# Water Treatment — company-by-company sector analysis

> Water Treatment: Va Tech Wabag Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Water Treatment has outperformed NIFTY 500 by 4.1% over 52 weeks and 20.4% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself. Va Tech Wabag Ltd leads with revenue of ₹3,943 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the Water Treatment sector outperforming NIFTY 500?

Water Treatment has outperformed NIFTY 500 by 4.1% over 52 weeks and 20.4% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself.

### Which Water Treatment company is largest by revenue?

Va Tech Wabag Ltd leads with revenue of ₹3,943 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Water Treatment company is growing fastest?

Va Tech Wabag Ltd has the fastest current revenue growth at 19.7%, across 4 of 4 comparable companies.

### Which Water Treatment company has the strongest 4-Factor Sector Score?

Va Tech Wabag Ltd ranks first at 72.6/100 with 94% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Water Treatment company has the least gross debt?

Jash Engineering Ltd has the lowest comparable gross debt at ₹103 crore. Welspun Enterprises Ltd has the highest at ₹1,987 crore.

### Which Water Treatment company has the lowest comparable PEG?

Jash Engineering Ltd has the lowest comparable Guarded PEG at 0.66, among 4 of 4 companies that pass the metric’s comparability rules.

### How much history does this Water Treatment comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Water Treatment has outperformed NIFTY 500 by 4.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 20.4%. 4 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Va Tech Wabag Ltd is the strongest against the sector itself at +19.1%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 20%
52-week sector return versus NIFTY 500: 4.1%
Stocks leading NIFTY: 4/4
Stocks leading sector: 1/4

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 4
Combined market value: ₹30.5K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Va Tech Wabag Ltd (WABAG): 73/100 — Favorable setup; evidence 94%
   - Growth & earnings 21.5/35 | Capital efficiency 20.9/25 | Valuation 10.2/20 | Relative strength 20.0/20
   - Exact sum: 21.5 + 20.9 + 10.2 + 20 = 72.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Welspun Enterprises Ltd (WELENT): 51/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 19.8/35 | Capital efficiency 17.1/25 | Valuation 5.3/20 | Relative strength 8.5/20
   - Exact sum: 19.8 + 17.1 + 5.3 + 8.5 = 50.7
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Jash Engineering Ltd (JASH): 46/100 — Mixed-negative evidence; evidence 91%
   - Growth & earnings 8.3/35 | Capital efficiency 17.4/25 | Valuation 12.3/20 | Relative strength 8.0/20
   - Exact sum: 8.3 + 17.4 + 12.3 + 8 = 46
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Ion Exchange (India) Ltd (IONEXCHANG): 29/100 — Adverse evidence; evidence 91%
   - Growth & earnings 5.3/35 | Capital efficiency 11.8/25 | Valuation 2.6/20 | Relative strength 9.5/20
   - Exact sum: 5.3 + 11.8 + 2.6 + 9.5 = 29.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Va Tech Wabag Ltd is the scale leader at ₹3,943 crore, 9.1% ahead of Welspun Enterprises Ltd. Va Tech Wabag Ltd's growth is 19.7% from a ₹3,943 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Va Tech Wabag Ltd is the scale benchmark; Va Tech Wabag Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Va Tech Wabag Ltd's growth falls below Va Tech Wabag Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Va Tech Wabag Ltd · ₹3,943 crore | 9.1% versus #2 · Welspun Enterprises Ltd | 8/8 recent comparable periods | 4/4 companies · 79 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Va Tech Wabag Ltd (WABAG): ₹3.9K Cr
2. Welspun Enterprises Ltd (WELENT): ₹3.6K Cr
3. Ion Exchange (India) Ltd (IONEXCHANG): ₹2.9K Cr
4. Jash Engineering Ltd (JASH): ₹737 Cr

### Revenue growth — fastest growers
1. Va Tech Wabag Ltd (WABAG): 20%
2. Ion Exchange (India) Ltd (IONEXCHANG): 6.4%
3. Jash Engineering Ltd (JASH): 0.1%
4. Welspun Enterprises Ltd (WELENT): -2.2%

