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Quantum key distribution (QKD) is a cryptographic protocol to enable two parties to share a secure key string, which can be used in one-time pad cryptosystem. There has been an ongoing surge of interest in implementing long-haul photonic-implementation of QKD protocols. However, the endeavour is challenging in many aspects. In particular, one of the major challenges is the polarization degree of freedom of single-photons getting affected while transmission through optical fibres, or atmospheric turbulence. Conventionally, an active feedback-based mechanism is employed to achieve real-time polarization tracking. In this work, we propose an alternative approach where we first perform a state tomography to reconstruct the output density matrix. We then evaluate the optimal measurement bases at Bob's end that leads to the maximum (anti-)correlation in the measurement outcomes of both parties. As a proof-of-principle demonstration, we implement an in-lab BBM92 protocol -- a particular variant of a QKD protocol using quantum entanglement as a resource -- to exemplify the performance of our technique. We experimentally generate polarization-entangled photon pairs having $94\%$ fidelity with $\ketψ_1 = 1/\sqrt{2}\,(\ket{HV}+\ket{VH})$ state and a concurrence of $0.92$. By considering a representative 1 ns coincidence window span, we are able to achieve a quantum-bit-error-rate (QBER) of $\approx 5\%$, and a key rate of $\approx 35$ Kbps. The protocol performance is independent of local polarization rotations through optical fibres. We also develop an algorithmic approach to optimize the trade-off between the key rate and QBER. Our approach obviates the need for active polarization tracking. Our method is also applicable to entanglement-based QKD demonstrations using partially mixed as well as non-maximally entangled states, and extends to single-photon implementations over fibre channels.