Shortfall in linkage coal impacted fuel costs. Yet, with improved raw material mix, the spikes were neutered. The result: EBITDA advanced by three-tenths to Rs592-a-ton. For CY18, we tweaked our Revenue/EBITDA estimates up by 2%/1%. ACC trades at an EV of $147/ton, relatively cheaper among pan-India players. Yet this captures the best-case scenario. Thereby, the implied assumption of growth in operating profit-per-ton needs a big leap of faith. Nonetheless, we raise our TP to Rs1722 (from Rs1666). We continue to maintain HOLD. Key Highlights and Investment Rationale...