Mangalam Cement (MCL) has reported a poor operating performance in 4QFY18 led by elevated cost pressure. Its reported EBITDA declined by a steep 53% YoY (+43% QoQ) to just Rs117mn, while EBITDA/tonne stood at a meagre Rs148 vs. Rs357 and Rs110 in 4QFY17 and 3QFY18, respectively. Operating cost/tonne witnessed surged by 13% YoY to Rs3,727 mainly led by sharp rise in Power & Fuel cost/tonne (+59% YoY and +8% QoQ) and Logistics & Sales Distribution cost/tonne (+19% YoY and +4% QoQ). Average realisation rose by 6% YoY (-2% QoQ), to Rs3,875/tonne, while sales volume grew by 13% YoY and 6% QoQ to 0.79mnT. Looking ahead, we believe that likely utilisation ramp-up at Aligarh SGU, higher PPC production and...