In today's corporate world, every company needs to survive in the long run by becoming financially sustainable. Firms must cope with a variety of financial variables for a successful long-term financial existence, where the two most crucial issues are capital structure and profitability. The finance manager must design the capital structure in such a way so that the company can earn a good profit to satisfy all of its stakeholders. A modest attempt has been made in this study to understand how far profitability is affected by the capital structure design. This study considered 100 manufacturing companies of India's National Stock Exchange (NSE) as the sample companies. The study has been purely based on secondary data, and the required data has been gathered from the 'CAPITALINE' database for a period of 10 years, i.e., from 2011 to 2020. This study considered ROIC ( proxy of profitability) as the dependent variable and leverage (proxy of capital structure) as the independent variable. Besides, some control variables such as firm size, Tangibility, uniqueness, growth, and firm quality have also been taken into account. A dynamic panel data regression model has been used in this study to examine the relationship between profitability and capital structure. The findings of the study clearly revealed that profitability is affected by the choice of capital structure design.