The Jhunjhunwala Portfolio: Infrastructure and Water Tech on a Roll

The late Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala built an investment portfolio that’s been a magnet for growth stories. Two of their key holdings—NCC Limited and VA Tech Wabag—are currently riding high on a wave of contract wins, order book expansions, and strategic partnerships. These companies aren’t just growing; they’re becoming case studies in how to capitalize on India’s infrastructure push and global water scarcity challenges.

NCC Limited: The Infrastructure Powerhouse

NCC Limited, a civil construction giant with roots stretching back to 1978, has been on a tear. The company specializes in turnkey EPC (Engineering, Procurement, and Construction) contracts and BOT (Build-Operate-Transfer) projects, covering everything from roads to buildings, irrigation, and environmental projects.

The numbers tell the story. NCC’s order book now stands at a staggering Rs 57,536 crore, with Rs 20,187.50 crore in new orders secured in March 2025 alone. One of the biggest wins? A Rs 20,187.50 crore contract from the Andhra Pradesh Capital Region Development Authority for infrastructure development in Amaravati. That’s not all—NCC also bagged Rs 1,236 crore from state government agencies in August 2024 and Rs 2,269 crore from the Mumbai Metropolitan Region Development Authority (MMRDA) for the Mumbai Metro Line 6 project.

This influx of projects has translated into 111% jump in Profit After Tax (PAT) and a 110% dividend payout, sending the stock price surging by over 9% in some instances. NCC’s ability to secure large-scale government contracts cements its position as a key player in India’s infrastructure boom.

VA Tech Wabag: The Water Tech Disruptor

While NCC is building roads and buildings, VA Tech Wabag is tackling a different kind of infrastructure—water. The company specializes in water treatment and desalination solutions, and its order book is now at Rs 14,263.4 crore.

Recent wins include a Rs 340 crore Design, Build, Operate (DBO) contract from GAIL (India) Limited and a Rs 2,332 crore contract for a 300 MLD Sea Water Reverse Osmosis (SWRO) mega desalination plant in Yanbu, Saudi Arabia. But Wabag isn’t stopping there—it also secured a USD 33.5 million contract to build an industrial wastewater treatment plant for Saudi Aramco and a Euro 78 million DBO contract in Zambia for wastewater treatment plants, funded by the European Investment Bank (EIB) and Germany’s KFW.

To fuel its expansion, Wabag has entered into a non-binding term sheet for a “Municipal Platform” with an investor consortium, aiming to attract USD 100 million in equity investment over 3-5 years. The company also recently secured a Rs 1,000 crore order from Indosol Solar for a desalination project, proving that its momentum in the desalination segment is far from slowing down.

The Jhunjhunwala Factor: Why These Stocks Keep Winning

The success of NCC and VA Tech Wabag isn’t just about market conditions—it’s about strategy. NCC’s diversified portfolio allows it to capitalize on multiple infrastructure segments, while Wabag’s specialization in water tech positions it perfectly for the global water crisis.

But let’s not forget the Jhunjhunwala family’s influence. Known for their long-term investment horizon and sharp market instincts, their backing provides stability and credibility. Rekha Jhunjhunwala’s continued confidence in these companies reinforces investor sentiment, making them attractive bets for both retail and institutional investors.

The Bigger Picture: Infrastructure and Water as Growth Engines

The performance of NCC and VA Tech Wabag reflects a broader trend in India’s infrastructure and water technology sectors. Government initiatives like the National Infrastructure Pipeline (NIP) and increasing private sector participation are creating a fertile ground for companies like NCC. Meanwhile, rising global awareness of water scarcity is driving demand for Wabag’s expertise.

With substantial order books and strategic partnerships in place, these companies are poised for sustained growth. For investors, this means potential for significant returns. For India, it means progress in critical infrastructure and sustainable water management.

The case is closed—NCC and VA Tech Wabag are more than just Jhunjhunwala portfolio picks. They’re industry leaders, and their recent performance is a testament to smart strategy, strong execution, and the power of long-term vision.