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Each organisation engages the implementation of capital for doing their businesses. The employed capital shall consist of equity such as the ownership contribution and with debt. The debt is any outside funding that becomes repayable with an associated cost for it. This cost shall be directly shown in the form of interest payment or indirectly in the form of agency cost. These debts might be short term in nature which is for less than one year or long term which is for more than a year. Organisations shall implement various nature of debt like taking the credit facility from the financial institution, by issuing warrants or issuing convertible bonds, also taking lease financing or utilizing the trade credit to fund their businesses. These debts can become more complex like the use of derivative instruments like the forward and futures contracts or by engaging swaps. Debt to equity mixture consists of capital structure of an organisation (Brealey et al, 2008). The main focus of the financial management is to reduce the cost and enhance the wealth of share holders. This shall be gained by the proper mixture of leverage i.e. through debt and equity. An ideal capital structure will be arrived when the full cost of capital becomes less. The management shall make correct decisions to reach the organisations investment needs. The management must have to come with the best combination of debt and equity to get the best combination of capital mixture that will help to reach the optimum leverage of the organisation. This study is an attempt to evaluate the leverage and performance of the select pharma companies in India during the period from 2009-2010 to 2018-2019. Model developed Impact of Leverages on Profitability of select Pharma Companies. In brief, this study discussed the introduction to Pharma industry, statement of the problem, objectives, methodology, limitations, analysis and results and finally, the results of the study summarized as findings, suggestions and conclusion.