JK Cement’s (JKCE) Q3FY23 EBITDA at Rs2.6bn (down 29% YoY) was below our / consensus estimates. Blended realisation dipped ~1% (YoY and QoQ), while total cost/te rose 9% YoY (2% QoQ). This led to decline in blended EBITDA/te by 40% YoY (18% QoQ) to Rs669/te (I-Sec: Rs896/te).