EBITDA rose 30% YoY (+10% QoQ) to INR6.0b, despite lower volumes, led by a 7.0% YoY increase in realization to INR4,900/t (est. We see limited share price upside in ACEM from current levels, given the expected margin pressure due to the expiry of its incentives at Maratha Cement Works as well as a fixed cost addition next year from its new plant at Marwar Mundwa. Mr Akhoury was earlier the MD and CEO of Ambujas subsidiary ACC, wherein he is credited with arresting market share decline for the company after a gap of 10 years, as well as implementing strong cost control. As a result, we expect ACEMs EBITDA per ton to be marginally lower in the next two years and underperform We see a limited share price upside from current levels, given the expected margin pressure due to the expiry of its incentives at Maratha Cement Works, as well as a fixed cost addition next year from its new plant at Marwar Mundwa.