### 20-quarter Revenue history
- WABAG: Jun 2021 ₹658 Cr | Sep 2021 ₹684 Cr | Dec 2021 ₹745 Cr | Mar 2022 ₹892 Cr | Jun 2022 ₹632 Cr | Sep 2022 ₹750 Cr | Dec 2022 ₹652 Cr | Mar 2023 ₹927 Cr | Jun 2023 ₹553 Cr | Sep 2023 ₹665 Cr | Dec 2023 ₹704 Cr | Mar 2024 ₹934 Cr | Jun 2024 ₹626 Cr | Sep 2024 ₹700 Cr | Dec 2024 ₹811 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹734 Cr | Sep 2025 ₹834 Cr | Dec 2025 ₹961 Cr | Mar 2026 ₹1.4K Cr
- WELENT: Jun 2021 ₹372 Cr | Sep 2021 ₹303 Cr | Dec 2021 ₹242 Cr | Mar 2022 — | Jun 2022 ₹763 Cr | Sep 2022 ₹530 Cr | Dec 2022 ₹692 Cr | Mar 2023 ₹845 Cr | Jun 2023 ₹699 Cr | Sep 2023 ₹646 Cr | Dec 2023 ₹707 Cr | Mar 2024 ₹821 Cr | Jun 2024 ₹930 Cr | Sep 2024 ₹815 Cr | Dec 2024 ₹896 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹845 Cr | Sep 2025 ₹784 Cr | Dec 2025 ₹787 Cr | Mar 2026 ₹1.2K Cr
- IONEXCHANG: Jun 2021 ₹314 Cr | Sep 2021 ₹378 Cr | Dec 2021 ₹388 Cr | Mar 2022 ₹496 Cr | Jun 2022 ₹382 Cr | Sep 2022 ₹448 Cr | Dec 2022 ₹512 Cr | Mar 2023 ₹647 Cr | Jun 2023 ₹479 Cr | Sep 2023 ₹533 Cr | Dec 2023 ₹554 Cr | Mar 2024 ₹782 Cr | Jun 2024 ₹568 Cr | Sep 2024 ₹644 Cr | Dec 2024 ₹691 Cr | Mar 2025 ₹835 Cr | Jun 2025 ₹583 Cr | Sep 2025 ₹734 Cr | Dec 2025 ₹734 Cr | Mar 2026 ₹863 Cr
- JASH: Jun 2021 ₹45 Cr | Sep 2021 ₹61 Cr | Dec 2021 ₹104 Cr | Mar 2022 ₹157 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹114 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹95 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹217 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹300 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹158 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹291 Cr

### 20-quarter Revenue growth history
- WABAG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.0% | Sep 2022 9.7% | Dec 2022 -12% | Mar 2023 3.9% | Jun 2023 -13% | Sep 2023 -11% | Dec 2023 8.0% | Mar 2024 0.8% | Jun 2024 13% | Sep 2024 5.3% | Dec 2024 15% | Mar 2025 24% | Jun 2025 17% | Sep 2025 19% | Dec 2025 19% | Mar 2026 22%
- WELENT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 105% | Sep 2022 75% | Dec 2022 186% | Mar 2023 — | Jun 2023 -8.4% | Sep 2023 22% | Dec 2023 2.2% | Mar 2024 -2.8% | Jun 2024 33% | Sep 2024 26% | Dec 2024 27% | Mar 2025 28% | Jun 2025 -9.1% | Sep 2025 -3.8% | Dec 2025 -12% | Mar 2026 14%
- IONEXCHANG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 19% | Dec 2022 32% | Mar 2023 30% | Jun 2023 25% | Sep 2023 19% | Dec 2023 8.2% | Mar 2024 21% | Jun 2024 19% | Sep 2024 21% | Dec 2024 25% | Mar 2025 6.8% | Jun 2025 2.6% | Sep 2025 14% | Dec 2025 6.2% | Mar 2026 3.4%
- JASH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.2% | Sep 2022 18% | Dec 2022 9.6% | Mar 2023 7.6% | Jun 2023 39% | Sep 2023 32% | Dec 2023 22% | Mar 2024 28% | Jun 2024 80% | Sep 2024 47% | Dec 2024 30% | Mar 2025 38% | Jun 2025 11% | Sep 2025 13% | Dec 2025 -12% | Mar 2026 -3.0%

## Operating Economics & Margin Trend

What the numbers say: Jash Engineering Ltd leads both opm at 24% and margin change at +4 percentage points.

Investor read: Jash Engineering Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Jash Engineering Ltd · 24% | 20% versus #2 · Welspun Enterprises Ltd | 3/8 recent comparable periods | 4/4 companies · 80 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Jash Engineering Ltd (JASH): 24%
2. Welspun Enterprises Ltd (WELENT): 20%
3. Va Tech Wabag Ltd (WABAG): 11%
4. Ion Exchange (India) Ltd (IONEXCHANG): 2.0%

### Margin change — fastest expanders
1. Jash Engineering Ltd (JASH): +4.0 pp
2. Welspun Enterprises Ltd (WELENT): +3.0 pp
3. Va Tech Wabag Ltd (WABAG): −1.0 pp
4. Ion Exchange (India) Ltd (IONEXCHANG): −8.0 pp

