Coumarin based NKX class of molecules have been recently investigated for their promising sensitizing applications in dye Sensitized Solar Cells (DSSCs). However, the various factors limiting the sensitizing properties of these molecules such as charge transport efficiency and electron back recombination still remain to be understood properly. Herein, we report a detailed theoretical study on the structural, opto‐electronic and photo‐sensitizer applications of 2‐cyano‐3‐[5‐(1, 1, 6,6‐tetramethyl‐10‐oxo‐2,3,5,6‐tetrahydro‐1H,4H,10H‐11‐oxa‐3a‐aza‐benzo[de]anthracen‐9‐yl)‐thiophen‐2‐yl]‐acrylicacid (NKX 2587) based dye molecules. Structural variation of the dye molecule through derivatization has been attempted, with the main emphasis on the minimization of the back electron recombination rates through reduced dye – I2 interaction. The optical and photovoltaic properties of these dyes were studied in terms of the key parameters like, HOMO‐LUMO energy gap, maximum absorption wavelength, λmax, light harvesting efficiency, charge injection efficiency, open voltage, reorganization energy etc. using density functional theory methods. The results reflect that the dyes with more electron withdrawing substituents exhibit lower dye – I2 interaction, thus minimizing the back recombination. Moreover, the dyes with chloro (C3), bromo (C4), iodo (C5) and cyano (C7) substituents exhibit almost double electronic injection efficiency in comparison to the parent sensitizer molecule and are hence, expected to enhance the efficiency of the DSSCs based on such systems.