3 Flow Control and Water Equipment Maker, Industrial Steam Turbine Manufacturer and Water Treatment Solutions Provider Stocks With a Strong Future Roadmap: Jash Engineering, Triveni Turbine and Ion Exchange (India)
- October 28, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Jash Engineering, Triveni Turbine and Ion Exchange (India): ROE of 10.7% to 24.2% and FY22 to FY26 revenue CAGR of 16.7% to 26.5%. Prices as of 27 Oct 2026.
Quick Answer
The three water technology and turbine stocks to watch are Jash Engineering, Triveni Turbine and Ion Exchange (India). Their return on equity ranges from 10.7% to 24.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 16.7% to 26.5%. Triveni Turbine leads on both return on equity at 24.2% and revenue growth at 26.5% a year. Prices are based on the 27 October 2026 close, and this article is educational, not investment advice.
Water technology and turbine stocks let investors follow companies that serve a growing part of the Indian economy. Jash Engineering, Triveni Turbine and Ion Exchange (India) cover a flow control and water equipment maker, an industrial steam turbine manufacturer and a water treatment solutions provider.
This list covers three water technology and turbine stocks with complete current figures: Jash Engineering, Triveni Turbine and Ion Exchange (India). Every figure comes from the latest reported financials and the 27 October 2026 market close. Companies without complete current figures were left out.
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What Are Water Technology and Turbine Stocks?
Water technology and turbine stocks are listed industrial companies that make valves and flow control equipment, steam turbines and water treatment systems for utilities, industry and cities. Their earnings depend on project spending, order inflows, execution and raw material costs.
Water Technology and Turbine Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Jash Engineering | 492.7 | 3,380 | 39.4 | 44.4 | 14.7 | 0.20 |
| Triveni Turbine | 452.2 | 15,418 | 45.9 | 43.9 | 24.2 | 0.02 |
| Ion Exchange (India) | 343.5 | 5,397 | 55.2 | 22.7 | 10.7 | 0.36 |
On valuation, Jash Engineering trades at a P/E below the industry P/E, while Triveni Turbine and Ion Exchange (India) trade above it, which reflects the growth the market already expects. Readers comparing water technology and turbine 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 Technology and Turbine Stocks Have a Strong Roadmap in India?
Water technology and turbine stocks have a strong roadmap in India because water infrastructure spending, industrial capacity additions and the need for efficient power equipment keep widening the market for Indian industrial equipment makers.
- Water projects. Cities and industry invest in water systems.
- Efficient power. Industry adopts steam turbines for cogeneration.
- Order books. Project orders give revenue visibility.
Why Jash Engineering Features Among These Water Technology and Turbine Stocks
Among the water technology and turbine stocks on this list, Jash Engineering makes flow control products such as sluice gates, valves, penstocks and screens for water and wastewater projects, and serves irrigation, power and industrial customers.
In the June 2026 quarter, revenue grew 17.3% year on year to Rs 156 crore. Revenue rose from Rs 374 crore in FY22 to Rs 757 crore in FY26, a compound annual growth rate of 19.3%.
Net profit grew from Rs 32.2 crore in FY22 to Rs 75.5 crore in FY26, which works out to a compound annual growth rate of 23.8%. The company has a return on equity of 14.7%, a debt to equity ratio of 0.20 and a market capitalisation of Rs 3,380 crore. The stock trades at a P/E of 39.4, below the industry P/E of 44.4.
Roadmap: Spending on water supply, sewage treatment and irrigation projects creates a steady stream of orders for flow control equipment. The company has widened its range through acquisitions and sells to customers in India and overseas.
What to watch: Track order inflow from water projects and the margin trend as new product lines scale.
Why Triveni Turbine Features Among These Water Technology and Turbine Stocks
Among the flow control, steam turbine and water treatment shares on this list, Triveni Turbine designs and manufactures steam turbines up to 100 MW for industrial power, sugar, biomass and waste-to-energy plants, and has a large aftermarket business.
The company has a return on equity of 24.2%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 15,418 crore. The stock trades at a P/E of 45.9, above the industry P/E of 43.9.
Revenue rose from Rs 882 crore in FY22 to Rs 2,258 crore in FY26, a compound annual growth rate of 26.5%. Net profit grew from Rs 270 crore in FY22 to Rs 349 crore in FY26, which works out to a compound annual growth rate of 6.6%. In the June 2026 quarter, revenue grew 19.7% year on year to Rs 471 crore.
Roadmap: Its roadmap includes new product platforms, a rising share of exports and a growing aftermarket franchise that brings recurring revenue. A healthy order book gives visibility into the coming quarters, and a debt-free balance sheet supports expansion.
What to watch: Track order inflows, since turbine deliveries follow orders with a lag.
Why Ion Exchange (India) Features Among These Water Technology and Turbine Stocks
Among the three companies on this list, Ion Exchange (India) provides water and wastewater treatment solutions, including chemicals, resins, engineering projects and consumer water purifiers, for industries, municipalities and homes.
Revenue rose from Rs 1,619 crore in FY22 to Rs 3,001 crore in FY26, a compound annual growth rate of 16.7%. Net profit for FY26 was Rs 143 crore, a net margin of 4.8%.
In the June 2026 quarter, revenue grew 17.6% year on year to Rs 706 crore. The company has a return on equity of 10.7%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 5,397 crore. The stock trades at a P/E of 55.2, above the industry P/E of 22.7.
