The COVID-19 pandemic dealt severe blows to service-oriented industries, upending the conventional logic of working capital management in ways that persist even today. This study examines how one firm in India's organised automotive aftermarket sector managed liquidity, efficiency, and profitability across four economic phases — Pre-COVID (FY2017–FY2019), COVID (FY2020–FY2021), Recovery (FY2022–FY2023), and Post-COVID (FY2024). Eight years of standalone statutory financial data underpin the analysis. Eight metrics are tracked: Current Ratio, Net Working Capital, Days Sales Outstanding (DSO), Days Inventory Outstanding (DIO), Days Payable Outstanding (DPO), Cash Conversion Cycle (CCC), Asset Turnover Ratio, and Net Profit Margin. Phase averages and percentage change measures form the analytical framework. The results are mixed. Liquidity strengthened steadily — Current Ratio and Net Working Capital peaked in the post-COVID phase. Inventory management not only recovered but surpassed pre-pandemic levels by FY2024. Asset utilisation came close to full recovery. Yet receivables collection remained sluggish, and the Cash Conversion Cycle, though improving, has not regained pre-COVID efficiency. Most critically, Net Profit Margin stayed deeply negative throughout all four phases — the one challenge that recovery, so far, has failed to resolve. These findings add to the emerging literature on pandemic-era financial management and carry practical implications for firms still navigating post-pandemic recovery.