The Ramco Cements (TRCL) reported EBITDA below our and consensus FY20, FY13-FY15 and FY09-FY11. Secondly, TRCL's earnings profile would deteriorate with increasing exposure to low margin and volatile markets of AP/Telangana and East regions. Due to expensive valuations and presence in over supplied regions like South and East, we have negative outlook on the...