VA Tech Wabag logo

VA Tech Wabag

WABAG NSE

Key Fundamentals

MicrocapWater Supply & ManagementUtilities
Market Cap
₹13,760 Cr
Volatility
Moderate
P/E Ratio
35.94
EBITDA
₹572 Cr
Return on Equity
14.37%
Debt to Equity
0.09
Book Value
₹411.02
EPS
₹40.28
52W High
₹2,253.5
52W Low
₹1,033

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 27.7% CAGR over last 5 years

Weaknesses

4
  • The company has delivered a poor sales growth of 6.83% over past five years.
  • Promoter holding is low: 19.1%
  • Earnings include an other income of Rs.152 Cr.
  • Company has high debtors of 234 days.

Growth Rate

Revenue Growth
20.96% higher than 3Y
Net Income Growth
25.44% lower than 3Y
Cash Flow Change
-41.81% lower than 3Y
ROE
4.59% lower than 3Y
ROCE
5.99% lower than 3Y
EBITDA Margin (Avg.)
1.29% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 41d ago
AI opinion · based on fundamentals
Risk medium

Va Tech Wabag is a water-technology EPC company with a market cap of ~₹12,451 crore trading at a P/E of 33.4x. It closed FY26 with consolidated PAT of ₹370.5 crore (up 26% YoY) and revenue of ₹3,944 crore (up 20% YoY), while maintaining a record order book of ₹17,200 crore (~4x annual revenue) and net cash of ~₹1,006 crore.

Bull Case 8
  • FY26 PAT grew 26% YoY to ₹370.5 crore and consolidated revenue rose 20% YoY to ₹3,944 crore, demonstrating accelerating execution
  • Record order book of ₹17,200 crore provides revenue visibility of over 4x annual revenue, with order inflows of ~₹4,748 crore in 9MFY26 alone
  • Company is net cash positive for 12 consecutive quarters with ~₹1,006 crore net cash (ex-HAM), making it virtually debt-free
  • Compounded profit CAGR of 93% over 3 years and 28% over 5 years reflects a sharp earnings recovery and consistent margin improvement
  • EBITDA grew 22% YoY to ₹524 crore in FY26, with EBITDA margins stable in the 13-15% guided range indicating operational discipline
  • ROE has improved steadily from 11% (10-year average) to 16% last year, signalling better capital efficiency
  • Dividend per share increased to ₹5 for FY26 (up from ₹4 in FY25), reflecting management confidence in cash generation
  • Stock has compounded at 58% CAGR over 3 years, reflecting strong market re-rating driven by order book growth
Bear Case 8
  • P/E of 33.4x is elevated for an EPC business, pricing in significant future growth with limited room for execution misses
  • Promoter holding is low at 19.1%, which raises governance concerns and leaves the company vulnerable to hostile actions or speculative moves
  • Debtor days stand at 234 days, indicating working capital intensity and potential cash-flow stress from delayed client payments
  • 5-year sales CAGR of only 6.83% shows that until recently, the company struggled to convert its order book into revenue consistently
  • P/B ratio of 4.8x is high for an asset-light EPC model, leaving little valuation cushion if margins compress
  • Dividend yield of just 0.25% offers negligible income return relative to the valuation paid
  • International order mix (~80% of H1FY26 inflows) introduces forex risk and geopolitical execution risk in Middle-East and Africa markets
  • TTM revenue growth of 20% still lags the order book growth rate, suggesting execution capacity could become a bottleneck

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 35d ago
Positives 2
  • Strong FY26 PAT up 25% Jul 20

    Consolidated PAT of INR 3,698 million, up 25.44% YoY, with EBITDA growing 21.83% and order book at INR 172,000 million in FY 2025-26.

  • Wins large BWSSB order Jul 20

    Secured a large order from BWSSB for wastewater treatment facilities in Bengaluru, adding to the robust order book.

Neutral 2
  • BRSR filed for FY26 Jul 20

    Filed BRSR for FY 2025-26 reporting 32% water positivity and 50% carbon emission reduction, reinforcing ESG credentials.

  • 31st AGM on Aug 12 Jul 17

    Annual General Meeting scheduled for August 12, 2026 via video conferencing to transact routine business.

