This paper attempts to analyze whether there is solid evidence to support the idea that variations across firms in observed ownership structures lead to systematic variations in observed firm performance. The current study examines this hypothesis by evaluating the impact of the ownership structure on corporate performance, measured by profitability, using data of BSE 100 Index companies. This study design ownership structure, first, as an exogenous variable and, second; we take into account four different measures of ownership structure showing different groups of shareholders with conflicting interests. Using panel data regression model in between all ownership structure measures and profitability measures, the empirical findings suggest that the non-promoters holding and non-promoters non institutional holding have a significant impact on EPS of the firm. In case of promoters holding and non-promoters institutional holding no effect is found on EPS of the firm. And in case of ROI promoters holding, non-promoters institutional holding and non-promoters non institutional holding have a significant impact on ROI of the firm. In case when non-promoters holding is taken as individual measure no effect is found on ROI of the firm. Further in case of PAT, it is found that the non-promoters holding and non-promoters non-institutional holding have a significant impact on PAT of the firm. In case of promoters holding and non-promoter institutional holding no effect is found on PAT of the firm. Presence of concentrated ownership is found in Indian firms.