Investment return can be defined as a performance measure which is used to calculate theeffectiveness of an investment. It judges the efficacy of diverse investments of an enterprise. ROI is anendeavor to determine the profit of a particular investment in relation to the cost of its investment.The Government of India has established the Central Public Sector Enterprises (CPSEs) that plays avital role in the growth process of Indian economy. They are regarded as strategic players in thebuilding of an economy. Over the years, the performance of the CPSEs is not satisfactory.Accordingly, the Indian Government started the route of disinvestment to develop competency andincrease output of the CPSEs. The chief intention of this research work is to contrast the movement ofindustry-wise investment returns with the pooled investment returns of Indian CPSEs from 2010–2011to 2019–2020. For this purpose, Man-Whitney U-Test is employed in the study. Overall, theperformances of investment returns (i.e., ROA, ROCE, and ROE) in majority of the selected industrieshave not moved with the aggregate investment returns of the CPSEs. This indicates that industryprecise factors are strong enough in determining their individual performance with respect toinvestment returns. Further study may be conducted with respect to movement of investment returns atcompany level.
