As Every Business run on two main Factors i.e. Risk &Return, so the purpose of this paper is to analyze the Factors determining the capital structure of every companies on the basis of analytical study of four biggest steel industries in India. This study Emphasized on the composition of the sound capital structure by using two approach of capital structure Theory i.e. Relevance Approach (Net income Theory& Traditional Theory) and Irrelevance Approach (Net operating Theory & MM Theory). The paper consider the Ratio of Debt and Equity and Various factors affecting capital structure decision of a company. The study consider all The dependent variable includes Debt, Equity & preference share capital and Independent Variable includes size, growth, risk, return, financial leverage, profitability, capacity, flexibility, control and cost of capital. In this paper I try to analyze the impact of all the factors for determining a sound capital structure for a company. Present paper has identified determinants of capital structure with the help of comparative study of debt/equity Ratio of four Indian companies listed on BSE From 2021-2022 and the whole study based on secondary data which is collected from home sites of four steel companies. The result of present study focused on importance of sound capital structure in achieving long term sustainability and growth for Indian companies. The data for a sample of four companies have considered for a period of 2021- 2022.

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Keywords: Capital Structure Theory, Debt / Equity Ratio, Optimum Capital Structure.