### 20-quarter OPM history
- WABAG: Jun 2021 4.3% | Sep 2021 8.3% | Dec 2021 10% | Mar 2022 8.0% | Jun 2022 3.6% | Sep 2022 7.2% | Dec 2022 14% | Mar 2023 12% | Jun 2023 10% | Sep 2023 13% | Dec 2023 14% | Mar 2024 12% | Jun 2024 13% | Sep 2024 13% | Dec 2024 12% | Mar 2025 12% | Jun 2025 13% | Sep 2025 11% | Dec 2025 13% | Mar 2026 11%
- WELENT: Jun 2021 8.4% | Sep 2021 9.0% | Dec 2021 6.1% | Mar 2022 16% | Jun 2022 5.1% | Sep 2022 9.0% | Dec 2022 10% | Mar 2023 11% | Jun 2023 15% | Sep 2023 13% | Dec 2023 18% | Mar 2024 14% | Jun 2024 18% | Sep 2024 16% | Dec 2024 18% | Mar 2025 17% | Jun 2025 21% | Sep 2025 22% | Dec 2025 20% | Mar 2026 20%
- IONEXCHANG: Jun 2021 11% | Sep 2021 11% | Dec 2021 11% | Mar 2022 19% | Jun 2022 8.6% | Sep 2022 12% | Dec 2022 12% | Mar 2023 16% | Jun 2023 10% | Sep 2023 11% | Dec 2023 13% | Mar 2024 12% | Jun 2024 11% | Sep 2024 11% | Dec 2024 11% | Mar 2025 10% | Jun 2025 11% | Sep 2025 9.0% | Dec 2025 8.0% | Mar 2026 2.0%
- JASH: Jun 2021 -4.1% | Sep 2021 4.9% | Dec 2021 18% | Mar 2022 17% | Jun 2022 -3.3% | Sep 2022 13% | Dec 2022 18% | Mar 2023 21% | Jun 2023 -1.0% | Sep 2023 15% | Dec 2023 23% | Mar 2024 24% | Jun 2024 3.0% | Sep 2024 18% | Dec 2024 23% | Mar 2025 20% | Jun 2025 -3.0% | Sep 2025 13% | Dec 2025 11% | Mar 2026 24%

### 20-quarter Margin change history
- WABAG: Jun 2021 −2.4 pp | Sep 2021 +1.2 pp | Dec 2021 +1.3 pp | Mar 2022 +0.4 pp | Jun 2022 −0.7 pp | Sep 2022 −1.1 pp | Dec 2022 +3.9 pp | Mar 2023 +4.0 pp | Jun 2023 +6.4 pp | Sep 2023 +5.8 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp
- WELENT: Jun 2021 −1.3 pp | Sep 2021 −1.5 pp | Dec 2021 −3.7 pp | Mar 2022 +3.7 pp | Jun 2022 −3.3 pp | Sep 2022 +0.1 pp | Dec 2022 +3.9 pp | Mar 2023 −4.6 pp | Jun 2023 +9.9 pp | Sep 2023 +4.0 pp | Dec 2023 +8.0 pp | Mar 2024 +3.0 pp | Jun 2024 +3.0 pp | Sep 2024 +3.0 pp | Dec 2024 0.0 pp | Mar 2025 +3.0 pp | Jun 2025 +3.0 pp | Sep 2025 +6.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp
- IONEXCHANG: Jun 2021 −0.3 pp | Sep 2021 −0.0 pp | Dec 2021 −1.7 pp | Mar 2022 −0.1 pp | Jun 2022 −2.8 pp | Sep 2022 +1.4 pp | Dec 2022 +1.0 pp | Mar 2023 −3.1 pp | Jun 2023 +1.4 pp | Sep 2023 −0.9 pp | Dec 2023 +1.0 pp | Mar 2024 −4.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 −2.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 −3.0 pp | Mar 2026 −8.0 pp
- JASH: Jun 2021 +0.9 pp | Sep 2021 −6.7 pp | Dec 2021 −2.3 pp | Mar 2022 −6.4 pp | Jun 2022 +0.7 pp | Sep 2022 +8.1 pp | Dec 2022 +0.4 pp | Mar 2023 +3.6 pp | Jun 2023 +2.3 pp | Sep 2023 +2.0 pp | Dec 2023 +5.0 pp | Mar 2024 +3.0 pp | Jun 2024 +4.0 pp | Sep 2024 +3.0 pp | Dec 2024 0.0 pp | Mar 2025 −4.0 pp | Jun 2025 −6.0 pp | Sep 2025 −5.0 pp | Dec 2025 −12.0 pp | Mar 2026 +4.0 pp

## Profit Scale & Acceleration

What the numbers say: Welspun Enterprises Ltd leads with ₹393 crore of TTM profit, 6.2% above Va Tech Wabag Ltd. Va Tech Wabag Ltd shows 25.4% growth from a ₹370 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Welspun Enterprises Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Welspun Enterprises Ltd · ₹393 crore | 6.2% versus #2 · Va Tech Wabag Ltd | 4/8 recent comparable periods | 4/4 companies · 79 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Welspun Enterprises Ltd (WELENT): ₹393 Cr
2. Va Tech Wabag Ltd (WABAG): ₹370 Cr
3. Ion Exchange (India) Ltd (IONEXCHANG): ₹143 Cr
4. Jash Engineering Ltd (JASH): ₹76 Cr

### Profit growth — fastest growers
1. Va Tech Wabag Ltd (WABAG): 25%
2. Welspun Enterprises Ltd (WELENT): 11%
3. Jash Engineering Ltd (JASH): -13%
4. Ion Exchange (India) Ltd (IONEXCHANG): -32%

