Sugarcane varieties have distinct biochemical and productive capacities, which are accentuated under water and nutrient stress conditions. Water stress promotes biochemical changes in plants, such as the overproduction of reactive oxygen species (ROS) that, depending on the concentration, degrade photosynthetic pigments. Current research indicates that K+ plays an important role in increasing yield and tolerance to water stress. This study evaluated the effect of different K+ levels on the initial growth of two sugarcane varieties under two water conditions. The experiment was conducted in a greenhouse using randomized blocks, with four replications, five K+ doses (0; 0.5; 1; 2 and 6 mmol L-1), two sugarcane varieties (RB92579 and RB992506), and two water conditions (hydrated plants and water stress). Data were analyzed in a 5×2×2 factorial scheme. Leaf carbohydrates, photosynthetic pigments, antioxidant enzyme activity (catalase, superoxide dismutase and ascorbate peroxidase) and dry matter production were assessed. K+ doses promoted an increase in plant dry mass. The RB992506 variety had lower APX activity and higher levels of photosynthetic pigments, carbohydrates and dry matter than its RB92579 counterpart. Water conditions and interactions between factors had no effect on the variables studied. RB992506 is a promising variety and more tolerant to water stress due to its superior biochemical and productive traits when compared to RB92579.