L&T, NCC and Two Other Infrastructure Stocks Secure Major Orders Under Jal Jeevan Mission Worth Up to ₹7,000 Crores

Four major infrastructure companies have secured significant contracts under the Government of India's Jal Jeevan Mission (JJM), positioning themselves as key beneficiaries of the flagship rural water supply program. The mission, launched in 2019, aims to provide safe drinking water through tap connections to every rural household, creating substantial opportunities for water infrastructure specialists.

NCC Ltd Leads with ₹7,000 Crore Order Book

NCC Ltd emerges as the largest beneficiary among the four companies, with substantial JJM exposure across multiple metrics:

The Hyderabad-based company, incorporated in 1978, operates across diverse infrastructure sectors including buildings, transportation, water & environment, irrigation, electrical transmission, mining, and railways. Management noted delays in certification and payment cycles but emphasized that no receivables are overdue beyond contractual norms.

Larsen & Toubro's Strategic Water Portfolio

Larsen & Toubro Ltd maintains a significant presence in the water infrastructure segment, though it represents a smaller portion of the engineering giant's overall portfolio:

The multinational conglomerate, which provides engineering, procurement and construction solutions across infrastructure, hydrocarbon, power, process industries, defence, IT and financial services, faces execution challenges due to delayed payments. The company maintains a cautious approach, avoiding work acceleration without clear visibility on collections.

SPML Infra Secures Fresh Contract

SPML Infra Ltd recently demonstrated its competitive position by winning new JJM business in December 2025:

With a market capitalization of ₹1,279 crore, SPML focuses on profitable growth through selective bidding and disciplined execution. The company targets opportunities in water, power and battery energy storage systems, supported by a ₹17 lakh crore pipeline of funded water projects under JJM, AMRUT 2.00 and other national programs.

Afcons Infrastructure Manages Receivables

Afcons Infrastructure Ltd, part of the Shapoorji Pallonji Group, maintains substantial JJM exposure despite operational challenges:

The company, incorporated in 1959 and known for executing complex infrastructure projects including tunnels, metro systems, highways, marine works, and oil & gas structures across 30+ countries, expects gradual improvement in working capital as customers typically release funds toward year-end to utilize budgets.

Sector Outlook and Challenges

All four companies face common challenges including delayed payments and slow execution timelines in the water infrastructure segment. However, the substantial order pipeline under JJM and related government programs provides long-term revenue visibility. The companies are adopting disciplined approaches to project execution while maintaining focus on cash flow management and selective bidding strategies to ensure profitable growth in the government water infrastructure sector.