Working finance is concerned with the administration of current assets and current liabilities and their interrelationships. Working finance is the prime source to meet the routine expenses of the business. In the event of working finance being ill-managed; the viability of a company may be jeopardized. It is desirable that a company has neither inadequate working finance nor the excessive amount of it. Hence, there is an imperative need for effective management of working finance. This study attempts to examine the efficiency and effectiveness of working finance employed in the Indian commercial vehicle manufacturing sector. A cross-sectional analysis of the Indian commercial vehicle manufacturing industry from the period 2000-2001to 2009-2010 indicated that the mean value of working finance of Ashok Leyland Ltd. (ALL) was higher than that of other companies. However, the variation was more in Tata Motors Ltd (TML) than in other companies. The TML was superior in the compound annual growth rate (CAGR) with a value of 1255.94. This indicates that the operating efficiency of Tata Motors Ltd. is better than of others and the risk-bearing power is also higher while growing companies require huge amounts. Nowadays leading companies are able to generate cash within short periods of time. So they maintain their working finance at zero or negative level. That is one of the reasons why companies’ actual values of working finance are not matching trend values of working finance