VA Tech Wabag Ltd

₹ 1,231 1.76%

07 Jan

🔗 Website | BSE: 533269 | NSE: WABAG

Market Cap7,652

Current Price1,231

High / Low1,680

Stock P/E26.0

Book Value305

Dividend Yield0.32

ROCE22.9

ROE16.5

ABOUT

Va Tech Wabag Ltd is engaged in the business of water treatment field. Its principal activities include design, supply, installation, construction and operational management of drinking water, waste water treatment, industrial water treatment and desalination plants.[1]

Stock Analysis

### Description VA Tech Wabag Ltd is a leading water technology company engaged in the design, supply, installation, construction, and operational management of water treatment plants, including drinking water, wastewater, industrial water, and desalination facilities, with a significant global presence. ### Key Growth Triggers - Expansion into 'Future Energy Solutions' such as solar, green hydrogen, and semiconductors. - Focus on Compressed Biogas (CBG) and data centre projects. - Securing large domestic and international orders for water treatment and desalination plants. - Leveraging its asset-light model and net cash positive position for growth. ### Order Book As of recent reports, the order book remains robust, exceeding ₹160 billion, providing strong future revenue visibility. ### Key Red Flags - The company has faced GST and customs demand orders, but has stated they do not have a material impact and intends to appeal or contest them. ### Key Dates To Watch Currently no data available for Key Dates To Watch.

Peer Comparison

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Va Tech Wabag	1230.90	25.99	7651.73	0.32	70.30	22.05	690.00	12.51	22.87	3044.80	12.39	294.40	70.30	4.04	6.67	0.06
2.	ION Exchange	368.80	25.74	5408.34	0.41	49.92	-2.77	733.94	13.88	22.34	2842.20	10.28	210.14	49.53	4.18	7.68	0.33
3.	Enviro Infra	199.81	16.95	3507.44	0.00	49.50	44.54	227.35	6.73	31.68	1108.64	25.48	206.89	51.43	3.08	15.67	0.26
4.	Denta Water	331.40	13.39	885.90	0.75	18.93	71.16	74.27	53.80	25.17	247.05	32.81	66.16	18.93	2.03	16.27	0.03
5.	JITF Infra Logis	275.10		706.98	0.00	-15.99	-345.62	537.53	11.85	12.07	2406.92	19.73	-73.25	-17.93		3.43
6.	Felix Industries	196.65	21.58	338.36	0.00	5.33	1445.16	17.38	116.98	14.31	58.81	34.81	15.68	4.79	2.36	8.09	0.13
7.	Apex Ecotech	135.50	18.63	178.66	0.00	2.58	66.45	32.57	50.09	37.51	81.82	14.63	9.59	2.58	3.66	20.08	0.00

Quarterly Results

Figures in Cr.

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	519	624	676	509	546	640	749	772	1,038	573	604	613	690
YOY Sales Growth %	0.52%	20.32%	8.3%	5.01%	7.21%	17.27%	14.62%	3.12%	34.54%	13.74%	5.43%	1.52%	12.51%
Expenses	444	529	591	445	467	554	619	663	902	534	527	530	621
Material Cost %	-0.18%	-0.02%	-0.67%	0.22%	-0.33%	-0.52%	-0.98%	-0.04%	0.23%	0.03%	-0.13%	-0.18%	0.25%
Employee Cost %	7.72%	6.73%	7.51%	8.13%	8.17%	8.28%	5.98%	5.86%	6.39%	7.28%	7.33%	8.74%	8.96%
Operating Profit	75	95	85	64	79	86	130	109	137	39	77	84	69
OPM %	14%	15%	13%	13%	14%	13%	17%	14%	13%	7%	13%	14%	10%
Other Income	-9	3	16	12	2	10	-241	6	11	23	13	10	42
Exceptional items	-17.11	0	0	0	0	0	-243.38	0	0	0	0	0	0
Other income normal	7.92	3	16.1	11.7	1.8	10	2.31	6.2	11.2	23.43	13.4	10.1	42
Interest	15	14	14	14	14	14	15	17	16	16	15	15	14
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before tax	50	83	86	61	66	82	-127	97	131	45	75	78	96
Tax %	26%	25%	26%	22%	24%	25%	-25%	26%	24%	25%	27%	26%	26%
Net Profit	37	62	64	47	50	61	-95	72	99	34	54	58	70
EPS in Rs	5.99	10.02	10.32	7.56	8.12	9.79	-15.35	11.58	15.92	5.47	8.7	9.26	11.29

