We initiate coverage on Birla Corporation Ltd (BCORP) with a strong “BUY” recommendation and target price of Rs2055 based on 8x FY26E EV/EBITDA. Our recommendation is primarily based on1). Leading player in demand-rich region, i.e., Central India, 2). Capacity addition and volume growth higher than the industry average, 3). Improved cost-efficiency, 4). Less dependency ongrid on the back of higher usage of captive coal mines, 5). Strong focus on premiumisation, 6). Incentive-based plants and 7) Healthy balance sheet with better return ratios