Climate change concerns, particularly CO2 emissions, have reached critical importance. Cement industry is one of the key contributors to CO2 emissions. Cement production's calcination process makes reducing CO2 emissions a complex issue. Impact valuations done by some of the leading cement companies has indicated CO2 emissions as the key externality with potential to negatively impact future profitability. This research investigates the correlation between net specific CO2 emission (scope 1 + scope 2) and financial performance of Indian cement companies, examining if environmentally-friendly practices are financially advantageous. The study, conducted in early 2023, utilized non-probability quota sampling to select eight leading Indian cement companies based on availability of financial and GHG emissions data. The data used spanned from 2011 to 2021. The research considered the impact of control variables such as leverage, cash flow, company size, sales growth and capital intensity on the profitability i.e. ROA, ROE, ROIC, ROS and Tobin's Q. Study indicated that net specific CO2 emissions (scope # 1 + scope # 2) of Indian cement companies do not affect the profitability. Cash flow and capital intensity positively affect profitability while leverage negatively affected the profitability. Company size and sales growth didn't significantly affect profitability. The study's findings, market is not rewarding Indian cement companies engaged in green business practices. Therefore regulatory framework would be a key driver for CO2 emissions reduction from Indian cement companies. The relationship between green business practices and financial performance, thus, requires further exploration, especially concerning the potential long-term benefits of adopting such practices.