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The study aims at computing the efficiency of the cement companies in Indian scenario during the Pre- and Post period of recession by utilising Data Envelopment analysis. Linear program has been formulated by taking Risk (namely financial risk and business Risk) as inputs and Return (namely return on equity and return on assets) as outputs during the Pre- and Post- period of recession. The cement companies have been ranked according to their efficiency scores computed through the linear program. A further endeavour has been made in this paper to investigate whether the risk (namely financial risk or business risk) is having any impact on the efficiency score of the cement companies during the Pre and Post recession period by utilising multiple regression analysis. The study has also utilised the Spearman rank correlation to investigate if there is a significant difference between the ranks obtained by the cement companies during the pre and post period of recession. It is a very unique work in itself where the relationship between the risk and return has been explored to compute the efficiency score and to investigate whether risk is having any impact on the efficiency scores of the cement companies.