PERFORMANCE EVALUATION OF NIFTY 50 NON FINANCIAL COMPANIES IN INDIA: AN ENTROPY BASED TOPSIS APPROACH

This study evaluates the financial performance of 39 non-financial companies listed on the Nifty 50 index in India for the financial year 2022-2023. The analysis employs the Entropy and TOPSIS approaches to assess the companies based on seven key financial ratios. The Entropy method determines each criterion’s weight, objectively evaluating their relative importance. Subsequently, the TOPSIS method ranks the companies by comparing their financial performance against an ideal solution. The findings provide valuable insights into the relative performance of these companies, offering a comprehensive view of their financial health and operational efficiency during a period marked by economic volatility and post-pandemic recovery. This study aims to assist investors, financial analysts, and policymakers in making informed decisions by identifying top-performing companies and understanding the factors contributing to their success. The results also shed light on the critical financial metrics significantly influencing the company’s performance in the Indian market. The entropy analysis showed that the debt-equity ratio is the most significant performance indicator, while the net profit margin (NPM) is the least significant criterion. Subsequently, TOPSIS analysis revealed that Nestle India Ltd. was the top performer during the study period. On the other hand, the company Bharti Airtel Ltd. has shown poor performance and requires more attention for improvement in some areas.本研究针对印度Nifty 50指数（Nifty 50）成分股中的39家非金融上市公司，评估其2022-2023财年的财务表现。本分析采用熵权法（Entropy）与逼近理想解排序法（TOPSIS），基于7项核心财务比率对各参评公司开展评价：熵权法可确定各评价准则的权重，客观衡量其相对重要性；随后，逼近理想解排序法通过将各公司财务表现与理想解进行对比，完成企业排名。研究结果可为各公司的相对表现提供有价值的参考，全面展现其在经济波动与疫后复苏时期的财务健康状况与运营效率。本研究旨在通过识别表现优异的企业、剖析其成功的影响因素，助力投资者、金融分析师与政策制定者做出科学决策。研究结果还揭示了印度市场中对企业绩效具有显著影响的关键财务指标。熵权分析显示，债务-权益比率（debt-equity ratio）是最具影响力的绩效评价指标，而净利润率（net profit margin, NPM）则为影响程度最低的评价准则。进一步的逼近理想解排序分析结果表明，雀巢印度有限公司（Nestle India Ltd.）为本研究周期内表现最优的企业。与之相对，巴蒂电信有限公司（Bharti Airtel Ltd.）绩效表现欠佳，需在多维度优化运营以实现改进。