Ambuja's Q2CY15 net sales was in-line with our estimate though the cement volumes came marginally higher (increased 0.8% YoY against estimate of 5% decline) and realisation a bit lower (down 8% YoY vs. expectation of -6% YoY). EBITDA/t stood at Rs 623/t (down 37% YoY) against our expectation of Rs 664/t. Going ahead, we maintain our estimates with 3.0% volume CAGR during CY14-16E and improvement in margins (EBITDA at Rs 1004/t by CY16E from Rs 837/t in CY14). Valuation at 13.7x EV/EBITDA CY16E (post factoring ACC's 50% stake) looks fair and priced in most of the positives. Maintain Sell (TP 232).