International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

Call for Paper Volume 8, Issue 4 (July-August 2026) Submit your research before last 3 days of August to publish your research paper in the issue of July-August.
Submit Research Paper Join as a Reviewer

Plagiarism is checked by the leading plagiarism checker TurnItIn

Call for Paper

Volume 8 Issue 4
July-August 2026

Submit your research paper

Indexing Partners
Academia Advanced Sciences Index Bielefeld Academic Search Engine CiteSeer DRJI Google Scholar Independent Search Engine & Directory Network ISI (International Scientific Indexing) Issuu Mendeley Research Networks
RefSeek ResearcherId - Thomson Reuters ResearchGate Scirus Scribd Semantic Scholar UTeM - Universiti Teknikal Malaysia Melaka Wiki for Call for Papers WorldCat Zenodo

A Study on Financial Performance of UPMRC using Altman's Z Score Analysis

Author(s) Prof. Ram Milan, Dr. Ravi Agarwal, Mrs. Taniya Kanaujia
Country India
Abstract Urban metro rail systems in India occupy a distinctive financial position: they are capital-intensive public infrastructure entities expected to combine social affordability with commercial viability. This paper examines the financial health of the Uttar Pradesh Metro Rail Corporation (UPMRC) over an eight-year period, FY 2017-18 to FY 2024-25, using Edward Altman's Z''-Score model calibrated for non-manufacturing firms and emerging-market entities [(Z'' = 6.56(X1) + 3.26(X2) + 6.72(X3) + 1.05(X4)]. Drawing exclusively on audited annual report data, the four constituent ratios—working capital to total assets, retained earnings to total assets, EBIT to total assets, and book value of equity to total liabilities—are computed for each year and aggregated into a composite Z''-Score. The results show that UPMRC has not achieved the Safe Zone (Z'' > 2.60) in any year of its operating history and has instead oscillated between the Grey Zone and the Distress Zone, touching a series low of 0.51 in FY 2019-20 and re-entering the Distress Zone in FY 2024-25 at 0.76. The findings indicate a structural pattern of profitability erosion, negative retained earnings accumulation, and a thinning equity cushion rather than a transient, pandemic-induced disturbance. The paper situates these findings within the broader literature on Z''-Score applications to Indian public sector undertakings and metro rail financing, identifies a research gap in entity-specific, multi-year Z''-Score studies of metro rail corporations, and offers suggestions for improving UPMRC's long-term solvency position.
Keywords Altman Z''-Score, UPMRC, financial distress, metro rail, public sector undertaking, bankruptcy prediction, emerging market model
Published In Volume 8, Issue 4, July-August 2026
Published On 2026-07-05
View / Download PDF File

Share this



E-ISSN 2582-2160
CrossRef

CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

Downloads
Research Paper Format Copyright Permission Form and Undertaking Form Cover Page Vol 8 Isu 3Cover Page Vol 8 Isu 2Cover Page Vol 8 Isu 2

All research papers published on this website are licensed under Creative Commons Attribution-ShareAlike 4.0 International License, and all rights belong to their respective authors/researchers.

CC-BY-SA Open Access

About IJFMR
Fees & Payment
Current Issue
Publication Archive 		Submit Research Paper
Track Submission Status
Publication Guidelines
Publication Ethics
Peer Review & Plagiarism 		Join as a Reviewer
Editors & Reviewers
Reviewer Referral Program
Get Reviewer Membership Certi. 		Website/Journal Policies
Usage Policy
Content Policies
Privacy Policy
Contact Us +91-9687-828-838 editor@ijfmr.com
Powered by Sky Research Publication and Journals