Maintain BUY (TP: Rs 98, 5.5x June-19 EV/EBITDA, USD 93/t). Sanghi Industries (SNGI) witnessed a strong jump in realisations (Rs 4,325/t, 15.0/37.5% YoY/QoQ), driving the beat on EBITDA (Rs 994/t, 10.5/84.0% YoY/QoQ, est 855/t). Pricing gains, however, were offset largely by hardening costs (16.4/27.8% YoY/QoQ). Even ex-freight costs were sharply higher (15.5/34.3% YoY/QoQ), driven by hardening P&F; costs and overheads.