<p>This study investigates the relationship between a firm's life cycle stages and working capital management. We use the dynamic fixed effect panel regression model on a dataset comprising 1645 Indian manufacturing firms from 2011 to 2022. The cash conversion cycle is used for working capital management, and cash flow from operations, investing, and financing is used for measuring the firm's life cycle stages. We find that firms in the introduction and decline stages positively impact working capital management and negatively impact the growth and mature stages, along with their components. Suggesting that growth and mature firms are able to manage working capital more efficiently than firms in the introduction and decline stages. Further, the relationship between a firm's lifecycle and efficient working capital management is U-shaped. We also note that the growth and mature stages with business group affiliations exhibit shorter time cycles than non-business groups. The results remain robust in alternate firm life cycle measures (DeAngelo et al., <CitationRef CitationID="CR34">2006</CitationRef>), working capital measures, and the System GMM approach. The implications of these findings extend to strategic planning and corporate financial decision-making. Finance managers, creditors, financial institutions, and policymakers could find value in considering these results when assessing firms' working capital requirements. Future studies could confirm these results while exploring different markets and sectors. To the best of our knowledge, this study gives new dimensions by investigating the relationship and behavior of working capital management from a firm's lifecycle perspective.</p>