VA Tech Wabag Ltd.

•

wabag.comBSE: 533269NSE: WABAG

Market Cap₹ 14,229 Cr.

Current Price

High / Low₹ 2,319 / 1,033

Stock P/E36.0

Book Value₹ 422

Price to Book2.84

Dividend Yield0.22 %

ROCE21.2 %

ROE15.8 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Construction Contracts: 81.8% • Operation & Maintenance Contracts: 17.3% • Other Operating Revenues: 0.9%

AI Sector View

AI GENERATED

Utilities

Buy

Utilities are backed by firm electricity demand and output. Power generation grew 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), and core electricity output rose 9.0% YoY (2026-07). Sector-specific FPI flows are mildly positive at INR 148 crore over 3 months to 2026-08-31, adding to the supportive fundamental case.

Confidence

73%

View full sector analysis →

PROS

Company has delivered good profit growth of 29.7% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 20.7%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 36.9% YoY, showing strong momentum

CONS

Valuation is stretched - P/E of 36.0 is well above its own 5-year median (19.5)
Company has delivered a poor sales growth of 6.8% over past five years
Though reporting repeated profits, the company pays out little dividend (8.4%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

UtilitiesBusiness ServicesEnvironmental Services

Part ofNIFTY TOTAL MKT NIFTY MICROCAP250

S.No.	Name
1.	WABAG	2276.90	36.03	14228.71	0.22	90.10	36.93	886.80	20.82	21.22	9.59
2.	IONEXCHANG	445.70	66.65	6536.93	0.28	3.06	-93.68	700.46	20.11	13.46	4.59
3.	REFEX	273.05	15.23	3747.03	0.55	64.55	216.87	916.30	139.09	24.06	11.67
4.	AWHCL	365.85	17.77	1038.36	0.14	0.75	-96.74	260.99	5.52	13.11	14.25
5.	ECORECO	441.45	35.46	851.86	0.23	9.17	13.35	16.19	75.22	32.61	56.27
6.	CEWATER	284.45	114.07	588.70	0.00	-17.57	-526.54	85.35	-16.65	6.86	-18.72
7.	RACE	97.28	22.32	167.88	0.00	1.03	150.00	191.06	21.91	10.23	1.99
8.	BANKA	81.78	251.29	89.71	0.00	-0.04	-295.00	10.55	-5.29	-8.20	17.27

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	553	665	704	934	626	700	811	1,156	734	834	961	1,414	887
	487	579	606	819	545	607	711	1,015	638	745	840	1,257	826
Operating Profit	66	86	99	116	81	94	100	141	96	89	122	157	61
OPM %	11.87%	12.95%	14.04%	12.36%	12.98%	13.37%	12.38%	12.18%	13.02%	10.70%	12.64%	11.13%	6.84%
	26	15	4	8	11	14	15	11	11	42	18	32	52
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
Profit before Tax	74	83	84	99	72	87	94	129	87	110	120	171	118
Tax %	19.51%	27.60%	24.70%	21.93%	21.05%	25.37%	22.12%	24.44%	24.11%	23.72%	24.90%	24.47%	23.77%
Net Profit	0	0	0	0	55	70	70	100	66	85	91	128	90
	7.84	8.87	12.56	10.23	8.84	14.29	8.51	18.83	10.58	16.31	15.63	22.68	14.46

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,208	3,457	2,781	2,557	2,834	2,979	2,960	2,856	3,294	3,944	4,097
	2,912	3,166	2,600	2,340	2,617	2,743	2,643	2,481	2,892	3,467	3,668
Operating Profit	296	292	181	217	218	236	318	376	402	477	429
OPM %	9.24%	8.44%	6.51%	8.48%	7.69%	7.92%	10.73%	13.15%	12.20%	12.09%	10.47%
	12	6	17	35	9	33	-236	43	65	90	144
Interest	53	58	75	109	90	88	66	71	79	73	71
Depreciation	19	18	17	15	12	10	9	8	6	6	6
Profit before Tax	179	224	110	132	130	168	17	330	384	489	520
Tax %	37.26%	34.48%	18.68%	36.65%	22.62%	21.57%	34.91%	24.14%	23.31%	24.31%	24.25%
Net Profit	112	147	89	84	101	132	11	250	295	370	394
EPS	18.75	24.04	19.21	16.64	18.83	21.21	2.07	39.61	47.63	59.28	—
Dividend Payout %	21.31%	16.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.40%	8.43%	—

