Maintain NEUTRAL with a revised TP of Rs 112 (7.0x Sep-19 EV/EBITDA, USD105/t). Sanghi Industries (SNGI) delivered a weak quarter (EBITDA at Rs 467mn, (0.5)/(29.3)% YoY/QoQ), despite good headline profitability (EBITDA/t at Rs 975, 20.9/(1.9)% YoY/QoQ). This was largely driven by weak volumes (0.48 mT, (17.7)% YoY), weighed down by heavy rains in Gujarat, leading to a dispatch holiday of a week or so.