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Synopsis The growth and globalisation of the Indian capital markets have led to a surge in demand for professional investment risk analysis. ICRA has actively responded to this need by developing products and services that include credit rating, equity grading and mandated studies spanning diverse industrial sectors. In response to the need for value-added information and analysis on Indian industries, we did a study on the cement industry in 1994 and provided updates in 1995. Since then the dynamics of the industry have changed completely and we decided to undertake a fresh study of this important sector of the economy. This volume is a study of the Indian cement industry and covers the performance of 30 companies operating in the industry and includes a corporate digest covering the profiles of 15 large companies.