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Va Tech Wabag Ltd

WABAG

NSE

₹1,873.20-0.62%19 Oct 2026 at 3:57 PM

Reports

Water Treatment

Va Tech Wabag Ltd

WABAG

NSE

₹1,873.20

-0.62%

19 Oct 2026 at 3:57 PM

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Water Treatment

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

VA Tech Wabag is a pure-play water technology company that has spent a century turning the world’s most abundant but undrinkable sources-seawater and wastewater-into reliable, usable water for cities and industries. Born in Germany in 1924 and now run from Chennai after a management buyout and a reverse acquisition of its global parent, it operates across more than 25 countries. Its recurring approach is to design, build, and then operate the plants itself under long-term contracts, so it earns first from construction and then from decades of annuity-like operations and maintenance fees.

Business segments

Three engines at different stages-a municipal water treatment cash cow, an industrial water treatment specialist, and a growing operations and maintenance annuity stream-each feeding the next with long-term contracts and repeat clients.

1. Municipal water treatment: the core engine that turns wastewater and seawater into public supply

The company builds and runs the large-scale plants that clean sewage and desalinate seawater for entire cities, funded almost entirely by multilateral development banks or sovereign governments.

Paid by the world’s safest clients - municipal projects are funded by institutions like the World Bank, JICA, ADB, and KfW, or by central government programmes such as India’s Namami Gange mission, so the company avoids the credit risk of state governments or city councils.
One city, one operator - it pioneered a model where a single company runs all of a city’s wastewater infrastructure; in Ghaziabad and Agra it manages 22 sewage treatment plants, 70 pumping stations, and over 4,200 kilometres of underground sewers under a 10-year contract.
Desalination at national scale - its 400-million-litre-per-day plant under construction in Perur, Chennai, will give it responsibility for roughly 70% of the city’s desalinated water and make Chennai the “Desalination Capital of India” with about 750 million litres of daily capacity.
Technology that shrinks the plant - proprietary processes like NEREDA® aerobic granular biomass treatment and ceramic membrane filtration reduce the physical footprint and lifetime cost of a plant compared with conventional methods, which is how it wins projects in competitive Middle Eastern markets without being the lowest-price bidder.
Waste into fuel - it converts biogas from its sewage plants into compressed Bio-CNG for vehicles and industry, with a plan to build 100 such plants across India and other mutually agreed-upon locations in the GCC, Africa, and European countries through a partnership with Peak Sustainability Ventures.

2. Industrial water treatment: the specialist that keeps factories and refineries running

It treats water for the world’s largest industrial clients-oil refiners, petrochemical plants, and steel mills-where a shutdown from water shortage can cost millions, and it is now moving into the ultra-pure water needs of solar and semiconductor manufacturing.

Marquee clients with zero tolerance for failure - its customer list includes Reliance Industries, Indian Oil, PETRONAS, and Dangote, for whom it has built India’s largest industrial water recycling plant (54 million litres per day at Paradip) and Southeast Asia’s largest industrial effluent treatment plant (102 million litres per day in Malaysia).
Zero liquid discharge as a moat - it builds plants that recover every drop of water and leave no liquid waste, a regulatory requirement for many industries, using proprietary technologies that act as a barrier to entry against commodity competitors.
The new energy pivot - a dedicated Future Energy Solutions team now pursues contracts to supply ultra-pure water for solar photovoltaic factories, data centres, and green hydrogen electrolysis, with a landmark order already won for a 100-million-litre-per-day desalination plant serving a 10-gigawatt solar manufacturing unit.
Repeat business built on operating data - industrial clients re-award contracts because the company has already run the plant for years and knows its quirks; one refinery plant it built in 2006 has been operated by Wabag continuously ever since.

3. Operations and maintenance: the long-duration annuity stream

Once a plant is built, the company often stays on to run it for 5, 10, or even 20 years, generating recurring cash flows that are asset-light and margin-accretive-this backlog alone is worth roughly INR 6,500 crore.

