Total factor productivity (TFP) is a variable which accounts for the effects in total output that is not caused by traditionally measured inputs. TFP is a real variable and also independent in nature. Residual profit increases due to TFP growth. Profit is based on the ordinary economic calculation of cost and revenue but TFP growth is not anticipated so any gain and loss in terms of TFP growth is a return over and above the expected potential profit in the long run. Total factor productivity growth (TFP) is the best-known measure of productivity. TFP is a costless growth. It is disembodied technological progress; therefore, it cannot be attributed to any single factor of production. TFP is also dynamic as it can only be captured over a period of time. The focus of this study is on the Indian cement industry, which is the second largest producer in the world after China. The time period for this study is 26 years, i.e. from 1991 to 2016. It is observed that there is significant productivity growth in more than 60 percent of cement companies. The sign of TFP is negative in almost 77% of the companies under study. It depicts that the malleability of technologies needs to be kept in mind. It is on account of the rigidities in the case of the cement industry that real factor productivity is negative. It also appears that under such circumstances even the costless growth alternative of TFP is not available because TFP is the practice of technology but if the technology is rigid, it is not possible to have positive TFP growth.