WABAG
VA Tech Wabag share price & financials
- Price
- ₹1,991.1
- Market cap
- ₹12.4k Cr
- Sector
- Utilities
- Calls analysed
- 6
VA Tech Wabag Limited Q1 FY27
What went well
- Consolidated revenue from operations grew 20.8% YoY to INR 887 crores.
- Consolidated EBITDA grew 21.7% YoY to INR 116 crores, achieving an EBITDA margin of over 13%.
- Consolidated PAT grew almost 37% YoY to INR 90 crores, with a PAT margin of 10.2%.
What to watch
- Analyst noted a correction in gross margins YoY, which management attributed to project mix (more EPC projects this year).
- Analyst noted higher other expenses, which management attributed to more stringent provisioning policies.
What VA Tech Wabag Limited does
VA Tech Wabag designs, builds and operates water and wastewater treatment infrastructure — including desalination, effluent treatment, water recycling/reuse, zero-liquid-discharge and sludge-management plants — for municipal and industrial clients. It runs an asset-light EPC (engineering, procurement & construction) model focused on technology and design rather than owning heavy manufacturing assets, complemented by long-term Operations & Maintenance (O&M) contracts and project structures such as DBO, BOOT and HAM. Municipal clients include city/state water utilities under programmes such as Namami Gange and AMRUT, while industrial clients span oil & gas, power, steel, food & beverage, fertilizer and industrial-park sectors, with operations spanning India, Europe, the Middle East and Africa clusters.
Segments
- EPC (Engineering, Procurement & Construction)
- O&M (Operations & Maintenance)
- Municipal
- Industrial
- Countries of operation
- 25+ across 4 continents (India, Europe, MEA clusters)
- Cumulative plants executed since 1995
- 1,500+
- Desalination capacity commissioned (cumulative)
- 1,400+ MLD
- Wastewater treatment capacity operated across plants (cumulative, global)
- 27,000+ MLD
- Lives positively impacted (cumulative, global)
- 96+ million
- Global market position
- Among world's top 3 private water operators; 3rd-largest desalination plant supplier globally
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 4 delivered 2 missed 8 open- EBITDA Margin delivered said Q4 FY25 Promised: 13-15% medium-term outlook Q1 FY27: 13.08%. Management reiterated the 13-15% medium-term outlook and guided for a more specific 13-14% for FY27.
- HAM Platform / Norfund JV Agreements went quiet said Q4 FY25 Promised: In the next few months, we should be able to close that formally. Q1 FY27: No mention of Norfund JV or the HAM platform finalization in the Q1 FY27 call.
- Conversion of Preferred Bidder Status to Firm Orders on track said Q1 FY26 Promised: By the time we meet you next call, we should be having most of them [>INR 35 billion] in our order backlog. Q1 FY27: Secured INR 3,400 crores in new orders, including the large Kuwait desalination plant which was a key part of the L1 pipeline. Progressing well after previous delays.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 15.5%, net profit up 29.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 613 | 676 | 1,038 | 640 | 690 +13% | 787 +16% | 1,167 +12% | 739 +15% |
| EBITDA | 84 | 85 | 137 | 86 | 69 −18% | 104 +22% | 124 −9% | 76 −12% |
| Net profit | 58 | 64 | 99 | 61 | 70 +21% | 81 +27% | 123 +24% | 79 +30% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +49.0% 1Y
1Y: ₹1,528.4 on 10 Sept 2025 → ₹2,277.9. High ₹2,277.9 (11 Sept 2026), low ₹1,049.1 (27 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.9%
- 13 Aug
- Q4 FY26
- +1.5%
- 25 May
- Q3 FY26
- +2.4%
- 6 Feb
- Q2 FY26
- −2.1%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 5.7% a year over 3 years, FY23 to FY26. Operating margin widened to 11.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.8k Cr | ₹2.5k Cr | ₹2.9k Cr | ₹3.3k Cr |
