In-line Quarter; Rich Valuation Restricts Further Upside Hindalco's standalone EBITDA surged by 88% yoy (+2% qoq) to Rs11.6bn in 2QFY17, largely in-line with our estimate of Rs11bn. Aided by higher sales volume, the revenue from Aluminium segment grew by 10% yoy (+16% qoq), while the segmental EBITDA margins increased by 1,023bps yoy (down 475bps qoq) to 16.4%. Notably, the segmental margins were at a multi-year high in 1QFY17 largely due to stabilization of new smelters which helped in operational efficiency like lower power and fuel costs coupled with higher volumes. However, revenue from Copper segment declined by 9% yoy (up...