VA Tech Wabag Ltd.

•

wabag.comBSE: 533269NSE: WABAG

Market Cap₹ 14,229 Cr.

Current Price

High / Low₹ 2,319 / 1,033

Stock P/E40.3

Book Value₹ 348

Price to Book3.47

Dividend Yield0.22 %

ROCE23.8 %

ROE17.4 %

Face Value₹ 2

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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 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 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 40.3 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

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

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:: 47%
3 Years:: 70%
1 Year:: 50%

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

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

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

109

137

104

124

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%

Interest

Depreciation

Profit before Tax

131

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

123

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

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

-229

113

157

Interest

Depreciation

Profit before Tax

126

174

117

122

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

117

102

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%

9.14%

9.35%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

813

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

130

141

143

1,814

1,833

2,292

Cash & Bank

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

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

-10

-39

-40

-49

-4

-143

Cash from Financing

-156

117

105

-39

-41

-227

-57

-179

-12

-44

-30

-58

204

323

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