The purpose of this study is to shed light on the financial performance of all the Maharatna Companies in India, as financial statements are extremely useful in assessing the financial status of a company. This analysis was carried out by comparing the financial statements issued by the selected companies before and after the implementation of Ind-AS, using data from the previous ten years (from 2011-12 to 2020-21). Various users, such as company executives, bankers, investors and creditors, use cash management tools to analyse their financial status in order to make key business decisions. The entire study was based on secondary data. According to the findings, the implementation of Ind-AS has had significant impact on financial statements of Maharatna companies. Though, due to substantial losses, the financial state of the few selected company i.e BHEL and SAIL had reached an alarming stage in the post-transition phase. It is proposed that an aggressive production approach with large cost reductions be implemented in order to create higher profits and rebuild investors’ confidence, as increased profitability boosts investor wealth and attracts future investors.

KEYWORDS: Indian GAAP, Ind-AS, Maharatna Companies, Financial Statements.