NSE: WABAG · BSE: 533269
VA TECH WABAG LTD
Designs, builds and operates water and wastewater treatment plants, with revenue split between Engineering, Procurement and Construction (EPC) projects and multi-year Operations and Maintenance (O&M) contracts. Customers are government and municipal water utilities — examples include Bangalore Water Supply and Sewerage Board (a 100 MLD STP plus 25 MLD tertiary plant at Byramangala and a 60 MLD STP at Bellandur), the City of Vienna (~86 MLD Donauinsel expansion), and authorities in Saudi Arabia, Kuwait, UAE, Zambia, Peru and Bangladesh. FY26 segment revenue was 56.2% India and 42.6% Rest of the World; on that revenue, overseas operations generated Rs 428.4 cr of segment EBIT versus Rs 306.6 cr from India. Materials at 76.1% of FY26 revenue is the dominant cost, reflecting EPC construction inputs. The asset-light model keeps capex at 0.1% of revenue, with employees at 7.6% and other opex at 4.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (56%), Rest of the world (43%), Un-allocable revenue (1%). Asset-light water EPC and O&M business, project-driven with multi-year O&M annuity component
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,979 | 2,960 | 2,856 | 3,294 | 3,944 |
| EBITDA (ex other income) | 237 | 29 | 366 | 424 | 473 |
| margin % | 8.0 | 1.0 | 12.8 | 12.9 | 12.0 |
| Owners' profit | 132 | 13 | 246 | 16 | 437 |
| EPS, as reported (₹) | 20.80 | 36.87 | 39.49 | 50.09 | 70.24 |
| ROE % · ROCE % | 8.7 · 14.1 | 0.7 · 4.0 | 13.8 · 16.6 | 13.7 · 16.9 | 14.4 · 17.9 |
| Debt / equity (x) | 0.28 | 0.14 | 0.15 | 0.17 | 0.09 |
| Cash from operations | 12 | 132 | 134 | 355 | 207 |
| Capex | (6) | (5) | (12) | (5) | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 700 | 811 | 1,156 | 734 | 1,569 | 961 | 1,414 | 887 |
| Profit before tax | 87 | 91 | 131 | 87 | 198 | 121 | 171 | 113 |
| Net profit | 70 | 70 | 100 | 66 | 151 | 91 | 128 | 90 |
| EPS (₹) | 11.35 | 11.29 | 18.83 | 10.58 | 24.21 | 15.63 | 22.68 | 14.35 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 1,864 | 46.5 |
| Rest of the World | 792 | 19.8 |
| Un-allocable revenue | 52 | 1.3 |
| Rest of the world | 1,299 | 32.4 |
| Total, before eliminations | 4,008 | 100.0 |
Exhibit 4: 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 ◆ | 11,279 | 23.5 | 4.38 | 18.9 | 14.4 | 15.5 | 6.8 | 14.8 |
| ION EXCHANGE (INDIA) LTD | 5,005 | 41.2 | 3.73 | 18.9 | 10.7 | 10.9 | 15.0 | 5.4 |
| ENVIRO INFRA ENGINEERS L | 2,914 | 16.1 | 2.35 | 10.6 | 15.2 | 16.5 | — | 22.7 |
| JITF INFRALOGISTICS LTD | 672 | — | — | 7.9 | 2.2 | 1.6 | 24.8 | 19.5 |
| DENTA WATER N INFRA SOL L | 618 | 9.9 | 1.35 | 7.2 | 13.3 | 17.8 | — | 26.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.5 | 13.7 | 11 of 14 | 23% |
| P/B | 4.4 | 2.0 | 10 of 11 | 10% |
| ROCE | 15.5 | 15.4 | 8 of 16 | 53% |
| ROE | 14.4 | 13.5 | 5 of 11 | 60% |
| Debt / Equity | 0.1 | 0.3 | 3 of 11 | 80% |
| EBITDA margin | 14.8 | 17.6 | 8 of 12 | 36% |
| Revenue growth | 20.8 | 20.8 | 7 of 13 | 50% |
| Profit growth | 36.9 | (16.7) | 4 of 10 | 67% |
| Market cap | 11279 | 725 | 1 of 16 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 5 to approve September quarter results | results | low | — | — |
| 27 Oct 2026 · WABAG wins RIL water treatment order worth over Rs 1,000 crore | business updates | high | — | — |
| 7 Oct 2026 · Compliance filing: Quarterly dematerialisation certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · VA Tech Wabag allots 23,261 shares under ESOP scheme | capital market events | low | — | — |
| 28 Sept 2026 · Trading window closed for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 7 Sept 2026 · WABAG bags repeat order from RIL for ETP at Jamnagar | business updates | high | — | — |
| 3 Sept 2026 · ESOP allotment of 13,404 shares under WABAG Centenary Stock Option Scheme 2023 | capital market events | low | — | — |
| 31 Aug 2026 · Rohan Mittal elevated to Chief Commercial and Development Officer MEA | management changes | medium | — | — |
| 28 Aug 2026 · Wabag management to attend Elara India Dialogue 2026 on Sept 3 | board shareholder meetings | low | — | — |
| 28 Aug 2026 · 31st AGM: record PAT at INR 371 Cr, INR 5 dividend, order book at INR 17,200 Cr | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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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.