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The liquidity refers to the maintenance of cash, bank balances and those assets which are easily convertible into cash in order to meet the liabilities as and when arising. So, the Liquidity Ratios study the firm's short-term solvency and its ability to pay off the liabilities. Efficient utilization of working capital both gross and net and its elements is also important to improve profitability. The present study is an attempt to analyse the liquidity and efficiency in utilizing working capital of the selected Maharathna Companies, i.e., SAIL, NTPC, ONGC, IOC and Coal India during 2012-13 to 2021-22. The data required for the study period has been collected from the annual reports of the selected units and calculated Current Ratio, Quick Ratio, Absolute Liquidity Ratio, Gross Working Capital Ratio, Net Working Capital Ratio, Current Assets to Total Assets Ratio, Inventory Turnover Ratio, Receivables Turnover Ratio during the study period.