White Revolution (Operation Flood), played an important role to made India self-sufficient in milk. The cooperative system considered as main contributor, around 190 thousand dairy cooperative associations were existed in India and the maximum i.e more than 66 thousand—were located in the north. Which is a remarkable accomplishment for the nation's north. Punjab ranks first in per capita availability of milk, with 1221 grammes per day in 2020–21, and is sixth in milk output. As a result, it is critical to assess the dairy cooperatives' current performance. The current study attempts to evaluate the growth and financial health of the selected dairy business in Punjab State for the years 2015–16 to 2020–21 using the Altman Z score model. The examination of the data shows that, during the research period, the dairy business shows an acceptable growth and this sector was either in the grey area or was almost in the safe area. Our study is intended to assist strategists in making wise investment choices by assisting them in aligning their business strategies with market dynamics.