Orient Refractories Ltd's (ORIENT) Q3FY18 results were above our estimate on all fronts. Revenue stood at Rs1.57bn (v/s Emkay Est. Rs1.42bn) on back double-digit growth in export (+23.2% yoy) and domestic (+21.7% yoy) segments. EBITDA was also above our estimate at Rs331mn (Emkay Est: Rs281mn) on account of higher economies-of-scale and 22% yoy growth in gross profit. As a result, EBITDA margin expanded by 113bps yoy to 21% (Emkay Est: 19.8%). Tax rate stood at 34.4% v/s 34.8% in Q3FY17. Depreciation and other income stood at Rs17.4mn/Rs21.4mn (v/s Rs17.1mn/Rs28.5mn in Q3FY17)....