The tail that wags the dog - O&M contributed 17% of revenue in the latest year but already represents 40% of the total order backlog, giving revenue visibility that stretches well beyond the construction cycle.
Stickiness through digital twins - it deploys an AI-driven operational intelligence platform called Pani ZED that continuously analyses plant performance, forecasts problems, and recommends set-point changes to cut energy and chemical costs, making the company hard to dislodge at rebid.
A portfolio of 98 plants and counting - the O&M fleet spans drinking water plants, sewage plants, desalination plants, and zero-liquid-discharge facilities across municipal and industrial clients, from a 20-year contract on the Perur desalination plant to a 7-year contract on an industrial wastewater plant in Bahrain.
The competitive rebid proof - a plant it built and operated for seven years was won again in open competition, demonstrating that the incumbent’s operating data and client relationship create a defensible position.

Technology and R&D backbone

The company does not own factories or sell technology licences; its 125-plus patents and in-house R&D centres exist solely to make its own plants cheaper to build and run, and to create a technical gap that competitors cannot easily cross.

In-house, not off-the-shelf - R&D centres in Vienna, Winterthur, and Chennai develop proprietary processes like CYCLOPUR® and BIOPUR® that are used exclusively in Wabag’s own projects, never sold to third parties.
Micropollutant leadership in Switzerland - it is the market leader in advanced micropollutant removal, with seven plants operating and eleven more under construction using technologies like ozonation and activated carbon adsorption to strip out pharmaceuticals and chemicals from wastewater.
Engineering muscle in India - an International Engineering Centre in Pune and Vadodara provides design and engineering to the global EPC business, giving it a cost-competitive technical workforce that serves clients from Reliance to Thai Oil.
Betting on start-ups - its BLUE SEED corporate venture arm invests in early-stage water-tech companies, with a first stake taken in an Indian start-up building IoT and AI-based water conservation tools.

Group structure and partners

The company is an Indian-listed multinational with a lean, cluster-based structure and a deliberate strategy of using partners and platforms to keep its balance sheet asset-light while pursuing large concession projects.

A USD 100 million equity platform for big projects - together with Norfund and other international investors, it has created a pool of capital to invest in BOOT and HAM concession projects, where Wabag acts as the technical partner delivering EPC and O&M while keeping its own equity contribution small.
Divested European peripherals - it has sold subsidiaries in the Czech Republic, Switzerland, and Romania, and liquidated a subsidiary in Thailand, to focus the group on its core developing-world markets.
Project-specific SPVs with local partners - in India, it holds majority or minority stakes in special-purpose vehicles for individual concession projects, such as a 51:49 joint venture for a 120-million-litre-per-day sewage plant in Thane and a newly incorporated subsidiary for a 45-million-litre-per-day water reuse plant in Chennai.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

