Performance of 10 promising varieties of sugarcane, viz. CoS 07250, CoS 07240, CoS 08279, CoS 08272, CoS 10239, CoS 09240, CoSe 01434, CoSe 06455, CoSe 06456 and UP 05125 was studies under water stress condition, at the research farm of UP Council of Sugarcane Research, Shahjahanapur, UP, India during spring seasons of 2012-13, 2013-14 and 2014-15. Sugarcane varieties CoS 07250 and CoSe 01434 were used as standard. Statistically pooled data of three years revealed that physiological and biochemical parameters such as transpiration rate (TR), stomatal deffusive resistance (SDR), leaf water potential (LWP) and total chlorophyll content in leaf varied significantly due to moisture stress, however, the differences were only significant in case of SDR expressing high total chlorophyll content, leaf water potential and significantly greater stomatal deffusive resistance and lower rate of transpiration under deficient moisture condition. Varieties CoS 08279, and CoS 07240 gave an indication about their drought endurance capacity. All the varieties showed significant reduction in shoot population, number of millable canes (NMC) and cane yield under deficient irrigation (two pre monsoon) as compared to normal irrigation (five irrigation pre monsoon). Varieties CoS 08279, CoS 07240 and Cose 06455 produced significantly more numbers of shoots, NMC and cane yield (63 tonnes/ha) under water stress condition along with less yield reduction percent (below 10 %), confirming thereby their drought tolerant nature. Sucrose percent in juice was not affected significantly due to water stress.