This paper examines the impact of age, size, and ownership structure of Indian firms on the transition to different size distributions from 1995 to 2005, in addition to the impact on 10-year growth rate of sales. Over this period, the size distributions of small and medium firms widen while large firms tend to shrink. New entrants have a high likelihood of becoming large and could be taking market share away from existing firms. Foreign and business group ownership significantly increase the likelihood of becoming larger, have a positive impact on the growth rate, and increase likelihood of exit for small and medium firms. Government ownership does not have a significant impact on size transition or growth rates, except for new entrants.