Mangalam Cement's (MCL) reported operating performance has come in below our estimate as EBITDA stood at Rs224mn vs. our estimate of Rs245mn mainly due to significant spike in power and fuel cost/tonne (+41% yoy & +39% qoq) led by a sharp surge in petcoke prices, which rose to Rs7,800/tonne from Rs6,500/tonne in 1QFY17. Notably, operating cost/tonne dipped by ~7% yoy (led by no purchase of stock in trade) and surged by ~16% qoq due to higher fuel cost. EBITDA/tonne came in at Rs453 in 2QFY17 from Rs134 in 2QFY16. However, its sales volume remained tepid (-10.5% yoy & -18.5% qoq at 0.49mnT) owing to seasonal overhangs and logistics...