JM Financial has downgraded JK Cement and Birla Corp, citing increased competition and market share loss risks. The brokerage maintains a preference for UltraTech Cement. For the third quarter, JM Financial anticipates an 8-9% year-on-year volume growth for the cement sector, with EBITDA expected to rise 26% year-on-year due to volume and realisations. However, sequential EBITDA growth is projected to moderate due to pricing pressures and subsidy changes, with average EBITDA per tonne declining.