Phase inductance is a key parameter in the design of switched reluctance machines (SRMs) because the torque, torque ripple, losses, and the dynamics of phase voltages and currents are related to the phase inductance. Therefore, accurate calculation of the inductance profile of an SRM is important in determining the SRM behavior. Instead of using the time-consuming finite element analyses (FEAs), or the analytical methods that require prior knowledge of flux linkage from either an FEA simulation or an experimental test such as the curve fitting and flux path based methods, this paper proposes a fast and accurate analytical approach to determine the phase inductance of an SRM with any common topologies, dimensions, and phase currents at any rotor position. In the proposed approach, the magnetic field distribution and the permeance parameters in the air region are first determined by solving the partial differential equations of magnetic potentials based on Maxwell's equations. The air-region permeance parameters are then substituted into a magnetic circuit network to include the impact of the saturation effects of steel on the phase inductance profile. The agreement between the results of the proposed analytical method and two/three-dimensional FEAs and experimental results validates the analysis.