Shares of pipe, pumps and engineering procurement and construction (EPC) companies surged sharply in a volatile market on Wednesday after the Union Cabinet approved the extension of the Jal Jeevan Mission until December 2028 with a significantly enhanced outlay of ₹8.7 lakh crore.
The decision is aimed at accelerating rural drinking water infrastructure across the country and is expected to drive large-scale order inflows for companies linked to water management and pipeline infrastructure.
Water infra push boosts EPC, pipes and pump companies
Stocks like Shakti Pumps, NCC and Astral surge sharply
Firms expected to gain strong multi-year order visibility and rural demand growth
The enhanced outlay will help strengthen last-mile infrastructure, improve system efficiency, and support stronger rural water governance and asset management, Vivek Gupta, Chairman and Managing Director, Oswal Pumps, said.
The scale of the program is expected to drive significant momentum across the water infrastructure ecosystem, encouraging innovation, technology adoption, and long-term capacity building, Gupta added.
From an industry perspective, Abhinav Tiwari, Research Analyst at Bonanza, said the extension provides multi-year revenue visibility (until FY28) for companies involved in water EPC, pipes, pumps, and treatment solutions.
Brokerage firm SBI Securities said the move is positive for several companies in the pipes, pumps and EPC segments, citing strong business potential and improved revenue visibility.
According to Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments, the development is hugely positive for companies in water supply management.
“Segments like pumps, pipes and related products will benefit. This decision reflects a change of focus from exclusively infra projects to services that benefit households, particularly the marginalized and the poor. Also, relieving women from the drudgery of fetching water will enhance the availability of women labour,” Vijayakumar added.
EPC contractors such as NCC Limited, Welspun Enterprises, and Ramky Infrastructure are likely to benefit from higher order inflows as states accelerate tendering of water supply projects.
At the equipment level, pump manufacturers like Kirloskar Brothers Limited, Shakti Pumps, and WPIL Limited could see strong demand because rural water networks require multiple pumping stations and booster systems.
Pipe manufacturers such as Astral Limited, Apollo Pipes, and Electrosteel Castings should also benefit as pipeline networks form a large portion of project costs, the Bonanza analyst emphasized.
Among the top gainers, shares of Shakti Pumps rallied 19 per cent to ₹583.30 on the National Stock Exchange, nearing their upper circuit limit of ₹587.90 compared with the previous close of ₹489.95. Man Industries, Oswal Pumps, Apollo Pipes, Roto Pumps and KSB Pumps also rallied significantly.
Jain Irrigation Systems also witnessed strong buying momentum, with the stock climbing over 13 per cent to ₹23.25. Denta Water and Infra Solutions also zoomed over 18 per cent.
Shares of VA Tech Wabag advanced 10 per cent to ₹1,318.80.
Astral shares hit a fresh 52-week high of ₹1,709.50 on the NSE.
Engineering and construction major NCC rose 6 per cent to ₹155, benefiting from expectations of increased EPC contract awards linked to large-scale water infrastructure rollout.
Under its coverage, Choice Institutional Equities said Man Industries (India), which produces large-diameter LSAW and HSAW steel pipes used in high-pressure transmission pipelines for oil, gas and water projects, is witnessing a gradual shift in demand drivers.
While the company has historically relied on oil and gas exports, domestic water infrastructure is emerging as an important growth segment. However, the brokerage highlighted that water pipeline projects typically carry lower margins, meaning JJM 2.0 is likely to drive volume growth without significantly improving profitability.
For Apollo Pipes, the brokerage expects stronger structural benefits as the company operates in the last-mile water distribution segment. Apollo Pipes manufactures PVC and CPVC pipes, HDPE piping systems, fittings and plumbing products, placing it in a favorable position to capitalize on government-led water infrastructure programs.
Choice Institutional Equities said such initiatives are key growth drivers for the plastic pipes industry, which is projected to surpass ₹1 lakh crore in size by 2030. It also noted that Apollo Pipes’ acquisition of a controlling stake in Kisan Mouldings Ltd has expanded its product portfolio and distribution network, strengthening its capacity to capture rising infrastructure demand.
(This is a developing story)
Published on March 11, 2026