This study analyses how Intellectual Capital Disclosures influences the performances of Indian firms, focusing on 324 companies from Nifty 500 index over eight financial years (2016-2024). The Intellectual Capital has been measured using Modified Value-Added Intellectual Coefficients (MVAIC) which includes the components, namely, Capital Employed Efficiency (CEE), Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE), Relational Capital (RCE), Innovation Capital (ICE). The study applies panel regression model to examine the impact of IC and its components on firm performance, measured through accounting-based indicators (Return on Assets and Employee Productivity) and a market-based indicator (Tobin's Q). The results reveal statistically significant positive effect of IC on Return on Asset and Employee Productivity. However, no such significant influence was observed on Tobin's Q. Among the components, Human Capital positively influences both Return on Asset and Employee Productivity, while Capital-Employed Efficiency positively affect Return on Assets, it negatively influences Employee Productivity. The results highlight strategic importance of intellectual capital, particularly human capital, in improving accounting-based performance. The study suggests that firms prioritize human capital development and efficient use of tangible resources to sustain competitiveness. Additionally, policymakers and regulators may consider strengthening intellectual capital disclosure practices to enhance transparency and investor confidence