Corporations are being encouraged to commence social responsibility reporting in their financial statements and indulge in various activities due to the ascending shareholders’ interest in social performance. Many companies are, therefore, implementing social responsibility as a part of their daily operations. The aim of this study is to examine the impact of Corporate Social Responsibility (CSR) on the Corporate Financial Performance (CFP) of companies in the Indian context. Moreover, stakeholder theory and reputation theory have been analysed to understand the causal connection between CSR and CFP. NIFTY 50, a measure of the Indian market index that represents India's 50 largest companies listed on the National Stock Exchange, has been used as the study's base. Panel data regression with fixed effect assumptions has been employed for 210 firm-year observations from 2014-15 to 2018-19. The findings indicate that Corporate Social Responsibility and Corporate Financial Performance in terms of accounting and market-based measurements (Tobin’s Q and ROA) have a significant and positive relationship. Although multiple studies have been undertaken to understand the relationship between CSR and CFP, this study goes one step further by focussing on the mandatory provisions of CSR as per the Companies Act 2013, and its impact on financial performance post these mandatory provisions.