As protein source, fish meal often used in fish feed though among different ingredients it is the expensive one. Pangas waste of fish processing industries mostly discarded or sold in very cheaper prize which can be used as a replacement of fish meal in fish feed formulation. An experiment was conducted to reveal the utilization of pangas industry waste in supplementary diets of Indian major carp’s in pond system. To assess the effect of formulated feed, two types of diet namely Diet-2 (formulated feed with pangas industry waste), Diet-3 (formulated feed with plants source ingredients) were prepared while Diet-1 (commercial feed) was purchased from the market and assigned to three treatments viz. T2, T3 and T1. Protein percentage of diets were 30.84% (Diet-2), 28.13% (Diet-1) and 27.32% (Diet-3). The results of the study showed that, the highest weight gain was obtained in Labeo rohita (190.62 ± 1.80 g), Gibelion catla (202.46 ± 1.84 g) and Cirrhinus cirrhosus (101.98 ± 1.25 g) with Diet-1 and with Diet-2 the weight gain of the fishes were 170.68 ± 1.28 g, 196.87 ± 1.82 g and 90.83 ± 1.53 g, respectively. The highest net production of these fishes were estimated 3849.72 kg/ha for Diet-1 followed by Diet-2 (3179.13 kg/ha) and Diet-3 (2997.04 kg/ha). The cost of each kilogram of Diet-2, Diet-3 and Diet-1 were 33.58 BDT, 38.45 BDT and 41.95 BDT, respectively. As the obtained results showed that, feed formulation cost of Diet-2 is lesser than other two diets and growth performance also closer to the commercial diet (Diet-1) therefore, pangas waste can be used in the diets of Indian major carps along with other available feed ingredients in replacement of fish meal as used in Diet-1 (commercial diet).