Profit & Loss

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,152	1,233	1,513	1,798	1,856	1,748	1,746	1,843	2,143	2,325	2,510	2,874	3,045
Sales Growth %	—	—	—	—	—	—	—	—	—	—	—	—	—
Expenses	1,011	1,084	1,324	1,596	1,665	1,577	1,586	1,674	1,969	2,030	2,161	2,487	2,668
Material Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Raw material cost	—	—	—	—	—	—	—	—	—	—	—	—	—
Change in inventory	—	—	—	—	—	—	—	—	—	—	—	—	—
Manufacturing Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Employee Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating Profit	141	150	189	202	192	171	161	169	174	295	348	387	377
OPM %	12%	12%	12%	11%	10%	10%	9%	9%	8%	13%	14%	13%	12%
Other Income	12	9	15	-43	23	2	20	10	28	-229	31	37	79
Exceptional items	—	—	—	—	—	—	—	—	—	—	—	—	—
Other income normal	—	—	—	—	—	—	—	—	—	—	—	—	—
Interest	12	15	19	23	31	48	77	75	75	60	59	59	59
Depreciation	8	7	12	10	9	8	7	6	5	4	4	3	4
Profit before tax	132	136	173	126	174	117	98	98	122	2	316	362	394
Tax %	33%	34%	34%	41%	33%	12%	40%	25%	24%	43%	25%	25%	—
Net Profit	89	90	114	75	117	102	59	73	92	1	236	271	294
Exceptional items AT	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit excl Excep	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit for PE	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit for EPS	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS in Rs	16.65	16.65	20.87	13.74	21.43	18.72	10.74	11.74	14.82	0.19	37.92	43.62	47.32
Dividend Payout %	24%	24%	19%	29%	19%	0%	0%	0%	0%	0%	0%	9%	—

Balance Sheet

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	5	11	11	11	11	11	11	12	12	12	12	12	12
Reserves	598	675	765	813	906	906	966	1,156	1,248	1,249	1,484	1,771	1,887
Borrowings	89	63	239	120	276	435	441	315	399	203	164	234	113
Long term Borrowings	0	0	0	0	0	68	30	106	74	45	79	59	48
Short term Borrowings	89	63	239	120	276	341	374	210	325	158	85	174	64
Lease Liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Borrowings	0	0	0	0	0	26	37	0	0	0	0	0	—
Other Liabilities	910	958	935	1,329	1,375	1,458	1,606	1,654	1,429	1,608	2,054	2,393	2,485
Trade Payables	544	558	632	830	926	1,115	1,161	821	776	870	887	966	1,069
Advance from Customers	60	34	41	127	120	84	121	166	97	96	123	130	—
Other liability items	306	366	261	372	330	259	325	667	556	642	1,045	1,297	1,416
Total Liabilities	1,602	1,707	1,949	2,272	2,568	2,809	3,023	3,137	3,088	3,072	3,714	4,410	4,497
Fixed Assets	102	98	93	92	87	79	74	68	63	60	60	61	62
Land	16.98	16.98	16.98	16.98	16.98	16.98	16.98	16.98	16.98	17	17	17	—
Building	36.53	36.53	37.7	40.26	40.26	40.26	40.26	40.26	40.26	40.3	40.3	40.3	—
Plant Machinery	2.02	1.75	2.57	2.57	3.67	3.67	3.67	3.67	3.67	3.7	3.7	3.7	—
Equipments	7.47	7.38	5.7	5.82	5.84	6.17	6.17	6.17	6.2	6.2	6.4	6.5	—
Furniture & fittings	—	—	—	—	—	—	—	—	—	—	—	—	—
Vehicles	9.08	10.17	6.74	8.88	9.21	6.99	5.88	4.7	2.43	1.5	3.4	4.8	—
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	1
Other fixed assets	22.88	25.06	8.05	9.51	10.12	10.56	11.75	12.32	11.82	13.5	12.8	12.8	—
Gross Block	131.2	134.11	105.81	113.68	116.77	115.48	116.2	115.93	112.8	113.6	114.6	117.6	—
Accumulated Depreciation	29.31	35.67	13.24	21.5	29.29	36.09	42.37	47.62	49.59	54	54.8	56.7	—
CWIP	0	1	2	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Investments	38	60	58	44	25	25	25	34	56	95	130	141	144
Other Assets	1,462	1,547	1,796	2,136	2,455	2,705	2,924	3,035	2,969	2,918	3,524	4,208	4,292
Inventories	14	30	65	34	33	10	8	8	8	10	10	15	17
Trade receivables	924	983	1,038	1,358	1,112	1,232	1,246	1,282	1,190	1,392	1,814	1,833	2,014
Receivables under 6m	671	735	1,102	1,413	1,205	1,232	1,326	1,363	743	972	1,333	1,130	—
Receivables over 6m	282	289	0	0	0	0	0	0	511	506	555	754	—
Prow for Doubtful	—	—	—	—	—	—	—	—	—	—	—	—	—
Cash Equivalents	156	128	140	95	57	73	160	217	215	166	356	838	637
Loans & Advances	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Assets items	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Assets	1,602	1,707	1,949	2,272	2,568	2,809	3,023	3,137	3,088	3,072	3,714	4,410	4,497

