3 Water and Wastewater Treatment Solutions Provider, Ice Cream Maker and Largest Power Generation Company Stocks With a Strong Future Roadmap: Ion Exchange (India), Vadilal Industries and NTPC
- November 5, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
Ion Exchange (India), Vadilal Industries and NTPC: ROE of 10.7% to 18.2% and FY22 to FY26 revenue CAGR of 8.9% to 21.2%. Prices as of 4 Nov 2026.
Quick Answer
The three water treatment, ice cream and power stocks to watch are Ion Exchange (India), Vadilal Industries and NTPC. Their return on equity ranges from 10.7% to 18.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 8.9% to 21.2%. Vadilal Industries leads on both return on equity at 18.2% and revenue growth at 21.2% a year. Prices are based on the 4 November 2026 close, and this article is educational, not investment advice.
Water treatment, ice cream and power stocks offer a focused view of a sector where demand keeps widening. Ion Exchange (India), Vadilal Industries and NTPC cover a water and wastewater treatment solutions provider, an ice cream maker and the largest power generation company.
This list covers three water treatment, ice cream and power stocks with complete current figures: Ion Exchange (India), Vadilal Industries and NTPC. Every figure comes from the latest reported financials and the 4 November 2026 market close. Companies without complete current figures were left out.
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What Are Water Treatment, Ice Cream and Power Stocks?
Water treatment, ice cream and power stocks are listed companies that design and build water and wastewater treatment systems, make ice creams and frozen desserts, and generate electricity from thermal, hydro and renewable plants. Their earnings depend on water project spending, summer demand and power output.
Water Treatment, Ice Cream and Power Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Ion Exchange (India) | 313.95 | 5,397 | 55.2 | 22.7 | 10.7 | 0.36 |
| Vadilal Industries | 7,377.5 | 5,137 | 23.4 | 33.9 | 18.2 | 0.27 |
| NTPC | 321.95 | 292,694 | 10.3 | 21.3 | 13.3 | 1.33 |
On valuation, Vadilal Industries and NTPC trade at a P/E below the industry P/E, while Ion Exchange (India) trades above it, which reflects the growth the market already expects. Readers comparing water treatment, ice cream and power 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, Ice Cream and Power Stocks Have a Strong Roadmap in India?
Water treatment, ice cream and power stocks have a strong roadmap in India because large water infrastructure spending, rising demand for frozen desserts and growing power consumption keep widening the market for these companies.
- Water treatment. Cities and factories need clean water.
- Ice cream. Frozen desserts reach more homes.
- Power generation. Demand for electricity keeps rising.
Why Ion Exchange (India) Features Among These Water Treatment, Ice Cream and Power Stocks
Among the water treatment, ice cream and power stocks 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.
In the June 2026 quarter, revenue grew 17.6% year on year to Rs 706 crore. 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%. 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.
Why Vadilal Industries Features Among These Water Treatment, Ice Cream and Power Stocks
Among the utility, food and energy shares on this list, Vadilal Industries, based in Ahmedabad, makes ice creams and frozen desserts and also has processed foods and a franchise-led network of parlours.
The company has a return on equity of 18.2%, a debt to equity ratio of 0.27 and a market capitalisation of Rs 5,137 crore. The stock trades at a P/E of 23.4, below the industry P/E of 33.9.
Revenue rose from Rs 706 crore in FY22 to Rs 1,525 crore in FY26, a compound annual growth rate of 21.2%. Net profit grew from Rs 44.7 crore in FY22 to Rs 155 crore in FY26, which works out to a compound annual growth rate of 36.5%. In the June 2026 quarter, revenue grew 38.6% year on year to Rs 707 crore, while net profit rose 95.4% to Rs 131 crore.
Roadmap: Rising ice cream consumption, deeper cold-chain distribution and new flavours and formats support revenue. The company is widening its retail footprint and gaining share in organised frozen desserts.
What to watch: Follow seasonal demand and the pace of new distribution tie-ups.
Why NTPC Features Among These Water Treatment, Ice Cream and Power Stocks
Among the three companies on this list, NTPC is India’s largest power generation company, with thermal, hydro and renewable plants and a growing pipeline of green energy projects.
Revenue rose from Rs 134,994 crore in FY22 to Rs 189,799 crore in FY26, a compound annual growth rate of 8.9%. Net profit grew from Rs 15,474 crore in FY22 to Rs 30,010 crore in FY26, which works out to a compound annual growth rate of 18.0%.
In the June 2026 quarter, revenue grew 6.9% year on year to Rs 51,142 crore, while net profit rose 12.9% to Rs 6,896 crore. The company has a return on equity of 13.3%, a debt to equity ratio of 1.33 and a market capitalisation of Rs 292,694 crore. The stock trades at a P/E of 10.3, below the industry P/E of 21.3.
Roadmap: The company is adding thermal capacity to meet rising electricity demand while building a large renewable portfolio. Long-term power purchase agreements give it steady visibility.
What to watch: Follow capacity additions, renewable progress and plant availability.