TL;DR: Va Tech Wabag is delivering strong financial performance with 25% PAT growth and a healthy INR 172 billion order book, supplemented by fresh order wins in Bengaluru. No material headwinds are visible in the recent news flow. The trend is clearly improving with earnings momentum and order pipeline both pointing upward heading into FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
553
665
704
934
626
700
811
1,156
734
834
961
1,414
887
Expenses
497
579
606
819
547
607
713
1,015
638
745
840
1,258
807
Operating Profit
56
86
98
116
79
94
98
141
96
89
122
156
80
OPM %
10%
13%
14%
12%
13%
13%
12%
12%
13%
11%
13%
11%
9%
Other Income
26
16
4
9
11
19
15
13
11
43
19
32
58
Interest
16
17
17
22
18
19
20
22
19
20
18
17
17
Depreciation
2
2
2
2
2
1
1
1
1
2
2
2
2
PBT
64
83
83
100
70
92
91
131
87
111
121
170
118
Tax %
22%
28%
25%
22%
22%
24%
23%
24%
24%
23%
25%
25%
24%
Net Profit
50
60
63
78
55
70
70
100
66
85
91
128
90
EPS in Rs
8.04
9.68
10.11
11.64
8.84
11.35
11.29
16
10.58
13.62
14.72
20.59
14.45
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,435
2,508
3,208
3,457
2,781
2,557
2,834
2,979
2,960
2,856
3,294
3,944
4,097
Expenses
2,225
2,293
2,969
3,165
2,587
2,340
2,616
2,745
2,643
2,490
2,872
3,467
3,651
Operating Profit
210
216
239
292
194
217
219
234
318
366
422
478
446
OPM %
9%
9%
7%
8%
7%
8%
8%
8%
11%
13%
13%
12%
11%
Other Income
7
8
11
8
8
40
14
32
-226
43
47
90
152
Interest
39
46
53
58
75
109
90
88
66
71
79
73
71
Depreciation
11
20
19
18
17
15
12
10
9
8
6
6
6
PBT
167
157
179
224
110
132
130
168
17
330
384
489
520
Tax %
34%
43%
37%
34%
19%
37%
23%
22%
35%
24%
23%
24%
—
Net Profit
112
90
112
147
89
84
101
132
11
250
295
370
394
EPS in Rs
20.28
16.28
18.76
24.06
19.2
16.63
17.71
21.21
2.09
39.49
47.48
59.46
63.38
Div. Payout %
20%
25%
21%
17%
21%
0%
0%
0%
0%
0%
8%
8%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
11
11
11
11
11
11
12
12
12
12
12
12
Reserves
892
909
982
1,118
1,058
1,164
1,397
1,527
1,562
1,806
2,128
2,556
Borrowings
181
388
314
482
613
520
358
436
219
289
362
228
Other Liabilities
1,481
1,610
2,041
2,107
2,083
2,328
2,389
2,024
2,294
2,467
2,766
3,326
Total Liabilities
2,565
2,918
3,348
3,717
3,766
4,022
4,157
3,999
4,088
4,574
5,267
6,122
Fixed Assets
191
175
174
172
149
86
86
80
75
72
67
66
CWIP
1
2
0
0
0
0
0
0
0
0
0
0
Investments
38
32
22
5
8
20
24
38
46
67
69
72
Other Assets
2,335
2,708
3,151
3,540
3,609
3,915
4,046
3,882
3,967
4,435
5,131
5,984
Total Assets
2,565
2,918
3,348
3,717
3,766
4,022
4,157
3,999
4,088
4,574
5,267
6,122
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
6
-217
6
-216
-76
245
135
12
85
134
355
207
Investing
-99
122
52
3
9
5
1
-39
41
56
-111
46
Financing
2
182
-100
106
49
-135
-86
45
-240
44
34
-185
Net Cash Flow
-91
86
-42
-106
-18
114
51
17
-114
233
278
67
Free Cash Flow
-23
-232
-5
-219
-78
310
122
9
83
122
351
202
CFO/OP
29
-76
35
-46
-10
130
76
13
35
44
103
64
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
222
241
242
138
177
227
174
162
186
254
223
234
Cash Conversion Cycle
222
241
242
138
177
227
174
162
186
254
223
234
Working Capital Days
61
29
40
57
64
61
73
45
61
123
90
97
ROCE %
20%
17%
18%
19%
11%
14%
13%
13%
20%
20%
20%
21%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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58 extracted metrics + investor summaries across FY15–FY26.

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Shareholding Pattern

DIIs6.33%Public46.36%Others9.98%FIIs18.26%Promot.19.08%As ofJun 2026

Documents

Frequently Asked Questions about VA Tech Wabag

What does Va Tech Wabag Ltd do?
Va Tech Wabag Ltd is engaged in the business of water treatment field. Its principal activities include design, supply, installation, construction and operational management of drinking water, waste water treatment, industrial water treatment and desalination plants.[1]
Where is Va Tech Wabag Ltd (WABAG) listed?
Va Tech Wabag Ltd trades as WABAG on the NSE and under code 533269 on the BSE.
Which sector does Va Tech Wabag Ltd belong to?
Va Tech Wabag Ltd is classified under the Utilities sector, in the Other Utilities industry.
What is the market capitalisation of Va Tech Wabag Ltd?
Va Tech Wabag Ltd has a market capitalisation of ₹13,760 Cr, which places it in the Mid Cap band.
What is the PE ratio of Va Tech Wabag Ltd?
Va Tech Wabag Ltd trades at a PE ratio of 35.94, on earnings per share of ₹40.28, against a book value of ₹411.02 per share.
What is the 52-week high and low of Va Tech Wabag Ltd?
Over the last 52 weeks Va Tech Wabag Ltd has traded between ₹1,033 and ₹2,253.5.
Does Va Tech Wabag Ltd pay dividends?
Va Tech Wabag Ltd has a dividend yield of 0.23%.
What is the Return on Equity (ROE) of Va Tech Wabag Ltd?
Va Tech Wabag Ltd reported a return on equity of 14.37%. Its debt-to-equity ratio is 0.09.

Company Information

Va Tech Wabag Ltd is engaged in the business of water treatment field. Its principal activities include design, supply, installation, construction and operational management of drinking water, waste water treatment, industrial water treatment and desalination plants.[1]

Website wabag.com
CEO Mr. Rajiv Devaraj Mittal
Employees 1,600
Listed 2010-10-13
Face Value ₹ 2
Issued Size 6,22,97,252

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