Mangalam Cement (MCL) reported a weak operating performance as EBITDA came in at Rs92mn as against our expectation of Rs133mn. EBITDA/tonne (adjusted for bonus provision of Rs10mn) came in at Rs167 as against Rs68 and Rs161 reported in 3QFY15 and 2QFY16, respectively. Sales volume (including clinker) grew by 10% yoy to 0.61mnT. A meaningful decline in power & fuel and freight costs led to a healthy decline in operating cost/tonne to Rs3,300 (declined by ~11% yoy and ~5% qoq). We continue to believe that performance of MCL is likely to improve in ensuing quarter due to: a) likely improvement in pricing environment, b) healthy...