Effective liquidity management is essential for the smooth functioning of businesses. This study focuses on analysing the liquidity ratios of Steel Authority of India Limited (SAIL), one of India's leading state-owned steel manufacturers, over a five-year period from 2019 to 2023. The research explores the company's ability to meet short-term financial obligations through the examination of its current assets and liabilities. By calculating and interpreting key liquidity ratios such as the current ratio, quick ratio, and super quick ratio, the study sheds light on SAIL's liquidity position and short-term financial health. The findings reveal concerning trends, including a declining current ratio and consistently low quick and super quick ratios, indicating potential challenges in meeting immediate liabilities. The paper underscores the need for SAIL to address these issues and suggests strategies such as optimizing working capital and reducing reliance on external borrowings. A comprehensive analysis of industry benchmarks and economic factors is recommended to gain a holistic understanding of SAIL's financial standing. This research contributes to a deeper insight into liquidity management practices and their impact on a large-scale manufacturing company's operational efficiency and financial stability.

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Keywords: Liquidity Management, Liquidity Ratios, Current Assets & Liabilities, Economic Factors.