The main aim of present study is to explore the relationship between business risk and its return of the selected Indian Industries. The selected companies were ranked on the basis of their top five leading Indian Cement Industries for the financial year 2010-2019.The study realised that Return on Capital Employed (ROCE), Return on Equity (ROE) Degree of Operating Leverage (DOL) and Degree of Financial Leverage (DFL) are used as financial indicator. The study is based on secondary data i.e. nine years financial statements of company from 2009-10 to 2018-19. Based on correlation, regression and t-test, study found a strong significant relationship between DOL and OPCE, DOL and DFL i.e. except DFL and ROE.

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Keywords: Risk, Return, Financial Leverage, Operating Leverage, Profit, Capital Employed.