The present study was conducted in Punjab to examine the financial viability of poplar based agro-forestry system. The data were collected for the year 2015-16. The total sample of 70 farmers was selected which grew poplar as block plantation. BC ratio, NPV and annuity value were estimated. Two types of agro-forestry systems AFS-1 (wheat + khariff fodder during first four years) and AFS-2 (sugarcane for first two years and wheat during 3-4 years) were identified. AFS-2 (NPV ` 164998/acre) gave marginally higher returns than AFS-1 (` 155489/acre) at 12% discount rate at fourth year of harvesting. The study revealed that net returns from poplar cultivation were at par with pure cropping system as the returns from paddy-wheat rotation were ` 46833/acre in 2015-16.