Cash Flows

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	16	31	-212	163	-185	-94	132	105	-38	218	265	421
Profit from operations	162	225	177	263	211	231	227	207	211	37	421	425
Receivables	-159	-78	-246	-430	-201	-163	-171	-182	-122	-101	-433	-81
Inventory	1	-15	-36	31	2	2	2	-1	0	-2	-0	-5
Payables	11	13	78	192	82	180	97	221	5	66	14	175
Loans Advances	21	-12	-17	0	0	0	-25	15	114	0	0	0
Other WC items	34	-55	-126	168	-215	-300	35	-128	-236	242	280	-12
Working capital changes	-92	-147	-347	-38	-331	-280	-62	-75	-239	205	-138	77
Direct taxes	-54	-46	-42	-62	-64	-46	-33	-27	-11	-24	-18	-81
Cash from Investing Activity	-34	13	26	-19	24	-10	-34	21	-38	-50	-4	-142
Fixed assets purchased	-36	-11	-7	-7	-4	-1	-1	-1	-2	-1	-5	-4
Fixed assets sold	0	0	0	1	1	1	0	1	2	0	0	1
Investments purchased	-23	-28	-3	-79	-0	0	-0	-9	-38	-44	-42	-11
Investments sold	0	10	8	12	19	0	0	1	0	0	0	0
Interest received	0	0	4	4	0	1	2	5	4	7	11	15
Redeemp Cnce of Shares	—	—	—	—	—	—	—	—	—	—	—	—
Acquisition of companies	—	—	—	—	—	—	—	—	—	—	—	—
Other investing items	24	35	24	49	-10	-11	-36	20	-12	-13	20	-142
Cash from Financing Activity	8	-39	144	-156	117	105	-39	-41	48	-227	-57	45
Redemption of debentures	—	—	—	—	—	—	—	—	—	—	—	—
Proceeds from borrowings	240	358	655	652	154	153	30	114	130	0	38	80
Repayment of borrowings	-205	-385	-478	-771	0	0	-27	-240	-48	-200	-78	-16
Interest paid fin	-6	-8	-10	-12	-13	-26	-42	-33	-34	-27	-17	-19
Dividends paid	-19	-21	-26	-26	-26	-22	0	0	0	0	0	0
Financial liabilities	0	0	0	0	0	0	-0	-0	-0	0	0	0
Other financing items	-3	-4	0	0	0	0	0	0	0	0	0	0
Net Cash Flow	-9	4	-41	-12	-44	1	59	85	-28	-59	204	324

Ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	293	291	250	276	219	257	260	254	203	218	264	233
Inventory Days	—	—	—	—	—	—	—	—	—	—	—	—
Days Payable	—	—	—	—	—	—	—	—	—	—	—	—
Cash Conversion Cycle	293	291	250	276	219	257	260	254	203	218	264	233
Working Capital Days	82	109	66	71	90	100	89	112	73	70	115	70
ROCE %	23%	21%	22%	22%	19%	13%	13%	12%	13%	22%	24%	23%

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	19.12%	19.12%	19.12%	19.12%	19.12%	19.12%	19.12%	19.12%	19.12%	19.12%	19.12%	19.1%
Rajiv Mittal	15.61	15.61	15.61	15.61	15.61	15.61	15.61	15.61	15.61	15.61	15.61	15.59
Varadarajan S	3.51	3.51	3.51	3.51	3.51	3.51	3.51	3.51	3.51	3.51	3.51	3.51
FIIs	15.94%	16.57%	16.67%	15.64%	13.11%	12.45%	11.52%	14.68%	18.86%	18.58%	18.69%	18.4%
Federated Hermes Investment Funds	—	—	—	—	—	—	—	—	—	2.22	1.91	2.11
Federated Hermes Investment Funds Plc	2.88	3.17	2.06	1.86	1.05	—	—	—	1.49	—	—	—
Government Pension Fund Global	4.04	4.04	3.91	3.91	3.67	3.44	2.65	2.77	2.22	1.38	1.21	1.07
Invesco India Equity Fund	—	—	—	—	—	—	—	—	1.17	—	—	1.12
Ishares Ii Public Limited Company -	—	—	—	—	—	—	—	—	1.09	1.09	1.15	—
Kbi Water Fund	2.34	2.34	2.34	2.34	1.41	—	—	—	—	—	—	—
Vanguard Emerging Markets Stock	—	—	—	—	—	—	—	—	—	—	1.01	—
Vanguard Total International	—	—	—	—	—	—	—	—	1	1.17	1.04	1.04
DIIs	3.45%	3.25%	3.54%	3.52%	5.85%	5.63%	4.99%	3.59%	2.01%	3.02%	3.66%	4.47%
Government	—	—	—	—	—	—	—	—	—	—	—	—
Public	61.46%	61.07%	60.65%	61.7%	61.91%	62.78%	64.35%	62.59%	60%	59.28%	58.51%	58.04%
Others	—	—	—	—	—	—	—	—	—	—	—	—
No. of Shareholders	1,02,061	99,449	94,014	98,506	98,026	1,08,230	1,30,569	1,45,563	1,78,346	1,90,518	1,92,972	1,94,281

