Ambuja Cements (ACEM)’s Q2FY24 EBITDA stood in-line with our estimates. Controlled fixed cost (down 4% QoQ) and realisations inching up 0.5% QoQ (1% ahead of estimates) made-up for the weak volumes (up 7% YoY for standalone; mere 2% rise on consolidated-basis) that came in 9% below expectation.