Volume growth was a key disappointment. Negative volume growth in a scenario where peer growth was 6% is unjustifiable. Operating margin is 1.3% lower vs. our expectation, largely due to no volume growth (LafargeHolcim’s lack of focus in adding capacities has been the key reason).Operational efficiencies have sustained; realisation trend appears in line with peers. Near?term positive triggers are present – consolidation with Ambuja and commissioning of Jamul expansion – but we see all the positives largely factored in.Despite upgrading the target multiple to 14x CY17 EV/EBITDA (vs. 12x earlier), and even after considering the benefits of consolidation with Ambuja,see no upside.Phillip Capital maintain Sell with a revised price target of Rs 1,430 (Rs 1,230 earlier).The only potential trigger would be a recovery in cement prices.Trendlyne has 17 reports on ACC updated in the last year from 7 brokers with an average target of Rs 158.7. Brokers have a rating for ACC with 1 downgrade,3 price downgrades,2 upgrades,6 price upgrades in past 6 months and 5 price downgrades in past 1 Year.