Synopsis: Shares of leading infrastructure companies are in focus as the Centre tightens its scrutiny of the Jal Jeevan Mission (JJM). Prime Minister Narendra Modi has directed that no state will receive additional funds until pending complaints are resolved and every reported household connection is verified as functional.
With cases of overreporting and fraud surfacing, states have now been asked to act swiftly to clean up irregularities, placing the entire mission and the companies linked to it under sharper market attention. In this article, we will look at some of the infrastructure majors which can take a hit because of this.
NCC Limited is a diversified infrastructure company executing projects across buildings, roads, airports, metros, water systems, irrigation structures, mining, railways, and electrical works. The company has a wide range of technical skills and is involved in the entire value chain of the infrastructure sector, from treatment plants and canals to track laying, signalling, transmission lines, and smart meters. Thus, it is one of the most comprehensive and integrated construction companies in India.
As of September 2025, NCC possesses a backlog of orders worth Rs 64,300 crore, out of which JJM projects contribute Rs 7,000 crore, which is 11 percent of its total orders. Due to the fact that the Centre has put a hold on new JJM funds until the complaints are resolved, this large exposure may result in delays in execution and payments.
PNC Infratech Limited is one of the front-end infrastructure development, construction, and management companies in the country. The company undertakes infrastructure projects, including highways, bridges, flyovers, power transmission lines and towers, airport runways, industrial area development, and other infrastructure activities.
PNC Infratech Ltd has a backlog of orders worth Rs 20,100 crore as of September 2025, out of which Rs 2,780 crore is from JJM, constituting 14 percent of the total order book. With this, PNC is one of the heavily exposed companies as the Centre intensifies the scrutiny of JJM, thus increasing the chances of slow-paced billing and fund release.
KEC International Limited is a multinational EPC company specialising in projects for power transmission, railways, civil, solar, and oil & gas. The company carries out turnkey solutions for projects for transmission lines, substations, and railway electrification projects, as well as civil works for industrial, residential, and public infrastructure projects. The company also does EPC contracts for solar projects, as well as manufactures a wide range of products for power and speciality cables.
KEC International has an order book of Rs 39,300 crore as of September 2025. A mere Rs 1,600 crore (4 percent) of this order book constitutes JJM-linked orders. Although the exposure is minimal, this fraction of the company might still experience a delay in the implementation of the project, as well as in getting the payments due to the government’s increasing verification of the JJM connections.
Kalpataru Projects International Limited provides EPC services in power transmission, water, buildings, railways, oil & gas, and urban infrastructure in India and overseas. It undertakes projects such as substations, water pipelines, metro stations, and highways. The company also completes oil & gas pipelines, maintains agri-storage infrastructure, and operates biomass power plants.
At present, the order backlog of Kalpataru is at Rs 60,700 crore, with the JJM contributing Rs 6,500 crore, which is 11 percent of the total orders. There is a possibility that the significant exposure to the JJM, which is under review for reporting irregularities by the Centre, may result in a slow-motion of execution and delayed funds as a consequence of the review.
Dilip Buildcon Limited develops infrastructure projects in India and is supported by its subsidiaries on an Engineering, Procurement, and Construction (EPC basis. The Company has two segments, EPC Projects and Road Infrastructure Maintenance & Annuity Projects. The Company’s projects consist of roads, highways, bridges, tunnels, metros, airports, mining, irrigation, water supply, and urban development. The Company also operates road maintenance and toll operations.
Dilip Buildcon Ltd has a backlog of orders worth Rs 18,600 crore as of September 2025, with only a small portion of Rs 530 crore (3 percent of the total orders) coming from JJM. Although the company is not heavily exposed, this fraction may also experience delays in payments if the Centre decides to stop releasing fresh funds for JJM until the states sort out the discrepancies.
Written by Satyajeet Mukherjee
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