AIA Engineering (AIAE) delivered strong mining volume growth yet again (35.8 kT, 48.8% YoY), even as other segments (Cement, Power) chugged along (21.0 kT, 4.2% YoY). The volume growth ensured margins did not suffer (29.3%, -82 bps YoY, -83 bps QoQ) despite flattish realisations (Rs 100,890, -7.1% YoY, 1.9% QoQ) and a sharp surge in RM costs (up 3.6/21.6% YoY/QoQ on a per tonne basis).