### 20-quarter Net profit history
- WABAG: Jun 2021 ₹15 Cr | Sep 2021 ₹26 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹-112 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹128 Cr
- WELENT: Jun 2021 ₹26 Cr | Sep 2021 ₹23 Cr | Dec 2021 ₹13 Cr | Mar 2022 — | Jun 2022 ₹49 Cr | Sep 2022 ₹133 Cr | Dec 2022 ₹402 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹163 Cr
- IONEXCHANG: Jun 2021 ₹24 Cr | Sep 2021 ₹27 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹24 Cr
- JASH: Jun 2021 ₹-4 Cr | Sep 2021 ₹-1 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹57 Cr

### 20-quarter Profit growth history
- WABAG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 81% | Dec 2022 6.8% | Mar 2023 -343% | Jun 2023 67% | Sep 2023 28% | Dec 2023 34% | Mar 2024 — | Jun 2024 10% | Sep 2024 17% | Dec 2024 11% | Mar 2025 28% | Jun 2025 20% | Sep 2025 21% | Dec 2025 30% | Mar 2026 28%
- WELENT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 88% | Sep 2022 478% | Dec 2022 2,992% | Mar 2023 — | Jun 2023 90% | Sep 2023 -48% | Dec 2023 -80% | Mar 2024 -45% | Jun 2024 18% | Sep 2024 -10% | Dec 2024 -3.8% | Mar 2025 35% | Jun 2025 -8.2% | Sep 2025 58% | Dec 2025 -60% | Mar 2026 55%
- IONEXCHANG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 44% | Dec 2022 71% | Mar 2023 -2.4% | Jun 2023 18% | Sep 2023 7.7% | Dec 2023 -2.1% | Mar 2024 -11% | Jun 2024 36% | Sep 2024 21% | Dec 2024 6.4% | Mar 2025 -13% | Jun 2025 6.7% | Sep 2025 -2.0% | Dec 2025 -58% | Mar 2026 -62%
- JASH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 21% | Mar 2023 43% | Jun 2023 — | Sep 2023 50% | Dec 2023 35% | Mar 2024 18% | Jun 2024 — | Sep 2024 78% | Dec 2024 52% | Mar 2025 -7.7% | Jun 2025 — | Sep 2025 -31% | Dec 2025 -63% | Mar 2026 58%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Va Tech Wabag Ltd has the clearest covered balance-sheet capacity with ₹831 crore net cash and gross debt of ₹228 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Jash Engineering Ltd · ₹103 crore | 54.8% versus #2 · Va Tech Wabag Ltd | 7/8 recent comparable periods | 4/4 companies · 79 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Jash Engineering Ltd (JASH): ₹103 Cr
2. Va Tech Wabag Ltd (WABAG): ₹228 Cr
3. Ion Exchange (India) Ltd (IONEXCHANG): ₹482 Cr
4. Welspun Enterprises Ltd (WELENT): ₹2.0K Cr

### Net debt — lowest net debt
1. Va Tech Wabag Ltd (WABAG): ₹-831 Cr
2. Jash Engineering Ltd (JASH): ₹-4 Cr
3. Ion Exchange (India) Ltd (IONEXCHANG): ₹163 Cr
4. Welspun Enterprises Ltd (WELENT): ₹266 Cr

### 20-quarter Gross debt history
- WABAG: Jun 2021 ₹358 Cr | Sep 2021 ₹490 Cr | Dec 2021 ₹490 Cr | Mar 2022 ₹436 Cr | Jun 2022 ₹436 Cr | Sep 2022 ₹383 Cr | Dec 2022 ₹383 Cr | Mar 2023 ₹219 Cr | Jun 2023 ₹219 Cr | Sep 2023 ₹283 Cr | Dec 2023 ₹283 Cr | Mar 2024 ₹289 Cr | Jun 2024 ₹289 Cr | Sep 2024 ₹428 Cr | Dec 2024 ₹428 Cr | Mar 2025 ₹362 Cr | Jun 2025 ₹362 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹240 Cr | Mar 2026 ₹228 Cr
- WELENT: Jun 2021 ₹2.1K Cr | Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹939 Cr | Dec 2022 ₹939 Cr | Mar 2023 ₹764 Cr | Jun 2023 ₹764 Cr | Sep 2023 ₹727 Cr | Dec 2023 ₹727 Cr | Mar 2024 ₹762 Cr | Jun 2024 ₹762 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr
- IONEXCHANG: Jun 2021 ₹62 Cr | Sep 2021 ₹71 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹100 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹216 Cr | Mar 2025 ₹323 Cr | Jun 2025 — | Sep 2025 ₹421 Cr | Dec 2025 ₹421 Cr | Mar 2026 ₹482 Cr
- JASH: Jun 2021 ₹72 Cr | Sep 2021 ₹86 Cr | Dec 2021 ₹86 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹108 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹112 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹103 Cr