Ion Exchange (India) vs Vadilal Industries vs NTPC on Key Financials
The table below sets the three water treatment, ice cream and power 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 |
|---|---|---|---|---|---|
| Ion Exchange (India) | 1,619 | 3,001 | 16.7% | 143 | 4.8% |
| Vadilal Industries | 706 | 1,525 | 21.2% | 155 | 10.2% |
| NTPC | 134,994 | 189,799 | 8.9% | 30,010 | 15.8% |
Vadilal Industries posts the highest return on equity in this group at 18.2%. NTPC has the largest FY26 revenue at Rs 189,799 crore, and Vadilal Industries shows the fastest revenue growth with a 21.2% compound annual rate. A useful habit with water treatment, ice cream and power 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 |
|---|---|---|---|
| Ion Exchange (India) | 601 | 706 | 17.6% |
| Vadilal Industries | 510 | 707 | 38.6% |
| NTPC | 47,821 | 51,142 | 6.9% |
Key Risks to Check Before Investing in Water Treatment, Ice Cream and Power Stocks
Every theme carries risks that deserve a check before any decision. For these water treatment, ice cream and power stocks, the main points are: Long-term utility, food and energy shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Government spending. Public project funding can shift between periods.
- Component costs. Copper, chips and other inputs 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 treatment, ice cream and power stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Water Treatment, Ice Cream and Power Stocks
Water treatment, ice cream and power stocks reward patient research into demand, execution and financial strength. Ion Exchange (India), Vadilal Industries and NTPC each have a clear plan to grow. Based on the 4 November 2026 close, Ion Exchange (India) trades at Rs 313.95, Vadilal Industries at Rs 7,377.5 and NTPC at Rs 321.95. 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, ice cream and power 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, ice cream and power stocks?
Ans. Water treatment, ice cream and power stocks are listed companies that design and build water and wastewater treatment systems, make ice creams and frozen desserts, and generate electricity from thermal, hydro and renewable plants. Their earnings depend on water project spending, summer demand and power output. This list looks at three of them, Ion Exchange (India), Vadilal Industries and NTPC, using reported FY22 to FY26 financials and the 4 November 2026 closing prices.
Which water treatment, ice cream and power stocks are covered in this list?
Ans. This list covers Ion Exchange (India), Vadilal Industries and NTPC. Based on the 4 November 2026 close, Ion Exchange (India) traded at Rs 313.95, Vadilal Industries at Rs 7,377.5 and NTPC at Rs 321.95. Their return on equity ranges from 10.7% to 18.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 8.9% to 21.2%.
Why do water treatment, ice cream and power stocks have a strong future roadmap in India?
Ans. Water treatment, ice cream and power stocks have a strong roadmap in India because large water infrastructure spending, rising demand for frozen desserts and growing power consumption keep widening the market for these companies. The main drivers are as follows. Water treatment. Cities and factories need clean water. Ice cream. Frozen desserts reach more homes. Power generation. Demand for electricity keeps rising. Together these factors give the companies on this list a visible path for growth over the coming years.
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.
How has Vadilal Industries performed financially?
Ans. Revenue rose from Rs 706 crore in FY22 to Rs 1,525 crore in FY26, a compound annual growth rate of 21.2%. Net profit grew from Rs 44.7 crore in FY22 to Rs 155 crore in FY26, which works out to a compound annual growth rate of 36.5%. In the June 2026 quarter, revenue grew 38.6% year on year to Rs 707 crore, while net profit rose 95.4% to Rs 131 crore. The company has a return on equity of 18.2%, a debt to equity ratio of 0.27 and a market capitalisation of Rs 5,137 crore. The stock trades at a P/E of 23.4, below the industry P/E of 33.9. Looking ahead, rising ice cream consumption, deeper cold-chain distribution and new flavours and formats support revenue. The company is widening its retail footprint and gaining share in organised frozen desserts.
How has NTPC performed financially?
Ans. Revenue rose from Rs 134,994 crore in FY22 to Rs 189,799 crore in FY26, a compound annual growth rate of 8.9%. Net profit grew from Rs 15,474 crore in FY22 to Rs 30,010 crore in FY26, which works out to a compound annual growth rate of 18.0%. In the June 2026 quarter, revenue grew 6.9% year on year to Rs 51,142 crore, while net profit rose 12.9% to Rs 6,896 crore. The company has a return on equity of 13.3%, a debt to equity ratio of 1.33 and a market capitalisation of Rs 292,694 crore. The stock trades at a P/E of 10.3, below the industry P/E of 21.3. Looking ahead, the company is adding thermal capacity to meet rising electricity demand while building a large renewable portfolio. Long-term power purchase agreements give it steady visibility.
What risks should investors check before buying water treatment, ice cream and power stocks?
Ans. Investors should check a few risks before buying water treatment, ice cream and power stocks. Government spending. Public project funding can shift between periods. Component costs. Copper, chips and other inputs 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 treatment, ice cream and power stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 4 November 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.