<p>Economic assessment of juvenile landings of 5 dominant cephalopods at New Ferry Wharf (NFW) landing centre, Mumbai was carried out during January to December, 2013. Dominant cephalopod fishery recorded include one species of squid, <em>Uroteuthis (P) duvaucelii</em>, three species of cuttlefishes, <em>Sepia elliptica, Sepia pharaonis</em>, <em>Sepiella inermis</em> and a species of octopus, <em>Cistopus indicus </em>together contributing 98% of total cephalopod landings. Estimated total annual economic gain calculated using bioeconomic model was Rs. 33.22 crores with estimated biomass gain of 4995 t per annum, if juveniles are allowed to grow up to length at first maturity (L_m)/L_mean. Among five species, <em>C. indicus</em> contribute maximum with 64.07 % of average juvenile catch followed by <em>U. (P) duvaucelii</em> (26 %), <em>S. elliptica</em> (23.63 %), <em>S. inermis</em> (23.27 %), and <em>S. pharaonis</em> (12.85 %). On these resources, while in <em>S. inermis</em>, both LM equals L_mean indicates breakeven point for the species. The study revealed that peak spawning season of these species coincides with peak juvenile landings which may result in reduction of overall size range thus will lead to loss of fishery in economic as well as ecosystem regime. The study indicates the improvement of harvest biomass by 2.95 times which would result in generating additional revenue to the fishers by a margin of 3.71 times; if juveniles are allowed to grow up to Lm/ L_mean whichever is greater.</p> <p>Based on finding of present study management measures such as temporary fishing holidays at juveniles fishing grounds, feeding grounds and spawner abundance grounds which in turn allow these high valued species to contribute to the fishery with high economic gain and sustainable utilization of the resources may be adopted.</p>