Mangalam Cement has majority of its business in strong markets of the central region. Despite near time hiccups in the form of restricted material movement, labour issues, the industry is expected to register ~8% growth with limited capacity addition. Also, price hikes taken in April should support EBITDA and improve margins despite the volume movement slowdown in Q1FY19E. Further, new initiatives by the recently elected governments in its core markets can further demand. However, the company faces bottlenecks in the form of its clinker capacity (that the company is trying to work around...