{"id":325410,"date":"2026-10-23T14:31:57","date_gmt":"2026-10-23T09:01:57","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=325410"},"modified":"2026-10-23T14:31:57","modified_gmt":"2026-10-23T09:01:57","slug":"water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/","title":{"rendered":"3 Water Treatment Chemicals and Plants, Desalination and Wastewater Projects and Energy and Environment Solutions Stocks With a Strong Future Roadmap: Ion Exchange (India), VA Tech Wabag and Thermax"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Ion Exchange (India), VA Tech Wabag and Thermax: ROE of 10.7% to 14.4% and FY22 to FY26 revenue CAGR of 7.6% to 16.7%. Prices as of 22 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The three water treatment and energy solution stocks to watch are Ion Exchange (India), VA Tech Wabag and Thermax. Their return on equity ranges from 10.7% to 14.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.6% to 16.7%. VA Tech Wabag has the highest return on equity at 14.4%, while Ion Exchange (India) has the fastest revenue growth at 16.7% a year. Prices are based on the 22 October 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Water treatment and energy solution stocks let investors follow companies that clean water and make industry more efficient. Ion Exchange (India), VA Tech Wabag and Thermax cover water treatment chemicals and plants, desalination and wastewater projects and energy and environment solutions.<\/p>\n<p>This list covers three water treatment and energy solution stocks with complete current figures: Ion Exchange (India), VA Tech Wabag and Thermax. Every figure comes from the latest reported financials and the 22 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#What_Are_Water_Treatment_and_Energy_Solution_Stocks\" title=\"What Are Water Treatment and Energy Solution Stocks?\">What Are Water Treatment and Energy Solution Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#Water_Treatment_and_Energy_Solution_Stocks_at_a_Glance\" title=\"Water Treatment and Energy Solution Stocks at a Glance\">Water Treatment and Energy Solution Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#Why_Do_Water_Treatment_and_Energy_Solution_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Water Treatment and Energy Solution Stocks Have a Strong Roadmap in India?\">Why Do Water Treatment and Energy Solution Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#Why_Ion_Exchange_India_Features_Among_These_Water_Treatment_and_Energy_Solution_Stocks\" title=\"Why Ion Exchange (India) Features Among These Water Treatment and Energy Solution Stocks\">Why Ion Exchange (India) Features Among These Water Treatment and Energy Solution Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#Why_VA_Tech_Wabag_Features_Among_These_Water_Treatment_and_Energy_Solution_Stocks\" title=\"Why VA Tech Wabag Features Among These Water Treatment and Energy Solution Stocks\">Why VA Tech Wabag Features Among These Water Treatment and Energy Solution Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#Why_Thermax_Features_Among_These_Water_Treatment_and_Energy_Solution_Stocks\" title=\"Why Thermax Features Among These Water Treatment and Energy Solution Stocks\">Why Thermax Features Among These Water Treatment and Energy Solution Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#Ion_Exchange_India_vs_VA_Tech_Wabag_vs_Thermax_on_Key_Financials\" title=\"Ion Exchange (India) vs VA Tech Wabag vs Thermax on Key Financials\">Ion Exchange (India) vs VA Tech Wabag vs Thermax on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#Key_Risks_to_Check_Before_Investing_in_Water_Treatment_and_Energy_Solution_Stocks\" title=\"Key Risks to Check Before Investing in Water Treatment and Energy Solution Stocks\">Key Risks to Check Before Investing in Water Treatment and Energy Solution Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#Final_Thoughts_on_Water_Treatment_and_Energy_Solution_Stocks\" title=\"Final Thoughts on Water Treatment and Energy Solution Stocks\">Final Thoughts on Water Treatment and Energy Solution Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#What_are_water_treatment_and_energy_solution_stocks\" title=\"What are water treatment and energy solution stocks?\">What are water treatment and energy solution stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#Which_water_treatment_and_energy_solution_stocks_are_covered_in_this_list\" title=\"Which water treatment and energy solution stocks are covered in this list?\">Which water treatment and energy solution stocks are covered in this list?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#Why_do_water_treatment_and_energy_solution_stocks_have_a_strong_future_roadmap_in_India\" title=\"Why do water treatment and energy solution stocks have a strong future roadmap in India?\">Why do water treatment and energy solution stocks have a strong future roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#How_has_Ion_Exchange_India_performed_financially\" title=\"How has Ion Exchange (India) performed financially?\">How has Ion Exchange (India) performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#How_has_VA_Tech_Wabag_performed_financially\" title=\"How has VA Tech Wabag performed financially?\">How has VA Tech Wabag performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#How_has_Thermax_performed_financially\" title=\"How has Thermax performed financially?\">How has Thermax performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#What_risks_should_investors_check_before_buying_water_treatment_and_energy_solution_stocks\" title=\"What risks should investors check before buying water treatment and energy solution stocks?