The Government of India has envisaged a journey of doubling farmers’ income till 2022–2023 and envisioned many policy reforms for the same. Farmers in India rely on major farm produce and do not utilize the by-products or wastes emerging from their farms for monetary benefits. Sustainable utilization of agricultural, household and livestock waste have the potential in augmenting farmers’ income significantly which was established by conducting case studies in Ludhiana District of Punjab on three dairy farmers, each pursuing vermicomposting, biogas production and traditional composting. Comparative economic analysis in terms of various costs were worked out for vermicomposting, composting and biogas production. On analysis, it was found that the highest net returns per metric tonne of dung were obtained from vermicomposting (INR 2224.72, USD 29.42), followed by biogas production (INR 536.66, USD 7.10) and composting (INR 45.59, USD 0.60). Net returns from the dung obtained from one cattle equivalent were highest from vermicomposting (INR 11012.34, USD 145.64), followed by biogas production (INR 2656.74, USD 35.14) and composting (INR 225.68, USD 2.98). High profitability was accorded to vermicomposting because it is sold at remunerative prices. The study emphasizes the utilization of wastes through vermicomposting clubbed with biogas production for augmenting farmers’ income.