20-quarter listed-company comparison

Water Treatment Stocks in India

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

01 · the index people search for

Nifty Water Treatment Index — Constituents & Performance

The Water Treatment companies below are the listed Indian Water Treatment universe this page tracks — the same constituent set people search for as the Nifty Water Treatment index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

02 · the sector itself · before any single company

How has Water Treatment moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 2% ahead of NIFTY 500. Earnings across its companies grew 1% on average over the last four reported quarters — close to flat. It has been ahead of NIFTY 500 on a rolling three-month view for 17 weeks running.

LEADER · ahead 17w~Moving with the index3 of 4 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑17w · 4/4 >200d (+0) · 3/4 lead (−1) · EPS 2/4↑

Water Treatment, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 4 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Water Treatment outperforming NIFTY 500?

Water Treatment has outperformed NIFTY 500 by 0.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 17%. 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 +16.7%. Readings are as of 2026-07-19.

+17.0%Sector vs NIFTY 500 · 13 weeks

+0.8%Sector vs NIFTY 500 · 52 weeks

4/4Stocks leading NIFTY 500

1/4Stocks leading sector

Sector metric: 32.9 as of 2026-07-19 · CONSOLIDATION · falling.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Water Treatment has outperformed NIFTY 500 by 0.8% over 52 weeks and 17% 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.

Companies

complete canonical membership

Combined market value

₹29.9K Cr

Va Tech Wabag Ltd

Revenue growing

3/4

positive TTM year-on-year growth

Beating NIFTY 500

4/4

positive Mansfield relative strength

Comparing 4 of 4

04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Va Tech Wabag Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 97% evidence confidence.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Va Tech Wabag LtdWABAG	72.2/100Favorable setup97% evidence	LEADER	21.7/35 Revenue 19.7% · PAT 25.4% · OPM change -1 pp 100% evidence	20.6/25 ROCE 21.3% · OPM 11% 100% evidence	10.4/20 P/E 33× · PEG 1.05 85% evidence	19.5/20 RS sector 16.7% · RS bench 32.9% · 1Y 21.7%12 of 12 weeks ahead 100% evidence
Exact sum: 21.7 + 20.6 + 10.4 + 19.5 = 72.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Welspun Enterprises LtdWELENT	50.1/100Mixed-positive evidence79% evidence	LEADER	16.0/35 Revenue -2.2% · PAT 11% · OPM change 3 pp 95% evidence	17.8/25 ROCE 16.8% · OPM 20% 76% evidence	7.7/20 P/E 20.8× · PEG — 35% evidence	8.6/20 RS sector -1% · RS bench 13.7% · 1Y 19%11 of 12 weeks ahead 100% evidence
Exact sum: 16 + 17.8 + 7.7 + 8.6 = 50.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Jash Engineering LtdJASH	44.5/100Mixed-negative evidence91% evidence	TURNING	8.3/35 Revenue 0.1% · PAT -12.6% · OPM change 4 pp 100% evidence	15.9/25 ROCE 17.7% · OPM 24% 100% evidence	12.3/20 P/E 41.8× · PEG 0.66 85% evidence	8.0/20 RS sector -14.1% · RS bench 10.5% · 1Y -12.1%8 of 11 weeks ahead 70% evidence
Exact sum: 8.3 + 15.9 + 12.3 + 8 = 44.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Ion Exchange (India) LtdIONEXCHANG	26.6/100Adverse evidence91% evidence	TURNING	5.3/35 Revenue 6.4% · PAT -31.6% · OPM change -7.7 pp 100% evidence	9.2/25 ROCE 14.1% · OPM 2.3% 100% evidence	2.6/20 P/E 40× · PEG 6.32 85% evidence	9.5/20 RS sector -3.4% · RS bench 7.3% · 1Y -9.7%3 of 10 weeks ahead 70% evidence
Exact sum: 5.3 + 9.2 + 2.6 + 9.5 = 26.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

05 · what price has already done

Market action

Va Tech Wabag Ltd has the strongest one-year price move in Water Treatment at +21.7%. It also leads on Mansfield relative strength against NIFTY at +32.9%. 4 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · compare level, then change

Revenue Scale & Growth Durability

Va Tech Wabag Ltd has the highest Revenue among the 4 Water Treatment companies compared here, at ₹3,943 crore. Welspun Enterprises Ltd is next at ₹3,615 crore. The same company also holds the highest Revenue growth, at 19.7%. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

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.

