ICICI Securities Ltd | Retail Equity Research Mangalam Cement's Q2FY17 results were below our expectations. The topline miss led to lower-than-expected EBITDA and PAT. Revenues declined 5.2% YoY to | 189.5 crore (below I-direct estimate: | 207.4 crore) led by 13.6% YoY decline in volumes to 0.48 MT (vs. I-direct estimate of 0.55 MT) mainly due to heavy rainfall. However, realisation improved 9.7% YoY to | 3,980 (vs. I-direct estimate of | 3,753) mainly due to better pricing scenario in north...