accountants, (Firm Reg. No.: 301003E/E300005)
were re-appointed as the Statutory Auditor of the Company
for a period of five consecutive years i.e. from the conclusion of
30^th AGM held in the year 2024 till the conclusion of 35^th AGM of
the Company to be held in the year 2029.

The reports issued by the Statutory Auditor on the Standalone
and Consolidated Financial Statements of the Company for
the financial year ended 31^st March, 2026 do not contain any
qualification, observations, comments or remark(s) which have
an adverse effect on the functioning of the Company and therefore,
do not call for any comments from Directors of the Company.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act read
with the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 and Regulation 24A of the
SEBI Listing Regulations, the Members of the Company at the
previous AGM held on 30^th July, 2025, approved the appointment
of M/s. N L Bhatia & Associates, Practicing Company Secretaries
(Firm Reg. No.: P1996MH055800), as the Secretarial Auditor of
the Company for a term of five consecutive years i.e. from
FY 2025-26to FY 2029-30. The Secretarial Audit Report in Form MR-3
for the financial year ended 31^st March, 2026, is enclosed as
Annexure V to the Board's Report. The Secretarial Audit Report
does not contain any qualification, reservation, disclaimer or
adverse remarks.

Further, the Secretarial Compliance Report for the financial
year ended 31^st March, 2026 on compliance of all applicable
SEBI Regulations and circulars/guidelines issued thereunder,
obtained from M/s. N L Bhatia & Associates, Secretarial Auditor,
is available on the website of the Company and can be accessed
athttps://mutualfund.adityabirlacapital.com/-/media/bsl/files/
resources/shareholder-intimation/secretarial-compliance-report-
for-the-year-ended-march-31-2026.pdf.

Reporting of Frauds by Auditors

During the financial year under review, neither the
Statutory Auditor nor the Secretarial Auditor have reported
to the Audit Committee or the Board of Directors of the Company,
any instances of fraud committed against the Company by
its officers or employees under Section 143(12) of the Act.

CORPORATE SOCIAL RESPONSIBILITY

In accordance with Section 135 of the Act and Rules made
thereunder the Board of Directors of the Company have
constituted a Corporate Social Responsibility (CSR) Committee. The
CSR Committee has formulated and recommended to the Board
a Corporate Social Responsibility Policy ('CSR Policy') indicating
the CSR activities to be undertaken by the Company, which has
been approved by the Board. The CSR Policy is available on the
Company's website athttps://mutualfund.adityabirlacapital.
com/-/media/ bsl/files/resources/csr/corporate-social-
responsibilty-policy.pdf.

During FY 2025-26, the Company spent ? 16.03 Crore on various
CSR projects including overhead costs and Impact Assessment cost.
The annual report on CSR activities for FY 2025-26 as per the Rule 8
of Companies (Corporate Social Responsibility Policy) Rules, 2014,
as amended is enclosed as Annexure VI to the Board's Report.

WHISTLE BLOWER POLICY/VIGIL MECHANISM

In compliance with the provisions of Section 177(9) of the Act read
with Rule 7 of the Companies (Meetings of Board and its Powers)
Rules, 2014 and Regulation 22 of the SEBI Listing Regulations, the
Company has formulated a Whistle Blower Policy/ Vigil Mechanism
for Directors and Employees to report concerns, details of which
are covered in the Corporate Governance Report, which forms part
of this Annual Report. The said policy is available on the Company's
website athttp://mutualfund. adityabirlacapital.com/-/media/
BSL/Files/Resources/Policies- And-Codes/Whistleblower-Policy_
ABSLAMC.

POLICY ON PREVENTION OF SEXUAL
HARASSMENT OF WOMEN AT WORKPLACE

The Company has in place a policy which is in line with the
requirements of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013 ('POSH Act').
An Internal Complaints Committee has been set up to redress and
resolve complaints, if any, received regarding sexual harassment
of women. The Company has complied with the provisions relating
to the constitution of the Internal Complaints Committee under
the POSH Act. All employees (permanent, contractual, temporary,
trainees) are covered under this policy. During the financial year
under review, one complaint was received and resolved within a
period of 90 days under the POSH Act.

PARTICULARS OF EMPLOYEES

Disclosures pertaining to remuneration and other details, as
required under Section 197(12) of the Act read with Rule 5(1) of
the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are enclosed as Annexure VII to the
Board's Report.

