Understanding genetic variability and mode of gene action for agronomic and yield related traits is important in formulation of effective rice breeding program for genetic enhancement of grain yield. Combining ability analysis and heterosis was conducted to identify yield associated traits from nine male indicas and three female japonicas, together with their 27 F1 hybrids. Four parental lines, including Basmati 370, Basmati 217, K2-54 and Komboka showed good general combining ability in days to 50% flowering, days to maturity, number of tillers plant-1, number of spikelet’s panicle-1, number of panicles plant-1, number of filled grains panicle-1, and grain yield. While the combine K2-9 × Komboka, K2-9 × Basmati 370, K2-54 × Dourado Precoce and K2-54 × Basmati 217 showed specific good for grain yield. The hybrids K2-9 × Basmati 370, K2-8 × Basmati 217, K2-54 × Basmati 217 and K2-9 × Komboka showed 20% excess in standard check variety, suggesting that they could be good breeding donors.