### 20-quarter Net debt history
- WABAG: Jun 2021 ₹10 Cr | Sep 2021 ₹254 Cr | Dec 2021 ₹254 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹-50 Cr | Jun 2023 ₹-49 Cr | Sep 2023 ₹-54 Cr | Dec 2023 ₹-54 Cr | Mar 2024 ₹-217 Cr | Jun 2024 ₹-217 Cr | Sep 2024 ₹-209 Cr | Dec 2024 ₹-209 Cr | Mar 2025 ₹-580 Cr | Jun 2025 ₹-580 Cr | Sep 2025 ₹-558 Cr | Dec 2025 ₹-558 Cr | Mar 2026 ₹-831 Cr
- WELENT: Jun 2021 ₹1.8K Cr | Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹696 Cr | Dec 2022 ₹696 Cr | Mar 2023 ₹-1.0K Cr | Jun 2023 ₹-1.1K Cr | Sep 2023 ₹-196 Cr | Dec 2023 ₹-196 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹-204 Cr | Sep 2024 ₹305 Cr | Dec 2024 ₹305 Cr | Mar 2025 ₹539 Cr | Jun 2025 ₹392 Cr | Sep 2025 ₹941 Cr | Dec 2025 ₹941 Cr | Mar 2026 ₹266 Cr
- IONEXCHANG: Jun 2021 ₹-274 Cr | Sep 2021 ₹-399 Cr | Dec 2021 ₹-399 Cr | Mar 2022 ₹-283 Cr | Jun 2022 ₹-481 Cr | Sep 2022 ₹-465 Cr | Dec 2022 ₹-465 Cr | Mar 2023 ₹-281 Cr | Jun 2023 ₹-489 Cr | Sep 2023 ₹-451 Cr | Dec 2023 ₹-451 Cr | Mar 2024 ₹-218 Cr | Jun 2024 ₹-436 Cr | Sep 2024 ₹-275 Cr | Dec 2024 ₹-275 Cr | Mar 2025 ₹19 Cr | Jun 2025 — | Sep 2025 ₹30 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹163 Cr
- JASH: Jun 2021 ₹67 Cr | Sep 2021 ₹53 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-4 Cr

## Return On Capital Employed

What the numbers say: Va Tech Wabag Ltd leads ROCE at 21.3%, 3.6 percentage points above Jash Engineering Ltd. Welspun Enterprises Ltd has the strongest latest improvement at +2.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Va Tech Wabag Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Va Tech Wabag Ltd · 21.3% | 20.3% versus #2 · Jash Engineering Ltd | 2/8 recent comparable periods | 4/4 companies · 59 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Va Tech Wabag Ltd (WABAG): 21%
2. Jash Engineering Ltd (JASH): 18%
3. Welspun Enterprises Ltd (WELENT): 17%
4. Ion Exchange (India) Ltd (IONEXCHANG): 14%

### ROCE change — fastest improvers
1. Welspun Enterprises Ltd (WELENT): +2.1 pp
2. Va Tech Wabag Ltd (WABAG): −0.6 pp
3. Ion Exchange (India) Ltd (IONEXCHANG): −8.2 pp
4. Jash Engineering Ltd (JASH): −9.8 pp

### 20-quarter ROCE history
- WABAG: Jun 2021 — | Sep 2021 13% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 18% | Dec 2023 7.6% | Mar 2024 17% | Jun 2024 20% | Sep 2024 17% | Dec 2024 18% | Mar 2025 15% | Jun 2025 19% | Sep 2025 14% | Dec 2025 19% | Mar 2026 15%
- WELENT: Jun 2021 — | Sep 2021 3.9% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.9% | Dec 2022 — | Mar 2023 8.5% | Jun 2023 — | Sep 2023 10% | Dec 2023 21% | Mar 2024 12% | Jun 2024 18% | Sep 2024 12% | Dec 2024 17% | Mar 2025 12% | Jun 2025 18% | Sep 2025 13% | Dec 2025 16% | Mar 2026 14%
- IONEXCHANG: Jun 2021 — | Sep 2021 31% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 25% | Dec 2023 32% | Mar 2024 20% | Jun 2024 29% | Sep 2024 20% | Dec 2024 26% | Mar 2025 17% | Jun 2025 22% | Sep 2025 15% | Dec 2025 18% | Mar 2026 8.4%
- JASH: Jun 2021 — | Sep 2021 23% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 23% | Dec 2023 34% | Mar 2024 24% | Jun 2024 31% | Sep 2024 25% | Dec 2024 35% | Mar 2025 24% | Jun 2025 28% | Sep 2025 20% | Dec 2025 19% | Mar 2026 14%

