VA Tech Wabag Limited (WABAG)
₹1,884.80 -1.30% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, VA Tech's revenue was ₹1,414 Cr (+22.3% year on year, +47.1% on the previous quarter), and net profit ₹128 Cr (+28.6% year on year); the operating margin was 11.0%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹1,414 | +22.3% | +47.1% |
| Operating profit | ₹156 | +10.8% | +28.4% |
| Net profit | ₹128 | +28.6% | +40.2% |
| EPS (₹) | 20.59 | +28.7% | +39.8% |
| Operating margin | 11.0% | — | — |
WABAG delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.71% of the WABAG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.22%. The price fell 1.30% on that unusually high delivery, the pattern the delivery dashboard labels distribution.
Delivery in the last 5 sessions: 46.1% · 38.5% · 45.8% · 50.2% · 56.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
VA Tech Wabag Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. Issued by its Registrar and Share Transfer Agent, Cameo Corporate Services Limited, the certificate covers the quarter ended September 30, 2026. It confirms that all securities received for dematerialisation during the quarter were verified, mutilated, cancelled, and substituted in the register of members within mandated timelines. This is a standard administrative filing with no financial or operational impact.
- Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent Cameo Corporate Services Limited on October 05, 2026
- Filing officially submitted to NSE and BSE on October 07, 2026
VA TECH WABAG has secured a repeat domestic order categorized as 'Medium' (valued between ₹100 Cr and ₹250 Cr) from Reliance Industries Limited (RIL). The project covers the design, engineering, supply, erection, and commissioning of an Effluent Treatment Plant (ETP) at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. The project is scheduled for completion within 13 months. At ₹100–250 Cr, the order represents approximately 2.5% to 6.3% of WABAG's TTM revenue of ₹3,944 Cr.
- Secured 'Medium' domestic order valued between INR 100 to 250 Crores from Reliance Industries Limited (RIL)
- Scope includes design, engineering, supply, erection, and commissioning of an ETP at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar
- Scheduled execution period is 13 months
- Includes chemical and biological treatment along with low-temperature drying for sludge management
VA Tech Wabag Limited has approved the allotment of 13,404 equity shares of face value INR 2 each via circular resolution dated September 03, 2026. The allotment is pursuant to the exercise of stock options under the WABAG Centenary Stock Option Scheme 2023. Consequently, the company's paid-up equity share capital increased marginally from INR 12,49,56,328 (6,24,78,164 shares) to INR 12,49,83,136 (6,24,91,568 shares). The equity dilution from this allotment is negligible at approximately 0.02%.
- Allotment of 13,404 equity shares of face value INR 2 each under the WABAG Centenary Stock Option Scheme 2023
- Paid-up share capital expanded to INR 12,49,83,136 comprising 6,24,91,568 equity shares
- Pre-allotment share base stood at 6,24,78,164 equity shares (INR 12,49,56,328)
- Board approval completed via circular resolution on September 03, 2026
VA Tech Wabag has approved the redesignation of Mr. Rohan Mittal as Chief Commercial & Development Officer – MEA (categorized as Key Managerial Personnel and Senior Management Personnel), effective September 01, 2026. Mr. Mittal has close to 8 years of experience within Wabag, actively contributing to projects across the GCC and CIS regions and India (including the 400 MLD Perur SWRO project). He is related to the promoter group, being the son of the Chairman & Managing Director. The change aligns with the company's regional expansion focus in the Middle East and Africa.
- Redesignation of Mr. Rohan Mittal as Chief Commercial & Development Officer – MEA effective September 01, 2026
- Designated as Key Managerial Personnel (KMP) and Senior Management Personnel (SMP)
- Brings close to 8 years of experience at VA Tech Wabag handling GCC, CIS, and Indian project developments
- Disclosure confirms Mr. Mittal is the son of the Chairman & Managing Director
VA Tech Wabag Limited has informed the exchanges that its management representatives will participate in the 'ASHWAMEDH – Elara India Dialogue 2026' conference organised by Elara Securities (India) Private Limited. The group and one-to-one in-person meetings are scheduled for Thursday, September 03, 2026, from 10:00 AM IST onwards at Grand Hyatt, Mumbai. The company confirmed that only presentations already in the public domain will be shared and no unpublished price sensitive information (UPSI) will be discussed.