Roadmap: The company benefits from tighter water reuse and discharge norms, which lift demand for treatment plants and recycling systems. A mix of projects, chemicals and consumer products spreads its revenue.
What to watch: Track order inflows in water projects, chemicals demand and consumer product growth.
Jash Engineering vs Triveni Turbine vs Ion Exchange (India) on Key Financials
The table below sets the three water technology and turbine 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 |
|---|---|---|---|---|---|
| Jash Engineering | 374 | 757 | 19.3% | 75.5 | 10.0% |
| Triveni Turbine | 882 | 2,258 | 26.5% | 349 | 15.5% |
| Ion Exchange (India) | 1,619 | 3,001 | 16.7% | 143 | 4.8% |
Triveni Turbine posts the highest return on equity in this group at 24.2%. Ion Exchange (India) has the largest FY26 revenue at Rs 3,001 crore, and Triveni Turbine shows the fastest revenue growth with a 26.5% compound annual rate. A useful habit with water technology and turbine 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 |
|---|---|---|---|
| Jash Engineering | 133 | 156 | 17.3% |
| Triveni Turbine | 394 | 471 | 19.7% |
| Ion Exchange (India) | 601 | 706 | 17.6% |
Key Risks to Check Before Investing in Water Technology and Turbine Stocks
Every theme carries risks that deserve a check before any decision. For these water technology and turbine stocks, the main points are: Long-term flow control, steam turbine and water treatment shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Project awards can shift between periods.
- Input costs. Metal and material prices can move margins.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
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 technology and turbine stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Water Technology and Turbine Stocks
Water technology and turbine stocks reward investors who follow demand trends, order books and margins together. Jash Engineering, Triveni Turbine and Ion Exchange (India) each have a clear plan to grow. Based on the 27 October 2026 close, Jash Engineering trades at Rs 492.7, Triveni Turbine at Rs 452.2 and Ion Exchange (India) at Rs 343.5.
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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 technology and turbine stocks?
Ans. Water technology and turbine stocks are listed industrial companies that make valves and flow control equipment, steam turbines and water treatment systems for utilities, industry and cities. Their earnings depend on project spending, order inflows, execution and raw material costs. This list looks at three of them, Jash Engineering, Triveni Turbine and Ion Exchange (India), using reported FY22 to FY26 financials and the 27 October 2026 closing prices.
Which water technology and turbine stocks are covered in this list?
Ans. This list covers Jash Engineering, Triveni Turbine and Ion Exchange (India). Based on the 27 October 2026 close, Jash Engineering traded at Rs 492.7, Triveni Turbine at Rs 452.2 and Ion Exchange (India) at Rs 343.5. Their return on equity ranges from 10.7% to 24.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 16.7% to 26.5%.
Why do water technology and turbine stocks have a strong future roadmap in India?
Ans. Water technology and turbine stocks have a strong roadmap in India because water infrastructure spending, industrial capacity additions and the need for efficient power equipment keep widening the market for Indian industrial equipment makers. The main drivers are as follows. Water projects. Cities and industry invest in water systems. Efficient power. Industry adopts steam turbines for cogeneration. Order books. Project orders give revenue visibility. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Jash Engineering performed financially?
Ans. Revenue rose from Rs 374 crore in FY22 to Rs 757 crore in FY26, a compound annual growth rate of 19.3%. Net profit grew from Rs 32.2 crore in FY22 to Rs 75.5 crore in FY26, which works out to a compound annual growth rate of 23.8%. In the June 2026 quarter, revenue grew 17.3% year on year to Rs 156 crore. The company has a return on equity of 14.7%, a debt to equity ratio of 0.20 and a market capitalisation of Rs 3,380 crore. The stock trades at a P/E of 39.4, below the industry P/E of 44.4. Looking ahead, spending on water supply, sewage treatment and irrigation projects creates a steady stream of orders for flow control equipment. The company has widened its range through acquisitions and sells to customers in India and overseas.
How has Triveni Turbine performed financially?
Ans. Revenue rose from Rs 882 crore in FY22 to Rs 2,258 crore in FY26, a compound annual growth rate of 26.5%. Net profit grew from Rs 270 crore in FY22 to Rs 349 crore in FY26, which works out to a compound annual growth rate of 6.6%. In the June 2026 quarter, revenue grew 19.7% year on year to Rs 471 crore. The company has a return on equity of 24.2%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 15,418 crore. The stock trades at a P/E of 45.9, above the industry P/E of 43.9. Looking ahead, its roadmap includes new product platforms, a rising share of exports and a growing aftermarket franchise that brings recurring revenue. A healthy order book gives visibility into the coming quarters, and a debt-free balance sheet supports expansion.
How has Ion Exchange (India) performed financially?
Ans. Revenue rose from Rs 1,619 crore in FY22 to Rs 3,001 crore in FY26, a compound annual growth rate of 16.7%. Net profit for FY26 was Rs 143 crore, a net margin of 4.8%. In the June 2026 quarter, revenue grew 17.6% year on year to Rs 706 crore. The company has a return on equity of 10.7%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 5,397 crore. The stock trades at a P/E of 55.2, above the industry P/E of 22.7. Looking ahead, the company benefits from tighter water reuse and discharge norms, which lift demand for treatment plants and recycling systems. A mix of projects, chemicals and consumer products spreads its revenue.
What risks should investors check before buying water technology and turbine stocks?
Ans. Investors should check a few risks before buying water technology and turbine stocks. Order timing. Project awards can shift between periods. Input costs. Metal and material prices can move margins. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. 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 technology and turbine stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 27 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.
