We feel that no measure is a panacea for all the ills. In India, economic liberalization in 1991 and subsequent globalization ha changed the ways industry worked. The traditional performance measure are no more sufficient to manage value. Our paper revisits the EVA concept to find out its utility and limitations in today’s value based mamagement framework. Also, the paper provides limitations of traditional performance measure and a case study showing EVE calculation for a better grasp of the concept.