The choice of debt-equity mix is the most significant strategic financial decision since it directly impacts an organization’s profitability. This research explores how the debt-equity mix affects earnings per share (EPS) in India’s FMCG sector. The study analyses data from five major FMCG companies listed on the NSE over a ten-year span (2016 -2025), utilizing statistical tools such as multiple regression, descriptive statistics, and correlation analysis. Results indicate that higher debt levels and strong interest coverage are positively associated with EPS, whereas a higher equity ratio tends to reduce earnings per share (EPS). these outcomes highlight the importance of maintaining an optimal debt-equity balance to enhance shareholder returns. The findings offer practical value to investors, financial strategists, and policymakers aiming to improve company performance through debt-equity mix decisions. However, the study’s conclusions are limited by its small sample size and dependence on secondary data.