The physical quality of the soil, which creates suitable environment for the availability and uptake of the plant nutrients, is generally ignored. Though the effect of organic manures on soil physical quality has been widely appreciated but that of inorganic fertilizers is studied to a lesser extent. The present study carried out during kharif 2012 to rabi 2013-14 aims to characterize the soil aggregate stability, distribution of organic carbon (C), available nitrogen (N) and productivity of succeeding wheat by the application of green manure crop like dhaincha (Sesbania aculeata), vermicompost and farmyard manure (FYM) in conjunction with inorganic fertilizers in aerobically grown basmati rice in rice–wheat cropping on a sandy loam soil. Macroaggregates (0.25 mm) constituted 20–30% of total water stable aggregates (WSA) and were linearly related (R2 = 0.69) to soil organic carbon content. The incorporation of dhaincha and FYM significantly improved the formation of macroaggregates with a simultaneous decrease in the proportion of microaggregates at all the sampling depths (0–5, 5-10 and 10–15 cm). Macroaggregates had higher C and N density as compared to microaggregates and the improvement was greatest in plots that received both dhaincha and FYM each year this will help in sustainable rice – wheat productivity in the region.