This paper attempts to examine the physical and financial performance of some primary dairy co-operatives in west Bengal state in Indian context. The study suggests that financial performance indicators dominate over physical ones, and all the dominating variables have long term positive impact on primary milk producers’ co-operative societies (PMPCSs). Also, the significant impact of financial performance variables contributes to high profit efficiency for all primary dairy co-operative societies under study. These results seem to suggest that in order to strengthen the dairy development programme on co-operative line at the primary level more emphasis should be given to these dominating physical and financial performance variables in general and physical dominating variables in particular. Manuscript profile