\">What risks should investors check before buying water treatment and energy solution stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/water-treatment-chemicals-and-plants-desalination-and-wastewater-projects-and-energy-and-environment-solutions-stocks-roadmap-pinnacle-list\/#Is_this_list_of_water_treatment_and_energy_solution_stocks_investment_advice\" title=\"Is this list of water treatment and energy solution stocks investment advice?\">Is this list of water treatment and energy solution stocks investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Water_Treatment_and_Energy_Solution_Stocks\"><\/span><strong>What Are Water Treatment and Energy Solution Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Water treatment and energy solution stocks are listed companies that build treatment plants, supply chemicals and make boilers and pollution control equipment. Their earnings depend on order inflows, execution and recurring operating income.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Water_Treatment_and_Energy_Solution_Stocks_at_a_Glance\"><\/span><strong>Water Treatment and Energy Solution Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE (%)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">D\/E<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/ionexchang\/ion-exchange-(india)-ltd-share-price-today\">Ion Exchange (India)<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">347.8<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,397<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">55.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.36<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/wabag\/va-tech-wabag-ltd-share-price-today\">VA Tech Wabag<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,784.4<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11,717<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">29.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.4<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.09<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/thermax\/thermax-ltd-share-price-today\">Thermax<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,161.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">38,542<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">65.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">43.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">13.0<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.42<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>On valuation, all three trade at a P\/E above their industry P\/E, which reflects the growth the market already expects from them. Readers comparing water treatment and energy solution stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Water_Treatment_and_Energy_Solution_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Water Treatment and Energy Solution Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Water treatment and energy solution stocks have a strong roadmap in India because tighter water reuse and emission norms push industry and cities to invest in treatment and efficiency.<\/p>\n<ul>\n<li><strong>Water reuse norms.<\/strong> Rules push plants to recycle and treat water.<\/li>\n<li><strong>Municipal projects.<\/strong> City water and sewage projects keep coming.<\/li>\n<li><strong>Operating contracts.<\/strong> Plants run under long contracts add steady income.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Ion_Exchange_India_Features_Among_These_Water_Treatment_and_Energy_Solution_Stocks\"><\/span><strong>Why Ion Exchange (India) Features Among These Water Treatment and Energy Solution Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the water treatment and energy solution 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.<\/p>\n<p>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%.<\/p>\n<p>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.<\/p>\n<p><strong>Roadmap:<\/strong> 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.<\/p>\n<p><strong>What to watch:<\/strong> Track order inflows in water projects, chemicals demand and consumer product growth.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_VA_Tech_Wabag_Features_Among_These_Water_Treatment_and_Energy_Solution_Stocks\"><\/span><strong>Why VA Tech Wabag Features Among These Water Treatment and Energy Solution Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the wastewater and boiler company shares 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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p><strong>Roadmap:<\/strong> 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.<\/p>\n<p><strong>What to watch:<\/strong> Monitor the order book, the share of operation and maintenance contracts and working capital cycles on large projects.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Thermax_Features_Among_These_Water_Treatment_and_Energy_Solution_Stocks\"><\/span><strong>Why Thermax Features Among These Water Treatment and Energy Solution Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies on this list, Thermax is a Pune-based engineering company that provides energy and environment solutions, including boilers, heating and cooling systems, water and waste treatment, air pollution control and speciality chemicals.<\/p>\n<p>Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%.<\/p>\n<p>In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P\/E of 65.2, above the industry P\/E of 43.9.<\/p>\n<p><strong>Roadmap:<\/strong> Industrial demand for cleaner energy, efficient heating and cooling and pollution control creates a broad base of orders. The company is building newer lines in areas such as waste to energy, bio-energy and green solutions.<\/p>\n<p><strong>What to watch:<\/strong> Monitor order inflow across its energy and environment segments.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ion_Exchange_India_vs_VA_Tech_Wabag_vs_Thermax_on_Key_Financials\"><\/span><strong>Ion Exchange (India) vs VA Tech Wabag vs Thermax on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three water treatment and energy solution stocks side by side on revenue, profit and margin, using reported figures.