Va Tech Wabag Limited (WABAG)

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Va Tech Wabag Limited (WABAG) · mywealthgrid

About

Va Tech Wabag supplies and manages water infrastructure for municipal clients in India. With ₹11,884.7 Cr market cap and quarterly revenues of ₹690–₹1,414 Cr, it operates as a mid-scale player in project-based water supply and treatment. The business model is contract-dependent, delivering treatment, supply, and management solutions to public customers.

Founded: 1924
Face value: ₹2

Market cap

₹12,511 Cr

P/E

31.7×

P/B

4.9×

Dividend yield

0.4%

ROE

18.6%

ROCE

19.2%

Debt / equity

0.09

OPM

12.1%

EPS (TTM)

₹63.1

Book value

₹411.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 30.15 leaves minimal margin for earnings misses in a project-dependent model prone to lumpy results.
Operating margin swings 8.96%–13.24% quarter-to-quarter; verify whether this reflects project mix, execution variance, or pricing pressure.
Revenue likely concentrated in municipal contracts; confirm customer concentration and single-contract exposure.
D/E at 0.09 suggests underleverage; clarify if this reflects conservative strategy or lack of investable projects in the pipeline.

Generated analysis · source review pending

Growth drivers

Q3 FY2026 revenue peak of ₹1,414 Cr; verify project pipeline to confirm if growth continues or if this was anomalous.
ROE of 18.58% and net profit range ₹70–₹128 Cr suggest capital efficiency; confirm reinvestment rate for expansion.
D/E of 0.09 indicates available debt capacity; establish whether management plans to deploy leverage for larger project financing.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹2,004.9-4.2%1Y

Quick read

rule-based

Pros

+Profit CAGR of 31.8% over the last 5 years
+Almost debt-free (debt/equity 0.1)

Cons

−Modest revenue growth of 6.8% a year over the last 5 years
−Low promoter holding of 19.1%

Research score

Structured signal from quality, growth, valuation and momentum.

59/100

Business quality: 54
Growth: 82
Valuation: 41

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,508	3,208	3,457	2,781	2,557	2,834	2,979	2,960	2,856	3,294	3,944
COGS	—	—	2,734	2,121	1,935	2,233	2,306	2,270	2,167	2,561	3,004
Gross profit	—	—	724	660	622	601	674	691	690	734	940
	2,275	2,911	432	465	400	377	440	364	313	311	462
	233	297	292	194	222	225	234	327	376	422	478
OPM %	9.3%	9.3%	8.4%	7%	8.7%	7.9%	7.9%	11.1%	13.2%	12.8%	12.1%
Depreciation	20	19	18	17	15	12	10	9	8	6	6
Interest	46	53	58	75	109	90	88	66	71	79	73
	8	11	8	8	35	8	32	-236	34	47	90
Profit before tax	157	179	224	110	132	130	168	17	331	384	489
Tax	67	67	77	20	49	29	36	6	80	90	119
Tax %	42.5%	37.3%	34.5%	18.7%	36.7%	22.6%	21.6%	35.1%	24.1%	23.3%	24.3%
	90	112	147	89	84	101	132	11	251	295	370
PAT margin %	3.6%	3.5%	4.3%	3.2%	3.3%	3.6%	4.4%	0.4%	8.8%	9%	9.4%
EPS (₹)	—	—	24.1	19.2	19.3	20.1	20.8	36.9	39.5	50.1	70.2
EPS adjusted (₹)	0.3	1.8	24.1	19.2	2.7	20.1	21.2	2.1	39.6	2.6	70
	—	—	16.6%	0%	0%	0%	0%	0%	0%	8%	7.1%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	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	11	11	12	12	12	12	13
Reserves	546	635	707	780	886	886	1,133	1,562	1,806	2,128	2,556
Minority interest	277	282	293	294	275	275	381	—	5	5	5
	153	377	309	584	482	520	428	213	281	357	228
	1,436	1,616	2,031	2,109	2,369	2,332	2,048	2,301	2,470	2,765	3,320
Total equity & liabilities	2,423	2,922	3,351	3,779	4,024	4,024	4,002	4,089	4,575	5,267	6,122
	191	175	174	149	86	86	80	75	73	67	63
CWIP	1	2	—	—	—	—	—	0	0	0	—
Investments	41	32	22	8	20	20	38	46	67	69	72
	2,190	2,711	3,154	3,621	3,917	3,917	3,885	3,968	4,435	5,131	5,987
Total assets	2,423	2,922	3,351	3,779	4,024	4,024	4,002	4,089	4,575	5,267	6,122

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Rest of the World	2,091.3	585.3	2,782.6	1,734.7	1,047.9	55.85
India	1,864.3	320.1

