This study seeks to find out the extent to which the shareholders of the top companies in the Indian private sector have been benefitted from the investment they have made. Shareholders’ rewards have been measured by the sum of capital appreciation and the total amount of dividends, adjusted for the time value of money. The value of investment thus arrived at is computed for the nine-year period ending 1979. The wealth ratio indicates the value of investment at 1979 year end to what it was in 1971 year end. The ten companies selected in the present study are then ranked in terms of their wealth ratios. Next, in order to find out if there is any relationship between the wealth ratio and return on investment, the average ROI of the companies for the nine-year period have been computed. The rank correlation test establishes a positive association between wealth ratio and the average ROI. Shareholders’ rewards measured either in terms of wealth ratio or return on investment can therefore be effective indicators of the profitability of the investment. At the same time these measures may evaluate the performance of the companies during a particular period.