Details as required under Section 197(12) of the Act read
with Rule 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, with respect
to information of employees of the Company will be provided upon
request by a Member. In terms of the provisions of Section 136(1)
of the Act, the Annual Report is being sent to all the Members
of the Company whose email address(es) are registered with
the Company/Registrar and Share Transfer Agent/Depository
Participants, excluding the aforesaid details which shall be
made available for inspection by the Members. If any Member is
interested in obtaining a copy thereof, the Member may write to
the Company Secretary at the Registered Office of the Company in
this regard or send an email to abslamc.cs@adityabirlacapital.com.

HUMAN RESOURCES

As of 31^st March 2026, the Company's workforce stood at 1,501
employees, with gender diversity at 30%, reflecting the Company's
continued commitment to building a diverse, inclusive and
high-performing organisation.

The Company remained steadfast in its aspiration to create a
workplace that attracts, nurtures and enables talent to thrive.
The Company believes that meaning at work is created when
people connect with the organisation's purpose, feel supported
by their leaders and experience a strong sense of belonging.
The Company's focus continues to be on making people successful
by fostering an environment that promotes collaboration,
encourages meritocracy, and provides opportunities for individuals
to grow in line with their aspirations.

Culture and Organisation

During the financial year, we strengthened our culture framework,
which defines the behaviours and ways of working aligned to our
business goals. It provides a unified identity for how we engage with
colleagues, customers and partners, while reinforcing a shared,
value-driven approach across the organisation.

To bring this to life, we drove strong leadership ownership
through culture workshops led by senior leaders, followed by
train-the-trainer interventions. This enabled leaders to cascade
the framework across teams through workshops, townhalls and
team interactions, ensuring consistency in messaging and deeper
organisational alignment.

As we position ourselves for the next phase of growth, we focused
on strengthening organisational capacity across new and emerging
areas. This included building teams across priority segments such
as Direct HNI Sales, Technology, Digital and Marketing, while also
augmenting investment capabilities to capitalise on opportunities
in evolving strategies, including those under the SIF framework.
These efforts ensured that the organisation is structurally
equipped to support growth and respond effectively to evolving
market opportunities.

Talent Management

Strengthening our talent pipeline and ensuring leadership
continuity remain central to our people strategy. During the
financial year, we reinforced this by enabling leadership continuity
at critical roles, including at the CXO level, through internal talent
movements. This reflects the strength of our leadership bench
and our commitment to building from within.

We also supported leadership transitions through targeted
coaching interventions, enabling leaders to adapt quickly and
succeed in their expanded roles, thereby ensuring continuity and
strengthening leadership effectiveness across the organisation.

In parallel, we have leveraged advanced analytics to strengthen
our retention efforts. Our predictive analytics framework
enables early identification of potential attrition risks, allowing
for timely and personalised interventions. This data-driven
approach has helped deepen engagement and sustain strong
retention outcomes.

Employee Engagement and Well-being

Fostering a positive and engaging work environment continues
to be a key priority. Our employee engagement survey saw
strong participation, reflecting the trust and involvement of our
workforce. We also witnessed improvement across key dimensions,
signalling higher employee confidence, energy and alignment
with organisational purpose, and reinforcing a culture of pride
and commitment.

Employee well-being remains central to our people approach.
Alongside preventive healthcare through annual health
assessments, we provide targeted health coaching for employees
requiring focused support. Our well-being initiatives also include
access to on-site medical assistance, doctor-on-call facilities, and
round-the-clock mental health support through counsellors and
medical professionals.

We have also encouraged employee-led interest groups, including
book reading and fitness clubs, among others, fostering stronger
connections and a sense of community across the organisation.

Learning and Capability Building

Learning continues to be a cornerstone of our efforts to build
a future-ready organisation. During the year, we strengthened
capability-building initiatives with a strong focus on our sales
teams. Manager-led product teach-back sessions, supported by
structured assessments, have helped embed product knowledge
and foster a culture of continuous learning, helping teams stay
ahead of the curve and maintain a competitive edge.

We also introduced structured development interventions
for frontline sales managers, aimed at enhancing managerial
effectiveness and preparing them for larger responsibilities.
Focused workshops on alternate asset products further enabled
teams to build deeper domain expertise in line with evolving
business priorities.

In addition, we continued to reinforce a strong culture of governance
and compliance through structured learning interventions covering
areas such as information security and regulatory requirements.
Regular safety audits further support our commitment to
maintaining a secure and compliant workplace, while strengthening
accountability across the organisation.

