Volumes disappointing: Ambuja Cements’ (ACEM) 2QCY16 revenues of INR25.4b (+2% YoY) missed estimates of INR27.9b, led by muted volume growth (5.88mt, -3.2% YoY). Dismal volumes were offset by an improvement in realizations (+8.9% QoQ, +5.3% YoY). ? Profitability at 15-quarter high: EBITDA grew 59% YoY to INR5.8b, translating into margin of 22.9% (+5.4pp QoQ, +8.2pp YoY). EBITDA/ton stood at INR1,009 (+INR300 QoQ, +INR394 YoY), representing a 15-quarter high, mainly led by strong realizations of INR4,412/ton (+7.2% QoQ, +3.7% YoY). North region performance was the best with a 12% YoY improvement in pricing. PAT stood at INR4b (in line with estimates, +76.5% YoY). ACEM’s profitability should witness a meaningful improvement in the coming quarters if its favorable cost structure, growth momentum and the prevailing spot cement prices remain intact. Motilal Oswal Maintain Buy with a TP of INR316/share (17% upside).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 downgrades,2 price downgrades,1 upgrade,4 price upgrades in past 6 months and 5 price downgrades,2 price upgrades,5 price upgrades in past 1 Year.