Investor Relations is widely described as a strategic management function that extends beyond regulatory disclosure, yet empirical work continues to represent it through single communication proxies. This study examines whether variation in exchange disclosed Investor Relations activity is associated with investor engagement and stock market performance among Indian listed companies. Five publicly observable dimensions were coded at company-year level from National Stock Exchange corporate announcement filings for 50 purposively stratified companies over FY 2023-24 to FY 2025-26: results presentation regularity, earnings call regularity, disclosure of analyst and institutional investor meetings, results press release regularity and material business-event communication. Institutional ownership and the number of shareholders measure engagement; market-adjusted annual return measures market performance. Pooled ordinary least squares models with year effects and company clustered standard errors were estimated on 101 company-years across 40 companies, with wild cluster bootstrap inference, false discovery rate control and a pre-specified robustness framework. No joint association is detected between the five dimensions and either institutional ownership or to market-adjusted returns. They are jointly associated with the breadth of the shareholder base, but the two material dimensions carry opposite signs, so the hypothesised uniformly positive direction is not supported. The evidence indicates that the association is primarily cross-sectional. The dimensions display low internal consistency and a summed measure is indistinguishable from zero. Aggregating heterogeneous communication activities into a single intensity score may therefore conceal materially different empirical relationships.