The effect of varying dietary levels of defatted soybean meal on the growth and survival of mrigal, Cirrhinus mrigala (Hamilton) was investigated. In a feeding trial of 90 days, three experimental diets containing soybean meal at 200, 300 and 400 g kg−1 level of incorporation were fed to quadruplicate groups of 10 fish each. The conventional feed used in India, consisting of a mixture of groundnut oil cake and rice bran in 1 : 1 ratio served as the control. Best growth in terms of percentage weight gain, specific growth rate, protein efficiency ratio (PER), feed conversion ratio and survival rate was obtained for the test diet with 354 g kg−1 crude protein and with 400 g kg−1 soybean meal inclusion level. However, no statistical significant difference was observed between the three soybean‐based diets, except for PER and survival rate. Soybean meal is an easily available, acceptable and cost‐effective protein source in formulated feeds for Indian major carps. The results of the present study indicate that a diet of 350 g kg−1 overall protein with soybean meal included at 400 g kg−1 can elicit good growth response and survival in mrigal.