Economic growth and energy security of India is also reliant on the oil and gas industry. The Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), Oil and Natural Gas Corporation (ONGC), and Reliance industries Limited (RIL), are the key Indian oil and gas companies that are considered in our research regarding the financial performance between 2020 and 2025. The performance measures employed in the study are profitability, liquidity, and solvency and efficiency. It involves statistical techniques like ratio analysis, ANOVA and regression (R2 = 0.5724) and it is based on five large companies. The sources of secondary data were financial databases and annual reports. The results suggest that Reliance industries is doing better than other companies because of diversification and operational efficiency and ONGC is well solvent. The profitability of businesses in the public sector is influenced by regulations. The article concludes that the operational efficiency is characterized by high impact on the financial performance
Jagetia et al. (Tue,) studied this question.
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