To try improving energy security, India plans to focus on developing planned petroleum reserves in addition to expanding refinery capacity. Plans are underway to expand current petroleum refineries and develop new reserves. The Capital calculation analysis statistical tool, which uses one-way ANOVA technique with probability level of 5.00%, is applied in this research to examine the Capital of a selection of Indian oil and gas refineries, like BPCL (Bharat Petroleum Co. Ltd.), HPCL (Hindustan Petroleum Co. Ltd.), IOCL (Indian Oil Co. Ltd.), Oil and Natural Gas Corp. (ONGC), and Chennai Petroleum Corporation Limited (CPCL), for the study period of 2019 -20 to 2024–2025. According to the study's main conclusions, ONGC (Oil and Natural Gas Corp.) is performing well, while Chennai Petroleum Corporation Limited needs to enhance its financial results. The study's hypotheses show that there is little variance between Current Ratio, Quick Ratio, Debt Equity Ratio, Long Term Debt Equity Ratio, in a subset of Indian petroleum refineries. The findings give useful insights for financial leaders, governments, and investors. They point out the significance of managing debt and equity to improve economic success. This knowledge can help inform good financial and decision-making in the energy economy.
Ram et al. (2026) studied this question.