Present era is the era of development and the steel industries has a vital role in the development of the Indian economy. Steel industries have strengthen the base of the Indian economy. Steel is the one type of metal which has been used in India since the ages. Steel industries need a lot of finance to set up and for the management of such industries. So the performance analysis of such industries has become an important task of the analysts. In business the word performance analysis refers to a variety of techniques used to quantify the performance of a company over a specific period of time. A performance analysis can be conducted on the different matters like finance, profitability, productivity. This paper throws lights on the financial analysis of the Tata Steel Ltd. with the help of ratio analysis and ANOVA table tools. Different ratios relating to profitability, liquidity, leverage and activity have been chosen for the performance analysis of Tata Steel ltd.