Heterosis was studied involving two multivoltine silkworm breeds viz, APM1 and SLKSPM through rearing and isozyme analysis. A positive significant heterotic effect was observed in fecundity, hatching % and survivability. The heterobeltiosis was observed only in fecundity and hatching %. Isozyme analysis of ${alpha}-esterase$ showed variation in loci and allelic expression. The allele with heterozygosity $(Est-2^{12})$ was observed at the Est-2 locus in $F_1$ progeny. Est-3 was observed in $F_1$ progeny, whereas it was completely absent in both parental lines. The present study suggests that the markers ($Est-2^{12}$ and Est-3) targeted for introgression may be useful for the improvement of fecundity and survivability as the phenomenon of heterosis was observed only in $F_1$ progeny.