Using aggregate data from the Annual Survey of Industries, we analyze profitability in India's organized manufacturing … two medium run regimes, one of declining profitability (1982-83 to 2001-02), and another of growing profitability (2001 …-02 to 2012-13). We find six short run regimes, of which only two are periods of rising profitability, 1987-88 to 1996 …

valuation (Tobin’s Q and Market capitalization), profitability (operating profit margin and net profit margin), and return … profitability estimated by operating profit margin. Activism primarily impacts the other four parameters negatively, but it is …