In general, young plants in the establishment phase demonstrate sensitivity to changes in environmental conditions, especially regarding water availability. The effects of the seasonality of biophysical processes on plant physiology can trigger differential responses, even within the same region, making it necessary to conduct studies that characterize the physiological performance of the species at different spatial and temporal scales, making it possible to understand their needs and growth limits under water stress conditions. This paper aimed to evaluate the growth, gas exchange and Chl a fluorescence in ipê-rosa seedlings subjected to levels of water replacement (LWRs) of 100, 75, 50 and 25% in a greenhouse. The morphometric variables of plant height, diameter at stem height, numbers of leaves and leaflets, root length and volume, plant dry mass and leaf area were evaluated. The potential evapotranspiration of seedlings (ETc) was obtained using direct weighing, considering the water replacement of 100% of the mass variation between subsequent days as a reference; the cultivation coefficients (kc) were obtained using the ratio between ETc and the reference evapotranspiration (ETo) obtained by the Penman-Monteith FAO-56 method. Biomass and evapotranspiration data were combined to determine water sensitivity. Diurnal fluxes of gas exchange (net photosynthesis rate, transpiration rate, stomatal conductance, internal and atmospheric carbon ratio, water use efficiency and leaf temperature) and Chl a fluorescence (Fv/Fm, ΦPSII, ETR, Fv'/Fm', NPQ and qL) were evaluated. Water restriction caused reductions of 90.9 and 84.7% in the increase in height and diameter of seedlings subjected to 25% water replacement when compared to seedlings with 100% water replacement. In comparison, biomass accumulation was reduced by 96.9%. The kc values increased throughout the seedling production cycle, ranging from 0.59 to 2.86. Maximum water sensitivity occurred at 50% water replacement, with Ky = 1.62. Maximum carbon assimilation rates occurred in the morning, ranging from 6.11 to 12.50 µmol m-2 s-1. Ipê-rosa seedlings regulate the physiology of growth, gas exchange and Chl a fluorescence depending on the amount of water available, and only 25% of the water replacement in the substrate allows the seedlings to survive.
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