L&T, KEC, KPIL, NCC, PNC Infra may benefit as Rs 8.7 lakh crore Jal Jeevan Mission extended till 2028, says JM

The Union Cabinet's decision to extend the Jal Jeevan Mission (JJM) until December 2028 is set to be a catalyst for infrastructure players. The total outlay for the scheme has now more than doubled from Rs 3.6 lakh crore to Rs 8.7 lakh crore.

Companies like Larsen & Toubro Ltd (L&T), NCC Ltd, Kalpataru Projects International Ltd (KPIL), PNC Infratech Ltd, and KEC International Ltd are well-positioned as key beneficiaries, according to a latest note by brokerage JM Financial.

A highlight of this revamp is the extra Rs 1.5 lakh crore injected as central funding. 

“The revamped framework introduces a digital platform called ’Sujalam Bharat’ to digitally map the water supply systems from source to tap while Gram Panchayats and VWSCs will participate in scheme commissioning through ’Jal Arpan’ to improve transparency and accountability,” the brokerage said.

As of the end of December 2025, seven  listedmajor firms with exposure to the Jal Jeevan Mission held a combined order backlog of around Rs 28,700 crore alongside outstanding receivables of approximately Rs 11,500 crore, the brokerage noted

L&T leads the pack with a JJM order backlog of roughly Rs 10,000 crore, while NCC and KPIL follow closely with Rs 7,000 crore and Rs 6,500 crore, respectively, it added.

JM Financial stated that execution is expected to "pick up gradually in tandem with recovery of receivables." Furthermore, EPC companies have already started witnessing improved payment cycles in certain states over the last few months.