Mergers and Acquisitions (M&A) are considered as the engines for accelerated and consistent growth for companies. M&A is more significant in today’s corporate world due to globalization, liberalization and intensely competitive business environment. The present study is an attempt to examine post-M&A performance in manufacturing companies in India. ‘Economic value added’ (EVA®), a registered trademark of Stern Stewart & Co and a measure of economic profit, is considered in evaluating the industry adjusted returns for the companies that have gone for acquisitions. The scope of the study is limited to manufacturing companies in India that have gone for acquisitions.