Transcript of the Q3 & 9M FY26 Results Conference Call
WABAG · price
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VA Tech Wabag reported 9M FY26 consolidated revenue of Rs. 2,530 crores, up 18% year-on-year, with EBITDA of Rs. 347 crores at a 13.7% margin (within the guided 13-15% range) and PAT of Rs. 242 crores, growing 24% YoY despite a one-time impact from new labour codes. International projects contributed 50% of revenues and O&M contributed 18%. Order book stood at over Rs. 16,300 crores, split 64% EPC and 36% O&M, with management highlighting preferred bidder status on over Rs. 3,000 crores of additional projects. The company maintained its net cash positive position for the 12th consecutive quarter, with cash balance crossing Rs. 1,000 crores (excluding HAM entity debt), and reaffirmed its AA-/Stable credit rating. Management reiterated medium-term revenue growth guidance of 15-20% and EBITDA margin guidance of 13-15%.
Strong execution, robust order book visibility (4x revenue), improving working capital, and a net cash positive balance sheet support continued growth momentum; confirmation of margin guidance and pipeline expansion in international markets and new sectors like data centers, hydrogen, and solar manufacturing are positive signals for shareholders.