For the full procedure see below
If it still discharges after all Watch resets it suggests it could be an incompatibility in the software in the Watch and the iPhone with the latest OS releases. What I would do is
-Unpair and erase the Watch
-Backup the iphone
-Restore iphone to factory settings
-Set up the iphone as new without restoring the backup. Install only your essential email accounts, no extra software, no social media
-Pair the Watch to the iphone
-Run them both like that for 24 hours and see how long the battery lasts.
Only when that test is over can you repeat the first three actions then set up the phone but restoring the backup this time.
If the Watch lasts longer the first time than the second time then it proved it is software on the iPhone causing it. In that case you would have to export as much data as possible such as n-sync’d photos and documents out of the phone to a place of safety such as iCloud before repeating the restore and set up as new process.
Resources: (Allow a couple of hours)
Unpair and erase your Apple Watch – Apple Support (UK)
How to back up your iPhone, iPad, and iPod touch - Apple Support
Restore your iPhone, iPad, or iPod to factory settings - Apple Support