Ambuja Cements' (ACEM) result was below our estimates with EBITDA at Rs4.1bn against estimated Rs4.7bn and OPM at 14.7% against estimated 16.1% led by lower-thanestimated volume growth. EBITDA/tn was at Rs655 against our estimate of Rs718. Sales volume was up 1.8% yoy at 6.2mt. Capacity utilization was at 85% against 81% in Q1CY17. Realization was up 7.3% yoy to Rs4,442/tn (vs. estimated Rs4,450/tn)....