Implementation of Integrated Reporting (IR) can reduce information imbalance between investors and companies so long as the reports include elements recommended by established frameworks. Prevailing studies show a relationship between IR Practices and firm performance, but more is needed regarding their paths. The study attempts to analyze IR’s direct and indirect effects on performance using the size and leverage of a firm in a mediation framework. The sample companies include 69 Indian companies voluntarily adopting IR over five years (2017-18 to 2021-22). The findings reveal a significant direct impact of IR on performance measures. It shows that the leverage and size of the firm mediate the correlation between IR and the performances of sample companies. Again, the statistical significance of the indirect effects of IR on Performance is found concerning firm size and leverage. The article provides a more comprehensive aspect of the prevalent literature on IR.