Optimization of water and nitrogen is vital for gladiolus production. Field experiments were carried out during rabi seasons of 2012-13, 2013-2014 and 2014-15 to evaluate the four irrigation regimes (gravityfed drip irrigation schedule at 0.6, 0.8 and 1.0 of pan evaporation replenishment, E0 including surface irrigation as control) and three settings of nitrogen nutrition (100% RDN as vermicompost, 50% RDN as vermicompost + 50% RDN as fertilizer and 100% RDN as fertilizer) on gladiolus cv. American beauty. The results showed that under assured irrigation water supply, maximum spike and corm yields, gross return, net return and BCR (3.44) was obtained with optimal drip irrigation at 1.0 E0 with 50% RDN as vermicompost + 50% RDN as fertilizer. However, under limited irrigation water supply, moderate deficit drip irrigation at 0.8 E0 with 50% RDN as vermicompost + 50% RDN as fertilizer was found most viable alternative in deriving higher yields, gross return, net return and BCR (3.32). Under water scarce, reasonable good yields, gross return, net return and BCR (2.62) was accomplished with higher deficit drip irrigation at 0.6 E0 with 50% RDN as vermicompost + 50% RDN as fertilizer. The findings highlight the techno-economic feasibility of low-cost gravity drip irrigation and nitrogen management for efficient utilization of available groundwater and nitrogen resources for profitable gladiolus cultivation in Gangetic alluvial plains of eastern India.