ACC reported adjusted EBITDA of Rs5.1bn in Q4CY18 vs. our estimate of Rs5bn and OPM of 13.1% vs. our estimate of 13.2% on higher incentives. Sales volume was up 8.4%/8.3% yoy in Q4CY18/CY18 with capacity utilization of 89%/85%. Realization was up 2% yoy but down 1.8% qoq. Opex/ton was under control despite an increase in RM costs and higher pet coke/imported coal prices. OPM was up 141bps yoy and EBITDA/ton was at Rs618 vs. Rs581/Rs648 in Q4CY17/Q3CY18. cement grinding capacity of 3mt and 1mt, respectively. It plans to increase Tikaria, Uttar Pradesh (UP) capacity by 1.6mt and set up a 2.2mt unit capacity at another location in UP....