There has been a growing concern about the performance measures based on traditional accounting information such as return on equity (ROE), return on capital employed (ROCE), return on net worth (RONW), earning per shares (EPS), net operating profit after taxes (NOPAT) and return on investment (ROI). These measures although widely used fail to capture the shareholders’ value creation/destruction as a result of management actions. The concept of economic value added (EVA) and market value added (MVA) have gained popularity all over the world particularly in the USA, the UK and European countries. EVA and MVA are finding acceptance as internal and external performance measures because these two measures are consistent with the organizational objective of shareholders’ value creation. Due to its popularity, a lot of research work has been conducted in the late 1990s covering diverse issues on EVA and MVA. In the light of the above, the present study made an attempt to calculate EVA as well as MVA and to analyze whether Apollo Tyres is creating or destroying shareholders’ wealth during the study period.