This document presents the ratio analysis of Cherat Cement Limited for the years 2019-2021. Various liquidity, activity, debt, and profitability ratios are calculated and analyzed. The liquidity ratios like current ratio and quick ratio fluctuated between 2019-2021. Inventory turnover increased from 10.22 to 18.37 showing better management of inventory. Debt ratios like debt ratio and debt-equity ratio decreased from 2019-2021. Profitability ratios like gross profit margin, operating profit margin, and net profit margin witnessed fluctuations over the years. Return on equity decreased from 27.4% in 2019 to 15.38% in 2021.