Water is emerging as one of the most critical infrastructure themes in India. With increasing urbanization, rising industrial demand, and government focus on clean water supply, wastewater treatment, and sanitation, companies in the water management sector are securing large orders. For investors, this translates into growth opportunities backed by strong project pipelines.
Here, we highlight five water management stocks with large order books that could be worth keeping on your radar in 2025.
1. VA Tech Wabag Ltd – Global Leader in Water Treatment
- Order Book: Around ₹13,700 crore as of Q4 FY25.
- Focus Areas: Desalination, wastewater treatment, sludge-to-energy, biogas recovery.
- Key Insight: With a strong global presence and expertise in executing large-scale projects, VA Tech Wabag is positioned as a leading player in India’s water infrastructure growth story.
2. Welspun Enterprises Ltd – Infrastructure Major with Water Focus
- Order Book: ₹14,300 crore (as of March 2025).
- Focus Areas: EPC and BOT model projects across water supply and sanitation.
- Key Insight: Known for its infrastructure capabilities, Welspun Enterprises is expanding aggressively in water-related projects, making it a strong candidate for investors seeking diversified exposure.
3. Vishnu Prakash R. Punglia Ltd (VPRPL) – Emerging Water Supply Specialist
- Order Book: ₹5,363 crore as of March 2025.
- Focus Areas: Water supply, sanitation, and infrastructure for railways and roads.
- Key Insight: Over 59% of its order book comes from water-related projects, showing strong specialization. As a relatively newer listed company, VPRPL has been gaining traction in public sector water projects.
4. EMS Ltd – Fast-Growing EPC Player in Wastewater Solutions
- Order Book: ₹2,236 crore (unexecuted, as of March 2025).
- Future Pipeline: Bid pipeline worth ₹6,470 crore.
- Focus Areas: EPC and O&M services in water and wastewater management.
- Key Insight: EMS derives 77% of revenue from construction and 23% from long-term O&M contracts, ensuring stable recurring income along with growth prospects.
5. Enviro Infra Engineers Ltd – Strong O&M Contracts
- Order Book: ₹1,185 crore (as of March 2025), plus ₹806 crore in O&M contracts.
- Pipeline: Bids worth ₹5,000 crore under evaluation.
- Focus Areas: Water treatment plants (WTPs), sewage treatment plants (STPs), common effluent treatment plants (CETPs).
- Key Insight: With both EPC and O&M exposure, the company balances execution-driven growth with stable annuity income.
Comparison Table: Water Management Stocks and Their Order Books
| Company | Order Book (₹ Cr) | Key Segment |
|---|---|---|
| VA Tech Wabag | ~13,700 | Global water treatment, desalination |
| Welspun Enterprises | ~14,300 | EPC & BOT water infrastructure |
| Vishnu Prakash R. Punglia | ~5,363 | Water supply & sanitation projects |
| EMS Ltd | ~2,236 (₹6,470 pipeline) | EPC & O&M wastewater solutions |
| Enviro Infra Engineers | ~1,185 + O&M ₹806 | WTPs, STPs, CETPs, integrated supply |
Investor Takeaways
- Diversified Growth: Large players like VA Tech Wabag and Welspun Enterprises offer global and domestic exposure across projects.
- Emerging Opportunities: Companies like EMS Ltd and Enviro Infra Engineers are building strong pipelines and securing recurring revenues through O&M contracts.
- Policy Tailwinds: Government initiatives such as Jal Jeevan Mission and urban infrastructure programs continue to drive opportunities in water management.
Investors should monitor execution timelines, cash flow management, and new order inflows before making investment decisions.
Conclusion
The water management sector in India is gaining momentum, with large infrastructure players and specialized companies expanding their order books. From global leaders like VA Tech Wabag to fast-growing mid-sized firms like EMS Ltd and Enviro Infra Engineers, these five stocks stand out for their strong project pipelines.
For investors, water management stocks represent a mix of infrastructure stability and long-term growth potential. Keeping an eye on order book execution and upcoming tenders will be crucial for identifying value in this space.
