Synopsis: India’s deepening water crisis is accelerating demand for treatment, recycling, and supply systems. This might be a good opportunity for players engaged in the infrastructure and engineering segment, and in this we will discuss about some companies which you might keep in the watchlist.
India is facing a serious water shortage. The country has 18 percent of the world’s population but only 4 percent of its fresh water. About 60 crore people already live in areas with high water stress.
By 2030, our water demand may double the available supply. Groundwater is vanishing quickly, and large cities like Delhi and Bengaluru could soon run out. Since farming uses 80 percent of India’s water, cities and industries struggle to get enough. This growing crisis highlights how urgently India needs better systems to save, treat, and reuse water.
India’s water treatment industry is expanding rapidly as the demand for clean and recycled water grows. The market is expected to nearly double from its current USD 9.64 billion in 2024 to USD 18.63 billion by 2033 (~Rs 1.71 lakh crore), growing at a CAGR of 7.60 percent.
Government programs like Jal Jeevan Mission and AMRUT 2.0 are investing heavily in water infrastructure. Rapid urban growth and tighter environmental regulations are also pushing companies to install modern treatment and recycling systems. All these factors are creating strong opportunities for businesses that provide water solutions. Companies to watch out for:
Va Tech Wabag
VA Tech Wabag is a listed global water-technology company that constructs plants to purify drinking water, treat waste and undertake mega desalination projects. As India’s water scarcity has grown, Wabag’s expertise in wastewater recycling and reuse has also become more valuable for the cities and industries that have been seeking to reduce their use of freshwater.
As it also operates the treatment plants, Wabag is well placed to make use of opportunities from India’s growing investment in water infrastructure because it has such broad involvement in every stage of the process.
As of the latest filing available, the company has a robust order book of over Rs 16,000 crore, of which it derived Rs 7,584 crore of order value from India, followed by Rs 7,180 crore from overseas and the remaining Rs 1,255 crore from framework.
ION Exchange
ION Exchange offers integrated water- and wastewater treatment solutions comprising chemicals, resins, and high-tech equipment to treat and recycle water. The company’s zero liquid discharge and industrial recycling water systems assist companies in cutting down on the use of fresh water as regulations tighten.
With India’s heavy investment into treatment plants, reuse technologies, and industrial compliance, ION Exchange is well-positioned to capitalise on growing demand across industry and municipalities.
As of the latest filing available, the company has a robust order book of nearly Rs 2,711 crore, of which it secured orders worth Rs 470 crore in the latest quarter itself, with another Rs 9,011 crore of orders in the bid pipeline.
Thermax
Thermax provides a wide variety of industrial water-treatment and wastewater-recycling solutions that also cover sewage treatment and zero liquid discharge systems. Although it is a composite engineering company, the water department of the company is instrumental in the process of recycling wastewater and minimising its freshwater consumption.
With India enforcing stricter environmental regulations and setting a target to reduce groundwater use, Thermax, with its solutions focused on efficiency and driven by compliance, becomes a significant player in the expanding water-treatment market.
As of the latest filing available, the company has a robust order book of nearly Rs 12,300 crore, of which orders worth Rs 6,226 crore belong to the industrial infra segment, followed by Rs 4,868 crore from Industrial products, Rs 973 crore from green solutions and the remaining Rs 233 crore of order value from the chemicals segment.
SPML Infra
SPML Infra is the company that establishes the fundamental infrastructure necessary for the large-scale transportation of water. Their work involves installing massive pipelines, constructing pumping stations, and developing water supply networks that carry treated water to urban areas, industries, and agricultural lands.
As the government is pumping funds into clean water supply and sewage system projects, SPML, with its expertise in large-scale water transport, is not only a significant leader in India’s water infrastructure scene but also a substantial winner of the water infrastructure sector’s growth in India.
As of the latest filing available, the company, along with its JV, secured orders worth Rs 3,772 crore and the management also quoted that it has an L1 position (lowest bidder) amounting to Rs 1,125 crore.
Kirloskar Brothers: Kirloskar Brothers is among the top-ranked Indian companies that manufacture pumps. They provide the high-capacity pumps that are required for water supply, irrigation, wastewater treatment, and desalination systems.
The demand for dependable, massive pumping systems is going up as India is increasing the water infrastructure needed to overcome shortages. Kirloskar, with its diverse product line, is the enabler of such projects that range from municipal water supply schemes to industrial units and large irrigation networks. As of the latest filing available, the company has a robust order book of nearly Rs 2,127 crore, of which orders worth ~Rs 200 crore were booked in the last quarter of FY26.
India’s water crisis is no longer a distant risk as it’s becoming a structural reality that will shape how cities grow, industries operate, and farms survive. As the presence of water becomes more valuable, companies that help treat, recycle, transport, and efficiently use water are likely to play a critical role in the country’s future.
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Satyajeet is a Financial Analyst at Trade brains with 3+ years of experience, focusing on turning complex financial data into clear, data-backed insights. He specialises in equity research, company and sector analysis, IPO evaluation, and tracking market trends to create investor-friendly content.