The paper attempts to study a bi-directional relationship between profitability and firm value of CNX 100 companies for the period of 5 years (2009-2010 to 2013-2014). After following the systematic deletion method of sampling, the study selected 61 sample companies for final analysis. This study has used secondary sources of data collected mostly from Annual statements of companies. Market value (MV) and Enterprise Value (EV) respectively have been used to measure the Firm Value while Return on Assets (ROA) and Return on Equity (ROE) ratios are used to measure profitability. Various econometric techniques have been used for data analysis. Results of the study indicated Co-integration and bi-directional relationship among the three variables that are ROA, ROE and EV. Further, results reveal the existence of significant positive relationships between ROA and ROE on one side and EV on the other