The purpose of this paper is to make an analysis of the determinants of dividend policy for select manufacturing companies in India. This research topic is one of the advanced topics in corporate finance, and It has its worth doing research in the area of Dividend policy. In this research paper, a sample of four manufacturing companies listed at Bombay stock exchange has been selected using convenience sampling and were considered for analysis. This study re-examines the association between the various factors that have bearing on the dividend decision of the firm on the basis of annual reports of the companies listed in Bombay stock exchange for the period of 2015-2020 by using statistical methods. From the review of the literature, the researcher identified the factors like price earnings ratio, age of the firm, leverage ratio, return on equity, return on equity and earnings per share which affect the dividend pay-out ratio of the company. The empirical evidence from this study reveals that price earnings ratio, leverage ratio, earnings per share have significant impact on the equity dividend and also good predictors of equity dividend in the manufacturing sector.