Orient Cement's Q1FY16 result came lower than estimates on account of lower than expected realisation. Net sales/EBITDA at Rs 3.5bn/Rs 591mn declined 8.3%/7.7% YoY led by 10% volume de-growth. These were 10%/20% lower than our estimates as the net realisation came at Rs 3589/t (~ 7% below our estimate). Going ahead, we have cut our EBITDA estimates by 5.6%/3.4% for FY16E/17E factoring in lower realisation.