ICICI Securities Ltd | Retail Equity Research Mangalam Cement's Q4FY17 results were above our expectations. Revenues increased 21.0% YoY to | 254.3 crore (above I-direct estimate: | 220.5 crore) led by 14.7% YoY increase in volumes to 0.69 MT (vs. I-direct estimate of 0.62 MT) mainly led by 0.75 MT capacity expansion at Aligarh, UP. Realisation improved 5.5% YoY to | 3,677 (vs. I-direct estimate of | 3,557) EBITDA margin declined from 14.1% to 9.7% in Q4FY17 (above Idirect estimate of 8.2%) mainly led by a rise in power & fuel cost (up...