Working Capital Management and Profitability in India’s Cement Sector: Evidence and Sustainability Implications

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The study reveals working capital management boosts profitability in cement firms, highlighting digital reforms for liquidity improvement.

Reductions in the cash conversion cycle significantly enhance profitability in the Indian cement sector.
Quantile regressions indicate highly profitable firms benefit more from improvements in working capital management.
Dynamic estimates confirm the robustness of findings despite addressing potential reverse causality.
Liquidity efficiencies can be redirected into green investments, fostering sustainability within carbon-intensive industries.

Ashok Kumar Panigrahi (2025) studied this question.

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The study reveals working capital management boosts profitability in cement firms, highlighting digital reforms for liquidity improvement.