Va Tech Wabag Ltd(WABAG)

NSE: WABAGBSE: 533269

₹ 1,697.45-0.76%refreshed 26 Oct, 01:59 pm ISTMarket cap: ₹ 10,608 crWebsite: www.wabag.comUpdated: 24 Oct 2026

About

VA Tech Wabag Ltd is an Indian water technology company that designs, builds, and operates water and wastewater treatment plants for municipal and industrial clients across India and internationally. It offers EPC, O&M, DBO, BOOT and HAM solutions across desalination, wastewater treatment, recycling, ZLD and waste-to-energy, has executed more than 6500 plants, and is ranked the 3rd largest desalination plant supplier globally by GWI. FY26 revenue was Rs 3,944.2 Cr. Its order book reached a historic high of INR 19,400 Cr at Q1 FY27, which it describes as more than four times its revenue base.^[1][2][3]

Business segments

Rest of the World segment contributed 52.2% of FY26 revenue (INR 2,091.3 Cr) at an EBIT margin of 28.0%, the larger of the two reported segments.^[4]
India segment contributed 46.5% of FY26 revenue (INR 1,864.3 Cr) at an EBIT margin of 17.2%.^[4]
India's revenue share rose ~20 percentage points over FY2018-FY26 while Rest of the World share fell ~20.5 percentage points over the same window.^[4]

Services and contract types

Offers lifecycle support on EPC, O&M, DBO, BOOT and HAM models across desalination, wastewater treatment, recycling, ZLD and waste-to-energy, for municipal and industrial clients (FY25 annual report).^[2]
Order book as of Q1 FY27 was split 66% EPC and 34% O&M.^[1]
O&M revenue contributed 18% of consolidated revenues in Q1 FY27; the strategic target is 20%.^[1]
Has expanded into Ultra-Pure Water for solar cell manufacturing, Compressed Biogas BOT plants using sewage sludge, and Zero Liquid Discharge solutions.^[5]

Operations and installed base

Has executed more than 6500 plants; ranked 3rd largest desalination plant supplier globally by GWI (FY25 annual report).^[2]
Its plants treat over 27,000 MLD of wastewater globally, and it has commissioned over 1,400 MLD of desalination capacity (FY25 annual report).^[2]
Manages an O&M portfolio of 120+ plants across continents (FY25 annual report).^[2]
Will be responsible for about 70% of Chennai's desalinated water production (FY25 annual report).^[2]

Order book and intake

Consolidated order book reached INR 19,400 Cr at Q1 FY27 end, up 33% YoY. It is the highest ever and over 4x the revenue base.^[1]
Order intake in Q1 FY27 was INR 3,431 Cr; FY26 full-year order intake exceeded INR 75 Bn (INR 74,708 Mn).^[1]
Industrial segment's share of the order backlog was 12-13% in Q1 FY27, against a historical average of ~30% of revenues.^[1]

Geographic mix

International markets contributed 52% of Q1 FY27 revenues and 77% of Q1 FY27 order intake; India contributed 48% of revenues.^[1]
FY26 order intake was split India 51% / Rest of World 49%; closing FY26 backlog was India 58% / Rest of World 42%.^[6]
International EPC project cycle times are approximately 6 months shorter than India projects.^[1]
Began market entry into Uzbekistan, Azerbaijan and Kazakhstan (FY25 annual report).^[2]

Key operating numbers

Net working capital stood at 108 days in Q1 FY27; management targets 100-110 days.^[1]
RoCE was 19.6% and RoE was 16% in Q1 FY27.^[1]
Net cash (excluding HAM entity debt) grew from INR 100 Cr in March 2023 to approximately INR 1,000 Cr in March 2026; it was INR 9,649 Mn in Q1 FY27.^[1]

Customers

Municipal clients include CMWSSB (Chennai Ring Main), BWSSB (Bengaluru DBO), Ghaziabad Nagar Nigam and Ajman municipality (UAE); industrial clients include RenewSys (Hyderabad).^[6]
Middle East orders are backed by sovereign entities (Kuwait Ministry of Electricity Water and Renewable Energy, Saudi Water Authority); Africa orders by multilateral-funded contracts.^[1]
Reliance Industries has been a key client for nearly three decades, with repeat orders for Dahej and Nagothane (FY25 annual report).^[2]

Expansion and new initiatives

Secured a 60 MIGD (~272 MLD) SWRO desalination plant in Kuwait in Q1 FY27, its first project in Kuwait, through a consortium with HEISCO.^[1]
Won the third phase of the 60 MLD Ajman STP in the UAE in Q1 FY27.^[1]
First CBG BOT plant at Ghaziabad Nagar Nigam became operational in Q1 FY27; management targets 100+ such plants.^[1]
Partnership with Peak Sustainability Ventures to set up 100 Bio-CNG plants across India, the GCC, Africa and Europe, a business potential of about USD 200 million (FY25 annual report).^[2]
Mega orders in FY26 included the 300 MLD SWA Yanbu desalination order in KSA and the CMWSSB Chennai Ring Main project.^[6]
Blue Seed corporate venture initiative made its first investment, in Nimble Vision (IoT water infrastructure), as of Q3 FY26.^[7]

Recent developments

Ghaziabad Nagar Nigam HAM project achieved final COD on 1 January 2026.^[7]
A USD 100 million Norfund municipal investment platform to hold HAM and BOT assets was in advanced definitive-agreement negotiations as of Q3 FY26.^[7]
India Ratings upgraded the NCD and bank loan long-term rating to IND AA-/Stable during FY25.^[2]
Secured an EP order for UPW, ETP and ZLD solutions for RenewSys Solar Cell Manufacturing in Hyderabad (INR 465 Mn) in Q2 FY26.^[5]
Reported its sixth consecutive year of net cash positive position at FY26 year-end.^[6]

Market Cap

₹10,608 Cr

High / Low

₹2,320 / 1,034

Stock P/E

27.1

Price / Book

4.2

Book Value

₹412

EPS

₹59.5

No. of Shares

6.23 Cr

ROCE

21.3%

ROE

15.7%

OPM

14.0%

Debt / Equity

0.09

Sales

₹3,944 Cr

Net Profit

₹370 Cr

Promoter holding

19.0%

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Va Tech Wabag Ltd(WABAG)

About

Business segments

Services and contract types

Operations and installed base

Order book and intake

Geographic mix

Key operating numbers

Customers

Expansion and new initiatives

Recent developments

Signal history

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