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	23.7%	24.3%	21.2%	22.6%	23.3%	24.1%	22.3%	23.8%
EBITDA margin %	7%	8.5%	7.7%	8%	10.7%	13.2%	12.8%	12.1%
EBIT margin %	6.4%	7.9%	7.3%	7.6%	10.4%	12.9%	12.6%	11.9%
PAT margin %	3.2%	3.3%	3.6%	4.4%	0.4%	8.8%	9%	9.4%
Working capital
Receivable days	224	288	260	254	186	254	223	234
Inventory days	3	5	4	5	7	6	5	4
Payable days	2	2	—	181	172	173	149	153
NWC days	225	290	—	78	20	87	79	85
Leverage
Current ratio	1.28	1.29	1.29	1.37	1.33	1.68	1.7	1.71
Debt to EBITDA	3.01	2.22	2.38	1.81	0.67	0.75	0.85	0.48
Debt to equity	0.74	0.54	0.58	0.37	0.14	0.15	0.17	0.09
Interest coverage	2.4	2.2	2.4	3	5.5	5.8	5.9	7.8
Asset turnover	0.74	0.64	0.7	0.74	0.72	0.62	0.63	0.64
Return ratios
Return on assets %	2.4%	2.1%	2.5%	3.3%	0.3%	5.5%	5.6%	6%
Return on capital employed %	13.8%	16.9%	14.9%	15.8%	19.7%	19.3%	17.8%	19.2%
Return on equity %	11.3%	9.4%	11.2%	11.5%	0.7%	13.8%	13.8%	14.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	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%	19.13%	19.13%	19.13%	19.12%	19.1%	19.09%	19.09%	19.08%
	15.64%	13.1%	12.45%	11.52%	14.68%	18.86%	18.59%	18.69%	18.4%	18.97%	16.6%	18.26%
	3.53%	5.85%	5.63%	4.99%	3.59%	2.02%	3.02%	3.67%	4.47%	4.32%	5.77%	6.33%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	61.7%	61.92%	62.79%	64.36%	62.6%	59.99%	59.26%	58.52%	58.03%	57.62%	58.54%	56.33%
No. of shareholders	—	—	—	—	—	—	—	—	1,94,281	1,93,784	2,00,388	2,05,590

Promoter holding down 0.05 percentage points since Sep 2023.

22 deals · 12 Dec 2022 – 24 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Apr 2026	ISHARES GLOBAL WATER UCITS ETF	Bulk	NSE	Buy	4,92,582	₹1,491.53	₹73.47 Cr
10 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	5,20,155	₹1,435.22	₹74.65 Cr
10 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	5,20,155	₹1,433.66	₹74.57 Cr
18 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	4,83,392	₹1,648.53	₹79.69 Cr
18 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,83,392	₹1,648.89	₹79.71 Cr
18 Dec 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	3,25,860	₹1,647.59	₹53.69 Cr
18 Dec 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	3,24,378	₹1,649.08	₹53.49 Cr
18 Oct 2024	ISHARES GLOBAL WATER UCITS ETF	Bulk	NSE	Buy	6,41,116	₹1,875.14	₹120.22 Cr
18 Oct 2024	UBS PRINCIPAL CAPITAL ASIA LIMITED	Bulk	NSE	Sell	5,04,475	₹1,869.73	₹94.32 Cr
20 Sept 2024	THE VANGUARD GROUP INC AC VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND	Bulk	NSE	Buy	3,13,144	₹1,516.23	₹47.48 Cr

1–10 of 22

1 / 3

Mr. Rajiv MittalExecutive Director-Chairperson-MD
Mr. Milin Kaimas MehtaNon-Executive - Independent Director
Mrs. Vijaya SampathNon-Executive - Independent Director
Mr. Ranjit SinghNon-Executive - Independent Director
Mr. Samaresh ParidaNon-Executive - Independent Director
Mr. Amit GoelaNon-Executive - Non Independent Director
Mr. Subramanian VaradarajanExecutive Director
Mr. Shailesh KumarChief Executive Officer
Mr. Samaresh ParidaNon - Executive Independent Director
Mr. Skandaprasad SeetharamanChief Financial Officer
Mr. Anup Kumar SamalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 9 fund houses

