L&T and 3 Other Stocks That Received Orders Worth Up to ₹7,000 Cr Under Jal Jeevan Mission

Synopsis:  Jal Jeevan Mission drives order inflows for NCC, L&T, SPML and Afcons, boosting revenues, order books and long-term prospects amid payment delays and execution challenges.

The Jal Jeevan Mission (JJM) is a flagship program by the Government of India aimed at providing safe and adequate drinking water through tap connections to every rural household. Launched in 2019, the mission sees regular updates on project progress and new tenders, driving opportunities for infrastructure and water management companies.

Companies like NCC Ltd., Larsen & Toubro, SPML Ltd., and Afcon Infra have received significant orders under JJM. These contracts, ranging from Rs 200 crore to pending projects worth Rs 7,000 crore, can boost revenues and strengthen their presence in government water infrastructure, making them key beneficiaries of the mission’s ongoing expansion. Here are the stocks that have received orders from JJM in FY26

NCC ltd

With a market capitalization of Rs 8,934 crore, NCC Ltd’s Shares on Wednesday made a day high of Rs 144 per share, up by 1.3 percent from its previous day’s close. The shares have given a return of 150 percent over the last five years.

The company, as of Q2 FY26, has an Order book of Rs 71,957 crore, out of which Rs 7,000 crore is a pending order from JJM, with Rs 3,840 crore in Uttar Pradesh alone. In Q2 FY26, NCC executed roughly Rs 600 crore worth of JJM work, contributing to a cumulative Rs 1,082 crore in H1 FY26 revenue from JJM projects.

Receivables from JJM stood at about Rs 1,700 crore, broadly unchanged from the prior quarter, with management noting delays in certification and payment cycles but no overdue beyond contractual norms

Incorporated in 1978, NCC Limited (formerly Nagarjuna Construction Company), headquartered in Hyderabad, India, is a major infrastructure conglomerate involved in diverse sectors like Buildings, Transportation, Water & Environment, Irrigation, Electrical (T&D), Mining, and Railways, known for large-scale projects across India and internationally, offering integrated construction and infrastructure solutions.

Larsen and Toubro Ltd

With a market capitalization of Rs 5,17,326 crore, Larsen and Toubro Ltd’s shares on Wednesday made a day high of Rs 3,828 per share, up by 0.5 percent from its previous day’s close. The shares have given a return of 175 percent over the last five years.

The water segment currently forms a relatively small but strategic part of the overall order book. With orders of about Rs 400 billion, it contributes nearly 7 percent of the total backlog. Most of these projects are linked to the Jal Jeevan Mission, where execution is expected to pick up once government fund allocations gain momentum.

Execution in the water segment remains slow for now, largely due to delayed payments. However, the company is being cautious and disciplined; it is not accelerating work without visibility on collections. As payments gradually improve, management expects execution activity to normalise in the coming quarters.

Larsen & Toubro Ltd is a multinational conglomerate which is primarily engaged in providing engineering, procurement and construction (EPC) solutions in key sectors such as Infrastructure, Hydrocarbon, Power, Process Industries and Defence, Information Technology and Financial Services in domestic and international markets.

SPML Infra Ltd

With a market capitalization of Rs 1,279 crore, SPML Infra Ltd’s Shares on Wednesday made a day high of Rs 185.15 per share, up by 1.5 percent from its previous day’s close. The shares have given a return of 1,100 percent over the last five years.

Management remains focused on profitable growth through selective bidding and disciplined execution, which has helped SPML sustain healthy margins and improve its project mix over time. The company is prioritising opportunities in water, power and BESS, supported by a massive Rs 17 lakh crore pipeline of fully funded water projects under Jal Jeevan Mission, AMRUT 2.0 and other national programmes.

In December 2025, SPML Infra, through a joint venture with Shree Hari Infraprojects, won a Rs 207.38 crore Jal Jeevan Mission order from PHED Rajasthan to strengthen water supply in Kota and Bundi. The project covers treatment plants, reservoirs, pipelines and 10-year O&M, benefiting over 1 million people.

Afcons Infrastructure Ltd

With a market capitalization of Rs 12,600 crore, Afcons Infrastructure Ltd’s Shares on Wednesday made a day high of Rs 349.55 per share, down by 0.12 percent from its previous day’s close. The shares have given a negative return of 30 percent over the last five years.

Afcons Infrastructure currently has around Rs 450 crore of receivables under the UP Jal Jeevan Mission, broadly in line with the previous quarter. Work has been paused since July, and despite some minor collections, exposure remains unchanged, with an unexecuted order balance of Rs 600–650 crore.

Management noted that the working capital impact is already factored in and is expected to improve gradually. With no fresh cash outflow and customers typically releasing funds toward year-end to utilise budgets, receivables are likely to unwind over the coming months.

Incorporated in 1959, Afcons Infrastructure Limited is the leading construction and engineering arm of India’s Shapoorji Pallonji Group, renowned for executing complex infrastructure projects globally, including tunnels (like India’s Atal Tunnel), metro systems, highways, marine works, and oil & gas structures, operating across various sectors with a strong focus on innovation and challenging EPC (Engineering, Procurement, Construction) projects in over 30 countries.

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