Statolith growth increments were analysed in the bigfin reef squid, Sepioteuthis lessoniana lineage B, for estimating the age and growth in the Gulf of Mannar Biosphere Reserve (GOM), southeast coast of India. The identification of S. lessoniana lineage B was determined by mitochondrial cytochrome c oxidase I gene sequence. The statolith increment age analysis indicated that the wild-captured squid population of S. lessoniana in the study area undergoes rapid growth. The age of S. lessoniana in males ranged from 61 (95 mm dorsal mantle length (DML)) to 220 d (390 mm DML), while it was 64 (98 mm DML) to 199 d (340 mm DML) in females. The average daily growth rate in males and females was 1.63 and 1.55 mm DML d−1, respectively. The instantaneous growth rate varied from 0.85 (210 d) to 4.1% (110 d) for males and 0.65 (190 d) to 3.7% (110 d) for females. The age at first maturity was 114 and 120 d for males and females, respectively. Back-calculated hatching dates and the attainment of maturity in females suggested that the reproduction of S. lessoniana is year-round, with two distinct spawning peaks during July–August and February months; accordingly, the hatching dates were spread throughout the year, with the presence of two cohorts. Based on the statolith data, it can be concluded that S. lessoniana lineage B in the GOM has a potential lifespan of up to 7 months. This finding contradicts the previous growth estimates based on length-frequency data, which underestimated the true growth potential of this species.