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An experimental investigation on the workability behaviour of sintered Fe-035C steel preforms under cold upsetting, have been studied in order to understand the influence of aspect ratio and lubrication condition on the workability process. The above mentioned powder metallurgy sintered preform with constant initial theoretical density of 84% of different aspect ratios, namely, 04 and 06 respectively were prepared using a suitable die-set assembly on a 1 MN capacity hydraulic press and sintered for 90 min at 1200 ℃. Each sintered preform was cold upset under nil/no and graphite frictional constraint, respectively. Under the condition of triaxial stress densification state, axial stress, hoop stress, hydrostatic stress, effective stress and formability stress index against axial strain relationship was established and presented in this work. Further more, attained density was considered to establish formability stress index and various stress ratio parameters behaviour.