Maintain SELL, with a TP of Rs 220 (11/9x Sep-19 EV/EBITDA for ACEM/ACC). Ambuja Cement (ACEM) reported an EBITDA/t of Rs 617 (vs. estimate of Rs 766/t, (2.0)/(38.9)% YoY/QoQ). While volumes (5.03 mT, 9.8% YoY) and realisations (Rs 4,612/t, 5.9/(0.8)% YoY/QoQ) were strong, operating costs jumped 7.2/9.7% YoY/QoQ to Rs3,996/t. Both RM (12.1/7.0% YoY/QoQ) and P&F; costs (1.0/3.7% YoY/QoQ) spiked, with reported numbers likely being understated due to large inventory booked (Rs447mn).