A Comparative study of financial performance of Tech and DeepTech firms in India.

Author(s)	Mr. Vivek Y S, Dr. USHA J C
Country	India
Abstract	This paper contrasts the financial resilience of 19 publicly-traded companies from the Tech sector and 21 from DeepTech sector in India from FY2021 to FY2025, based on a private firm’s Altman Z’ score across a single, auditable framework. Tests used for comparisons included: Student’s t test, Welch’s t test, Mann–Whitney U test, Chi-square test and Fisher’s exact test. There was a difference in mean Z’ scores between the two groups: 3.57 (safe zone) and 2.39 (grey zone), (Welch’s t = −9.05, p < .001, d = −1.28). The distribution of zones also showed a significant difference between the two sectors (χ²(2) = 69.1, p < .001, V = 0.592). All 7 distress firm-years belonged to DeepTech sector. Therefore, Tech and DeepTech sectors cannot be clubbed in research, banking and policymaking.
Keywords	Altman Z′ score; Deep-tech; Technology firms; Financial resilience; Distress zones; Listed Indian companies; Independent-samples tests; Chi-square
Published In	Volume 8, Issue 5, September-October 2026
Published On	2026-10-15

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