• V. Kalpana Kumari
• Dr. P. Mohan Reddy

Abstract Financial performance of public sector petroleum companies plays an important role in India's energy security, economic development and shaping the confidence of investors. Despite their strategic importance, these enterprises face frequent challenges arising from the policy environment of crude oil price, capital-intensity and ups and downs. The study is conducted on comparative analysis of the five major public sector petroleum company’s oil and natural gas corporations (ONGC), Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) in ten years from 2015 to 2024. Uses Altman's Z-score, MVA. The study appoints descriptive figures, regression models, and Annova to examine variation in firms and over time. The results indicate the difference of significant inter-company, with IOCL and ONGC relatively strong values manufacturing and financial stability, while on the other hand BPCL and HPCL maintains moderate money manufacturing with strong liquidity position. Conclusions highlight the need for customized capital structures, enhanced governance mechanisms and permanent investment strategies. By integrating Z-score and MVA in an integrated structure, this study provides novel insight to policy makers, investors and corporate strategies.

Keywords: Financial Performance, Altman’s Z-Score, Market Value Added (MVA), Public Sector Petroleum Companies, Solvency and Financial Distress, Shareholder, Wealth Creation, Capital Structure Efficiency, Indian Energy Sector

"“Comparative Financial Performance of Public Sector Petroleum Companies in India: An Empirical Analysis Using Z-Score and Market Value Added (MVA)”", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.12, Issue 9, page no.d164-d168, September-2025, Available :http://www.jetir.org/papers/JETIR2509324.pdf

"“Comparative Financial Performance of Public Sector Petroleum Companies in India: An Empirical Analysis Using Z-Score and Market Value Added (MVA)”", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.12, Issue 9, page no. ppd164-d168, September-2025, Available at : http://www.jetir.org/papers/JETIR2509324.pdf