Government announces extension of Jal Jeevan Mission till 2028; here is how key stocks fared in Q3

Shares of water management and treatment companies like Shakti Pumps, VA Tech Wabag and Welspun Corp saw investor traction on Wednesday morning after a significant industry development.

The Union Cabinet extended the Jal Jeevan Mission up to December 2028, with a total outlay of ₹8.7 lakh crore for the rural drinking water supply project. During the FY27 budget, the government allocated ₹67,670 crore. The central government also hiked its share from ₹2.8 lakh crore to ₹3.59 lakh crore in the extension.

The extension is not just an enhancement in the budget, but a shift of focus towards service delivery. The government wants to ensure that the mission does not just limit itself to last-mile water connectivity, but also to consistent and sustained delivery of water 24/7.

Following the development shares of pipe and fittings companies, EPC water infra companies, and Pump & Motors will be in focus. Consequently, Shakti Pumps share price jumped over 12%, VA Tech Wabag's share price up 7%, Ion Exchange's share price up 9%, KSB Ltd's share price up 4%, Kirloskar Brothers ' share price up 4%, Astral's share price up 5%, and Prince Pipe's share price up 7%.

Here is how the water-related stocks have performed in Q3FY26

Shakti Pumps

Shares of Shakti Pumps soared over 12% on Wednesday morning after the announcement made on the Jal Jeevan Mission. The shares have seen a steep fall in the share price from ₹1,100 to ₹550 in one year. On the earnings front, the Q3FY26 revenue slid by 15% You to ₹551 crore as compared to ₹649 crore in the same period last year. On the operating front, the company’s EBITDA dropped by 56% YoY to 59 crore. Lastly, the net profit for the quarter also fell by over 65% YoY to ₹31 crore. After a nearly 60% drop in the share price, the company currently trades at a 21x price-to-earnings valuation.

VA Tech Wabag

VA Tech Wabag is a core water-treatment player in the field holds major position in design, supply, construction and operational management of drinking water, waste water treatment. In Q3FY26, the company’s revenue jumped 18.5% YoY to ₹961 crore as compared to ₹811 crore in the same period last year. The operating EBITDA jumped 21% YoY to ₹121 crore, as against ₹100 crore in the same period last year. Lastly, the net profit jumped 24% YoY to ₹90.5 crore. The stock currently trades at a 23.1x price-to-earnings ratio as of TTM EPS of 54.9 per share. The stock price has corrected by over 34% from its record high levels touched in December 2024.

Ion Exchange

Ion Exchange is slated to be another key beneficiary of the JJM, as the company is involved in providing a wide range of solutions in the field of water treatment, wastewater treatment, recycling, and zero liquid discharge. In Q3FY26, the topline grew by 6.3% YoY to ₹734 crore as compared to ₹690 crore in the same period last year. The operating EBITDA declined by 21% YoY to ₹59 crore as against ₹75 crore in the Q3FY25; the EBITDA margin for the quarter also contracted by nearly 300 bps to 8%. The profit after tax also declined by 60% YoY to ₹19.5 crore as against ₹49 crore. The share price has corrected 50% from the record high levels touched in July 2024. Stock trades at a 28.7x price-to-earnings ratio on the TTM EPS of ₹12.4 per share.

Denta Water & Infra Solutions

The company operates in water engineering, procurement and construction services. The recently listed company’s shares have fallen over 45% from the record high levels touched in October 2025.

The Q3FY26 revenue for the company jumped 4.2% YoY to ₹53 crore as compared to ₹51 crore in the same period last year. While the EBITDA growth stood subdued at 5% YoY at ₹17.4 crore. Consequently, the profit after tax for the company dropped by 4.3% YoY. The trades at a 10.7x price to earnings ratio at the TTM EPS of ₹24 per share.