4,155/t), led by lower freight cost (due to MSA with ACC) and sharp cuts in discretionary expenses (ad spends, travel, repairs, third-party services, etc.), which EBITDA/t improved 36% QoQ (+19% YoY) to INR1,421/t (v/s est. Mr. Akhoury was earlier the MD and CEO of Ambujas subsidiary ACC, where 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 peers. This would be due to the fixed cost addition starting next year from its green-field plant (Marwar-Mundwa) with slow volume ramp-up. This would be due to the fixed cost addition starting next year from its green-field plant (Marwar-Mundwa) with slow volume ramp-up.