Mangalam Cement (MGC) reported an EBITDA/t of Rs 68 (vs. Rs 121 estimated). Weak demand and pricing in the North took a toll on both volumes (0.55 mT, 15% YoY, -6.9% QoQ) and realizations (Rs 3,761, 12.4% YoY, -6.2% QoQ). Costs remained flat despite the sequential decline in volumes.