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Mkt Cap

Market Capitalization

₹11,659Cr

Close Price

₹1,865.00

Industry

Water Treatment

Price To Earnings

27.04

Price To Sales

2.85

Revenue

₹4,097Cr

Rev Gr TTM

Revenue Growth TTM

20.45%

PAT Gr TTM

PAT Growth TTM

28.91%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	665	704	934	627	700	811	1,156	734	835	961	1,414	887
Growth YoY Revenue Growth YoY%	-11.4	8.1	0.8	13.3	5.3	15.1	23.8	17.2	19.2	18.5	22.3	20.8
Expenses ExpensesCr	579	606	819	545	607	711	1,015	638	745	840	1,257	807
Operating Profit Operating ProfitCr	86	99	116	81	94	100	141	96	89	122	157	80
OPM OPM%	12.9	14.0	12.4	13.0	13.4	12.4	12.2	13.0	10.7	12.6	11.1	9.0
Other Income Other IncomeCr	16	3	9	9	19	12	13	11	43	19	31	58
Interest Expense Interest ExpenseCr	17	17	22	18	19	20	22	19	20	18	17	17
Depreciation DepreciationCr	2	2	3	2	1	1	1	1	2	2	2	2
PBT PBTCr	83	83	100	70	92	91	131	87	111	121	170	118
Tax TaxCr	23	21	22	15	22	21	32	21	26	30	42	28
PAT PATCr	60	63	78	55	70	70	100	66	85	91	128	90
Growth YoY PAT Growth YoY%	29.4	34.5	169.8	10.5	17.0	12.1	27.4	20.1	20.6	30.1	28.6	36.9
NPM NPM%	9.0	8.9	8.4	8.8	10.0	8.7	8.6	9.0	10.2	9.5	9.1	10.2
EPS EPS₹	8.9	12.6	10.2	8.5	14.3	8.5	18.8	15.7	16.3	15.6	22.7	14.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	665	704	934	627	700	811	1,156	734	835	961	1,414	887
Growth YoY Revenue Growth YoY%	-11.4	8.1	0.8	13.3	5.3	15.1	23.8	17.2	19.2	18.5	22.3	20.8
Expenses ExpensesCr	579	606	819	545	607	711	1,015	638	745	840	1,257	807
Operating Profit Operating ProfitCr	86	99	116	81	94	100	141	96	89	122	157	80
OPM OPM%	12.9	14.0	12.4	13.0	13.4	12.4	12.2	13.0	10.7	12.6	11.1	9.0
Other Income Other IncomeCr	16	3	9	9	19	12	13	11	43	19	31	58
Interest Expense Interest ExpenseCr	17	17	22	18	19	20	22	19	20	18	17	17
Depreciation DepreciationCr	2	2	3	2	1	1	1	1	2	2	2	2
PBT PBTCr	83	83	100	70	92	91	131	87	111	121	170	118
Tax TaxCr	23	21	22	15	22	21	32	21	26	30	42	28
PAT PATCr	60	63	78	55	70	70	100	66	85	91	128	90
Growth YoY PAT Growth YoY%	29.4	34.5	169.8	10.5	17.0	12.1	27.4	20.1	20.6	30.1	28.6	36.9
NPM NPM%	9.0	8.9	8.4	8.8	10.0	8.7	8.6	9.0	10.2	9.5	9.1	10.2
EPS EPS₹	8.9	12.6	10.2	8.5	14.3	8.5	18.8	15.7	16.3	15.6	22.7	14.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,508	3,208	3,457	2,781	2,557	2,834	2,979	2,961	2,856	3,294	3,944	4,097
Growth Revenue Growth%	3.0	27.9	7.8	-19.6	-8.1	10.8	5.1	-0.6	-3.5	15.3	19.7	20.4
Expenses ExpensesCr	2,275	2,911	3,166	2,587	2,340	2,616	2,742	2,643	2,481	2,872	3,467	3,649
Operating Profit Operating ProfitCr	233	297	292	194	217	219	237	318	376	422	477	448
OPM OPM%	9.3	9.3	8.4	7.0	8.5	7.7	8.0	10.7	13.2	12.8	12.1	10.9
Other Income Other IncomeCr	-10	-46	8	8	40	14	29	-226	34	47	90	150
Interest Expense Interest ExpenseCr	46	53	58	75	109	90	88	66	71	79	73	71
Depreciation DepreciationCr	20	19	18	17	15	12	10	9	8	6	6	6
PBT PBTCr	157	179	224	110	132	130	168	17	330	384	489	520
Tax TaxCr	67	67	77	20	49	29	36	6	80	90	119	126
PAT PATCr	90	112	147	89	84	101	132	11	250	295	370	394
Growth PAT Growth%	-18.3	24.3	31.0	-39.3	-5.9	20.1	31.0	-91.7	2,176.4	17.7	25.4	28.9
NPM NPM%	3.6	3.5	4.3	3.2	3.3	3.6	4.4	0.4	8.8	8.9	9.4	9.6
EPS EPS₹	16.3	15.9	29.3	19.2	19.3	20.1	20.8	5.8	39.5	50.1	70.2	69.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,508	3,208	3,457	2,781	2,557	2,834	2,979	2,961	2,856	3,294	3,944	4,097
Growth Revenue Growth%	3.0	27.9	7.8	-19.6	-8.1	10.8	5.1	-0.6	-3.5	15.3	19.7	20.4
Expenses ExpensesCr	2,275	2,911	3,166	2,587	2,340	2,616	2,742	2,643	2,481	2,872	3,467	3,649
Operating Profit Operating ProfitCr	233	297	292	194	217	219	237	318	376	422	477	448
OPM OPM%	9.3	9.3	8.4	7.0	8.5	7.7	8.0	10.7	13.2	12.8	12.1	10.9
Other Income Other IncomeCr	-10	-46	8	8	40	14	29	-226	34	47	90	150
Interest Expense Interest ExpenseCr	46	53	58	75	109	90	88	66	71	79	73	71
Depreciation DepreciationCr	20	19	18	17	15	12	10	9	8	6	6	6
PBT PBTCr	157	179	224	110	132	130	168	17	330	384	489	520
Tax TaxCr	67	67	77	20	49	29	36	6	80	90	119	126
PAT PATCr	90	112	147	89	84	101	132	11	250	295	370	394
Growth PAT Growth%	-18.3	24.3	31.0	-39.3	-5.9	20.1	31.0	-91.7	2,176.4	17.7	25.4	28.9
NPM NPM%	3.6	3.5	4.3	3.2	3.3	3.6	4.4	0.4	8.8	8.9	9.4	9.6
EPS EPS₹	16.3	15.9	29.3	19.2	19.3	20.1	20.8	5.8	39.5	50.1	70.2	69.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	11	11	11	11	12	12	12	12	12	13
Reserves ReservesCr	909	982	1,118	1,058	1,164	1,397	1,527	1,563	1,806	2,128	2,556
Current Liabilities Current LiabilitiesCr	1,771	2,071	2,295	2,420	2,585	2,365	2,169	2,301	2,155	2,521	2,982
Non Current Liabilities Non Current LiabilitiesCr	222	270	273	273	267	400	307	214	596	601	567
Total Liabilities Total LiabilitiesCr	2,922	3,351	3,730	3,779	4,024	4,161	4,002	4,089	4,575	5,267	6,122
Current Assets Current AssetsCr	2,345	2,700	3,020	3,090	3,331	3,305	2,964	3,072	3,625	4,281	5,089
Non Current Assets Non Current AssetsCr	577	650	711	688	693	856	1,039	1,018	949	986	1,034
Total Assets Total AssetsCr	2,922	3,351	3,730	3,779	4,024	4,161	4,002	4,089	4,575	5,267	6,122

