ACC has made a strong comeback under the management of Adani Group. Q1FY24 EBITDA surged 81% YoY / 65% QoQ (65% ahead of our estimate) with outperformance across the board. With industry-superior volume growth (up 24% YoY) as well as cost control (costs down >7% QoQ), ACC’s EBTDA/te gap vs industry leader UltraTech Cement has got narrowed to ~INR 200 from >INR 400-500 in the past.