LeaderVa Tech Wabag Ltd · ₹3,943 crore

Gap9.1% versus #2 · Welspun Enterprises Ltd

Persistence8/8 recent comparable periods

Coverage4/4 companies · 74 observations

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.

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

Revenuelargest

1Va Tech Wabag Ltd WABAG₹3.9K Cr

2Welspun Enterprises Ltd WELENT₹3.6K Cr

3Ion Exchange (India) Ltd IONEXCHANG₹2.9K Cr

4Jash Engineering Ltd JASH₹737 Cr

Revenue growthfastest growers

1Va Tech Wabag Ltd WABAG20%

2Ion Exchange (India) Ltd IONEXCHANG6.4%

3Jash Engineering Ltd JASH0.1%

4Welspun Enterprises Ltd WELENT-2.2%

Revenue · company comparison

4/4 level · 4/4 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Va Tech Wabag Ltd WABAG	₹1.4K Cr	22%	Mar 2026
Welspun Enterprises Ltd WELENT	₹1.2K Cr	14%	Mar 2026
Ion Exchange (India) Ltd IONEXCHANG	₹863 Cr	3.4%	Mar 2026
Jash Engineering Ltd JASH	₹291 Cr	-3.0%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Ion Exchange (India) Ltd · 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 Engineering Ltd · 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

Va Tech Wabag Ltd · 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

Welspun Enterprises Ltd · WELENT

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

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

Revenue growth · reported quarter history

Ion Exchange (India) Ltd · IONEXCHANG

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202222%

Sep 202219%

Dec 202232%

Mar 202330%

Jun 202325%

Sep 202319%

Dec 20238.2%

Mar 202421%

Jun 202419%

Sep 202421%

Dec 202425%

Mar 20256.8%

Jun 20252.6%

Sep 202514%

Dec 20256.2%

Mar 20263.4%

Jash Engineering Ltd · JASH

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20222.2%

Sep 202218%

Dec 20229.6%

Mar 20237.6%

Jun 202339%

Sep 202332%

Dec 202322%

Mar 202428%

Jun 202480%

Sep 202447%

Dec 202430%

Mar 202538%

Jun 202511%

Sep 202513%

Dec 2025-12%

Mar 2026-3.0%

Va Tech Wabag Ltd · WABAG

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-4.0%

Sep 20229.7%

Dec 2022-12%

Mar 20233.9%

Jun 2023-13%

Sep 2023-11%

Dec 20238.0%

Mar 20240.8%

Jun 202413%

Sep 20245.3%

Dec 202415%

Mar 202524%

Jun 202517%

Sep 202519%

Dec 202519%

Mar 202622%

Welspun Enterprises Ltd · WELENT

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20232.2%

Mar 2024-2.8%

Jun 202433%

Sep 202426%

Dec 202427%

Mar 202528%

Jun 2025-9.1%

Sep 2025-3.8%

Dec 2025-12%

Mar 202614%

07 · compare level, then change

Operating Economics & Margin Trend

Jash Engineering Ltd has the highest OPM among the 4 Water Treatment companies compared here, at 24%. Welspun Enterprises Ltd is next at 20%. The same company also holds the highest Margin change, at +4 percentage points. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

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

LeaderJash Engineering Ltd · 24%

Gap20% versus #2 · Welspun Enterprises Ltd

Persistence3/8 recent comparable periods

Coverage4/4 companies · 80 observations

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.

