The main purpose of this research is to find out the relationship between capital structure (debt-equity) as and Profitability of the listed cement companies in Pakistan Stock Exchange. Further specific objective is to find out relation of debt equity with gross profit, earning per share, and return on capital and return on equity. The sample is taken from 10 cement companies which are listed on Pakistan stock exchange. The secondary data is taken from 2011 to 2018 (i.e. 8 years). Mean and standard deviation of all ratios and Pearson product correlation analysis is performed with the help of Eviews 9 to find the relationship between capital structure and profitability. This research determines that debt / equity (Capital Structure) is adversely linked with the profitability, it suggests that decrease in the profitability of the organizations is due to increase in debt capital & vice versa.