Sanghi Industries (SNGI) delivered EBITDA/t of Rs 816, much ahead of estimates (Rs 577/t). This was on account of lower freight ((Rs 1,035/t, -22.0% YoY, -14.1% QoQ)), which helped overall costs lower (Rs 2,789, -18.7 YoY, -2.5% QoQ). Volume growth remained strong (0.56 mT, 5.5% YoY, nil clinker).