Ambuja's operating results in Q2CY16 were largely in line with our estimates and beat consensus by 12% despite the miss on volumes (like its sister concern ACC). In our opinion, Ambuja has once again played the volume?cut strategy to benefit in terms of realisations (realisations up 7% qoq, beat all peers). Management interactions suggest that highest exposure to North India among all peers helped. 9 EBITDA/tonne at Rs 994 (+62% yoy; +40% qoq) is in line with the industry leader, UltraTech, whose blended EBITDA (inclusive of white cement) was at ~Rs 1,012.Cost excellence continues at Ambuja. Opex/tonne lower by 6% yoy; flat qoq. We see an upgrade potential here for Ambuja, given that the consolidation with ACC is likely to be through shortly.For the time being, Phillip Capital maintain estimates and target multiple of 15x EV/EBITDA for Ambuja. Factoring in consolidation with ACC, with a 10% holding discount,upgrade price target to Rs 300 (+11%; Rs 230 earlier).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.