ACCs numbers beat estimates marginally (EBITDA at Rs 476/t, our est was Rs 453, -13.6% YoY, 34.6% QoQ). Pricing declined 2.2% QoQ (Rs 4,265/t, 3.8% YoY), while new East capacities (~4 mTPA) helped it deliver a 3.8% volume growth (6.6 mT). These peak season numbers hardly inspire confidence.