This study investigates the relationship between cash flow components and corporate financial performance among Nifty 50 companies in India's emerging market context from 2017 to 2023. The research uses a panel dataset of 312 firm-year observations from 39 non-financial firms. It employs a log-log regression model to analyze how operating, investing, and financing cash flows affect Return on Assets (ROA) and Return on Net Worth (RONW). The findings reveal complex relationships between cash flow components and performance metrics. Operating cash flows show a negative association with ROA (-0.1494) but a positive relationship with RONW (0.2913) while investing cash flows demonstrate positive and statistically significant coefficients for both ROA (0.1095) and RONW (0.1664). Financing cash flows exhibit negative coefficients for both performance measures (-0.0809 for ROA and -0.0895 for RONW), though not statistically significant. The model's explanatory power varies between R-squared values of 0.3727 for ROA and 0.2492 for RONW. These results support Jensen's (1986) free cash flow theory and Myers' (1984) pecking order theory while extending our understanding of cash flow management in emerging markets. The findings have important implications for corporate managers in optimizing cash flow strategies and for investors in evaluating firm performance in emerging market contexts.