Substrate-based farming practices are considered viable low-cost technologies as they help in sustainable aquaculture production. This investigation of 90-day duration was carried out in mud-bottomed cement tanks to study the effect of substrate and/or feed on growth and production of fringe-lipped peninsula carp, Labeo fimbriatus. The treatments consisted of sugarcane bagasse (T1), sugarcane bagasse plus fish-meal based diet (T2), and fish-meal based diet (T3). The substrate addition affected water quality; it decreased total ammonia. Dissolved oxygen was low following manuring and introduction of the substrate, but improved subsequently. Total plate count of bacteria in water was higher in bagasse-based tanks; its value on bagasse was higher in T2 treatment than in T1. Fish growth and survival was the best in T2, followed by T3 and T1 treatments. Carcass proximate composition improved in all the treatments on termination of the experiment. The results indicate that L. fimbriatus effectively utilizes biofilm grown on sugarcane bagasse and provision of substrate reduces the need for artificial feed.