| Operating profit | ₹299 Cr | ₹345 Cr | ₹385 Cr | ₹383 Cr |
| Operating margin | 10.7% | 13.8% | 13.4% | 11.7% |
| Interest | ₹64 Cr | ₹60 Cr | ₹59 Cr | ₹53 Cr |
| Depreciation | ₹7 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Net profit | ₹28 Cr | ₹235 Cr | ₹271 Cr | ₹335 Cr |
| Net margin | 1.0% | 9.4% | 9.4% | 10.2% |
| Cash from operations | ₹218 Cr | ₹265 Cr | ₹421 Cr | ₹203 Cr |
| Free cash flow | ₹218 Cr | ₹261 Cr | ₹417 Cr | ₹199 Cr |
| ROCE | 22.0% | 24.0% | 23.0% | 24.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr |
| Reserves | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.5k Cr | ₹2.3k Cr | ₹2.1k Cr |
| Borrowings | ₹315 Cr | ₹399 Cr | ₹203 Cr | ₹164 Cr | ₹240 Cr | ₹92 Cr |
| Other liabilities | ₹1.7k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹2.1k Cr | ₹2.9k Cr | ₹2.8k Cr |
| Total liabilities | ₹3.1k Cr | ₹3.1k Cr | ₹3.1k Cr | ₹3.7k Cr | ₹5.5k Cr | ₹5.0k Cr |
| Fixed assets | ₹68 Cr | ₹63 Cr | ₹60 Cr | ₹60 Cr | ₹67 Cr | ₹62 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹34 Cr | ₹56 Cr | ₹95 Cr | ₹130 Cr | ₹73 Cr | ₹143 Cr |
| Other assets | ₹3.0k Cr | ₹3.0k Cr | ₹2.9k Cr | ₹3.5k Cr | ₹5.3k Cr | ₹4.8k Cr |
| Total assets | ₹3.1k Cr | ₹3.1k Cr | ₹3.1k Cr | ₹3.7k Cr | ₹5.5k Cr | ₹5.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +2.67 pp while the public trimmed −2.18 pp. The shareholder count grew 7% to 2,05,590.
- Promoters
- 19.1%
- FIIs
- 18.3%
- DIIs
- 6.3%
- Public
- 56.3%
Since Jun 2025
- DIIs +2.67 pp
- Public −2.18 pp
- FIIs −0.44 pp
How it drifted, 12 quarters
Over this window the public fell from 61.7% to 56.3% — −5.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 19.1%, FIIs 15.6%, DIIs 3.5%, Public 61.7%.Dec '23: Promoters 19.1%, FIIs 13.1%, DIIs 5.8%, Public 61.9%.Mar '24: Promoters 19.1%, FIIs 12.4%, DIIs 5.6%, Public 62.8%.Jun '24: Promoters 19.1%, FIIs 11.5%, DIIs 5.0%, Public 64.3%.Sep '24: Promoters 19.1%, FIIs 14.7%, DIIs 3.6%, Public 62.6%.Dec '24: Promoters 19.1%, FIIs 18.9%, DIIs 2.0%, Public 60.0%.Mar '25: Promoters 19.1%, FIIs 18.6%, DIIs 3.0%, Public 59.3%.Jun '25: Promoters 19.1%, FIIs 18.7%, DIIs 3.7%, Public 58.5%.Sep '25: Promoters 19.1%, FIIs 18.4%, DIIs 4.5%, Public 58.0%.Dec '25: Promoters 19.1%, FIIs 19.0%, DIIs 4.3%, Public 57.6%.Mar '26: Promoters 19.1%, FIIs 16.6%, DIIs 5.8%, Public 58.5%.Jun '26: Promoters 19.1%, FIIs 18.3%, DIIs 6.3%, Public 56.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Motilal Oswal Small Cap Fund Mutual fund +0.23 pp 2.81% held
- Federated Hermes Investment Funds Plc On Behalf Of Federated Hermes Global Emerging Markets Equity Fund FPI fund +0.12 pp 1.97% held
- Ishares Ii Public Limited Company - Ishares Global Water Ucits ETF Global fund house +0.11 pp 1.32% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of VA Tech Wabag Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rajiv Mittal | 15.57% | unchanged |
| Rekha Jhunjhunwala - 2 | 8.02% | unchanged |
| Varadarajan S | 3.51% | unchanged |
| Motilal Oswal Small Cap Fund Mutual fund | 2.81% | +0.23 pp |
| Federated Hermes Investment Funds Plc On Behalf Of Federated Hermes Global Emerging Markets Equity Fund FPI fund | 1.97% | +0.12 pp |
| Ishares Ii Public Limited Company - Ishares Global Water Ucits ETF Global fund house | 1.32% | +0.11 pp |
| Vanguard Total International Stock Index Fund Global fund house | 1.04% | unchanged |
| Ishares Core Msci Emerging Markets ETF Global fund house | 1.01% | unchanged |
| Basera Home Finance Private Limited | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse VA Tech Wabag Limited
Guides on how to read this kind of business and the numbers that matter.