The current study attempts to evaluate the financial condition and position of the integrated refining and marketing oil companies in the Indian public sector by appropriately defining the linkages between the income statement and balance sheet items. Three BSE-listed public sector oil businesses are the subject of the study. During the ten-year study period, which ran from 2010–11 to 2019–20, the relevant data was gathered from the focus oil firms' annual reports. BPCL stood out as the most financially sound among the three oil majors. It maintained the strongest cash position, fastest receivables collection, and most efficient asset utilization, translating into higher profitability and market valuation. HPCL was more aggressive in paying creditors but struggled with cash volatility and lower returns, and carried higher debt levels. IOCL, while more conservative in its financing and slightly better in employee productivity, lagged in asset efficiency and receivables management. Overall, BPCL demonstrated the best balance of liquidity, profitability, and investor confidence, making it the top performer in the group. The study does not compare with private sector oil companies and solely relies on publicly available financial data. This is a significant research restriction. Measuring the firm's liquidity, solvency, profitability, efficiency, and other indicators that the business is run normally and rationally—ensuring sufficient returns to shareholders to sustain at least its market value—is a critical component of the study. The study will assist investors in determining the characteristics of Indian public sector oil businesses and in making investment decisions.