Forming a major part of the Public Transport system in the country, there are over 70 State Road Transport Undertakings (SRTUs) operating more than 1,25,000 buses across different parts and regions of India. As is the case with many other Public Sector Undertakings, these SRTUs are mostly suffering from poor physical and financial performance. With a detailed introduction to the evolution and growth of public transport system in India, the present work reports an analytical and comparative study of the performance of two select SRTUs in terms of various physical and financial variables. The study makes use of both primary and secondary data for a period of one decade from 1992 to 2002 and brings into focus the pubic passenger road transport system of the two neighbouring states of the country, namely, Delhi and Haryana.