A study was performed to evaluate the efficacy of shrimp shell meal derived natural astaxanthin (SSM), supplemented with its commercial variant on gonadal maturation and vitellogenin gene (Vtg.) expression in reproductively active adults of the high-value ornamental cichlid discus (Symphysodon aequifasciatus) reared under captivity. Four isonitrogenous (50% crude protein), isolipidic (9% ether extract), and isocaloric (400 kcal digestible energy/100 g) experimental diets viz. control (commercial grade astaxanthin, without SSM), T1 (15% SSM + commercial astaxanthin), T2 (20% SSM + commercial astaxanthin), T3 (25% SSM + commercial astaxanthin) were prepared and fed to satiation level twice daily for the entire experimental period of 90 days. Results revealed significant (p < 0.05) linear, quadratic, and overall trends, wherein GSI increased with an increase in the proportion of SSM in the diet, with higher GSI recorded in T2 and T3 treatment groups (testis and ovary, respectively), which were significantly (p < 0.05) different from other groups. The overall linear and quadratic trends of HSI differed significantly (p < 0.05) with the variability in proportions of natural and commercial astaxanthin combinations and were found highest in the T2 treatment group. Cholesterol, FSH, LH, 11-KT, 17β- Estradiol, and 17α-20β DHP levels increased with an increasing proportion of natural astaxanthin and recorded the highest values in the treatment T2 with an overall significant linear and quadratic trend as compared to other treatments. Most of the oocytes of T2 and T3 groups were in the vitellogenic phase, i.e., primary, secondary, and tertiary yolk stages. More spermatids were visible in testicular tubules in T2, followed by T3 and T1. The abundance of Vtg. mRNA was significantly (p < 0.05) evident in T2, followed by T1, then in control. Further increase in SSM inclusion caused a downregulation in the expression of this gene in the T3 group. The dietary combination of SSM @200 g/kg diet with its synthetic/commercial variant exhibited optimum performance at combination levels of 77.5 and 22.5 mg/kg, respectively, evidenced in terms of changes in steroid hormone profiles, gonadal maturation and vitellogenin gene expression in comparison to the control, which contained the dietary synthetic/commercial variant of astaxanthin alone. These inferences are presumably a milestone in the captive broodstock development of this high-value ornamental cichlid, S. aequifasciatus, with an added advantage of cost-effectiveness. The study would help the utilisation of economically important bio-waste in combination with commercial variants for effective value addition in the ornamental fish feed industry.