The establishment of protein and lipid requirements for growth of penaeid species is essential in maximizing productivity but information on the effects of these nutrients on gonad maturation is still lacking. Indian white prawn, Penaeus indicus (H. Milne Edwards) broodstock, were fed formulated maturation diets containing varying levels of dietary protein (35, 45 and 55%) and lipid (6, 12 and 18%) combinations following a 3×3 factorial design. Control group was fed with fresh mussel, squid and polychaete. Results indicate that treatment groups receiving diets of 45/18 and 55/12 protein/lipid combinations and the control exhibited higher maturation rates than the other treatments (p = 1.9 × 10−4). Shrimp broodstocks fed diets containing the lowest protein or lipid levels exhibited poor gonad maturation. Hepatopancreas damage and gonadal atresia were apparent in treatments with high dietary lipid based on histological and biochemical analyses. The diet with 55/12 protein/lipid combination is therefore best recommended for P. indicus gonad maturation. This study demonstrated that a well‐formulated diet that satisfies the protein and lipid requirements can support successful gonadal maturation comparable with feeding the broodstocks fresh maturation diets.