Telangana is newly formed landlocked state with third largest inland water resource territory in the country. The state government is promoting semi-intensive pond aquaculture at larger scale. In this context, the study has assessed the economics of semi-intensive pond aquaculture during the year 2019-20. Data from 60 fish farmers of southern Telangana zone was collected and analysed for the study. Cobb-Douglas production function was used to estimate the resource-use efficiency in fish production. The study found that the net returns per hectare of fish farming was Rs. 4,93,018.73 with benefit-cost ratio of 1.44. The results indicated that feed and fingerlings were the major inputs of fish farming of which feed was over-utilised and fingerlings were under-utilised. Hence study recommends for distribution of subsidised fingerlings to fish farmers and awareness creation on optimum utilisation of feed in fish production under semi-intensive pond aquaculture.