Previous research has demonstrated a strong relationship between access to capital and academic achievement. The present study explores the mediating role of the individual mindset and class perception in the capital–achievement relation. A survey-based study is conducted on 314 Delhi based undergraduate students. Different measures/proxies of various forms of capital and achievement are used. To see the role of the individual mindset, psychological resources of individual are considered and operationalized in terms of self-motivation and self-confidence. Results show that economic, social, and cultural capital have a significant influence on academic achievement. However, class perception and involvement in highbrow activities do not show any role in academic achievement. Results further reveal a significant mediating role of psychological resources in the capital–achievement relation. Results demonstrate that in the Indian higher education system, various forms of capital largely shape academic achievement and psychological resources significantly facilitate this relationship. Though the individual mindset can help in breaking this capital–achievement nexus, mostly it seems to be facilitating the relation. The results and implications of the study are discussed. © The Author(s) 2021.