The study was conducted to know the impact of capital structure on Earnings Per Share of Cement Companies in India. The study selected 23 cement companies as samples that are listed in NSE or BSE. The study was done based on balanced panel data that were collected from the Financial Statements of the company for a period of 10 years from 2010-2011 to 2019-2020. 9 explanatory variables such as capital Structure, trading on equity, asset structure, corporate tax, debt service capacity, size, business risk, liquidity, and growth were analyzed to know their relationship with the earnings per share. Trading on equity, asset structure, corporate tax, debt service capacity, size, business risk, liquidity, and growth are used as controllable variables in the study. The study found that capital structure has a negative relationship with the earnings per share of cement companies in India. The study also identified that business risk has a positive relationship and the size of the business has a negative relationship with earnings per share of cement companies in India.