A field experiment was conducted to study “Physiological basis for yield variations in dicoccum wheat genotypes under water stress condition” during rabi 2018 at Main Agricultural Research Station, University of Agricultural Sciences, Dharwad. The experiment was laid out in split plot design. The main plot consists of water regimes irrigated (providing irrigation during germination, tillering, flowering and grain filling stages) and creating stress (only two protective irrigations during germination and grain filling stages). Sub plot consists of 10 genotypes viz., DDK-50439, DDK-50427, DDK-50438, DDK-50044, DDK-50019, DDK-1044, DDK-50050, DDK-1029, HW-1098 and local. It was noticed from the investigation that, among the genotypes, DDK-1029 recorded higher grain yield (66.91 q ha-1) followed by DDK-1044 (62.229 q ha-1) as compared to other genotypes and the lowest was observed in local (44.39 q ha-1). The high yielding genotypes DDK-1029 and DDK-1044 had higher photosynthetic rate (20.62 and 19.18 µmol CO2 m-2 sec-1), transpiration rate (5.44 and 5.26 µmol H2O m-2 sec-1), stomatal conductance (0.48 and 0.38 µmol m-2 sec-1) and relative water content (84.5 and 82.21%) over other genotypes and the lowest values in these parameters were found in local. The reduction in grain yield in other genotypes was due to moisture stress where significantly reduced number of tillers, spike length and number of grains per spike. The genotypes DDK-1029 and DDK-1044 had higher grain yield in both irrigated and moisture stress conditions with minimum per cent yield reduction as compared to other genotypes. This indicates that, the genotypes DDK-1029 and DDK-1044 are to be most suited for drought tolerance.