### 20-quarter ROCE change history
- WABAG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 — | Mar 2023 +4.7 pp | Jun 2023 — | Sep 2023 +6.0 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 −0.8 pp | Dec 2024 +10.7 pp | Mar 2025 −1.5 pp | Jun 2025 −0.9 pp | Sep 2025 −2.5 pp | Dec 2025 +0.7 pp | Mar 2026 −0.6 pp
- WELENT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +6.5 pp | Dec 2023 — | Mar 2024 +3.5 pp | Jun 2024 — | Sep 2024 +1.1 pp | Dec 2024 −3.6 pp | Mar 2025 −0.4 pp | Jun 2025 −0.6 pp | Sep 2025 +1.3 pp | Dec 2025 −1.4 pp | Mar 2026 +2.1 pp
- IONEXCHANG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.5 pp | Dec 2022 — | Mar 2023 −1.0 pp | Jun 2023 — | Sep 2023 −1.4 pp | Dec 2023 — | Mar 2024 −5.5 pp | Jun 2024 — | Sep 2024 −4.8 pp | Dec 2024 −5.9 pp | Mar 2025 −3.6 pp | Jun 2025 −6.1 pp | Sep 2025 −5.2 pp | Dec 2025 −8.8 pp | Mar 2026 −8.2 pp
- JASH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 — | Mar 2023 +3.1 pp | Jun 2023 — | Sep 2023 +2.4 pp | Dec 2023 — | Mar 2024 +2.9 pp | Jun 2024 — | Sep 2024 +2.4 pp | Dec 2024 +1.6 pp | Mar 2025 +0.2 pp | Jun 2025 −3.5 pp | Sep 2025 −5.2 pp | Dec 2025 −16.3 pp | Mar 2026 −9.8 pp

## Valuation Against Growth & Quality

What the numbers say: Jash Engineering Ltd has the lowest comparable Guarded PEG at 0.66×, 37.1% below Va Tech Wabag Ltd. Only 4 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Jash Engineering Ltd · 0.66× | 37.1% versus #2 · Va Tech Wabag Ltd | 0/8 recent comparable periods | 4/4 companies · 33 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Jash Engineering Ltd (JASH): 0.7
2. Va Tech Wabag Ltd (WABAG): 1.1
3. Welspun Enterprises Ltd (WELENT): 2.3
4. Ion Exchange (India) Ltd (IONEXCHANG): 6.3

### P/E — lowest P/E
1. Welspun Enterprises Ltd (WELENT): 21.1
2. Va Tech Wabag Ltd (WABAG): 34.1
3. Ion Exchange (India) Ltd (IONEXCHANG): 40.4
4. Jash Engineering Ltd (JASH): 42.1

### 20-quarter Guarded PEG history
- WABAG: Jun 2021 — | Sep 2021 1.3 | Dec 2021 0.4 | Mar 2022 — | Jun 2022 — | Sep 2022 0.5 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.6 | Sep 2025 1.3 | Dec 2025 — | Mar 2026 1.1
- WELENT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.4 | Sep 2024 1.2 | Dec 2024 2.5 | Mar 2025 — | Jun 2025 2.5 | Sep 2025 — | Dec 2025 2.3 | Mar 2026 —
- IONEXCHANG: Jun 2021 0.4 | Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.9 | Sep 2022 1.7 | Dec 2022 1.2 | Mar 2023 — | Jun 2023 1.7 | Sep 2023 1.8 | Dec 2023 — | Mar 2024 — | Jun 2024 1.2 | Sep 2024 2.3 | Dec 2024 — | Mar 2025 — | Jun 2025 6.3 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- JASH: Jun 2021 — | Sep 2021 — | Dec 2021 0.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.1 | Mar 2023 0.6 | Jun 2023 — | Sep 2023 — | Dec 2023 1.1 | Mar 2024 2.0 | Jun 2024 — | Sep 2024 1.2 | Dec 2024 0.9 | Mar 2025 — | Jun 2025 — | Sep 2025 2.8 | Dec 2025 — | Mar 2026 0.7

### 20-quarter P/E history
- WABAG: Jun 2021 19.5 | Sep 2021 17.6 | Dec 2021 14.8 | Mar 2022 13.4 | Jun 2022 10.8 | Sep 2022 10.8 | Dec 2022 12.2 | Mar 2023 11.9 | Jun 2023 11.4 | Sep 2023 9.9 | Dec 2023 13.0 | Mar 2024 15.6 | Jun 2024 32.4 | Sep 2024 37.4 | Dec 2024 39.2 | Mar 2025 33.7 | Jun 2025 31.4 | Sep 2025 29.5 | Dec 2025 25.0 | Mar 2026 21.6
- WELENT: Jun 2021 13.0 | Sep 2021 11.5 | Dec 2021 12.4 | Mar 2022 14.7 | Jun 2022 15.7 | Sep 2022 22.0 | Dec 2022 21.8 | Mar 2023 11.2 | Jun 2023 13.5 | Sep 2023 14.2 | Dec 2023 14.7 | Mar 2024 12.3 | Jun 2024 19.3 | Sep 2024 23.2 | Dec 2024 24.6 | Mar 2025 20.5 | Jun 2025 21.1 | Sep 2025 19.9 | Dec 2025 19.1 | Mar 2026 17.8
- IONEXCHANG: Jun 2021 21.3 | Sep 2021 23.3 | Dec 2021 20.4 | Mar 2022 16.1 | Jun 2022 16.0 | Sep 2022 18.9 | Dec 2022 22.5 | Mar 2023 25.3 | Jun 2023 30.8 | Sep 2023 37.7 | Dec 2023 40.1 | Mar 2024 36.3 | Jun 2024 43.0 | Sep 2024 45.9 | Dec 2024 44.3 | Mar 2025 31.7 | Jun 2025 37.8 | Sep 2025 28.2 | Dec 2025 26.7 | Mar 2026 25.2
- JASH: Jun 2021 20.4 | Sep 2021 19.6 | Dec 2021 17.7 | Mar 2022 19.8 | Jun 2022 23.1 | Sep 2022 30.3 | Dec 2022 25.7 | Mar 2023 23.9 | Jun 2023 26.4 | Sep 2023 30.8 | Dec 2023 33.9 | Mar 2024 33.4 | Jun 2024 39.5 | Sep 2024 37.3 | Dec 2024 45.5 | Mar 2025 40.0 | Jun 2025 41.0 | Sep 2025 38.3 | Dec 2025 34.6 | Mar 2026 38.4