COMPOUNDED SALES GROWTH

10 Years:: 5%
5 Years:: 7%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: 15%
5 Years:: 27%
3 Years:: 205%

STOCK PRICE CAGR

10 Years:: 15%
5 Years:: 47%
3 Years:: 70%
1 Year:: 50%

RETURN ON EQUITY

10 Years:: 10%
5 Years:: 11%
3 Years:: 15%
Last Year:: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	11	11	11	11	12	12	12	12	12	12
Minority Interest	17	34	17	-2	-13	-13	-0	5	5	5
	982	1,117	1,058	1,164	1,397	1,527	1,562	1,806	2,111	2,533
	499	674	732	704	555	564	343	649	742	598
Trade Payables	1,257	1,490	1,591	1,627	1,078	985	1,079	1,028	1,046	1,262
	560	367	271	496	1,102	891	1,056	1,028	1,318	1,673
Total Liabilities	3,326	3,692	3,679	3,999	4,132	3,966	4,052	4,529	5,234	6,083
	174	172	149	86	86	80	75	72	67	66
	22	5	8	20	24	38	46	67	69	72
	38	38	15	26	30	32	36	36	36	36
	0	0	0	0	0	0	0	1,991	2,013	2,524
Cash & Bank	262	185	179	321	371	429	301	510	945	1,059
	2,829	3,292	3,328	3,546	3,620	3,388	3,593	1,853	2,104	2,327
Total Assets	3,326	3,692	3,679	3,999	4,132	3,966	4,052	4,529	5,234	6,083

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	83	-133	-19	282	167	30	112	134	355	207
Cash from Investing	61	-11	11	30	-4	-34	16	84	-121	-20
Cash from Financing	-100	106	49	-135	-86	45	-240	44	34	-185
	-33	-120	-17	139	45	22	-139	261	268	1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	19.13	19.13	19.13	19.13	19.12	19.10	19.09	19.09	19.08
	11.52	14.68	18.86	18.58	18.69	18.40	18.97	16.60	18.25
	4.99	3.59	2.01	3.02	3.66	4.47	4.32	5.77	6.33
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	64.36	62.60	59.99	59.27	58.52	58.03	57.61	58.53	56.34

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Bagging/Receiving of orders/contracts

2026-09-07 - WABAG secures repeat order from RIL to deliver state-of-the-art ETP at Jamnagar

2026-09-03

ESOP/ESOS/ESPS

2026-09-03 - Intimation for allotment of 13,404 Equity Shares pursuant to exercise of stock options under WABAG Centenary Stock Option Scheme 2023

2026-08-31

Outcome of Board Meeting

2026-08-31 - Change in designation of Mr. Rohan Mittal as the "Chief Commercial & Development Officer MEA"

2026-08-28

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-28 - Intimation of Schedule of Analysts / Institutional Investors Meeting

2026-08-28

Updates

2026-08-28 - Transcript of the 31st Annual General Meeting of the Company

2026-08-25

General Updates

2026-08-25 - From Award to Action: WABAG Inks the Mega Doha SWRO II Contract, Launching Its Kuwait Debut

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Intimation of Schedule of Analysts / Institutional Investors Meeting

2026-08-19

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - Transcript of the Q1 FY27 Results Conference Call

2026-08-14

ESOP/ESOS/ESPS

2026-08-14 - Intimation for allotment of 60,708 Equity Shares pursuant to exercise of stock options under WABAG Centenary Stock Option Scheme 2023

News

Recent coverage and analyst commentary for WABAG

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VA Tech Wabag Ltd.

