Increasing business from eastern markets to lead growth During FY19, Sagar Cements commissioned additional capacity of 1.5 MT enhancing its capacity to 5.75 MT. Out of new capacity, 1.2 MT was added in Vizag, which will serve the growing eastern markets. With volumes of 3.3 MT being clocked in FY19, the company has sufficient headroom for growth. Diversified presence supported volume growth during the quarter despite soft demand. We lower our estimates for volume and revenue growth to 7.4% and 11.5% CAGR, respectively, in FY19-21E factoring in the impact of...