Held by these funds

4.81%

of the company's equity

All mutual funds

5.54%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

18 schemes · 9 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	16.41 L	324.78	3.98%	2.63%	+90,161
(LIVE SCHEMES)	ITI Mutual Fund	3.51 L	69.56	1.93%	0.563%	-19,246
TRUSTMF Small Cap Fund	Trust Mutual Fund	2.97 L	58.82	1.71%	0.476%	+1.39 L
(LIVE SCHEMES)	ITI Mutual Fund	1.32 L	26.17	1.65%	0.212%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.18 L	23.44	0.94%	0.19%	-2,593
Small Cap Fund	Bajaj Finserv Mutual Fund	1.14 L	22.55	0.85%	0.183%	-0
MF FLEXI CAP FUND	LIC Mutual Fund	1.02 L	20.19	1.79%	0.164%	-0
Multi Cap FundNEW	ICICI Prudential Mutual Fund	81,045	16.04	0.08%	0.13%	—

1–8 of 18

1 / 3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

24 announcementsExport CSV

19 Aug 2026, 8:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	23.7%	24.3%	21.2%	22.6%	23.3%	24.1%	22.3%	23.8%
EBITDA margin %	7%	8.5%	7.7%	8%	10.7%	13.2%	12.8%	12.1%
EBIT margin %	6.4%	7.9%	7.3%	7.6%	10.4%	12.9%	12.6%	11.9%
PAT margin %	3.2%	3.3%	3.6%	4.4%	0.4%	8.8%	9%	9.4%
Working capital
Receivable days	224	288	260	254	186	254	223	234
Inventory days	3	5	4	5	7	6	5	4
Payable days	2	2	—	181	172	173	149	153
NWC days	225	290	—	78	20	87	79	85
Leverage
Current ratio	1.28	1.29	1.29	1.37	1.33	1.68	1.7	1.71
Debt to EBITDA	3.01	2.22	2.38	1.81	0.67	0.75	0.85	0.48
Debt to equity	0.74	0.54	0.58	0.37	0.14	0.15	0.17	0.09
Interest coverage	2.4	2.2	2.4	3	5.5	5.8	5.9	7.8
Asset turnover	0.74	0.64	0.7	0.74	0.72	0.62	0.63	0.64
Return ratios
Return on assets %	2.4%	2.1%	2.5%	3.3%	0.3%	5.5%	5.6%	6%
Return on capital employed %	13.8%	16.9%	14.9%	15.8%	19.7%	19.3%	17.8%	19.2%
Return on equity %	11.3%	9.4%	11.2%	11.5%	0.7%	13.8%	13.8%	14.4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Va Tech Wabag LimitedWABAGWABAG	₹12,511 Cr	₹12,739 Cr	₹4,097 Cr	₹448 Cr	12.1%	₹394 Cr	9.4%	19.2%	18.6%	85
Ion Exchange (India) LimitedIONEXCHANGIONEXCHANG	₹5,962 Cr	₹6,416 Cr	₹3,032 Cr	₹179 Cr	7.2%	₹98 Cr	4.9%	14.3%	11.2%	44
Enviro Infra Engineers LimitedEIELEIEL	₹3,229 Cr	₹3,652 Cr	₹1,264 Cr	₹288 Cr	24.2%	₹181 Cr	16.4%	22.6%	16.4%	-88
Technocraft Ventures LimitedTECHNOCRAFTECHNOCRAF	₹1,893 Cr	₹1,983 Cr	₹345 Cr	₹70 Cr	20.3%	₹43 Cr	12.6%	40.9%	30.6%	—
Jitf Infralogistics LimitedJITFINFRAJITFINFRA	₹708 Cr	₹4,654 Cr	₹2,922 Cr	₹570 Cr	19.9%	₹-42 Cr	-0.4%	15.9%	—	-123
Denta Water And Infra Solutions LimitedDENTADENTA	₹696 Cr	₹708 Cr	₹242 Cr	₹65 Cr	29.7%	₹54 Cr	24.3%	19.1%	14%	331

Date	Category	Subject	Filing
19 Aug 2026, 8:22 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
14 Aug 2026, 7:02 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
13 Aug 2026, 7:48 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
13 Aug 2026, 6:27 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
13 Aug 2026, 5:32 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
12 Aug 2026, 11:04 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
12 Aug 2026, 8:55 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
7 Aug 2026, 6:39 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-208	6	-216	-76	245	135	12	132	134	355	207
	91	61	-11	11	30	-4	-34	-2	84	-121	-20
	160	-100	106	49	-135	-86	45	-269	44	34	-185
Net cash flow	—	-33	-120	-17	139	45	22	-139	261	268	1
Free cash flow	—	—	—	—	—	120	6	127	122	351	202
CFO / Operating profit %	-89.3%	2.1%	-74%	-39.3%	112.8%	61.9%	4.9%	41.4%	35.5%	84.1%	43.3%

Va Tech Wabag Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

10

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Exceptional items · revenue

Va Tech Wabag Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends10

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Exceptional items · revenue

10

1

1