Small and Medium Enterprises (SMEs) form the backbone of the Indian economy and contribute to employment, industrial output, exports, and entrepreneurial growth. Publicly listed SMEs are becoming more important in domestic capital markets, and this is leading to increased interest from researchers, investors, and policymakers in their financial performance and long-term viability. The study analyses the financial performance of 25 selected listed Indian SMEs based on secondary data collected from the audited financial statements of the SMEs from 2020–21 to 2024–25.

The financial ratios are analysed in five dimensions, i.e. liquidity, profitability, solvency, leverage, and operational efficiency. The descriptive statistical measures like mean, standard deviation and coefficient of variation are used to analyse the consistency and stability in performance. The results show that there is a significant heterogeneity across firms. Some firms show high profitability, good liquidity management, and efficient use of assets, whereas others show gaps in solvency and operational efficiency. These differences emphasize the necessity of sound financial management and disciplined allocation of resources.

The study adds to the growing literature on SME financial performance by offering a multi-dimensional and statistically grounded assessment of listed Indian SMEs. The insights generated are useful for investors, policymakers, financial institutions, researchers, and business managers who want to understand the financial dynamics and sustainability of this sector.