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

OPMhighest

1Jash Engineering Ltd JASH24%

2Welspun Enterprises Ltd WELENT20%

3Va Tech Wabag Ltd WABAG11%

4Ion Exchange (India) Ltd IONEXCHANG2.3%

Margin changefastest expanders

1Jash Engineering Ltd JASH+4.0 pp

2Welspun Enterprises Ltd WELENT+3.0 pp

3Va Tech Wabag Ltd WABAG−1.0 pp

4Ion Exchange (India) Ltd IONEXCHANG−7.7 pp

Operating margin · company comparison

4/4 level · 4/4 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Jash Engineering Ltd JASH	24%	+4.0 pp	Mar 2026
Welspun Enterprises Ltd WELENT	20%	+3.0 pp	Mar 2026
Va Tech Wabag Ltd WABAG	11%	−1.0 pp	Mar 2026
Ion Exchange (India) Ltd IONEXCHANG	2.3%	−7.7 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Ion Exchange (India) Ltd · IONEXCHANG

Jun 202111%

Sep 202111%

Dec 202111%

Mar 202219%

Jun 20228.6%

Sep 202212%

Dec 202212%

Mar 202316%

Jun 202310%

Sep 202311%

Dec 202313%

Mar 202412%

Jun 202411%

Sep 202411%

Dec 202411%

Mar 202510%

Jun 202511%

Sep 20259.0%

Dec 20258.0%

Mar 20262.3%

Jash Engineering Ltd · JASH

Jun 2021-4.1%

Sep 20214.9%

Dec 202118%

Mar 202217%

Jun 2022-3.3%

Sep 202213%

Dec 202218%

Mar 202321%

Jun 2023-0.5%

Sep 202315%

Dec 202323%

Mar 202424%

Jun 20243.0%

Sep 202418%

Dec 202423%

Mar 202520%

Jun 2025-3.2%

Sep 202513%

Dec 202511%

Mar 202624%

Va Tech Wabag Ltd · WABAG

Jun 20214.3%

Sep 20218.3%

Dec 202110%

Mar 20228.0%

Jun 20223.6%

Sep 20227.2%

Dec 202214%

Mar 202312%

Jun 202310%

Sep 202313%

Dec 202314%

Mar 202412%

Jun 202413%

Sep 202413%

Dec 202412%

Mar 202512%

Jun 202513%

Sep 202511%

Dec 202513%

Mar 202611%

Welspun Enterprises Ltd · WELENT

Jun 20218.4%

Sep 20219.0%

Dec 20216.1%

Mar 202216%

Jun 20225.1%

Sep 20229.0%

Dec 202210%

Mar 202311%

Jun 202315%

Sep 202313%

Dec 202318%

Mar 202414%

Jun 202418%

Sep 202416%

Dec 202418%

Mar 202517%

Jun 202521%

Sep 202522%

Dec 202520%

Mar 202620%

Margin change · reported quarter history

Ion Exchange (India) Ltd · 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 20240.0 pp

Dec 2024−2.0 pp

Mar 2025−2.0 pp

Jun 20250.0 pp

Sep 2025−2.0 pp

Dec 2025−3.0 pp

Mar 2026−7.7 pp

Jash Engineering Ltd · 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+2.8 pp

Sep 2023+2.0 pp

Dec 2023+5.0 pp

Mar 2024+3.0 pp

Jun 2024+3.5 pp

Sep 2024+3.0 pp

Dec 20240.0 pp

Mar 2025−4.0 pp

Jun 2025−6.2 pp

Sep 2025−5.0 pp

Dec 2025−12.0 pp

Mar 2026+4.0 pp

Va Tech Wabag Ltd · 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 20230.0 pp

Mar 20240.0 pp

Jun 2024+3.0 pp

Sep 20240.0 pp

Dec 2024−2.0 pp

Mar 20250.0 pp

Jun 20250.0 pp

Sep 2025−2.0 pp

Dec 2025+1.0 pp

Mar 2026−1.0 pp

Welspun Enterprises Ltd · 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 20240.0 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

08 · compare level, then change

Profit Scale & Acceleration

Welspun Enterprises Ltd has the highest Net profit among the 4 Water Treatment companies compared here, at ₹393 crore. Va Tech Wabag Ltd is next at ₹370 crore. Va Tech Wabag Ltd has the highest Profit growth at 25.4%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

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.

LeaderWelspun Enterprises Ltd · ₹393 crore

Gap6.2% versus #2 · Va Tech Wabag Ltd

Persistence4/8 recent comparable periods

Coverage4/4 companies · 74 observations

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.

