Surprised positively on the operating front. Results beat our / consensus estimates by 18% / 20%. Earnings were driven by better than expected realisations (+9%). 8 We are yet to see volumes recovering; 11% lower than estimated.Despite absence of volume growth and higher?than?expected costs, MGC surprised positively driven by realisations. Lower clinker production helped keep opex/tonne lower by 13% yoy. However, it went up by 3% qoq. Power and fuel was a key driver for savings. We revise our realisation estimates incrementally by ~2% and hence upgrade our estimates. We also marginally revise by our target multiple to 9x EV/EBITDA vs. 8x earlier. We see upgrade potential to our estimates if there are no negative surprises in terms of cost efficiencies; revival of volume growth is also essential.For now, Phillip Capital maintain Neutral (unchanged) with a price target of Rs 360. They maintain Neutral stand with a revised price target of Rs 360 (vs. 250 earlier). At target, the stock will trade at ~60 USD/tonne on FY18 earnings. Trendlyne has 11 reports on MANGLMCEM updated in the last year from 4 brokers with an average target of Rs 1433.8. Brokers have a rating for MANGLMCEM with 2 price downgrades,2 upgrades,3 price upgrades in past 6 months and 2 downgrades,6 price downgrades in past 1 Year.