The article explores how different types of ownership in Indian manufacturing companies affect their financial decisions. By analyzing data from 357 companies over 10 years, the study shows that company size, risk, and profitability strongly influence how much debt a company takes on. Promoters' and institutional ownership tend to reduce debt levels, while corporate ownership increases them. Public ownership also lowers debt levels, while foreign ownership has the opposite effect. Overall, ownership structure plays a significant role in shaping a company's capital structure.