## Enterprise Value & Book Value

What the numbers say: Welspun Enterprises Ltd leads both ev/ebitda at 9.9× and p/bv at 2.72×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Welspun Enterprises Ltd · 9.9× | 22.7% versus #2 · Va Tech Wabag Ltd | 0/8 recent comparable periods | 4/4 companies · 80 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Welspun Enterprises Ltd (WELENT): 9.9
2. Va Tech Wabag Ltd (WABAG): 12.8
3. Ion Exchange (India) Ltd (IONEXCHANG): 14.6
4. Jash Engineering Ltd (JASH): 20.2

### P/BV — lowest P/BV
1. Welspun Enterprises Ltd (WELENT): 2.7
2. Ion Exchange (India) Ltd (IONEXCHANG): 4.7
3. Va Tech Wabag Ltd (WABAG): 5.0
4. Jash Engineering Ltd (JASH): 6.2

### 20-quarter EV/EBITDA history
- WABAG: Jun 2021 10.2 | Sep 2021 8.6 | Dec 2021 8.4 | Mar 2022 7.7 | Jun 2022 5.3 | Sep 2022 6.0 | Dec 2022 7.1 | Mar 2023 7.0 | Jun 2023 8.7 | Sep 2023 7.4 | Dec 2023 9.7 | Mar 2024 11.6 | Jun 2024 19.3 | Sep 2024 21.9 | Dec 2024 23.4 | Mar 2025 20.1 | Jun 2025 19.3 | Sep 2025 17.4 | Dec 2025 14.8 | Mar 2026 12.8
- WELENT: Jun 2021 7.6 | Sep 2021 10.9 | Dec 2021 12.7 | Mar 2022 14.6 | Jun 2022 14.8 | Sep 2022 12.2 | Dec 2022 13.0 | Mar 2023 13.1 | Jun 2023 12.9 | Sep 2023 8.5 | Dec 2023 9.1 | Mar 2024 7.4 | Jun 2024 10.4 | Sep 2024 12.3 | Dec 2024 13.6 | Mar 2025 11.1 | Jun 2025 10.5 | Sep 2025 10.5 | Dec 2025 11.1 | Mar 2026 9.9
- IONEXCHANG: Jun 2021 12.0 | Sep 2021 12.6 | Dec 2021 11.1 | Mar 2022 8.4 | Jun 2022 8.4 | Sep 2022 10.3 | Dec 2022 13.0 | Mar 2023 15.0 | Jun 2023 18.8 | Sep 2023 23.3 | Dec 2023 24.7 | Mar 2024 21.8 | Jun 2024 25.0 | Sep 2024 27.1 | Dec 2024 26.8 | Mar 2025 18.8 | Jun 2025 21.6 | Sep 2025 16.7 | Dec 2025 16.2 | Mar 2026 14.6
- JASH: Jun 2021 12.6 | Sep 2021 12.3 | Dec 2021 11.0 | Mar 2022 13.1 | Jun 2022 15.0 | Sep 2022 19.1 | Dec 2022 17.0 | Mar 2023 16.2 | Jun 2023 18.5 | Sep 2023 21.5 | Dec 2023 23.6 | Mar 2024 23.4 | Jun 2024 26.1 | Sep 2024 24.6 | Dec 2024 29.6 | Mar 2025 28.0 | Jun 2025 26.1 | Sep 2025 23.6 | Dec 2025 21.1 | Mar 2026 20.2

