Orient Refractories' (ORIENT) Q3FY19 revenue rose 26.6% yoy to Rs1.99bn, while our estimate was Rs1.80bn. The strong quarterly performance was a result of stable domestic volumes and higher exports growth, driven by the commencement of new ISO-capacity. EBITDA increased 1.6% yoy and 7.2% qoq, supported by higher revenue, and stood at Rs336mn vs. our estimate of Rs303mn. EBITDA margin contracted 413bps yoy to 16.8%....