The present study has been designed to investigate cost of cultivation and returns per hectare of guava fruit. A sample of thirty guava farmers was taken purposively from various villages in Rai block of Sonepat district of Haryana. On the basis of the nature of data, various statistical and economic tools were used for estimation of cost and returns of guava production. The average first year establishment costs per hectare for guava has been worked out to be ` 77527. The per hectare per year returns from guava orchards have been worked out to be ` 223308. The economic viability of the guava, mainly net present value, internal rate of return, benefit-cost ratio and payback period have been computed as ` 599313.66, 26.11 per cent, 1:3.09 and 7 years, respectively. The findings of study shows that guava growing is a step towards the diversification and commercialization of agriculture in the state and it also helps in doubling the farmers’ income. Keeping in view all the facts, there is need to develop early fruit bearing varieties of guava, timely supply of necessary inputs to make guava cultivation more profitable.