India Cements (ICEM) reported an industry leading EBITDA/t (Rs756, 32.5% YoY, 16.2% QoQ). This was driven by strong realizations (Rs 4,802/t, 9.0% YoY, 3.2% QoQ) as prices improved sharply in the South. Costs remained flat (1% QoQ) despite lower volumes as ICEM reported cost moderation in all key components.