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY22 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Revenue CAGR (FY22-FY26)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Profit (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Ion Exchange (India)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,619<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,001<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16.7%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">143<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">VA Tech Wabag<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,012<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,038<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.6%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">370<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Thermax<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6,255<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11,041<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">720<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>VA Tech Wabag posts the highest return on equity in this group at 14.4%. Thermax has the largest FY26 revenue at Rs 11,041 crore, and Ion Exchange (India) shows the fastest revenue growth with a 16.7% compound annual rate. A useful habit with water treatment and energy solution stocks is to check each new quarterly result against the capacity plans the company described earlier.<\/p>\n<p>The June 2026 quarter, the latest reported, gives a fresh read on momentum:<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Q1 FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Q1 FY27 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Year-on-Year Growth<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Ion Exchange (India)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">601<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">706<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">VA Tech Wabag<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">745<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">939<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Thermax<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,223<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,371<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Check_Before_Investing_in_Water_Treatment_and_Energy_Solution_Stocks\"><\/span><strong>Key Risks to Check Before Investing in Water Treatment and Energy Solution Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every theme carries risks that deserve a check before any decision. For these water treatment and energy solution stocks, the main points are: Long-term wastewater and boiler company shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.<\/p>\n<ul>\n<li><strong>Order timing.<\/strong> Large projects can shift between quarters.<\/li>\n<li><strong>Working capital.<\/strong> Public sector payments can take time.<\/li>\n<li><strong>Valuation levels.<\/strong> Some of these companies trade at high earnings multiples, so growth must continue to justify them.<\/li>\n<\/ul>\n<p>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.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Use the Univest Stock Screener<\/a><\/strong> to filter water treatment and energy solution stocks by market capitalisation, P\/E, ROE and growth, and build your own shortlist.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thoughts_on_Water_Treatment_and_Energy_Solution_Stocks\"><\/span><strong>Final Thoughts on Water Treatment and Energy Solution Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Water treatment and energy solution stocks reward investors who follow order inflows, execution and recurring income together. Ion Exchange (India), VA Tech Wabag and Thermax each serve a lasting need. Based on the 22 October 2026 close, Ion Exchange (India) trades at Rs 347.8, VA Tech Wabag at Rs 1,784.4 and Thermax at Rs 3,161.3. Valuation matters as much as growth, so compare each company&#8217;s P\/E with its industry P\/E before adding any of these water treatment and energy solution stocks to a watchlist.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track water treatment and energy solution stocks, set price alerts and get research-backed stock ideas.<\/em><\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> 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).<\/p>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"What_are_water_treatment_and_energy_solution_stocks\"><\/span><strong>What are water treatment and energy solution stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Water treatment and energy solution stocks are listed companies that build treatment plants, supply chemicals and make boilers and pollution control equipment. Their earnings depend on order inflows, execution and recurring operating income. This list looks at three of them, Ion Exchange (India), VA Tech Wabag and Thermax, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_water_treatment_and_energy_solution_stocks_are_covered_in_this_list\"><\/span><strong>Which water treatment and energy solution stocks are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This list covers Ion Exchange (India), VA Tech Wabag and Thermax. Based on the 22 October 2026 close, Ion Exchange (India) traded at Rs 347.8, VA Tech Wabag at Rs 1,784.4 and Thermax at Rs 3,161.3. Their return on equity ranges from 10.7% to 14.