Manthan – Infrastructure – Infra: JJM 2.0 signals start of water infrastructure capex cycle
Published on 11 Mar 2026
Within our coverage, NCC (BUY) and PNC Infratech (BUY) have ~10–14% of their order books linked to JJM projects, with NCC holding the largest absolute JJM order book at ~INR 69 bn. Among other EPC players, OM Infra (Not Rated) has the highest exposure with ~62% of its order book tied to JJM, followed by SPML Infra (Not Rated) at ~47%. In contrast, diversified EPC companies such as Afcons (Not Rated) and KEC International (Accumulate) have relatively low exposure of ~4%, indicating limited dependence on JJM-related projects.
