Article: Evaluating financial performance excellence through application of interest rate derivatives: a research study Journal: International Journal of Business Excellence (IJBEX) 2026 Vol.38 No.9 pp.1 - 24 Abstract: This study covers the usage of interest rate derivatives (IRD) in financial risk management. It was conducted on Jaiprakash Associates Limited (JAL) and Jhajjar Power Limited to understand the implications of risk management on Balance sheet management. This paper is diagnostic and uses exploratory and longitudinal case study methodology following Yin (2018). There are wider implications for strategic risk management as elaborated by Chatterjee and Mohanty (2023). Götze and Rudolph (1994) examined how financial risks affect a corporation over time, and these cases underline impact of not using adequate risk management strategies. The report concludes that utilisation of IRD demonstrates planned risk management for companies where external financing is a growth driver. The outcome of this study would enable risk strategies to evolve in debt-intensive sectors. Academic case studies are also few, and this case is an academic exercise in understanding the link between risk and business excellence. Inderscience Publishers - linking academia, business and industry through research

Title: Evaluating financial performance excellence through application of interest rate derivatives: a research study

Authors: Subhamoy Chatterjee; R.P. Mohanty

Addresses: Faculty of Management Science, Siksha o Anusandhan University, Bubhaneshwar-751030, India ' Siksha o Anusandhan University, Bubhaneshwar-751030, India

Abstract: This study covers the usage of interest rate derivatives (IRD) in financial risk management. It was conducted on Jaiprakash Associates Limited (JAL) and Jhajjar Power Limited to understand the implications of risk management on Balance sheet management. This paper is diagnostic and uses exploratory and longitudinal case study methodology following Yin (2018). There are wider implications for strategic risk management as elaborated by Chatterjee and Mohanty (2023). Götze and Rudolph (1994) examined how financial risks affect a corporation over time, and these cases underline impact of not using adequate risk management strategies. The report concludes that utilisation of IRD demonstrates planned risk management for companies where external financing is a growth driver. The outcome of this study would enable risk strategies to evolve in debt-intensive sectors. Academic case studies are also few, and this case is an academic exercise in understanding the link between risk and business excellence.

Keywords: case study in derivatives; risk and organisational excellence; interest rate derivatives; IRD; integrated risk strategy; culture and strategy; innovation; hedging; business excellence with risk management.

DOI: 10.1504/IJBEX.2026.152632

International Journal of Business Excellence, 2026 Vol.38 No.9, pp.1 - 24

Received: 13 Aug 2025
Accepted: 19 Jan 2026
Published online: 31 Mar 2026 *

Title: Evaluating financial performance excellence through application of interest rate derivatives: a research study

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