Beat on cost controls; growth constrained by clinker capacity Ambuja's 4QCY17 EBITDA exceeded expectations primarily on lower costs. Revenues grew by 20% YoY primarily on volume growth of 17%. Realisations grew by 2% YoY; remained flat sequentially. EBITDA/t, reported at INR865/t vs INR658/t grew realisation growth, lower raw material cost and other expenses more than offset the freight and power/fuel cost escalations. We believe Ambuja's long term growth is constrained by the clinker capacity and limited expansion plans (phase 1 expansion of 1.7MTPA clinker at Marwar Mundwa expected by 2HCY20). As a result we expect Ambuja's market share to decline in the interim and see...