Thanks @royatirek for the response. I usually see companies revenue & margin to check if the company/sector is cyclical or not. Please see below charts for steel and paper industry (vertical bars depict revenue while line chart shows net profit margin).
For tata steel, while, revenue’s are increasing but margins are fluctuating, hence yes, it is cyclical.
However, see below chart for JK paper
I see both revenues and margins growing consistently. Should we still consider this as cyclical?