The present paper examines the financing pattern of Indian Corporate sector belonging to two industries namely steel and chemical that are listed at Mumbai Stock Exchange Ltd. The secondary data has been used to achieve the objective of this study. The data period ranges from 1999 to 2015 (i.e. 17 years). The chosen period covers a complete business cycle i.e. both recessionary and booming phases of the industries. Here, the researcher has tested the null hypothesis: that there is no significant relationship between the financial leverage and various independent variables. The statistics like coefficient of determination (R2), ANOVA (F), Durbin Watson, and regression coefficients resulting from the application of Multiple Regression model were applied for the analysis of data. The data have been analyzed by using various ratios meant for measuring financial leverage.