Sugarcane is a potential crop to replace the predominant rice–wheat cropping system of north India which is causing a gradual depletion of the groundwater table. However, sugarcane has a high water demand during the summer months. In comparison of conventional check basin method of irrigation, the micro-irrigation is a viable option to save water. Moreover, intercropping of summer moong in sugarcane increases the income and profitability of the farmers. Therefore, the present study was conducted to investigate the effects of intercropping of summer moong (Vigna radiata), mulching and subsurface drip irrigation on water productivity and profitability at Punjab Agricultural University, Regional Research Station, Faridkot during 2019–2020 (plant) and 2020–2021 (ratoon). Subsurface drip irrigation at 100% CPE (Cumulative Pan Evaporation) gave higher summer moong seed yield (0.52 and 0.51 t ha−1), cane yield (83.4 and 85.7 t ha−1), and cane equivalent yield (95.3 and 97.1 t ha−1), respectively, during 2019–2020 and 2020–2021 which was at par with 80% CPE and significantly better than 60% CPE. Intercropping 3 rows of summer moong produced higher summer moong seed yield, cane yield and cane equivalent yield than 2 rows. Mulching @ 6 t ha−1 produced significantly higher cane yield and cane equivalent yield over no mulching. Subsurface drip irrigation at 100% and 80% CPE saved water by 25% and 37.5%, respectively, than check basin method of irrigation. Therefore, subsurface drip irrigation either at 80 or 100% CPE having 3 rows of summer moong with mulching is recommended as the best management practice for sustainable yield and water saving.