Maize (Zea mays L.) is a staple cereal crop with global significance due to its high yield potential and adaptability. Hybrid breeding remains a key strategy for enhancing productivity, which relies on identifying parental lines with superior combining ability. In this study, 15 maize inbred lines were crossed with three testers in a line × tester design during kharif, 2021 and the resulting 45 crosses were evaluated along with parents during rabi, 2021–22, to determine general combining ability (GCA) and specific combining ability (SCA) effects for grain yield and related phenological, morphological and physiological traits. The analysis of variance revealed significant differences among lines, testers and their crosses for most of the traits studied, indicating substantial genetic variability. Among the parental lines, IC 623875 and IC 611611 exhibited strong positive GCA effects for grain yield and related traits, suggesting their suitability as good general combiners. Several hybrid combinations, notably IC 623875 × BML-7, IC 623878 × BML-6 and IC 627708 × BML-6, demonstrated high SCA effects, reflecting the importance of non-additive gene action and their potential for heterosis exploitation. Further, traits such as anthesis–silking interval (ASI) and SPAD chlorophyll content were predominantly governed by non-additive gene effects, emphasising the relevance of hybrid breeding for improving these traits. The study identifies promising parental lines and cross combinations for maize hybrid development, providing valuable insights for breeding programs targeting high yield and physiological efficiency.