Ambuja Cement (Ambuja)'s 3QCY18 EBITDA missed the expectations primarily on higher other expenses. Revenues rose 13% YoY on volume growth of 9%. Realisations improved by 3.6% on a YoY basis; sequential growth of 1%. EBITDA grew by 15.6% on a YoY basis. EBITDA/t was reported at INR 648/t (vs. INR 609/t in 3QCY17), grew as realisation improvement and lower other expenses was partially offset by increase in operating costs. We believe Ambuja's long-term growth is constrained by its clinker capacity and limited expansion plans (phase 1 expansion of 1.7MTPA of clinker at Marwar Mundwa expected by 2HCY20). As a result, we expect Ambuja's market share to decline in the interim. While the...