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@article{206260,
        author = {Shubham Kumar},
        title = {Capital Structure and Profitability: A Ratio, Trend, and Correlation Analysis of Tata Steel Ltd. (FY2019–FY2025)},
        journal = {International Journal of Innovative Research in Technology},
        year = {2026},
        volume = {13},
        number = {2},
        pages = {1917-1924},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=206260},
        abstract = {This study examines the relationship between capital structure and profitability of Tata Steel Ltd. over a seven-year period covering financial years FY2019 to FY2025. Using secondary data from audited annual reports, key financial indicators—including the Debt-Equity Ratio, Debt Ratio, Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin—are rigorously evaluated. The study employs financial ratio, time-series trend, and Pearson's correlation analysis to evaluate the impact of financial leverage on corporate profitability. The findings reveal that while the company maintained a structurally flexible and strategically managed capital structure, its profitability exhibited extreme volatility, peaking exceptionally in FY2022 and declining sharply into a loss-making phase in FY2024 due to global commodity cycles. Correlation results indicate a moderate negative but statistically insignificant relationship between leverage and profitability metrics. The study concludes that capital structure variations alone do not dominantly drive profitability, which is instead heavily governed by cyclical external market forces and operational cost dynamics. Maintaining a resilient balance between macro financing strategies and operational efficiency remains vital for sustainable long-term performance.},
        keywords = {Capital Structure, Profitability, Return on Assets (ROA), Return on Equity (ROE), Debt-Equity Ratio, Tata Steel Ltd., Steel Industry Cyclicality},
        month = {July},
        }