The study was conducted to assess the economics of Murrah buffalo calf rearing at Livestock farm, Adhartal, College of Veterinary Science and Animal Husbandry, N.D.V.S.U., Jabalpur (M.P.). A total of 18Murrah buffalo calves with six calves in each group having similar body weight of either sex at 5th day were randomly distributed into three different groups (Control, M5 and M15). Calf starter was replaced by Moringa oleifera leaf meal @5% and 15% forM5 and M15 groups, respectively. Economic analysis indicated that the recurring cost of rearing Murrah buffalo calves was reduced in M5 and M15groups in comparison to the control group. Recurring expenditure of body weight gain (₹/kg) were 322.27, 269.35 and 262.15 in control, M5 and M15, respectively. Reduction of recurring expenditure body weight gain (₹/kg) in comparison to control group was 52.93 and 60.13 for the M5 and M15, respectively. Per cent decrease of total recurring expenditure in comparison to control group/kg BW gain were 16.42 and 18.66 in M5 and M15 groups, respectively. It can be concluded that Moringa leaf meal can replace upto 15 per cent of calf starter to attain better body weight gain and improve economic efficiency in Murrah buffalo calf rearing.