Small Medium Enterprises (SMEs) are major players in the global economy. Emerging clusters are very common in India. These emerging clusters facilitates competitive advantages and growth of the economy. The papers aims to develop a framework that prioritizes potential alternatives and suggest a critical indicators of intellectual capital (IC). A Delphi-AHP-TOPSIS methodology is used and the study is carried out in SMEs manufacturing unit located in central northern part of India. Here, Delphi method is an iterative process and is used in order to analysis of techniques and brainstorming for problems, opportunities and a novel consistent intellectual capital scale is developed. Analytic hierarchy process (AHP) is used to determine the weight of indicators as criteria and technique for order of preference by similarity to ideal solution (TOPSIS) is used to obtain final ranking of IC indicators. The proposed framework can supportdirectors to point out the strengths and weaknesses of IC indicators. The inter-relationship between IC indicators can also understood by the managers of the SMEs manufacturing unit with the help of these framework.SMEs manufacturing unit directors may utilize the findings of this paper as base for optimal investment of funds in IC indicators. Due to the wide range application of Delphi-AHP-TOPSIS, it has been an important research subject for many researchers with context to SMEs.