Industry analysis, taking into consideration aggregate figures is likely to miss important firm-specific factors, which are of crucial importance. Performance within industry is sufficiently different. Hence, industry analysis would be more meaningful if one concentrates more on firm-specific activities. This study shows that high profitability in some of the top firms is a combined effort of efficiency and market power. The current slowdown in the economy seems to force firms to behave competitively, as price of cement is not increasing even though inputs prices have risen. In such a situation, efficiency coupled with innovation, which would reduce the costs, is the key to reap higher profitability.