The present study was undertaken to analyse the impact of Indian Accounting Standards (Ind-AS) on key financial ratios of BHEL (A Maharatna Company) in comparison to what it was under the previously practiced Indian GAAP. The impact of Ind-AS on key financial ratios based of financial statements of selected company were examined by considering period from 2011-12 to 2019-20, while the year of transition from Indian GAAP to Ind-AS was 2016-2017. The analysis was based on pre and post adoption of Ind-AS by using trend analysis and comparative analysis impact on key financial ratios by taking fourteen key variables. The present study revealed that implementation of Ind-AS has no significant impact on key financial ratios of BHEL. Though, in the post transition period the financial condition of selected company had reached to alarming stage due to heavy losses. It is suggested that aggressive production policy with significant cut in cost should be implemented to achieve the higher profits and regain the faith of investors as increase in profitability ultimately boost the wealth of investors as well as attract the potential investors too.

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Keywords: Indian GAAP, Ind-AS, Key Financial Ratios, BHEL, Trend Analysis, Comparative Analysis.