In Q2FY19, Oriental Carbon & Chemicals Ltd (OCCL) reported revenues of Rs. 100 Cr (up 31% Y-o-Y, up 7% Q-o-Q; against our estimate of Rs 90 Cr), EBITDA of Rs. 32 Cr (up 32% Y-o-Y, up 10% Q-o-Q) with EBITDA margin of 31.5% (up 110 bps on Q-o-Q basis).