NSE: DENTA · BSE: 544345
DENTA WATER N INFRA SOL L
Executes water infrastructure projects in India, primarily in Karnataka, spanning irrigation, urban water supply and wastewater management. Revenue comes from project execution under government schemes such as Jal Jeevan Mission, Amrut 2.0 and Swachh Bharat, with the company adopting NEBR and CAMUS-based sewage treatment plant (STP) technologies targeting ~95% water purity. As of March 31, 2026 it had 38 ongoing projects with an order book of Rs. 727.8 crore, and 40 projects historically completed. FY26 revenue from operations was Rs. 250.4 crore, up 23% year-on-year, with EBITDA of Rs. 83.5 crore and profit after tax of Rs. 60.9 crore. Work is done under subcontract and direct contract models, with the company maintaining a zero-debt balance sheet apart from NBFC working-capital lines. Material costs (pipes, UPVC, HDPE and other inputs) form the largest share of expenses at 64.8% of revenue, while employee and other operating costs are comparatively small at 2.9% and 2.7% respectively. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Water infrastructure project execution (irrigation, urban water supply, STP establishment). Project-driven, low-leverage water EPC with government counterparty exposure and working-capital intensity
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 203 | 250 |
| EBITDA (ex other income) | 68 | 74 |
| margin % | 33.3 | 29.7 |
| Owners' profit | 53 | 61 |
| EPS, as reported (₹) | 25.83 | 45.62 |
| ROE % · ROCE % | 12.9 · 17.6 | 13.3 · 18.0 |
| Debt / equity (x) | 0.00 | 0.03 |
| Cash from operations | (72) | (34) |
| Capex | (0) | (1) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 51 | 54 | 67 | 74 | 54 | 55 | 59 |
| Profit before tax | 19 | 19 | 25 | 26 | 19 | 12 | 15 |
| Net profit | 15 | 14 | 19 | 19 | 14 | 9 | 11 |
| EPS (₹) | 7.79 | 6.70 | 6.95 | 7.09 | 5.36 | 6.82 | 4.18 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| VA TECH WABAG LTD | 11,414 | 23.8 | 4.43 | 19.1 | 14.4 | 15.5 | 6.8 | 14.8 |
| ION EXCHANGE (INDIA) LTD | 5,039 | 41.5 | 3.76 | 19.0 | 10.7 | 10.9 | 15.0 | 5.4 |
| ENVIRO INFRA ENGINEERS L | 2,909 | 16.1 | 2.35 | 10.6 | 15.2 | 16.5 | — | 22.7 |
| JITF INFRALOGISTICS LTD | 668 | — | — | 7.9 | 2.2 | 1.6 | 24.8 | 19.5 |
| DENTA WATER N INFRA SOL L ◆ | 634 | 10.1 | 1.38 | 7.4 | 13.3 | 17.8 | — | 26.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.1 | 13.6 | 4 of 14 | 77% |
| P/B | 1.4 | 2.1 | 3 of 11 | 80% |
| ROCE | 17.8 | 15.4 | 5 of 16 | 73% |
| ROE | 13.3 | 13.5 | 7 of 11 | 40% |
| Debt / Equity | 0.0 | 0.3 | 2 of 11 | 90% |
| EBITDA margin | 26.3 | 17.6 | 2 of 12 | 91% |
| Revenue growth | (12.8) | 20.8 | 11 of 13 | 17% |
| Profit growth | (39.8) | (16.7) | 6 of 10 | 44% |
| Market cap | 634 | 711 | 10 of 16 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine SEBI compliance filing for Q2 FY27 share conversion certificate | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure ahead of September quarter results | compliance | minimal | — | — |
| 25 Sept 2026 · All 7 resolutions passed at Denta Water 10th AGM; dividend of Rs 2.50 per share declared | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Denta Water AGM: Rs 2.5 dividend, higher borrowing powers approved | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Denta Water to meet investors at Arihant Capital summit on Sep 28 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Newspaper ad for 10th AGM notice, e-voting and record date filed | compliance | minimal | — | — |
| 2 Sept 2026 · Denta Water files FY26 Annual Report, sets Sept 24 AGM | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · 10th AGM Notice and FY26 Annual Report filed | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Newspaper publication of public notice for AGM and Annual Report | compliance | minimal | — | — |
| 18 Aug 2026 · Denta Water to supply 6 tanks for Mukkumpi irrigation project | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.