This study examines the profitability of deep tubewell (DM and shallow tubewell (STW) projects in the Tangail District in Bangladesh from the viewpoints of participating farmers, managers and society. The appraisal is based on the actual rather than planned levels of utilisation. Only the direct/tangible benefits and costs of these projects are taken into account. Secondary and intangible benefits and costs together with flow-on effects are ignored. The general findings are that the DTW and STW projects are profitable from the viewpoints of participating farmers and managers, but unprofitable from the viewpoint of society. The results of sensitivity analyses reveal that the profitability of these projects is positively related to command areas.