SECRETARIAL STANDARDS

During the financial year under review, the Company has complied
with the applicable Secretarial Standards issued by the Institute
of Company Secretaries of India.

CODE FOR PROHIBITION OF INSIDER TRADING

Pursuant to SEBI (Prohibition of Insider Trading) Regulations 2015,
as amended, the Company has a Code of Conduct on Prohibition
of Insider Trading for Securities of the Company and a Code
of Practice and Procedures for Fair Disclosure of Unpublished
Price Sensitive Information. The details of which are covered
in the Corporate Governance Report, which forms part of this
Annual Report.

AWARDS AND CERTIFICATIONS

During the financial year under review, the Company was felicitated
with the following awards:

• ET Brand Equity's Brand Disruption Award for Best
Technology Driven Marketing Campaign (Silver).

• Pitch Finovate BFSI Marketing Award for Most effective
Mutual Fund Marketing Campaign (Silver).

• FE FuTech for Best Storytelling in Digital Campaigns (Bronze).

• E4m Indian Marketing Award 2025 for Best Use of Print.

• GMF Bharat BFSI Award for AIF Performance Excellence.

• GMF Bharat BFSI Award for PMS Performance &
Value Creation.

• GMF Bharat BFSI Award for GIFT City Financial Innovation.

• Cafemutual Innovator Award 2025 for 3-6 month debt
Index fund category.

• Finixx SIP IE Campaign Award for Best TV Campaign -
Financial Literacy Initiative.

• e4m DigiOne Award for Best Digital Video Campaign.

• Financial Express FUTECH Award 2025 for Best Storytelling
in Digital Campaigns for SIPScribe.

• Golden Star Award for Excellence in BFSI for Best Fund
House in Investor Education.

OTHER DISCLOSURES

In terms of applicable provisions of the Act, the Company discloses

that during the financial year under review:

i. there were no issue of shares (including sweat equity shares)
to employees of the Company under any scheme except under
Employee Stock Option Schemes referred to in this Report.

ii. the Company did not undertake any public issue, rights
issue, bonus issue, preferential issue, or issue of shares with
differential voting rights.

iii. there were no revisions in the Financial Statements of
the Company.

iv. there was no transfer of any unpaid or unclaimed dividend
amount and/or corresponding equity shares to the
Investor Education and Protection Fund.

v. there were no significant or material orders passed by the
Regulators or Hon'ble Courts or Tribunals impacting the going
concern status of the Company and its operations in future.

vi. there was no application made or proceeding pending against
the Company under the Insolvency and Bankruptcy Code,
2016, as amended.

vii. there was no receipt of any remuneration by the
Managing Director & CEO of the Company from any of
its subsidiaries.

viii. there were no failures to implement any Corporate Action.

ix. there were no borrowings from Banks or Financial
Institutions and no instance of one-time settlement
with any Bank or Financial Institutions.

x. the Company has complied with the provisions relating to the
Maternity Benefit Act, 1961.

xi. disclosure pertaining to maintenance of cost records as
specified by the Central Government under sub-section (1)
of Section 148 of the Act, is not applicable to the Company.

ACKNOWLEDGEMENTS

The Directors take this opportunity to express sincere
appreciation for the continued support and guidance from the
Trustees of ABSLMF, Securities and Exchange Board of India,
Reserve Bank of India, Financial Intelligence Unit (FIU-IND),
Association of Mutual Funds in India (AMFI), Stock Exchanges,
Depositories, Clearing Corporations, Depository Participants,
Custodians, Bankers, Registrars & Share Transfer Agents,
Distributors & Agents, Central and State Governments and other
Regulatory Authorities and the Shareholders who have always
supported and helped the Company to achieve its objectives.

The Directors would also like to express their appreciation for the
support and co-operation extended by various partners and the
business associates of the Company.

The Directors would like to thank Aditya Birla Group and
Sun Life Financial Inc., for their constant support, guidance and
co-operation. The Directors also place on record their appreciation
for the exemplary contribution made by the Employees of the
Company and its Subsidiaries at all levels. Their dedicated efforts
and enthusiasm have been pivotal to the Company's growth.

The Directors also express their sincere appreciation for the
confidence placed by the investors in ABSLMF and look forward
to their continued support.

For and on behalf of the Board of Directors
Aditya Birla Sun Life AMC Limited

Vishakha Mulye A. Balasubramanian

Non-Executive Director Managing Director & CEO

(DIN: 00203578) (DIN: 02928193)

Place: Mumbai
Date: 23^rd April, 2026