International Journal For Multidisciplinary Research

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An Empirical Study on Consolidated and Standalone Financial Statements of Leading Steel Companies in India.

Author(s) Mr. Prathap T M, Prof. Rajashekar H
Country India
Abstract The present study examines the differences between consolidated and standalone financial statements of selected steel companies in India and evaluates the impact of consolidated financial reporting on financial position and performance. The study is based on secondary data collected from the published annual reports of ten leading steel companies in India for the period from 2015–16 to 2024–25. The selected companies include JSW Steel, Tata Steel, Hindalco Industries, Jindal Steel & Power, NMDC, Jindal Stainless, SAIL, APL Apollo Tubes, Jindal Saw, and Sarda Energy & Minerals. The study adopts a descriptive and analytical research design using comparative statement analysis, ratio analysis, trend analysis, and percentage analysis. Financial ratios relating to profitability, liquidity, solvency, and efficiency were analysed to compare consolidated and standalone financial statements. Since the data were not normally distributed, the Wilcoxon Signed Rank Test was employed as a non-parametric statistical tool for hypothesis testing. Reliability analysis was also conducted, and the Cronbach’s Alpha value of 0.856 indicated a high level of internal consistency among the selected variables.
The findings revealed significant differences between consolidated and standalone financial statements with respect to assets, liabilities, revenue, current assets, current liabilities, borrowings, and several financial ratios such as Quick Ratio, Debt–Equity Ratio, Asset Turnover Ratio, Return on Assets, and Interest Coverage Ratio. However, variables such as net profit, net cash flow, current ratio, return on equity, and net profit margin did not show statistically significant differences. The comparative analysis further indicated that consolidated financial statements consistently reported higher values for major financial variables due to the inclusion of subsidiary-level financial information and group-wide operations. The study concludes that consolidated financial statements provide a broader, more transparent, and comprehensive representation of the financial position and performance of selected steel companies in India compared to standalone financial statements.
Keywords Consolidated Financial Statements, Standalone Financial Statements, Steel Industry, Financial Performance & Financial Position.
Field Sociology > Banking / Finance
Published In Volume 8, Issue 3, May-June 2026
Published On 2026-05-20
DOI https://doi.org/10.36948/ijfmr.2026.v08i03.79069
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