Mangalam Cement (MCL) delivered a weak performance in 2Q but was marginally above our expectation as operating profit (adjusted for DMF provisioning of Rs45mn and wage board revision of Rs38mn) came in at Rs84mn v/s expectation of Rs56mn. Weak sales volume (down ~14% yoy) and ~3% yoy decline in average realizations marred the operating performance. Given the current market feedback from our dealers check, we do not expect any encouraging scenario in demand in 3QFY16E. Nonetheless, we believe that performance from 4QFY16E is likely to improve due to: 1) likely improvement in pricing environment, 2) healthy volume...