A dismal September earnings season — in which aggregate sales for the Sensex fell for the fourth consecutive quarter, a first — has forced analysts to downgrade earnings estimates for both this year and FY17. This is the third straight year the Street has been downgraded on profit estimates and it may not be the end of it. “We see another two to three quarters of earnings cuts until the economy gathers momentum,” Kotak Institutional Equities (KIE) said in a report. KIE estimates the increase in FY16 earnings for the Nifty set of companies will be 8% compared with 14% earlier. The brokerage also believes the Nifty FY17 EPS could come in at R500 rather than the R513 estimated currently.