Ambuja Cement (ACEM) reported EBITDA/t at Rs 994 (highest since 3QCY12, vs. estimate of Rs 855/t, - 61.5% YoY, 40.0% QoQ). Realisations were strong (Rs 4,344/t, 3.7% YoY, 7.2% QoQ, inline) but Lower P&F costs (-18.6% YoY, -6.8% QoQ, -6.2% vs est.), freight (-6.1% YoY, -3.3% QoQ, -5.7% vs est. and RM costs (-3.1% YoY, -4.4% QoQ, -4.4% vs est.) drove the beat. With the govt nod, Ambuja Cement will become the holdco for ACC (50% stake). LafargeHolcim will help itself to ~Rs 145.8bn, while raising its stake in Ambuja Cement to 60%, by dint of its majority stakes in both companies (50.30/50.55% in ACC/ACEM respectively). On proforma nos, ACEM trades at 15.5/11.0x CY16/17 EV/EBITDA, 21.3x CY17 P/E and US$155/t. The entity will lag peers on volume growth and profitability, given years of underinvestment by LafargeHolcim. HDFC Securities Maintain SELL with a TP of Rs 200 (ACEM/ACC at 8.58.0x CY17 EV/EBITDA).Trendlyne has 19 reports on AMBUJACEM updated in the last year from 6 brokers with an average target of Rs 248.3. Brokers have a rating for AMBUJACEM with 2 price downgrades,2 downgrades,4 price upgrades,1 upgrade in past 6 months and 5 price downgrades,5 price upgrades,2 upgrades in past 1 Year.