VA Tech Wabag Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Construction Contracts: 82.2% • Operation & Maintenance Contracts: 16.7% • Other Operating Revenues: 1.1%
AI Sector View
AI GENERATEDUtilities
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.
PROS
- Company has delivered good profit growth of 35.6% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 23.6%
- Latest quarter profit grew 30.2% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.06x)
CONS
- A large part of profit comes from other income (26.1% of PBT)
- Valuation is stretched - P/E of 37.8 is well above its own 5-year median (21.6)
- Operating margins have contracted to 12.0% from 15.3%
- Though reporting repeated profits, the company pays out little dividend (9.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| WABAG | 2131.35 | 33.73 | 13319.14 | 0.23 | 90.10 | 36.93 | 886.80 | 20.82 | 21.22 | 9.59 |
| IONEXCHANG | 438.55 | 65.58 | 6432.06 | 0.28 | 3.06 | -93.68 | 700.46 | 20.11 | 13.46 | 4.59 |
| REFEX | 273.15 | 15.24 | 3748.40 | 0.55 | 64.55 | 216.87 | 916.30 | 139.09 | 24.06 | 11.67 |
| AWHCL | 376.95 | 18.31 | 1069.86 | 0.13 | 0.75 | -96.74 | 260.99 | 5.52 | 13.11 | 14.25 |
| ECORECO | 445.35 | 36.33 | 872.74 | 0.00 | 9.17 | 13.35 | 16.19 | 75.22 | 34.24 | 56.27 |
| CEWATER | 280.20 | 112.36 | 579.91 | 0.00 | -17.57 | -526.54 | 85.35 | -16.65 | 6.86 | -18.72 |
| RACE | 97.00 | 22.25 | 167.39 | 0.00 | 1.03 | 150.00 | 191.06 | 21.91 | 10.23 | 1.99 |
| BANKA | 77.56 | 238.33 | 85.08 | 0.00 | -0.04 | -295.00 | 10.55 | -5.29 | -8.20 | 17.27 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 509 | 604 | 624 | 772 | 546 | 613 | 676 | 1,038 | 640 | 690 | 787 | 1,167 | 739 | |
| 445 | 527 | 529 | 663 | 467 | 530 | 591 | 902 | 554 | 621 | 683 | 1,043 | 676 | |
| Operating Profit | 64 | 77 | 95 | 109 | 79 | 84 | 85 | 137 | 86 | 69 | 104 | 124 | 63 |
| OPM % | 12.53% | 12.78% | 15.28% | 14.10% | 14.47% | 13.63% | 12.60% | 13.16% | 13.48% | 10.01% | 13.24% | 10.62% | 8.55% |
| 12 | 13 | 3 | 6 | 2 | 10 | 16 | 11 | 10 | 42 | 18 | 53 | 44 | |
| Interest | 14 | 15 | 14 | 17 | 14 | 15 | 14 | 16 | 14 | 14 | 13 | 12 | 12 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 61 | 75 | 83 | 97 | 66 | 78 | 86 | 131 | 82 | 96 | 108 | 164 | 107 |
| Tax % | 22.44% | 27.48% | 25.30% | 25.85% | 23.72% | 26.44% | 25.69% | 24.20% | 25.46% | 26.46% | 25.44% | 25.24% | 26.10% |
| Net Profit | 47 | 54 | 62 | 72 | 50 | 58 | 64 | 99 | 61 | 70 | 81 | 123 | 79 |
| 7.57 | 8.72 | 10.04 | 11.37 | 8.12 | 9.21 | 10.32 | 15.93 | 9.79 | 11.27 | 12.90 | 19.62 | 12.73 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,798 | 1,856 | 1,748 | 1,746 | 1,843 | 2,143 | 2,325 | 2,510 | 2,874 | 3,284 | 3,384 | |
| 1,597 | 1,665 | 1,596 | 1,586 | 1,676 | 1,969 | 2,030 | 2,161 | 2,488 | 2,891 | 3,023 | |
| Operating Profit | 202 | 191 | 152 | 160 | 168 | 173 | 295 | 348 | 386 | 393 | 360 |
| OPM % | 11.21% | 10.30% | 8.72% | 9.16% | 9.09% | 8.08% | 12.68% | 13.88% | 13.43% | 11.98% | 10.65% |
