3 Water Treatment Leader, Civil Construction Company and Power Transmission and Pipelines EPC Stocks With a Strong Future Roadmap: VA Tech Wabag, NCC and Kalpataru Projects International
- October 26, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
VA Tech Wabag, NCC and Kalpataru Projects International: ROE of 8.6% to 14.4% and FY22 to FY26 revenue CAGR of 7.6% to 16.9%. Prices as of 23 Oct 2026.
Quick Answer
The three water treatment and EPC infrastructure stocks to watch are VA Tech Wabag, NCC and Kalpataru Projects International. Their return on equity ranges from 8.6% to 14.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.6% to 16.9%. VA Tech Wabag has the highest return on equity at 14.4%, while NCC has the fastest revenue growth at 16.9% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.
Water treatment and EPC infrastructure stocks let investors follow companies that serve a growing part of the Indian economy. VA Tech Wabag, NCC and Kalpataru Projects International cover a water treatment leader, a civil construction company and a power transmission and pipelines EPC company.
This list covers three water treatment and EPC infrastructure stocks with complete current figures: VA Tech Wabag, NCC and Kalpataru Projects International. Every figure comes from the latest reported financials and the 23 October 2026 market close. Companies without complete current figures were left out.
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What Are Water Treatment and EPC Infrastructure Stocks?
Water treatment and EPC infrastructure stocks are listed engineering companies that build water plants, buildings, roads and transmission lines. Their earnings depend on order inflows, execution speed and working capital.
Water Treatment and EPC Infrastructure Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| VA Tech Wabag | 1,710.4 | 11,717 | 29.7 | 22.7 | 14.4 | 0.09 |
| NCC | 116.18 | 7,550 | 10.1 | 22.3 | 8.6 | 0.44 |
| Kalpataru Projects International | 1,291.6 | 22,241 | 19.7 | 22.3 | 13.4 | 0.46 |
On valuation, NCC and Kalpataru Projects International trade at a P/E below the industry P/E, while VA Tech Wabag trades above it, which reflects the growth the market already expects. Readers comparing water treatment and EPC infrastructure stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Water Treatment and EPC Infrastructure Stocks Have a Strong Roadmap in India?
Water treatment and EPC infrastructure stocks have a strong roadmap in India because public spending on water, urban infrastructure and power networks keeps filling order books for experienced project builders.
- Water projects. Cities and industries need treatment and reuse plants.
- Urban build-out. Buildings and roads keep orders flowing.
- Power networks. Transmission lines need dependable builders.
Why VA Tech Wabag Features Among These Water Treatment and EPC Infrastructure Stocks
Among the water treatment and EPC infrastructure stocks on this list, VA Tech Wabag designs, builds and operates water and wastewater treatment plants, including desalination and recycling plants, for municipal and industrial customers in India and abroad.
Revenue rose from Rs 3,012 crore in FY22 to Rs 4,038 crore in FY26, a compound annual growth rate of 7.6%. Net profit grew from Rs 132 crore in FY22 to Rs 370 crore in FY26, which works out to a compound annual growth rate of 29.4%.
In the June 2026 quarter, revenue grew 26.0% year on year to Rs 939 crore, while net profit rose 36.9% to Rs 90.1 crore. The company has a return on equity of 14.4%, a debt to equity ratio of 0.09 and a market capitalisation of Rs 11,717 crore. The stock trades at a P/E of 29.7, above the industry P/E of 22.7.
Roadmap: Government missions for drinking water supply and sewage treatment, along with industrial water reuse, feed a long project pipeline. Operation and maintenance contracts add recurring revenue, and international orders widen the customer base.
What to watch: Monitor the order book, the share of operation and maintenance contracts and working capital cycles on large projects.
Why NCC Features Among These Water Treatment and EPC Infrastructure Stocks
Among the water and civil works contractor shares on this list, NCC is a Hyderabad-based construction company that builds buildings, roads, water supply and irrigation projects, mining and electrical infrastructure for public and private clients.
