The purpose of the study is to analyze the financial performance of Steel Authority of India Ltd (SAIL) after merger deal with MEL. The financial statements are analyzed for pre and post-merger five years (2000-2010) by using seven financial ratios. The accounting approach uses accounting measures and productivity measures of financial statements to evaluate the M&A success. In spite of creation limitations, accounting ratios are considered as reliable and convenient for making analysis since financial statements are audited. Ratio analysis is employed as is considered as a convenient technique to make a quantitative analysis of companies’ performance. The results show that the financial performance of SAIL in terms of profitability, liquidity, and solvency has improved after the merger. It indicates that merger deals improve the financial performance of companies. The limitation of the study is that it only focused on the financial aspect of the merger but ignores which factor have impacted the deal’s success and failure. The study can be made by controlling factors affecting steel industries. It would enable the organizations to have a choice between organic and inorganic growth strategy. Case-based research on pre and post-merger on steel companies is made which is few as far as knowledge is concerned. This paper is an attempt to look into a specific deal by which it would make deep understanding of merger performance in India.