Mangalam Cement Q1FY16 revenues (down 7% YoY to Rs 2.1bn) & EBITDA (loss at Rs 41 mn) were below our respective estimates of Rs 2.25bn/5mn. This was on account of lower than expected cement volume (+11% YoY vs. estimate of +15% YoY) and realisations (down 8% QoQ). EBITDA/ton at Rs -68/t (below our estimate of Rs +8/t) fell sharply YoY led by weak realisations which negated the impact of moderation in costs.