This paper presents analysis of a Switched Reluctance Machine (SRM) operated as a motor and generator for various operating conditions using Finite Element Analysis (FEA). Based on the data of flux linkage and torque obtained using FEA, the inductance value is calculated. Also developed a SRM model in the MATLAB/Simulink environment. While an Asymmetric Half Bridge Converter (AHBC) is used for excitation in the motor mode operation, the problem of using the same converter during generator mode is vividly explained. © 2013 IEEE.