This paper is focused on application of value stream mapping in a production floor of a furniture industry with a view to enhance its performance. Analysis of cost is implicated with the value stream maps to secure economic justification. The data was collected from the production floor to develop the current state map from where the non-value added activities and other sources of wastes were investigated and areas of improvements were identified to minimize or eliminate them. Incorporating the improvements proposed, this paper suggests a future state map for the upholstery section as well as analysis and result obtained from the application of value stream mapping. The comparative analysis of current and future state map suggests that adapting the concept of Lean can repose momentous contribution in the industry by reducing production lead time by 66.67% while lessening the cost by 11.25%. This paper highlights the monetary impact of adaptation of value stream mapping by showing that incorporating Lean concept with the utilization of value stream mapping can help industries to provide high customer response with lower costs which is vital to enhance competitive performance in existent market situation.