Financial analysis helps us to analyze the financial condition of a business based of the past performance recorded in the financial statements of the company. There have been many developments in the field of financial management which not only help us to analyze the past performance but also to predict the near future of business. Though the future is dependent on various factors both internal and external but financial management provides tools like ratio analysis which gives a finance manager inputs if the business is running smoothly. The ratio analysis helps a finance manger to see if the company has enough liquidity to meet its short term obligations and also measure the profitability to ensure long term survival of a business. The study is an attempt to analyze the financial performance of select Indian airline companies. Indian aviation industry is one of the largest aviation industries in the world and it is on a high-growth trajectory. Indian aviation industry aims at becoming the third largest aviation market by 2020 and the largest by 2030. The top two aviation companies have been selected based on their market share.