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 profitlargest

1Welspun Enterprises Ltd WELENT₹393 Cr

2Va Tech Wabag Ltd WABAG₹370 Cr

3Ion Exchange (India) Ltd IONEXCHANG₹143 Cr

4Jash Engineering Ltd JASH₹76 Cr

Profit growthfastest growers

1Va Tech Wabag Ltd WABAG25%

2Welspun Enterprises Ltd WELENT11%

3Jash Engineering Ltd JASH-13%

4Ion Exchange (India) Ltd IONEXCHANG-32%

Net profit · company comparison

4/4 level · 4/4 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Welspun Enterprises Ltd WELENT	₹163 Cr	55%	Mar 2026
Va Tech Wabag Ltd WABAG	₹128 Cr	28%	Mar 2026
Jash Engineering Ltd JASH	₹57 Cr	58%	Mar 2026
Ion Exchange (India) Ltd IONEXCHANG	₹24 Cr	-62%	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Ion Exchange (India) Ltd · 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 Engineering Ltd · 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

Va Tech Wabag Ltd · 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

Welspun Enterprises Ltd · WELENT

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

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

Profit growth · reported quarter history

Ion Exchange (India) Ltd · IONEXCHANG

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202217%

Sep 202244%

Dec 202271%

Mar 2023-2.4%

Jun 202318%

Sep 20237.7%

Dec 2023-2.1%

Mar 2024-11%

Jun 202436%

Sep 202421%

Dec 20246.4%

Mar 2025-13%

Jun 20256.7%

Sep 2025-2.0%

Dec 2025-58%

Mar 2026-62%

Jash Engineering Ltd · JASH

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 202221%

Mar 202343%

Jun 2023—

Sep 202350%

Dec 202335%

Mar 202418%

Jun 2024—

Sep 202478%

Dec 202452%

Mar 2025-7.7%

Jun 2025—

Sep 2025-31%

Dec 2025-63%

Mar 202658%

Va Tech Wabag Ltd · WABAG

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022100%

Sep 202281%

Dec 20226.8%

Mar 2023-343%

Jun 202367%

Sep 202328%

Dec 202334%

Mar 2024—

Jun 202410%

Sep 202417%

Dec 202411%

Mar 202528%

Jun 202520%

Sep 202521%

Dec 202530%

Mar 202628%

Welspun Enterprises Ltd · WELENT

Jun 2021—

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-80%

Mar 2024-45%

Jun 202418%

Sep 2024-10%

Dec 2024-3.8%

Mar 202535%

Jun 2025-8.2%

Sep 202558%

Dec 2025-60%

Mar 202655%

09 · compare level, then change

Return On Capital Employed

Va Tech Wabag Ltd has the highest ROCE among the 4 Water Treatment companies compared here, at 21.3%. Jash Engineering Ltd is next at 17.7%. The same company also holds the highest ROCE change, at -0.6 percentage points. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Va Tech Wabag Ltd leads ROCE at 21.3%, 3.6 percentage points above Jash Engineering Ltd. Va Tech Wabag Ltd has the strongest latest improvement at -0.6 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.

LeaderVa Tech Wabag Ltd · 21.3%

Gap20.3% versus #2 · Jash Engineering Ltd

Persistence2/8 recent comparable periods

Coverage4/4 companies · 45 observations

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.

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.

ROCEhighest

1Va Tech Wabag Ltd WABAG21%

2Jash Engineering Ltd JASH18%

3Welspun Enterprises Ltd WELENT17%

4Ion Exchange (India) Ltd IONEXCHANG14%

ROCE changefastest improvers

1Va Tech Wabag Ltd WABAG−0.6 pp

2Welspun Enterprises Ltd WELENT−1.0 pp

3Ion Exchange (India) Ltd IONEXCHANG−8.2 pp

4Jash Engineering Ltd JASH−9.8 pp

Return on capital · company comparison

4/4 level · 4/4 change

Withheld from this chart: Welspun Enterprises Ltd (WELENT) — its two data sources disagree by up to 29% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
Va Tech Wabag Ltd WABAG	15%	−0.6 pp	Mar 2026
Jash Engineering Ltd JASH	14%	−9.8 pp	Mar 2026
Ion Exchange (India) Ltd IONEXCHANG	8.4%	−8.2 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Ion Exchange (India) Ltd · IONEXCHANG

