The growing emphasis on sustainability has compelled businesses worldwide to reassess traditional managerial and cost accounting practices. In India, rapid industrialisation, resource constraints, and increasing regulatory and stakeholder pressures have exposed the limitations of conventional cost management systems that largely ignore environmental costs. Most Indian firms continue to treat such costs as indirect or compliance-related expenditures, resulting in distorted cost information and short-term decision-making. This conceptual research paper examines Green Cost Management (GCM) as a strategic managerial accounting approach that integrates environmental considerations into cost structures and internal decision-making processes. Drawing on strategic cost management, stakeholder theory, and institutional theory, the study develops an India-centric conceptual framework that explains how green cost management can redefine cost structures to support sustainable business performance. The paper analyses the role of regulatory frameworks, cost sensitivity, and the dominance of MSMEs in shaping green cost management practices in India. It contributes to existing literature by shifting the focus from environmental reporting to internal cost structure redesign and offers managerial and policy implications for promoting sustainable cost management practices in Indian enterprises. The study concludes by outlining future research directions for empirical validation and sectoral analysis.