The September quarter (Q2FY23) earnings of cement makers were expected to be muted, and that has played out. In any case, Q2 is a seasonally weak quarter for cement companies as construction activities are slow. Accordingly, price realization was subdued in Q2. The upshot is that earnings before interest, tax, depreciation and amortization (Ebitda) margin slipped to a multi-quarter low in Q2 because of severe cost inflation. As a result, analysts have cut FY23 earnings estimates for most cement companies post-Q2. Cement is one of the sectors that has been a drag on the overall earnings performance of India Inc. last quarter.