India’s water and wastewater treatment market was valued at $1.56 billion in 2022 and is expected to grow at a healthy CAGR of 10.05 percent, reaching approximately $3.03 billion by 2029. This growth is being fueled by increasing demand for water conservation, the integration of advanced ICT solutions, and a heightened focus on environmental sustainability.
Additionally, to support this momentum, the Ministry of Jal Shakti (MoJS) has been allocated Rs. 99,500 crore (around $12 billion) for various water-related initiatives.
Here are some key water management companies along with their latest order book:
Enviro Infra Engineers Limited
With a market cap of Rs. 4,076 crores, the stock moved up by around 1 percent on BSE, rising to Rs. 236.5 on Friday. As of March 2025, Enviro Infra holds a robust order book of Rs. 1,185 crore, along with an O&M portfolio worth Rs. 806 crore. With over Rs. 5,000 crore worth of bids currently in the pipeline, the outlook for future revenue remains strong and well-supported.
In terms of project mix, Water and Wastewater Treatment Plants (WWTP) under EPC mode contributed Rs. 630.8 crore (53 percent), followed by WWTP under HAM mode at Rs. 380.7 crore (32 percent), and Water Supply Scheme Projects (WSSP) at Rs. 174.1 crore (15 percent).
Enviro Infra Engineers Limited specialises in the development of Water Treatment Plants (WTP), Sewage Treatment Plants (STP), and Common Effluent Treatment Plants (ETPs). Its offerings cover a wide range of services, including Sewage Treatment Plant (STP) and Sewage System (SS), Common Effluent Treatment Plant (CETP), and Water Supply Scheme Project (WSSP).
EMS Limited
With a market cap of Rs. 3,416 crores, the stock moved up by around 2.5 percent on BSE, rising to Rs. 623.65 on Friday. As of March 2025, EMS reported a consolidated total unexecuted order book of Rs. 2,236.4 crores, with 77 percent attributed to Construction work and the remaining 23 percent from operations and maintenance (O&M) Contracts.
Segment-wise, the Water and Wastewater segment led with a dominant 75 percent share, followed by Building works at 19 percent and Power-related projects at 6 percent.
EMS Limited is primarily engaged in offering EPC and Operation & Maintenance (O&M) services in the water and wastewater segment. It is involved in the business of sewerage contractors, Sewerage Treatment Plants (STP) works, electricity transmission and distribution & building and manufacturing of its own items used for construction purposes.
Vishnu Prakash R Punglia Limited
With a market cap of Rs. 2,040 crores, the stock moved up by around 1 percent on BSE, rising to Rs. 165.45 on Friday. As of March 2025, VPRPL reported a healthy order book of Rs. 5,363.4 crore. The Water Supply Projects (WSP) segment accounted for the largest share at 59 percent, followed by Railways at 32 percent, and Road & Civil works at 9 percent.
In terms of project count, the company has secured 40 projects under the Water & Sanitation Program (SWG), 15 in the Railway segment, and 6 in the Road & Civil category.
Vishnu Prakash R. Punglia Limited (VPRPL) is an integrated EPC company engaged in the business of the construction, development and maintenance of state and national highways, bridges, culverts, flyovers and rail over-bridges.
The company’s principal business operations are broadly divided into four categories: (i) Water Supply Projects (WSP), (ii) Railway Projects, (iii) Road Projects, and (iv) Irrigation Network Projects.
VPRPL specialises in water supply contracts, which include constructing, designing, building, implementing, operating, maintaining and developing WSPs. It also includes setting up Water Treatment Plants (WTPs) along with pumping stations and laying of pipelines for the supply of water.
VA Tech Wabag Limited
With a market cap of Rs. 9,101.6 crores, the stock moved up by around 4 percent on BSE, rising to Rs. 1,472.95 on Friday. As of Q4 FY25, VA Tech Wabag reported an order book of Rs. 13,700 crores, with an order backlog of Rs. 13,666.7 crores as of FY25. During the year, the company’s order intake stood at Rs. 5,700 crores secured in FY25 and Preferred Bidder in projects worth over Rs. 3,000 crores.
As of Q4 FY25, VA Tech Wabag reported a solid order book standing at Rs. 13,700 crore, with an order backlog of Rs. 13,666.7 crore. During the year, the company secured fresh orders worth Rs. 5,700 crore and was also named the preferred bidder for projects valued at over Rs. 3,000 crore, signalling strong momentum and continued market confidence.
VA Tech Wabag Limited, one of the world’s leading companies in the water treatment sector, with principal activities including design, supply, installation, construction, operation and maintenance of drinking water, waste water treatment, industrial water treatment and desalination plants, including production of energy from biogas and sludge management.
Welspun Enterprises Limited
With a market cap of Rs. 7,339 crores, the stock moved down by around 2.2 percent on BSE, falling to Rs. 523.15 on Friday. As of March 2025, Welspun Enterprises reported a robust consolidated order book of Rs. 14,300 crores. Breaking down the order book: the Water segment leads with 62 percent, followed by the Tunnel and WMEL segments at 13 percent each, and the Road segment contributing 11 percent. Management has highlighted Water & Wastewater projects as the primary growth engine going forward.
Welspun Enterprises Limited is engaged in different verticals, including transportation, water & wastewater and niche technologies. It is involved in road and water infrastructure development (EPC mode) and Build, Operate and Transfer (BOT) basis, along with carrying out Operation and Maintenance (O&M) activities for both the transportation and water projects. In the water sector, Welspun Enterprises is engaged in municipal water treatment, industrial water treatment, sewerage treatment systems, and rural water supply.
Written by Shivani Singh
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