The objectives of the study were: (a) to present Indian evidence on empirical-based classification of financial ratios, and (b) to examine the intertemporal stability/change of classification of ratios so obtained for the 20 year period of 1965-66 to 1984-85. The study used data of 612 Indian companies belonging to 61 manufacturing and processing industries. The statistical methods employed included factor analysis, differential R factor analysis, correlation and percentage mean absolute deviations. The study has obtained eleven factors: (i) return on investment, (2) sales efficiency, (3) equity intensiveness, (4) short-tern liquidity, (5) current asset intensiveness, (6) cash position, (7) activity, (8) earnings appropriation, (9) financial structure, (10) interest coverage, and (11) long-term capitalisation. Thus it was indicated that there were multiple dimensions of financial phenomena traditionally grouped under liquidity, profitability, activity, and leverage. It was also shown that financial ratio patterns were reasonably stable over years.