Ramco Cements Q2FY16 EBITDA of Rs 2.7 bn came 25% ahead of our estimate of Rs 2.2 bn, primarily on account of better than expected margin (led by significant decline in freight cost). Sluggish demand led volume de-growth of 12% YoY, which offset better realisations (+7% YoY) in south region and led to fall in revenues.