Jun 2021—

Sep 202131%

Dec 2021—

Mar 202227%

Jun 2022—

Sep 202226%

Dec 2022—

Mar 202326%

Jun 2023—

Sep 202325%

Dec 202332%

Mar 202420%

Jun 202429%

Sep 202420%

Dec 202426%

Mar 202517%

Jun 202522%

Sep 202515%

Dec 202518%

Mar 20268.4%

Jash Engineering Ltd · JASH

Jun 2021—

Sep 202123%

Dec 2021—

Mar 202218%

Jun 2022—

Sep 202220%

Dec 2022—

Mar 202321%

Jun 2023—

Sep 202323%

Dec 202334%

Mar 202424%

Jun 202431%

Sep 202425%

Dec 202435%

Mar 202524%

Jun 202528%

Sep 202520%

Dec 202519%

Mar 202614%

Va Tech Wabag Ltd · WABAG

Jun 2021—

Sep 202113%

Dec 2021—

Mar 202212%

Jun 2022—

Sep 202212%

Dec 2022—

Mar 202317%

Jun 2023—

Sep 202318%

Dec 20237.6%

Mar 202417%

Jun 202420%

Sep 202417%

Dec 202418%

Mar 202515%

Jun 202519%

Sep 202514%

Dec 202519%

Mar 202615%

ROCE change · reported quarter history

Ion Exchange (India) Ltd · 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 Engineering Ltd · 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

Va Tech Wabag Ltd · 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

10 · compare level, then change

Valuation Against Growth & Quality

Jash Engineering Ltd has the lowest PEG among the 4 Water Treatment companies compared here, at 0.66×. Va Tech Wabag Ltd is next at 1.05×. Welspun Enterprises Ltd has the lowest P/E at 20.8×, so level and change sit with different companies. 3 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Jash Engineering Ltd has the lowest comparable PEG at 0.66×, 37.1% below Va Tech Wabag Ltd. Only 3 of 4 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderJash Engineering Ltd · 0.66×

Gap37.1% versus #2 · Va Tech Wabag Ltd

Persistence0/8 recent comparable periods

Coverage3/4 companies · 28 observations

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.

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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

PEGlowest PEG

1Jash Engineering Ltd JASH0.7

2Va Tech Wabag Ltd WABAG1.1

3Ion Exchange (India) Ltd IONEXCHANG6.3

P/Elowest P/E

1Welspun Enterprises Ltd WELENT20.8

2Va Tech Wabag Ltd WABAG33.0

3Ion Exchange (India) Ltd IONEXCHANG40.0

4Jash Engineering Ltd JASH41.8

Valuation · company comparison

3/4 level · 4/4 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Ion Exchange (India) Ltd IONEXCHANG	6.3	25.2	Mar 2026
Va Tech Wabag Ltd WABAG	1.1	21.6	Mar 2026
Jash Engineering Ltd JASH	0.7	38.4	Mar 2026
Welspun Enterprises Ltd WELENT	—	17.8	Mar 2026