News & Updates

BSE Announcements

Direct from BSE filings, AI summarised

VA TECH WABAG LIMITED: Files Compliance Certificate for Quarter Ended December 31, 2025

13 Jan 2026

VA TECH WABAG LIMITED Secures 'Large' Order from BPCL for Industrial Water Treatment Facilities

13 Jan 2026

VA Tech Wabag Receives GST Order for ₹2.32 Mn; Company to Appeal

31 Dec 2025

VA Tech Wabag Receives GST Demand Order; Company Cites No Material Impact

31 Dec 2025

VA Tech Wabag Secures 'Large' EPC Order for 50 MLD BWRO Plant in Saudi Arabia

29 Dec 2025

Other Websites

External media mentions

VA Tech Wabag Secures ₹600 Crore BPCL Water Project

13 Jan 2026

VA Tech Wabag Secures Large BPCL Order, Shares Climb 2%

13 Jan 2026

Systematix Flags Water EPC: VA Tech Wabag, EIEL Gain 'Buy' with High Targets

12 Jan 2026

Brokerage Bombshell: 10 Stocks Picked for UP TO 54% Gains! Your Next Big Investment?

3 Jan 2026

Motilal Oswal's Bold Moves: 4 Stocks Picked for Up to 49% Surge! Are You Ready?

31 Dec 2025

News Articles

Editorial & research coverage

VA Tech Wabag Secures Large BPCL Order, Shares Climb 2%

13 Jan 2026

Systematix Flags Water EPC: VA Tech Wabag, EIEL Gain 'Buy' with High Targets

12 Jan 2026

Motilal Oswal's Bold Moves: 4 Stocks Picked for Up to 49% Surge! Are You Ready?

31 Dec 2025

VA Tech Wabag Stock Rockets as Brokerage Issues Strong 'Buy' Rating, Cites Massive Order Book!

31 Dec 2025

VA Tech Wabag Stock Skyrockets? Analysts See Stunning 50% Jump – Is This Your Next Big Investment?

31 Dec 2025

Documents

Announcements

Regulation 30 Read With Schedule III Of The SEBI (Listing Obligations And Disclosure Requirements), Regulations 2015

31 Dec - GST assessment for FY2018-19–2022-23: tax ₹4,53,996; interest ₹2,42,361; penalty ₹16,25,054; total ₹23,21,411 (received 31 Dec 2025).

Regulation 30 Read With Schedule III Of The SEBI (LODR), Regulations 2015

31 Dec - Received Dec 30, 2025 GST order alleging wrong classification; GST due INR 1,20,38,078 plus equal penalty; appeal planned.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

29 Dec - Secured Letter of Award for 50 MLD BWRO EPC at Aljouf, KSA; Large (USD30–75m), 14-month project.

Closure of Trading Window

null

Announcement under Regulation 30 (LODR)-Press Release / Media Release

24 Dec - Preferred EPC for 25-year Hadda ISTP (100,000→250,000 m³/day); 38km pipeline, concession pending execution/financial close, announced Dec 24, 2025.

Annual Reports

FY Financial Year 2025

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FY Financial Year 2012

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FY Financial Year 2012

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Credit Ratings

Rating update

4 Feb 2025 from fitch

Rating update

24 Nov 2022 from fitch

Rating update

27 Aug 2021 from fitch

Rating update

9 Apr 2021 from icra

Rating update

11 Nov 2020 from fitch

Rating update

6 Apr 2020 from icra

Concalls

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VA Tech Wabag Ltd

ABOUT

Stock Analysis

Peer Comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

News & Updates

BSE Announcements

Other Websites

News Articles

Documents

Announcements

Annual Reports

Credit Ratings

Concalls