ICICI Securities Ltd | Retail Equity Research HEG reported a stellar Q4FY18 performance, with higher-thanexpected realisations leading to a beat on all fronts. Topline for the quarter came in at | 1292.5 crore (up 401.4% YoY, 53.4% QoQ) notably higher than our estimate of | 1067.9 crore. Capacity utilisation during the quarter was at ~84% (our estimate: ~90%) The company reported a robust EBITDA of | 951 crore, significantly higher than our estimate of | 648.3 crore. The resultant EBITDA margin was at 73.6% (vs. our estimate of 60.7%, Q4FY17: 11.5%, Q3FY18:...