Full 20-quarter history · every available company

PEG · reported quarter history

Ion Exchange (India) Ltd · IONEXCHANG

Jun 20210.4

Sep 20210.4

Dec 20210.4

Mar 20220.3

Jun 20220.9

Sep 20221.7

Dec 20221.2

Mar 2023—

Jun 20231.7

Sep 20231.8

Dec 2023—

Mar 2024—

Jun 20241.2

Sep 20242.3

Dec 2024—

Mar 2025—

Jun 20256.3

Sep 2025—

Dec 2025—

Mar 2026—

Jash Engineering Ltd · JASH

Jun 2021—

Sep 2021—

Dec 20210.6

Mar 2022—

Jun 2022—

Sep 2022—

Dec 20221.1

Mar 20230.6

Jun 2023—

Sep 2023—

Dec 20231.1

Mar 20242.0

Jun 2024—

Sep 20241.2

Dec 20240.9

Mar 2025—

Jun 2025—

Sep 20252.8

Dec 2025—

Mar 20260.7

Va Tech Wabag Ltd · WABAG

Jun 2021—

Sep 20211.3

Dec 20210.4

Mar 2022—

Jun 2022—

Sep 20220.5

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20243.7

Sep 2024—

Dec 2024—

Mar 2025—

Jun 20251.6

Sep 20251.3

Dec 2025—

Mar 20261.1

P/E · reported quarter history

Ion Exchange (India) Ltd · IONEXCHANG

Jun 202121.3

Sep 202123.3

Dec 202120.4

Mar 202216.1

Jun 202216.0

Sep 202218.9

Dec 202222.5

Mar 202325.3

Jun 202330.8

Sep 202337.7

Dec 202340.1

Mar 202436.3

Jun 202443.0

Sep 202445.9

Dec 202444.3

Mar 202531.7

Jun 202537.8

Sep 202528.2

Dec 202526.7

Mar 202625.2

Jash Engineering Ltd · JASH

Jun 202120.4

Sep 202119.6

Dec 202117.7

Mar 202219.8

Jun 202223.1

Sep 202230.3

Dec 202225.7

Mar 202323.9

Jun 202326.4

Sep 202330.8

Dec 202333.9

Mar 202433.4

Jun 202439.5

Sep 202437.3

Dec 202445.5

Mar 202540.0

Jun 202541.0

Sep 202538.3

Dec 202534.6

Mar 202638.4

Va Tech Wabag Ltd · WABAG

Jun 202119.5

Sep 202117.6

Dec 202114.8

Mar 202213.4

Jun 202210.8

Sep 202210.8

Dec 202212.2

Mar 202311.9

Jun 202311.4

Sep 20239.9

Dec 202313.0

Mar 202415.6

Jun 202432.4

Sep 202437.4

Dec 202439.2

Mar 202533.7

Jun 202531.4

Sep 202529.5

Dec 202525.0

Mar 202621.6

Welspun Enterprises Ltd · WELENT

Jun 202113.0

Sep 202111.5

Dec 202112.4

Mar 202214.7

Jun 202215.7

Sep 202222.0

Dec 202221.8

Mar 202311.2

Jun 202313.5

Sep 202314.2

Dec 202314.7

Mar 202412.3

Jun 202419.3

Sep 202423.2

Dec 202424.6

Mar 202520.5

Jun 202521.1

Sep 202519.9

Dec 202519.1

Mar 202617.8

11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Water Treatment comparison names 5 specific ways its own evidence can mislead, all listed below. All 4 companies here report on comparable dates, so no rank carries a stale marker. 1 has second-feed figures withheld because the two sources disagree. A high growth rate can still be a low-base artefact.

Keep these limits visible

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.
1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 4 Water Treatment companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Mar 2026 and market data through 2026-07-31. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Mar 2026 · up to 20 quarters per company

Market dataThrough 2026-07-31 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing3 cross-checked · 0 unverified · 1 withheld, of 4 graded companies.

How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

13 · questions investors ask, short speakable answers

Water Treatment company comparison FAQs

These 23 answers restate the Water Treatment comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Mar 2026. Price and relative-strength answers run through 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Water Treatment sector outperforming NIFTY 500?

Water Treatment has outperformed NIFTY 500 by 0.8% over 52 weeks and 17% 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 72.2/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Water Treatment company has the lowest comparable PEG?

Jash Engineering Ltd has the lowest comparable PEG at 0.66, among 3 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Water Treatment comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

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 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 PEG — where a LOWER number is cheaper — Jash Engineering Ltd screens cheapest at 0.66×. Only 3 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Water Treatment sector beating the market?

Water Treatment has outperformed NIFTY 500 by 0.8% over the last 52 weeks and 17% 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 72.2 out of 100 with 97% evidence confidence, from 21.7 points on growth and earnings, 20.6 on capital efficiency, 10.4 on valuation and 19.5 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, 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 ₹29,897 crore of combined market value. Va Tech Wabag Ltd is the largest at ₹12,341 crore, about 41% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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 0.8% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.