The demand for sustainable building materials is increasing day-by-day pertaining to the challenges in meeting the cost, reliability and climate adaptability. In addition to the structural requirements, improvements in the building technology are also trending towards eco-friendly, comfortable and economic housing solutions. The present study deals with the usage of two industrial waste materials (bagasse ash and granite powder) to prepare lightweight and heat resistant concrete panels (M25 grade). The replacement of aggregates was accomplished sequentially by varying the mix proportioning (10%, 15%, 20% and 25%) using granite powder and bagasse ash balls (~10mm dia.). In addition to the weight reduction, coconut fibres and paraffin were also applied in intermittent layers to enhance thermal insulation properties. The temperature profiles were monitored using thermocouple sensors fitted onto the panel surfaces. The physical, mechanical and thermal properties of the casted panels were studied after 28 days of curing. A comparative study was made for solid and hollow light panels in terms of strength and weight. The results indicated that significant temperature reduction is achieved between the surfaces by using the phase changing materials (3%) while the compressive strength of the hollow lightweight panel is satisfactory (23.48 N/mm2). Hence, the prepared concrete panels can be suitably employed in building construction where thermal comfort and reduced weight are in demand.