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Name

WABAG

2276.90

36.03

14228.71

0.22

90.10

36.93

886.80

20.82

21.22

9.59

IONEXCHANG

445.70

66.65

6536.93

0.28

3.06

-93.68

700.46

20.11

13.46

4.59

REFEX

273.05

15.23

3747.03

0.55

64.55

216.87

916.30

139.09

24.06

11.67

AWHCL

365.85

17.77

1038.36

0.14

0.75

-96.74

260.99

5.52

13.11

14.25

ECORECO

441.45

35.46

851.86

0.23

9.17

13.35

16.19

75.22

32.61

56.27

CEWATER

284.45

114.07

588.70

0.00

-17.57

-526.54

85.35

-16.65

6.86

-18.72

RACE

97.28

22.32

167.88

0.00

1.03

150.00

191.06

21.91

10.23

1.99

BANKA

81.78

251.29

89.71

0.00

-0.04

-295.00

10.55

-5.29

-8.20

17.27

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

553

665

704

934

626

700

811

1,156

734

834

961

1,414

887

487

579

606

819

545

607

711

1,015

638

745

840

1,257

826

Operating Profit

116

100

141

122

157

OPM %

11.87%

12.95%

14.04%

12.36%

12.98%

13.37%

12.38%

12.18%

13.02%

10.70%

12.64%

11.13%

6.84%

Interest

Depreciation

Profit before Tax

129

110

120

171

118

Tax %

19.51%

27.60%

24.70%

21.93%

21.05%

25.37%

22.12%

24.44%

24.11%

23.72%

24.90%

24.47%

23.77%

Net Profit

100

128

7.84

8.87

12.56

10.23

8.84

14.29

8.51

18.83

10.58

16.31

15.63

22.68

14.46

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

3,208

3,457

2,781

2,557

2,834

2,979

2,960

2,856

3,294

3,944

4,097

2,912

3,166

2,600

2,340

2,617

2,743

2,643

2,481

2,892

3,467

3,668

Operating Profit

296

292

181

217

218

236

318

376

402

477

429

OPM %

9.24%

8.44%

6.51%

8.48%

7.69%

7.92%

10.73%

13.15%

12.20%

12.09%

10.47%

-236

144

Interest

109

Depreciation

Profit before Tax

179

224

110

132

130

168

330

384

489

520

Tax %

37.26%

34.48%

18.68%

36.65%

22.62%

21.57%

34.91%

24.14%

23.31%

24.31%

24.25%

Net Profit

112

147

101

132

250

295

370

394

EPS

18.75

24.04

19.21

16.64

18.83

21.21

2.07

39.61

47.63

59.28

—

Dividend Payout %

21.31%

16.62%

0.00%

8.40%

8.43%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

-2

-13

-0

982

1,117

1,058

1,164

1,397

1,527

1,562

1,806

2,111

2,533

499

674

732

704

555

564

343

649

742

598

Trade Payables

1,257

1,490

1,591

1,627

1,078

985

1,079

1,028

1,046

1,262

560

367

271

496

1,102

891

1,056

1,028

1,318

1,673

Total Liabilities

3,326

3,692

3,679

3,999

4,132

3,966

4,052

4,529

5,234

6,083

174

172

149

1,991

2,013

2,524

Cash & Bank

262

185

179

321

371

429

301

510

945

1,059

2,829

3,292

3,328

3,546

3,620

3,388

3,593

1,853

2,104

2,327

Total Assets

3,326

3,692

3,679

3,999

4,132

3,966

4,052

4,529

5,234

6,083

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-133

-19

282

167

112

134

355

207

Cash from Investing

-11

-4

-34

-121

-20

Cash from Financing

-100

106

-135

-86

-240

-185

-33

-120

-17

139

-139

261

268

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

19.13

19.12

19.10

19.09

19.08

11.52

14.68

18.86

18.58

18.69

18.40

18.97

16.60

18.25

4.99

3.59

2.01

3.02

3.66

4.47

4.32

5.77

6.33

Government

0.00

64.36

62.60

59.99

59.27

58.52

58.03

57.61

58.53

56.34

VA Tech Wabag Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

VA Tech Wabag Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI