24 June 2020 India Cement (ICEM)s 4QFY20 results highlight the continued loss in market share, with volumes down 20% YoY v/s market decline of ~10% YoY. We note that ICEM has reported the lowest EBITDA in close to a decade. We lower our FY21/FY22 estimates to factor weaker volume trends. Following sharp appreciation in the past six months, we find the stock fairly valued at 9.3x FY22 EV/EBITDA and USD60/t of capacity, and rating. due to the impact of COVID-19 and market share loss. Blended realization declined 3% QoQ (7% YoY) to INR4,352/t. Thus, net sales fell 26% YoY to was primarily due to lower realization and higher freight costs. As a result, EBITDA was down 65% (48% QoQ) to INR675m (65% lower than estimated). The EBITDA margin shrank 6.4pp YoY and 4.9pp QoQ to 5.9%. Notably, the company reported the lowest ever EBITDA in close to a The company reported an exceptional expense of INR1.