SARS‐CoV‐2 virus and its variants continue to be a challenge inspite of widespread vaccination and preventive measures. We hypothesized an oral, safe polyherbal formulation with antiinflammatory properties may improve the clinical outcome of this disease. BV‐4051, a formulation from four Ayurvedic plants namely Ashwagandha, Boswellia, Ginger and Turmeric was used for the treatment of hospitalized moderate COVID‐19 patients along with standard of care (SOC). Patients were randomly assigned to receive BV‐4051 or placebo tablets for 14 days, at four sites in India during late 2020 to early 2021. Among 208 randomized subjects, 175 completed the study. In BV‐4051 group the mean reduction in duration of illness (p = 0.036), alleviation and severity scores of several symptoms like fever, cough, smell, and taste disorders were statistically significant (p ≤ 0.05). A sub‐set analysis of subjects treated with or without Remdesivir as SOC showed mean reduction in duration of illness in BV‐4051 (p = 0.030), and severity scores (p ≤ 0.05). Mean difference in Interleukin‐6 was statistically significant (p = 0.042) on BV‐4051 without Remdesivir. BV‐4051 may reduce duration of illness, symptoms severity, Interleukin‐6, and prevent the incidence of COVID‐19 complications. It may have an adjunctive effect with other SOC. Larger extensive clinical testing may give a better understanding of its effect.