In order to undertake any research a strong background study is always required. Research always stands on a strong footing in the form of comprehensive and extensive research review. A researcher has to always get conversant with the prevailing research domains, methods, instruments used by previous researchers for undertaking similar type of studies. Only then the researcher will be able to diagnose the vacuum in the research conducted till date and what addition to existing knowledge can be made by him/ her. Financial performance analysis of firms in similar industries has always been a hot favourite topic of researchers and its never ending as firms might perform well in one year and in other year might even experience depression. Hence, while undertaking research in financial performance analysis a strong base of deep review of existing knowledge is inevitably required. This paper has attempted to summarise the findings of some literature on performance analysis in finance terms already existing in research domain to facilitate research community to take such research ahead in future.