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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| VA TECH WABAG LTD ◆ | 14,263 | 29.7 | 5.54 | 24.2 | 14.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 25 Aug 2026 · WABAG signs Mega Doha SWRO contract, launches in Kuwait | business updates | high | — | — |
| 25 Aug 2026 · WABAG signs Mega Doha SWRO II contract, launches Kuwait entry | business updates | high | — | — |
| 21 Aug 2026 · VA Tech Wabag to host analyst site visit in Chennai on Aug 27 | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Q1 FY27 earnings call transcript filed; record order book, revenue up 20.8% YoY | investor communications | medium | — | — |
| 13 Aug 2026 · Audio of Q1 FY27 results conference call posted | investor communications | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 15.5 |
| 6.8 |
| 14.8 |
| ION EXCHANGE (INDIA) LTD | 6,543 | 53.9 | 4.88 | 24.4 | 10.7 | 10.9 | 15.0 | 5.4 |
| ENVIRO INFRA ENGINEERS L | 3,647 | 20.1 | 2.95 | 12.9 | 15.2 | 16.5 | — | 22.7 |
| DENTA WATER N INFRA SOL L | 764 | 12.2 | 1.66 | 9.0 | 13.3 | 17.8 | — | 26.3 |
| JITF INFRALOGISTICS LTD | 753 | — | — | 8.1 | 2.2 | 1.6 | 24.8 | 19.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.7 | 16.1 | 11 of 14 | 23% |
| P/B | 5.5 | 2.5 | 10 of 11 | 10% |
| ROCE | 15.5 | 15.4 | 8 of 16 | 53% |
| ROE | 14.4 | 13.4 | 5 of 12 | 64% |
| Debt / Equity | 0.1 | 0.2 | 4 of 12 | 73% |
| 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 | 14263 | 807 | 1 of 16 | 100% |
| 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 |
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.
