Drought poses a significant threat to wheat (Triticum aestivum L.) productivity in rainfed systems of semi-arid regions. This study screened 300 wheat genotypes under irrigated and rainfed conditions (2018-2019) in Punjab, India, selecting 24 elite genotypes with high yield stability (Rv > 1.0). These 24 elite genotypes were evaluated with six checks over two seasons (2019-2020, 2020-2021) for 13 phenological, physiological and yield traits using a randomized block design. Significant genotypic variations (p < 0.05) were observed under both regimes for flowering time, photosynthetic rate (Pn), stomatal conductance (gs), 1000 grain weight and yield. Genotype G-1-254 outperformed others under rainfed conditions, driven by robust Pn and gs. Multivariate analyses identified gs and Pn as key yield determinants under drought, with a critical gs threshold of 0.25 mol H2O m(-2) s(-1) distinguishing high-performing genotypes. These findings provide breeders with: (i) elite germplasm (G-1-254, G-2-13) combining high yield with physiological resilience and (ii) trait-based selection criteria (gs, Pn, spikelets per spike) for developing drought-resilient wheat varieties. Future research should validate these genotypes under managed drought stress with quantified plant water status and integrate root architectural traits to further enhance breeding programs for semi-arid environments.