Working capital to the company is like the blood to human body. If it is carried out effectively, efficiently and consistently, that will assure the health of an organization. Therefore, effective management of working capital is important for the survival of a business. The purpose of this research is to contribute towards a very important aspect of financial management known as working capital management with reference to two Indian Fertilizer Industries .Here an attempt has been made to analyze the financial results based on the financial statements for a period of five years from 2013-2014 to 2017-2018 and the researcher attempts to take result of comparison between two such industries. Four ratios have been selected for measuring the financial performance i.e. .Current Ratio, Liquid Ratio, Cash Ratio, Inventory Turnover Ratio, Debtors Turnover Ratio, Fixed Assets Turnover Ratio and Cash Flow analysis. The result shows that there is still a necessity of effective working capital policy to run the business of the companies under study.

Keywords: Working Capital Management, Cash Flow Analysis, Fertilizer Industry, Ratio Analysis.