Background: Early and accurate detection of fetal asphyxia is crucial to prevent perinatal mortality and morbidity. This study aims to study the relationship between the intrapartum fetal condition by cardiotocography (CTG) and paired umbilical cord pH and to correlate the CTG to the paired umbilical cord pH. Methods: A cross-sectional observational study was conducted in the Department of Obstetrics and Gynaecology in Kasturba Hospital, Delhi. Only singleton-term non-high-risk pregnancies with cephalic presentation admitted in active labor were included in the study. About 360 participants were recruited, and CTG was performed on all of them at admission, at rupture of membranes (ROM), and before delivery. Those with normal and indeterminate CTG were labeled as controls, and those with abnormal CTG were labeled as the study group. There were 300 controls and 60 subjects in the study group. Cardiotocography was performed at admission, at ROM, and before delivery. Immediately after delivery, paired cord samples were collected for blood gas analysis. Umbilical arterial (UA) pH < 7.1 and umbilical venous (UV) pH < 7.2 were taken as acidosis according to institutional guidelines. Results: There was a significant association between CTG at ROM and acidosis by UA pH (p = 0.0015), UA base deficit (p < 0.0001), and UV pH (p < 0.00001). Also, a significant association between CTG before delivery and acidemia by UA pH (p < 0.00001), UA base deficit (p < 0.00001), and UV pH (p < 0.00001) was found. Conclusion: An abnormal CTG trace predicts a greater possibility of intrapartum fetal acidosis. Therefore, screening by CTG before delivery as a routine is recommended. The practice of performing CTG in labor rooms in peripheral health centers where blood gas analysis machines are not available would enable early prediction and risk estimation in short-term neonatal outcomes, thereby decreasing associated morbidity and mortality.