Despite the widespread consensus that neoliberal India is reeling under an overarching agrarian crisis, this article argues that at least some capitalist farmers are continuing to accumulate and are thereby contributing to the process of class differentiation. Through a study of potato‐growing capitalist farmers in Punjab, the archetypal Green Revolution state of India, the author shows that such farmers can navigate complex production and market processes to make profits. However, risks of volatile prices and land and credit markets have made capital accumulation more uncertain. While potato is a minor crop in Punjab and the case cannot be generalized, it brings into focus both under‐explored non‐state actors and processes in the state, and important tendencies of change since the plateauing of Green Revolution technologies. The analysis also highlights the agency of such farmers in negotiating a transformed political economy context, including the presence of corporate agribusinesses.