Farmer Producer Organizations (FPOs) have emerged as a critical institutional mechanism to enhance the income and bargaining power of small and marginal farmers in emerging economies. However, many FPOs face challenges related to financial sustainability, governance, and strategic management. This study examines the financial performance, governance structure, and operational sustainability of a women-led FPO—Tappal Samriddhi Mahila Kisan Producer Company Limited—in Aligarh district of Uttar Pradesh, India. Using financial statement analysis, bank transaction analysis, and stakeholder interviews, the study identifies significant gaps in working capital management, cost efficiency, governance capacity, and strategic prioritization. The FPO has strong liquidity and equity structure, aspirational and resilient women leadership, and robust technical support from Transforming Rural India Foundation. Currently, the FPO faces operational losses due to weak cost controls and lack of strategic focus. The findings highlight the importance of structured financial governance, business prioritization, and institutional capacity building for sustainable growth of FPOs. The study contributes to management literature by providing empirical insights into internal governance and financial sustainability challenges in grassroots agricultural enterprises led by women farmers in emerging markets.