ABSTRACT In today’s knowledge-based economy, measurement, management and disclosure of intellectual capital (IC) are very crucial for enhancing business performance and economic growth, both in manufacturing as well as service organizations. This study attempts to provide an insight into the style of IC disclosures and measurements done by the Indian companies. First, a longitudinal study was carried out to analyze how three Indian firms--Reliance Industries Limited, Balrampur Chini Mills and Shree Cement Limited--disclose their IC reports. Second, in order to survey the recent IC measurement scenario, we conducted another study of 8 Indian pharmaceutical companies in which the market value added (MVA) approach is applied for measuring IC on their 2004-05 to 2008-09 annual reports. Also, it seeks to measure the effectiveness of IC as compared to tangible assets (TA) for the selected companies. On an average, the selected pharmaceutical companies reported a positive value of IC; significant correlation has been noticed between TA and net operating profits. However, no significant difference was found between percentage of IC to MV and percentage of TA to MV. The results of longitudinal study confirmed that IC disclosure in these companies is almost negligible and its disclosure had not received any preference from the mentors of these corporations. IC reports may initially be used for ‘internal’ management purposes; but an ‘external’ stakeholder-focus of IC report should be the ultimate goal. Unfortunately, the omission of IC information may adversely influence the quality of decisions made by shareholders, or lead to material misstatements. Keywords: Disclosure, measurement, intellectual capital, intangible assets, developing country, exploratory study.