In the June 2026 quarter, revenue grew 12.2% year on year to Rs 5,842 crore, while net profit rose 11.9% to Rs 229 crore. Revenue rose from Rs 11,209 crore in FY22 to Rs 20,944 crore in FY26, a compound annual growth rate of 16.9%.
Net profit grew from Rs 494 crore in FY22 to Rs 724 crore in FY26, which works out to a compound annual growth rate of 10.0%. The company has a return on equity of 8.6%, a debt to equity ratio of 0.44 and a market capitalisation of Rs 7,550 crore. The stock trades at a P/E of 10.1, below the industry P/E of 22.3.
Roadmap: The company holds a sizeable order book across water, buildings and transportation, supported by government infrastructure spending. Wider segments give it many routes to win new projects.
What to watch: Follow order inflows, execution speed and collections.
Why Kalpataru Projects International Features Among These Water Treatment and EPC Infrastructure Stocks
Among the three companies on this list, Kalpataru Projects International is an engineering and construction company that builds power transmission lines, railways, buildings, water pipelines and oil and gas infrastructure in India and abroad.
The company has a return on equity of 13.4%, a debt to equity ratio of 0.46 and a market capitalisation of Rs 22,241 crore. The stock trades at a P/E of 19.7, below the industry P/E of 22.3.
Revenue rose from Rs 14,866 crore in FY22 to Rs 27,248 crore in FY26, a compound annual growth rate of 16.4%. Net profit grew from Rs 535 crore in FY22 to Rs 1,031 crore in FY26, which works out to a compound annual growth rate of 17.8%. In the June 2026 quarter, revenue grew 4.8% year on year to Rs 6,485 crore, while net profit rose 45.9% to Rs 312 crore.
Roadmap: The company is winning larger projects across transmission, railways and urban infrastructure, and it is growing overseas. A diverse order book supports steady execution.
What to watch: Track order book growth, international contracts and working capital discipline.
VA Tech Wabag vs NCC vs Kalpataru Projects International on Key Financials
The table below sets the three water treatment and EPC infrastructure stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| VA Tech Wabag | 3,012 | 4,038 | 7.6% | 370 | 9.2% |
| NCC | 11,209 | 20,944 | 16.9% | 724 | 3.5% |
| Kalpataru Projects International | 14,866 | 27,248 | 16.4% | 1,031 | 3.8% |
VA Tech Wabag posts the highest return on equity in this group at 14.4%. Kalpataru Projects International has the largest FY26 revenue at Rs 27,248 crore, and NCC shows the fastest revenue growth with a 16.9% compound annual rate. A useful habit with water treatment and EPC infrastructure stocks is to check each new quarterly result against the capacity plans the company described earlier.
The June 2026 quarter, the latest reported, gives a fresh read on momentum:
| Company | Q1 FY26 Revenue (Rs Cr) | Q1 FY27 Revenue (Rs Cr) | Year-on-Year Growth |
|---|---|---|---|
| VA Tech Wabag | 745 | 939 | 26.0% |
| NCC | 5,208 | 5,842 | 12.2% |
| Kalpataru Projects International | 6,188 | 6,485 | 4.8% |
Key Risks to Check Before Investing in Water Treatment and EPC Infrastructure Stocks
Every theme carries risks that deserve a check before any decision. For these water treatment and EPC infrastructure stocks, the main points are: Long-term water and civil works contractor shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Government orders can shift between periods.
- Working capital. Project payments can take time.
- Input costs. Steel and cement prices affect margins.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter water treatment and EPC infrastructure stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Water Treatment and EPC Infrastructure Stocks
Water treatment and EPC infrastructure stocks reward investors who follow demand trends, order books and margins together. VA Tech Wabag, NCC and Kalpataru Projects International each have a clear order pipeline. Based on the 23 October 2026 close, VA Tech Wabag trades at Rs 1,710.4, NCC at Rs 116.18 and Kalpataru Projects International at Rs 1,291.6. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these water treatment and EPC infrastructure stocks to a watchlist.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are water treatment and EPC infrastructure stocks?