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.6% to 16.7%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_water_treatment_and_energy_solution_stocks_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do water treatment and energy solution stocks have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Water treatment and energy solution stocks have a strong roadmap in India because tighter water reuse and emission norms push industry and cities to invest in treatment and efficiency. The main drivers are as follows. Water reuse norms. Rules push plants to recycle and treat water. Municipal projects. City water and sewage projects keep coming. Operating contracts. Plants run under long contracts add steady income. Together these factors give the companies on this list a visible path for growth over the coming years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Ion_Exchange_India_performed_financially\"><\/span><strong>How has Ion Exchange (India) performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_VA_Tech_Wabag_performed_financially\"><\/span><strong>How has VA Tech Wabag performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Thermax_performed_financially\"><\/span><strong>How has Thermax performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%. In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P\/E of 65.2, above the industry P\/E of 43.9. Looking ahead, industrial demand for cleaner energy, efficient heating and cooling and pollution control creates a broad base of orders. The company is building newer lines in areas such as waste to energy, bio-energy and green solutions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_should_investors_check_before_buying_water_treatment_and_energy_solution_stocks\"><\/span><strong>What risks should investors check before buying water treatment and energy solution stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should check a few risks before buying water treatment and energy solution stocks. Order timing. Large projects can shift between quarters. Working capital. Public sector payments can take time. 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_list_of_water_treatment_and_energy_solution_stocks_investment_advice\"><\/span><strong>Is this list of water treatment and energy solution stocks investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. This article is educational and uses publicly available data as of the 22 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.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What are water treatment and energy solution stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Water treatment and energy solution stocks are listed companies that build treatment plants, supply chemicals and make boilers and pollution control equipment. Their earnings depend on order inflows, execution and recurring operating income. This list looks at three of them, Ion Exchange (India), VA Tech Wabag and Thermax, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.\"}},{\"@type\":\"Question\",\"name\":\"Which water treatment and energy solution stocks are covered in this list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This list covers Ion Exchange (India), VA Tech Wabag and Thermax. Based on the 22 October 2026 close, Ion Exchange (India) traded at Rs 347.8, VA Tech Wabag at Rs 1,784.4 and Thermax at Rs 3,161.3. Their return on equity ranges from 10.7% to 14.4%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.6% to 16.7%.\"}},{\"@type\":\"Question\",\"name\":\"Why do water treatment and energy solution stocks have a strong future roadmap in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Water treatment and energy solution stocks have a strong roadmap in India because tighter water reuse and emission norms push industry and cities to invest in treatment and efficiency. The main drivers are as follows. Water reuse norms. Rules push plants to recycle and treat water. Municipal projects. City water and sewage projects keep coming. Operating contracts. Plants run under long contracts add steady income. Together these factors give the companies on this list a visible path for growth over the coming years.\"}},{\"@type\":\"Question\",\"name\":\"How has Ion Exchange (India) performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"How has VA Tech Wabag performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"How has Thermax performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%. In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P\/E of 65.2, above the industry P\/E of 43.9. Looking ahead, industrial demand for cleaner energy, efficient heating and cooling and pollution control creates a broad base of orders. The company is building newer lines in areas such as waste to energy, bio-energy and green solutions.\"}},{\"@type\":\"Question\",\"name\":\"What risks should investors check before buying water treatment and energy solution stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Investors should check a few risks before buying water treatment and energy solution stocks. Order timing. Large projects can shift between quarters. Working capital. Public sector payments can take time. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. 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Compare price, valuation, return on equity and revenue growth as of 22 October 2026.<\/p>\n","protected":false},"author":29,"featured_media":325409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[3803,15447,15448,7051,5720,15446,15445],"class_list":["post-325410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-best-stocks","tag-environment-solution-stocks","tag-ion-exchange-india","tag-thermax","tag-va-tech-wabag","tag-wastewater-and-boiler-company-shares","tag-water-treatment-and-energy-solution-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["325409"],"rank_math_title":["Water Treatment and Energy Solution Stocks"],"rank_math_description":["Compare 3 water treatment and energy solution stocks with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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