In the fast changing economic scenario world over, the management of any company has to play a dynamic role in managing its finances. To make rational decisions in tune with the objectives of the firm, the management must analyze the funds needs, the financial status and profitability and the business risk of the company. The airline industry exists in an intensely competitive market. In recent years, there has been an industry-wide shakedown, which will have far-reaching effects on the industry's trend towards expanding domestic and international services. An important key area to keep a close eye on is costs. The airline industry is extremely sensitive to costs such as fuel, labor and borrowing costs. Because many costs are fixed, the profitability of individual companies is determined by efficient operations and on favorable fuel and labor costs. The study includes total four companies; Indigo, Air India, Spice Jet and Jet Airways as a sample of the study. Sample is to be selected on the basis of market share. The study aims to measure the financial position, trend, strength, weakness and growth of Indian aviation Industry and identify the drawbacks, which are the indicators of the low performance of the industry. And study the determinants of profitability position of company and make comparison between the selected aviation companies In India. Objective of the study is to evaluate financial performance of selected aviation companies of India between Inter sector firm comparisons. For the comparison One Way ANOVA technique is used with help of SPSS software and try to find significance difference is available or not. Profitability Ratio is includes Operating profit ratio, Net profit ratio, fuel expense ratio, finance expense ratio etc. In this study accounting and statistical; both type of techniques are used. In this way study will help in making suitable suggestions for the improvement of further successful survival of aviation Companies in the competitive world. Therefore, statement of problem under the study is selected as “A study on financial appraisal of selected aviation companies in India”.

KEYWORDS: Economic Scenario, Borrowing Costs, Profitability, Net Profit Ratio, Operating Profit Ratio.