We remain cautious and maintain a SELL (Rs 1,542, 10.0x Sep-19 EV/EBITDA, US$120/t). ACCs numbers were below estimates (EBITDA/t: Rs 549, 26.9/(22.0)% YoY/QoQ, v/s Est Rs 636). It reported the strongest volume growth (5.96 mT, 17.6% YoY) since 3QCY11, when it had commissioned Wadi and Chanda in the previous year. ACC delivered realisation gains too (Rs 4,645/t, 7.0/3.0 YoY/QoQ), driven likely by higher shares of dispatches in East, as most of the volume growth is supposed to have accrued from there. P&F; costs surged 6.8/11.2% YoY/QoQ while RM costs were higher 12.1/7.0% YoY/QoQ negating the improvement in realizations and volumes.