In Pressurized Heavy Water Reactors (PHWRs), during a postulated severe accident involving the core collapse, the core internals would fall onto the Calandria bottom and form a debris bed. Under such conditions, the core debris bed would be contained by the Calandria, which also facilitates its cooling by the Calandria vault water. In absence of any accident management action, the Calandria temperatures would rise, causing loss of material strength that may also threaten the structural integrity of Calandria. The gross structural failure of Calandria would limit its ability to further retain the core debris and would jeopardize the in-vessel accident management strategies. The knowledge of structural degradation of Calandria with time till its ultimate failure is important for formulating and assessing the severe accident management guidelines. Assessment of Calandria failure under accident conditions involves several important aspects such as complex thermo-mechanical loadings, temperature dependent elastic-plastic and creep modeling, flexibility of different parts and boundary constraints etc. In view of this, a systematic analysis method based on the sequentially coupled thermo- mechanical analysis has been devised and used for the structural assessment of Calandria. The failure assessment has been carried out as per the specified failure criteria for prominent failure modes including large unbounded deformations and plastic instability, large inelastic strains/ ductility exhaustion and creep-stress rupture. The paper covers various considerations taken into account during the analyses along with few case studies on Indian PHWRs.