This study investigates the impact of asset structure on the financial performance and firm value of Indian automobile companies listed on the National Stock Exchange (NSE). Asset structure represents the composition of tangible and intangible resources employed by firms to generate earnings and maximize shareholder wealth. Despite its importance in corporate finance, empirical evidence on the relationship between asset composition and firm performance remains inconclusive, particularly in the Indian context. The study uses secondary data collected from six NSE-listed automobile companies, namely Bajaj Auto, Eicher Motors, Hero MotoCorp, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors, covering the period from 2011–12 to 2020–21. Property, Plant and Equipment (PPE), Intangible Assets, Long-Term Investments, Long-Term Loans and Advances, and Total Current Assets were considered as explanatory variables, while Return on Assets (ROA) Tobin’s Q were used as performance indicators. Descriptive statistics, correlation analysis, Granger causality tests, and multiple regression models were employed for analysis. The findings reveal that asset structure significantly influences both accounting-based and market-based measures of performance. PPE and intangible assets positively contribute to profitability, whereas leverage and certain long-term asset components adversely affect performance. The study highlights the importance of effective asset allocation in enhancing profitability, operational efficiency, and firm value in the Indian automobile sector.