Ans. Water treatment and EPC infrastructure stocks are listed engineering companies that build water plants, buildings, roads and transmission lines. Their earnings depend on order inflows, execution speed and working capital. This list looks at three of them, VA Tech Wabag, NCC and Kalpataru Projects International, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.
Which water treatment and EPC infrastructure stocks are covered in this list?
Ans. This list covers VA Tech Wabag, NCC and Kalpataru Projects International. Based on the 23 October 2026 close, VA Tech Wabag traded at Rs 1,710.4, NCC at Rs 116.18 and Kalpataru Projects International at Rs 1,291.6. Their return on equity ranges from 8.6% to 14.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.6% to 16.9%.
Why do water treatment and EPC infrastructure stocks have a strong future roadmap in India?
Ans. Water treatment and EPC infrastructure stocks have a strong roadmap in India because public spending on water, urban infrastructure and power networks keeps filling order books for experienced project builders. The main drivers are as follows. Water projects. Cities and industries need treatment and reuse plants. Urban build-out. Buildings and roads keep orders flowing. Power networks. Transmission lines need dependable builders. Together these factors give the companies on this list a visible path for growth over the coming years.
How has VA Tech Wabag performed financially?
Ans. Revenue rose from Rs 3,012 crore in FY22 to Rs 4,038 crore in FY26, a compound annual growth rate of 7.6%. Net profit grew from Rs 132 crore in FY22 to Rs 370 crore in FY26, which works out to a compound annual growth rate of 29.4%. In the June 2026 quarter, revenue grew 26.0% year on year to Rs 939 crore, while net profit rose 36.9% to Rs 90.1 crore. The company has a return on equity of 14.4%, a debt to equity ratio of 0.09 and a market capitalisation of Rs 11,717 crore. The stock trades at a P/E of 29.7, above the industry P/E of 22.7. Looking ahead, government missions for drinking water supply and sewage treatment, along with industrial water reuse, feed a long project pipeline. Operation and maintenance contracts add recurring revenue, and international orders widen the customer base.
How has NCC performed financially?
Ans. Revenue rose from Rs 11,209 crore in FY22 to Rs 20,944 crore in FY26, a compound annual growth rate of 16.9%. Net profit grew from Rs 494 crore in FY22 to Rs 724 crore in FY26, which works out to a compound annual growth rate of 10.0%. In the June 2026 quarter, revenue grew 12.2% year on year to Rs 5,842 crore, while net profit rose 11.9% to Rs 229 crore. The company has a return on equity of 8.6%, a debt to equity ratio of 0.44 and a market capitalisation of Rs 7,550 crore. The stock trades at a P/E of 10.1, below the industry P/E of 22.3. Looking ahead, the company holds a sizeable order book across water, buildings and transportation, supported by government infrastructure spending. Wider segments give it many routes to win new projects.
How has Kalpataru Projects International performed financially?
Ans. Revenue rose from Rs 14,866 crore in FY22 to Rs 27,248 crore in FY26, a compound annual growth rate of 16.4%. Net profit grew from Rs 535 crore in FY22 to Rs 1,031 crore in FY26, which works out to a compound annual growth rate of 17.8%. In the June 2026 quarter, revenue grew 4.8% year on year to Rs 6,485 crore, while net profit rose 45.9% to Rs 312 crore. The company has a return on equity of 13.4%, a debt to equity ratio of 0.46 and a market capitalisation of Rs 22,241 crore. The stock trades at a P/E of 19.7, below the industry P/E of 22.3. Looking ahead, the company is winning larger projects across transmission, railways and urban infrastructure, and it is growing overseas. A diverse order book supports steady execution.
What risks should investors check before buying water treatment and EPC infrastructure stocks?
Ans. Investors should check a few risks before buying water treatment and EPC infrastructure stocks. Order timing. Government orders can shift between periods. Working capital. Project payments can take time. Input costs. Steel and cement prices affect margins. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of water treatment and EPC infrastructure stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 23 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.