ISO 14001 has become increasingly relevant; its prominence is increasing across global business operations. While the number of certificates continues to boom, the reasons behind the growth continue to evolve, as reported by various market research firms. A spotlight on sustainability has transformed certification from a nice-to-have to a competitive advantage for doing business on a global scale. However, ISO 14001 is voluntary for the moment; Corporate reporting is becoming a must-do for companies because ISO 14001 certifications play a significant role in providing a bedrock for ESG and Sustainability metrics. The benefits of adopting ISO 14001 are evident in terms of operational, human, and customer outcomes; however, the implications on financial performance remain contentious. In this research paper, we study ISO 14001 adoption at the manufacturing firm level in the Indian context. We used propensity score matching (PSM) and probit regression analysis to analyse data from 1326 Indian manufacturing BSE listed businesses for the 2018-2020 period. The findings of this study show that adopting ISO 14001 has a significant impact on return on investment.