Asian Granitos (AGIL) Q2FY19 numbers were disappointing and below our estimates on all parameters. While the volume growth was 8.4% YoY, poor realizations impacted the overall revenue growth, which stood in low single digits at 2.9% YoY. EBITDA margins contracted sharply by 712bps YoY to 6.4%, impacted by muted realization, higher gas prices and staff cost.