Performance beats estimates; dismal volume remains a setback J.K. Cement's (JKC) 2QFY16 performance was marginally better than our estimate as EBITDA (adjusted for DMF provisioning of Rs125mn) came in at Rs1.19bn against our estimate Rs1.06bn. Adjusted EBITDA/tonne (blended) came in at Rs651 v/s Rs494 and Rs466 in 2QFY15 and 1QFY16 respectively. Notably, grey cement EBITDA/tonne remained subdued and stood at Rs346 as against Rs194 in the corresponding quarter last year. We believe that operating synergies from the expected pickup in utilization from the new unit along with commercial operation...