Orient Cement (Orient) reported a better-than-expected quarter (EBITDA/t at Rs 431/t vs. estimated Rs 311/t). Ramp-up of the new Chittapur (Gulbarga) capacity (~40% utilisation) helped Orient clock 40% YoY (1.39 mTPA) volume growth in 4QFY16. Realisations remained weak (Rs 3,227/t, -17.5% YoY, -3.6% QoQ) as prices in Maharashtra and Telangana suffered.