ICICI Securities Ltd | Retail Equity Research Star Ferro & Cement's Q1FY17 results were below our estimates. SFCL's revenues increased 9.9% YoY to | 449.1 crore (below I-direct estimate of | 541.7 crore) led by 22.4% YoY increase in volumes to 0.76 MT while realisation declined 10.2% YoY to | 5,948 EBITDA margins declined from 29.7% in Q1FY16 to 20.4% (below Idirect estimate of 23.0%). EBITDA/tonne was at | 1,212/tonne The board has approved a reverse merger of Star Ferro & cement with Star Cement. Under this scheme, Star Ferro & Cement...