Finally, there are industries that are so fragmented, localised or have so much unorganised-sector participation that it becomes difficult for a single company to corner a significant share of industry profits. The following sectors see sector leaders gaining industry profit share numbers only in their teens.

The textile sector is a classic example. With so many unorganised and unlisted private players, it is no surprise that Welspun, the sector leader, takes in only 17 per cent of listed-sector profits. If unlisted and private players are taken into consideration, Welspun's profit share could fall much lower.

Construction is a similar sector. Among listed realty players, Unitech is the largest profit-share taker. However, the sector is loaded with unlisted private players.

Plastics is another example. The proliferation of small- and medium-scale enterprises in the sector that largely operate on a localised basis means Sintex, the largest profit taker of the sector, can walk away with only 19 per cent of industry profits.