| -43 | 23 | 21 | 21 | 12 | 29 | -229 | 31 | 38 | 113 | 157 | |
| Interest | 23 | 31 | 48 | 77 | 75 | 75 | 60 | 59 | 59 | 53 | 51 |
| Depreciation | 10 | 9 | 8 | 7 | 6 | 5 | 4 | 4 | 3 | 4 | 4 |
| Profit before Tax | 126 | 174 | 117 | 98 | 98 | 122 | 2 | 316 | 362 | 449 | 475 |
| Tax % | 40.51% | 32.77% | 12.40% | 39.91% | 25.36% | 24.50% | 40.00% | 25.38% | 24.95% | 25.59% | 25.73% |
| Net Profit | 75 | 117 | 102 | 59 | 73 | 92 | 1 | 236 | 271 | 334 | 353 |
| EPS | 13.73 | 21.41 | 18.73 | 10.75 | 12.49 | 14.82 | 0.20 | 38.03 | 43.76 | 53.50 | — |
| Dividend Payout % | 29.10% | 18.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 9.14% | 9.35% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 12%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 11%
- 5 Years:
- 36%
- 3 Years:
- 553%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- 46%
- 3 Years:
- 66%
- 1 Year:
- 45%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 12%
- 3 Years:
- 17%
- Last Year:
- 17%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 813 | 906 | 906 | 966 | 1,156 | 1,248 | 1,249 | 1,484 | 1,755 | 2,072 | |
| 309 | 470 | 549 | 623 | 512 | 539 | 336 | 539 | 628 | 469 | |
| Trade Payables | 830 | 926 | 1,115 | 1,161 | 821 | 776 | 870 | 887 | 966 | 1,200 |
| 289 | 222 | 135 | 242 | 615 | 485 | 571 | 753 | 1,023 | 1,231 | |
| Total Liabilities | 2,251 | 2,534 | 2,715 | 3,003 | 3,116 | 3,061 | 3,038 | 3,676 | 4,384 | 4,985 |
| 92 | 87 | 79 | 74 | 68 | 63 | 60 | 60 | 61 | 62 | |
| 44 | 25 | 25 | 25 | 34 | 56 | 95 | 130 | 141 | 143 | |
| 34 | 33 | 10 | 8 | 8 | 8 | 10 | 10 | 15 | 14 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,814 | 1,833 | 2,292 | |
| Cash & Bank | 95 | 57 | 73 | 160 | 217 | 215 | 166 | 356 | 838 | 903 |
| 1,986 | 2,332 | 2,527 | 2,736 | 2,788 | 2,718 | 2,707 | 1,306 | 1,495 | 1,571 | |
| Total Assets | 2,251 | 2,534 | 2,715 | 3,003 | 3,116 | 3,061 | 3,038 | 3,676 | 4,384 | 4,985 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 225 | -121 | -49 | 165 | 131 | -28 | 242 | 265 | 421 | 203 | |
| Cash from Investing | -19 | 23 | -10 | -39 | 23 | -40 | -49 | -4 | -143 | 9 |
| Cash from Financing | -156 | 117 | 105 | -39 | -41 | 48 | -227 | -57 | 45 | -179 |
| -12 | -44 | 1 | 54 | 86 | -30 | -58 | 204 | 323 | 33 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - WABAG secures repeat order from RIL to deliver state-of-the-art ETP at Jamnagar
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 - Change in designation of Mr. Rohan Mittal as the "Chief Commercial & Development Officer MEA"
2026-08-28 - Intimation of Schedule of Analysts / Institutional Investors Meeting
2026-08-28 - Transcript of the 31st Annual General Meeting of the Company
2026-08-25 - From Award to Action: WABAG Inks the Mega Doha SWRO II Contract, Launching Its Kuwait Debut
2026-08-21 - Intimation of Schedule of Analysts / Institutional Investors Meeting
2026-08-19 - Transcript of the Q1 FY27 Results Conference Call
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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