- Conference: ASHWAMEDH – Elara India Dialogue 2026 organised by Elara Securities
- Meeting Date: Thursday, September 03, 2026, from 10:00 AM IST onwards
- Format & Location: In-person group and one-to-one meetings at Grand Hyatt, Santacruz East, Mumbai
- Compliance: No unpublished price sensitive information (UPSI) will be shared
VA Tech Wabag Limited has submitted the transcript of its 31st Annual General Meeting held on August 12, 2026. Management highlighted growth vectors including ultra-pure water (requiring ~1 MLD per GW of solar cell manufacturing) and data center water cooling (with India targeting 12 GW capacity by 2032 needing ~45 MLD/GW). The company also outlined its plans to manufacture and install over 100 Compressed Bio-Gas (CBG) plants under the GOBARdhan scheme while continuing aggressive order bidding across the Middle East and Africa.
- Targets installation of more than 100 Compressed Bio-Gas (CBG) plants over the next few years following its Ghaziabad PPP project
- Highlighted rising demand for Ultra-Pure Water requiring ~45 m³/hr (1 MLD) per gigawatt of solar cell manufacturing
- Estimated data center water demand of 45 MLD per gigawatt for cooling against an expected India capacity of 12 GW by 2032
- Maintained an active bidding pipeline across international regions (Middle East & Africa) and domestic markets
VA Tech Wabag has signed the contract for the Doha SWRO Desalination Plant (Stage II) with Kuwait's Ministry of Electricity, Water & Renewable Energy, marking its market entry into Kuwait. The project is classified as 'Mega' (exceeding USD 150 Million / >~INR 1,250 Cr vs TTM revenue of Rs 3,944 Cr). It will be executed via a WABAG-led JV with HEISCO on a Design, Build, Operate model with a 60 MIGD (~272 MLD) capacity over a 36-month construction period followed by a 5-year O&M period.
- Project capacity is 60 MIGD (approximately 272 MLD) combining SWRO technology and a Recarbonation System
- Contract is classified under WABAG's 'Mega' tier, denoting a contract value above USD 150 Million
- Scope includes 36 months of construction followed by a 5-year Operation & Maintenance period
- Executed via a WABAG-led unincorporated JV with Heavy Engineering Industries & Shipbuilding Company (HEISCO)
VA Tech Wabag Limited has announced a site visit for analysts and clients of Ashika Institutional Equities to its operating plants in Chennai on Thursday, August 27, 2026, starting from 9:00 AM IST. The company stated that discussions will be based entirely on presentations already in the public domain, with no unpublished price-sensitive information (UPSI) being shared. This is a routine institutional investor interaction to showcase operational capabilities.
- Plant site visit scheduled for Thursday, August 27, 2026, from 9:00 AM IST onwards
- Meeting organized for analysts and clients of Ashika Institutional Equities
- Site visit location is at plants operated by the company in Chennai
- No unpublished price sensitive information (UPSI) will be shared during the visit
VA Tech Wabag reported strong Q1 FY27 performance with consolidated revenue rising 20.8% YoY to ₹887 crore and net profit jumping 37% YoY to ₹90 crore. The company achieved an all-time high order book of ₹19,400 crore (over 4.9x TTM revenue of ₹3,944 crore), supported by strong Q1 order intake of ₹3,400 crore (77% from international markets). The company maintained its net cash positive status for the 14th straight quarter with net cash at ₹965 crore (excluding HAM). New growth frontiers like solar PV, semiconductors, and CBG are emerging as key focus areas over a 3-5 year horizon.
- Consolidated revenue up 20.8% YoY to ₹887 crore; PAT up 37% YoY to ₹90 crore (10.2% margin)
- Order book reached historic high of ₹19,400 crore (~$1.8 billion), providing over 4x revenue coverage
- Q1 order intake stood at ₹3,400 crore, with international markets contributing 77%
- Net cash positive for 14th consecutive quarter at ₹965 crore (excluding HAM projects)
- Flagship Perur desalination project achieved milestone of 1 lakh cubic meters of concreting completed
VA Tech Wabag Limited's Board approved the allotment of 60,708 equity shares of face value INR 2 each pursuant to the exercise of stock options under the WABAG Centenary Stock Option Scheme 2023. Following this allotment, the company's paid-up equity capital increased marginally from INR 12,48,34,912 (6,24,17,456 shares) to INR 12,49,56,328 (6,24,78,164 shares). The resulting equity dilution is negligible at less than 0.10% of total share capital.
- Allotted 60,708 equity shares of face value INR 2 each under the WABAG Centenary Stock Option Scheme 2023
- Paid-up equity share capital increased from INR 12,48,34,912 to INR 12,49,56,328
- Total outstanding equity shares increased from 6,24,17,456 to 6,24,78,164
VA Tech Wabag has released the audio recording of its Q1 FY27 results conference call held on August 13, 2026. The company continues to operate with a robust order book of approximately Rs 16,000 Cr, providing revenue visibility for the next 3-3.5 years. This backlog is roughly 4x the TTM revenue of Rs 3,944 Cr. Management's focus remains on the 'Wriddhi' strategy, aiming for 15-20% growth by shifting toward higher-margin Engineering & Procurement (EP) models and expanding into Future Energy Solutions.
- Conference call for Q1 FY27 results conducted on August 13, 2026
- Order book visibility remains high at approximately Rs 16,000 Cr, which is 4.05x TTM revenue
- International orders account for nearly Rs 8,000 Cr of the total backlog
- Company targeting EBITDA margins in the 13-15% range through asset-light business models
- H1 FY26 saw new order inflows of Rs 3,500 Cr, supporting the 'Century 2.0' growth strategy
VA Tech Wabag Limited held its 31st Annual General Meeting on August 12, 2026, where shareholders approved all six proposed resolutions with a requisite majority. Key approvals included the adoption of FY26 standalone and consolidated financial statements and the declaration of a final dividend. Notably, the remuneration for related party Rohan Mittal was approved with 99.76% of valid votes, despite 97.09 lakh promoter votes being excluded from that specific count due to interest. The appointment of Samaresh Parida as an Independent Director was also ratified with near-unanimous support.
- All 6 resolutions passed with requisite majority via remote e-voting and AGM e-voting
- Final dividend for FY 2025-26 approved with 99.99% of valid votes (3.11 Cr shares in favor)
- Remuneration for related party Rohan Mittal approved with 99.76% favor among valid non-interested votes
- Appointment of Samaresh Parida as Independent Director secured 99.99% approval
- Total valid votes cast for the adoption of financial statements reached 3,10,71,135 shares
VA Tech Wabag reported a record order backlog of Rs 17,200 Cr at its 31st AGM, representing approximately 4.3x its TTM revenue, which provides high revenue visibility for the next 3-4 years. The company secured over Rs 7,500 Cr in new orders during FY26, including mega projects in Chennai and Saudi Arabia. Financial health remains strong with a net cash position of Rs 950 Cr and a 25% increase in recommended dividend to Rs 5 per share. Management is successfully pivoting toward higher-margin Industrial and O&M segments, with O&M now making up 38% of the total order book.
- Record order backlog of Rs 17,200 Cr (USD 1.8 billion) as of FY26 end, offering 3-4 years of revenue visibility.
- Order intake for FY26 exceeded Rs 7,500 Cr, with an additional pipeline of Rs 5,200 Cr in advanced stages.
- Recommended dividend increased to Rs 5 per share for FY26, up from Rs 4 in the previous year.
- Maintained net cash positive status for the 6th consecutive year, reaching Rs 950 Cr.
- Identified as preferred bidder for projects worth over USD 400 Mn (approx. Rs 3,300 Cr) in the MEA region.
VA Tech Wabag started FY27 with a massive order intake of Rs 3,431.3 Cr in Q1, nearly matching its entire FY26 revenue in a single quarter. The total order book reached a record Rs 19,394 Cr, providing revenue visibility for approximately 4.9 years based on TTM revenue. Financial performance for Q1 FY27 was strong, with revenue growing 20.8% YoY to Rs 886.8 Cr and PAT surging 36.9% to Rs 90.1 Cr. The company maintained its net cash positive status at Rs 965 Cr, marking the 14th consecutive quarter of positive cash flow.
- Order intake of Rs 3,431.3 Cr in Q1 FY27, representing approximately 87% of TTM revenue.
- Closing order book reached a record Rs 19,394 Cr, offering ~4.9x revenue visibility.
- Net profit (PAT) increased by 36.9% YoY to Rs 90.1 Cr for the quarter ended June 2026.
- Net cash position stood at Rs 965 Cr, continuing a 7-year streak of being net cash positive.
- Secured a 'Mega' 272 MLD desalination project in Kuwait, marking a strategic entry into a new market.
VA Tech Wabag (WABAG) reported a strong start to FY27 with consolidated revenue growing 21% YoY to Rs 886.8 crore and PAT increasing 37% YoY to Rs 90.1 crore. The company achieved an all-time high order book of Rs 19,400 crore, which is approximately 4.9x its TTM revenue, providing exceptional multi-year visibility. Order intake for the quarter was robust at Rs 3,400 crore, including strategic entries into Kuwait and the UAE. The company maintained its net cash positive status for the 14th consecutive quarter, with a net cash position of Rs 964.9 crore.
- Order book reached a historic high of Rs 19,400 crore, providing nearly 5 years of revenue visibility.
- Consolidated PAT grew 37% YoY to Rs 90.1 crore in Q1 FY27.
- Quarterly order intake stood at Rs 3,400 crore, representing ~86% of the total TTM revenue.
- Net cash position (excluding HAM) improved to Rs 964.9 crore, marking 14 straight quarters of positive cash.
- Consolidated EBITDA rose 22% YoY to Rs 116.3 crore, maintaining margin stability.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 18.2% YoY to INR 1,568.5 Cr in H1 FY26. The O&M business contributed 19% of total revenue (INR 298 Cr), while EPC/EP projects accounted for 81% (INR 1,270.5 Cr). O&M is a key focus area for stable cash flows.
Geographic Revenue Split
International projects accounted for 47% of H1 FY26 revenue (INR 737.2 Cr), while India projects contributed 53% (INR 831.3 Cr). The order book also reflects this split with nearly 50% from international markets.
Profitability Margins
Consolidated PAT margin was 9.6% in H1 FY26 (INR 150.6 Cr), up from 9.5% YoY. Standalone PAT margin was 9.9% (INR 131.2 Cr). EBITDA margin stood at 13.8%, aligning with the 13-15% target band.
EBITDA Margin
Consolidated EBITDA margin was 13.8% in H1 FY26, a slight decrease from 13.9% in H1 FY25. Standalone EBITDA margin was 14.2%. Core profitability is driven by execution efficiency and high-margin industrial projects.
Capital Expenditure
The company operates an asset-light model; specific planned capex in INR Cr is not disclosed, but the company maintained a net cash position of INR 675.3 Cr (excluding HAM) as of September 2025.
Credit Rating & Borrowing
Consolidated borrowings were reduced to INR 236.6 Cr in Sept 2025 from INR 357.3 Cr in March 2025. Prudent debt management resulted in net interest income of INR 8.4 Cr for H1 FY26.
Operational Drivers
Raw Materials
Cost of sales (including materials and subcontracting) was INR 1,169.4 Cr, representing 74.5% of total revenue in H1 FY26. Specific raw materials include membranes, pumps, pipes, and chemicals used in water treatment plant construction.
Import Sources
Not specifically disclosed, though the company executes projects in Nepal (Melamchi), Saudi Arabia (Yanbu), and SE Asia (PETRONAS), implying global sourcing for these regions.
Capacity Expansion
Current order book stands at INR 16,000 Cr (approx. 4x annual revenue), providing visibility for 3-3.5 years. The company secured INR 3,500 Cr in new orders in H1 FY26.
Raw Material Costs
Cost of sales was INR 1,169.4 Cr (74.5% of revenue) in H1 FY26, up 19.1% YoY from INR 981.7 Cr. Procurement is managed through a strategic shift to an EP (Engineering & Procurement) model to optimize costs.
Manufacturing Efficiency
Efficiency is driven by the 'Asset Light Business Model' and a focus on high-margin industrial and international projects to maintain a 13-15% EBITDA margin.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be achieved through the 'Wriddhi' strategy, focusing on: 1) Shifting from EPC to higher-margin EP models. 2) Increasing O&M contribution to 20% of total revenue. 3) Expanding into 'Future Energy Solutions' such as Ultra-Pure Water (UPW) for semiconductors and Compressed Bio-Gas (CBG). 4) Leveraging a strong INR 16,000 Cr order book with 50% international exposure.
Products & Services
Desalination plants (e.g., 400 MLD Perur), Sewage Treatment Plants (STP), Effluent Treatment Plants (ETP), Ultra-Pure Water (UPW) systems, Compressed Bio-Gas (CBG) plants, and Operation & Maintenance (O&M) services.
Brand Portfolio
WABAG
New Products/Services
Breakthrough orders in 'Future Energy Solutions' (CBG and UPW) were secured in H1 FY26. While specific revenue % for these new segments is not yet disclosed, they represent the 'Century 2.0' growth strategy.
Market Expansion
Targeting deeper penetration in the Industrial segment and expansion in MENA, CIS, and SE Asia regions, supported by a current international order book of nearly INR 8,000 Cr.
Market Share & Ranking
Global leader in water technology solutions with a 100-year heritage; specific market share percentage is not disclosed.
Strategic Alliances
Strategic municipal water platform with Norfund (USD 100 million) and a management buyout history backed by ICICI Venture.
External Factors
Industry Trends
The water industry is growing due to global water scarcity and a shift towards sustainable recycling. Future growth is driven by 'Future Energy' sectors (Green Hydrogen, Semiconductors) requiring specialized water treatment. WABAG is positioned as a technology-first provider for these niches.
Competitive Landscape
Competes with domestic and international players in water infrastructure and O&M segments; market dynamics are shifting towards technology-intensive industrial projects.
Competitive Moat
Durable advantages include a 100-year brand legacy, specialized technical expertise in large-scale desalination (e.g., 400 MLD Perur), and an asset-light, net-cash-positive financial profile (INR 675.3 Cr net cash) which is sustainable due to the high-margin O&M business (19% of revenue).
Macro Economic Sensitivity
Sensitive to global infrastructure spending and government budgets for water projects; specific impact % is not disclosed.
Consumer Behavior
Increasing industrial and municipal focus on water sustainability, wastewater recycling, and 'Zero Liquid Discharge' (ZLD) solutions.
Geopolitical Risks
Operations in diverse regions like Nepal, Middle East, and SE Asia expose the company to regional regulatory and political shifts that could impact project timelines.
Regulatory & Governance
Industry Regulations
Operations are governed by environmental pollution norms, wastewater discharge standards, and municipal water quality regulations across various jurisdictions including India, Nepal, and the Middle East.
Environmental Compliance
Focus on 'Building a Sustainable Water Future'; ESG report published but specific compliance costs in INR are not disclosed.
Taxation Policy Impact
Consolidated tax rate of ~23.7% in H1 FY26 (INR 46.9 Cr tax on INR 197.5 Cr PBT).
Risk Analysis
Key Uncertainties
Project execution delays in the INR 16,000 Cr order book (3-3.5 year cycle) and forex volatility (INR 17.6 Cr gain in H1 FY26) are primary risks.
Geographic Concentration Risk
47% of revenue is from international markets (RoW) and 53% is from India.
Technology Obsolescence Risk
Mitigated by R&D and entry into high-tech UPW and CBG sectors; the company positions itself as a 'Technology-first' provider.
Credit & Counterparty Risk
Order book is 'supported by strong payment securities,' and the company has maintained a net cash positive status for 11 consecutive quarters, indicating high receivable quality.
