Purpose: The study aims at investigating the impact of organizational learning (OL) on the firm's performance and knowledge management (KM) practices in a heavy engineering organization in India. Design/Methodology/Approach: The data were collected from 205 middle and senior executives working in the project engineering management division of a heavy engineering public sector organization. The organization manufactures power generation equipment. Questionnaires were administered to collect the data from the respondents. Findings: Results were analyzed using the exploratory factor analysis and multiple regression analysis techniques. The findings showed that all the factors of OL, i.e. collaboration and team working, performance management, autonomy and freedom, reward and recognition and achievement orientation were found to be the positive predictors of different dimensions of firm's performance and KM practices. Research Limitations/Implications: The implications are discussed to improve the OL culture to enhance the KM practices so that firm's performance could be sustained financially or otherwise. The study is conducted in one division of a large public organization, hence generalizability is limited. Originality/Value: This is an original study carried out in a large a heavy engineering organization in India that validates the theory of OL and KM in the Indian context.