### 20-quarter P/BV history
- WABAG: Jun 2021 1.6 | Sep 2021 1.5 | Dec 2021 1.3 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 2.0 | Sep 2023 1.8 | Dec 2023 2.3 | Mar 2024 2.8 | Jun 2024 5.1 | Sep 2024 5.2 | Dec 2024 5.2 | Mar 2025 4.6 | Jun 2025 5.1 | Sep 2025 4.2 | Dec 2025 3.5 | Mar 2026 3.2
- WELENT: Jun 2021 1.1 | Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 0.8 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 1.7 | Sep 2023 1.8 | Dec 2023 2.1 | Mar 2024 1.9 | Jun 2024 2.9 | Sep 2024 3.3 | Dec 2024 3.4 | Mar 2025 2.7 | Jun 2025 3.2 | Sep 2025 2.7 | Dec 2025 2.6 | Mar 2026 2.2
- IONEXCHANG: Jun 2021 8.4 | Sep 2021 6.9 | Dec 2021 5.6 | Mar 2022 4.4 | Jun 2022 5.1 | Sep 2022 4.5 | Dec 2022 5.7 | Mar 2023 7.6 | Jun 2023 9.2 | Sep 2023 9.1 | Dec 2023 9.2 | Mar 2024 8.3 | Jun 2024 10.1 | Sep 2024 9.4 | Dec 2024 8.7 | Mar 2025 6.3 | Jun 2025 7.7 | Sep 2025 4.9 | Dec 2025 4.3 | Mar 2026 3.8
- JASH: Jun 2021 4.9 | Sep 2021 4.9 | Dec 2021 3.5 | Mar 2022 4.3 | Jun 2022 4.7 | Sep 2022 5.1 | Dec 2022 5.2 | Mar 2023 5.4 | Jun 2023 7.3 | Sep 2023 6.8 | Dec 2023 7.7 | Mar 2024 8.4 | Jun 2024 10.8 | Sep 2024 7.6 | Dec 2024 9.7 | Mar 2025 9.8 | Jun 2025 10.1 | Sep 2025 7.3 | Dec 2025 6.0 | Mar 2026 4.8

## Market action

Va Tech Wabag Ltd has the strongest one-year price move in Water Treatment at +37.4%. It also leads on Mansfield relative strength against NIFTY at +41.1%. 4 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Va Tech Wabag Ltd (WABAG): 37%
2. Welspun Enterprises Ltd (WELENT): 15%
3. Jash Engineering Ltd (JASH): -17%
4. Ion Exchange (India) Ltd (IONEXCHANG): -23%

### Strongest relative strength versus NIFTY 500
1. Va Tech Wabag Ltd (WABAG): 41%
2. Welspun Enterprises Ltd (WELENT): 18%
3. Jash Engineering Ltd (JASH): 14%
4. Ion Exchange (India) Ltd (IONEXCHANG): 11%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Va Tech Wabag Ltd (WABAG) — market value ₹12.7K Cr; latest fundamentals Mar 2026
- Welspun Enterprises Ltd (WELENT) — market value ₹8.3K Cr; latest fundamentals Mar 2026
- Ion Exchange (India) Ltd (IONEXCHANG) — market value ₹6.2K Cr; latest fundamentals Mar 2026
- Jash Engineering Ltd (JASH) — market value ₹3.2K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 0. Withheld: 0. Graded companies: 4.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Water Treatment index?

The Nifty Water Treatment index tracks India's listed Water Treatment companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Water Treatment sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Water Treatment stocks in India?

Ranked by this page's four-factor score, Va Tech Wabag Ltd places first among 4 listed Water Treatment companies, followed by Welspun Enterprises Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Water Treatment stocks are listed in India?

This comparison covers 4 listed Water Treatment companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Water Treatment company is the biggest?

Va Tech Wabag Ltd is the largest, with trailing-twelve-month revenue of ₹3,943 crore, ahead of Welspun Enterprises Ltd at ₹3,615 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Water Treatment company is growing fastest?

Va Tech Wabag Ltd has the fastest revenue growth at 19.7% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Water Treatment company has the best profit margins?

Jash Engineering Ltd has the highest operating margin at 24%, from 4 of 4 comparable companies. Jash Engineering Ltd shows the biggest recent improvement, at +4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Water Treatment company makes the most profit?

Welspun Enterprises Ltd earns the most, at ₹393 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Va Tech Wabag Ltd has the fastest profit growth at 25.4%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Water Treatment company earns the highest return on capital?

Va Tech Wabag Ltd leads on return on capital employed at 21.3%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Water Treatment stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Jash Engineering Ltd screens cheapest at 0.66×. Only 4 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Water Treatment company has the strongest balance sheet?

Jash Engineering Ltd carries the lowest comparable gross debt at ₹103 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Water Treatment sector beating the market?

Water Treatment has outperformed NIFTY 500 by 4.1% over the last 52 weeks and 20.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Water Treatment stock has the strongest price momentum?

Va Tech Wabag Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Water Treatment company scores highest for research priority?

Va Tech Wabag Ltd scores 72.6 out of 100 with 94% evidence confidence, from 21.5 points on growth and earnings, 20.9 on capital efficiency, 10.2 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Water Treatment companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Water Treatment sector?

The 4 Water Treatment companies on this page carry ₹30,474 crore of combined market value. Va Tech Wabag Ltd is the largest at ₹12,741 crore, about 42% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Water Treatment sector performing?

4 of the 4 covered Water Treatment companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 4.1% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/water-treatment