The majority of the company finds itself in trouble as it exceeds its liability. The government's organised PSUs have made a stronger contribution to economic health today, while others have become bankrupt due to very low resource utilisation, low liquidity and bad management decisions. So it’s time to investigate the financial performance of government organised PSUs to protect them from bankruptcy. This research study examined the financial performance of seven Indian Navratna companies listed on the Bombay stock exchange and National stock exchange. The purpose of this study is to investigate whether these companies can fail in the future. The Altman Z score model was used to accomplish the purpose of this analysis. The Altman Z score model is a collection of financial ratios used to forecast business bankruptcies. The research also used the ANOVA test to analyse the significant relationship between the variables over the period from 2011 to 2020. HPCL, NMDC and CCI are in the safe zone whereas BEL, OIL and NBCC are in the grey zone as per Z score model result. Only one company namely PGCIL is in distress zone and the management of this company need to take significant decision to protect this company from bankruptcy. All the variables are highly correlated according to the findings of the Anova test. This analysis would be advantageous for business managers taking big financial decisions, and it will also be useful to investors as they choose to put their money into Navaratnas companies.