Va Tech Wabag and 4 other stocks with order book exceeding their market cap to keep an eye on

Synopsis: Several Indian infrastructure and engineering companies, including NCC, G R Infraprojects, and others, have order books significantly exceeding their market capitalisation, highlighting strong future revenue potential and robust project pipelines.

A strong order book provides companies with clear revenue visibility for the coming years. It ensures steady project execution, supports expansion into new markets, and strengthens financial stability, ultimately driving sustainable growth and enhancing investor confidence. 

There are some stocks from the infrastructure, construction, and water treatment sectors that are seeing strong growth potential, backed by order books that far exceed their market capitalisation. Listed below are 5 stocks with their orderbook more than their market capitalisation.

NCC Ltd

NCC is a leading Indian infrastructure and construction company that executes large civil and engineering projects across buildings, transportation, water, railways, electrical transmission, irrigation, and mining. The company is recognised for delivering large-scale national and state infrastructure projects using the EPC (Engineering, Procurement, and Construction) model.

With a market capitalisation of Rs. 9,615 cr, the shares of NCC Ltd were trading at Rs. 153 per share, down from its previous close of Rs. 154.70 per share. As of Q3FY26, the order book stands at Rs. 79,571 cr, which is about 8 times its market capitalisation.

G R Infraprojects Ltd

G R Infraprojects is an Indian infrastructure company specialising in the construction of roads, highways, railways, metro projects, airport runways, and power transmission systems. It undertakes projects under BOT (Build-Operate-Transfer), HAM (Hybrid Annuity Model), and other EPC frameworks, with over two decades of experience in delivering large-scale infrastructure projects across multiple states.

With a market capitalisation of Rs. 9,336 cr, the shares of G R Infraprojects Ltd were trading at Rs. 964.95 per share, down from its previous close of Rs. 978.75 per share. As of Q3FY26, the order book stands at Rs. 20,254.8 cr, which is about 2 times its market capitalisation.

PNC Infratech Ltd

PNC Infratech focuses on highways, bridges, flyovers, airport runways, and industrial and power infrastructure projects. The company offers end-to-end services from design through construction and operation, often under EPC and public-private partnership models like BOT and HAM. It has executed numerous projects across India and continues to expand its infrastructure footprint.

With a market capitalisation of Rs. 5,545 cr, the shares of PNC Infratech Ltd were trading at Rs. 216.15 per share, down from its previous close of Rs. 220.15 per share. As of Q3FY26, the order book stands at Rs. 19,300 cr, which is about 3 times its market capitalisation.

Larsen & Toubro Ltd

Larsen & Toubro Ltd is one of India’s largest and most diversified conglomerates, operating in engineering, construction, manufacturing, technology, infrastructure, defence, and power sectors. It undertakes major projects including highways, metro systems, ports, and power plants, and also has global subsidiaries in engineering and IT services. L&T is a key player in both domestic and international infrastructure development.

With a market capitalisation of Rs. 5,72,859 cr, the shares of Larsen & Toubro Ltd were trading at Rs. 4,164 per share, up from its previous close of Rs. 4,185.40 per share. As of Q3FY26, the order book stands at Rs. 7,33,200 cr, which is about 1.3 times its market capitalisation.

Va Tech Wabag Ltd

VA Tech Wabag is a multinational company based in Chennai that specialises in water and wastewater treatment. It designs, constructs, and commissions drinking water, sewage, industrial water, and desalination plants, and provides operations and maintenance services. The company serves both municipal and industrial clients, with a presence in over 20 countries worldwide.

With a market capitalisation of Rs. 8,091 cr, the shares of Va Tech Wabag Ltd were trading at Rs. 1,299 per share, down from its previous close of Rs. 1,334.80 per share. As of Q3FY26, the order book stands at Rs. 16,300 cr, which is about 2 times its market capitalisation.

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