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	11	11	11	11	12	12	12	12	12	13
Reserves ReservesCr	909	982	1,118	1,058	1,164	1,397	1,527	1,563	1,806	2,128	2,556
Current Liabilities Current LiabilitiesCr	1,771	2,071	2,295	2,420	2,585	2,365	2,169	2,301	2,155	2,521	2,982
Non Current Liabilities Non Current LiabilitiesCr	222	270	273	273	267	400	307	214	596	601	567
Total Liabilities Total LiabilitiesCr	2,922	3,351	3,730	3,779	4,024	4,161	4,002	4,089	4,575	5,267	6,122
Current Assets Current AssetsCr	2,345	2,700	3,020	3,090	3,331	3,305	2,964	3,072	3,625	4,281	5,089
Non Current Assets Non Current AssetsCr	577	650	711	688	693	856	1,039	1,018	949	986	1,034
Total Assets Total AssetsCr	2,922	3,351	3,730	3,779	4,024	4,161	4,002	4,089	4,575	5,267	6,122

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-217	6	-216	-76	245	135	12	85	134	355	207
Investing Cash Flow Investing Cash FlowCr	97	61	-11	11	30	-4	-34	16	84	-121	-20
Financing Cash Flow Financing Cash FlowCr	182	-100	106	49	-135	-86	45	-240	44	34	-185
Net Cash Flow Net Cash FlowCr	61	-33	-120	-17	139	45	22	-139	261	268	1
Free Cash Flow Free Cash FlowCr	-232	-5	-219	-78	310	122	9	83	123	351	202
CFO To PAT CFO To PAT%	-240.7	5.5	-146.7	-85.5	291.6	134.2	8.8	771.8	53.3	120.5	55.9
CFO To EBITDA CFO To EBITDA%	-93.3	2.1	-74.0	-39.3	112.8	61.9	4.9	26.7	35.5	84.1	43.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-217	6	-216	-76	245	135	12	85	134	355	207
Investing Cash Flow Investing Cash FlowCr	97	61	-11	11	30	-4	-34	16	84	-121	-20
Financing Cash Flow Financing Cash FlowCr	182	-100	106	49	-135	-86	45	-240	44	34	-185
Net Cash Flow Net Cash FlowCr	61	-33	-120	-17	139	45	22	-139	261	268	1
Free Cash Flow Free Cash FlowCr	-232	-5	-219	-78	310	122	9	83	123	351	202
CFO To PAT CFO To PAT%	-240.7	5.5	-146.7	-85.5	291.6	134.2	8.8	771.8	53.3	120.5	55.9
CFO To EBITDA CFO To EBITDA%	-93.3	2.1	-74.0	-39.3	112.8	61.9	4.9	26.7	35.5	84.1	43.3

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	2,834	3,692	2,710	1,814	453	1,559	1,744	2,190	4,744	9,039	7,215	11,659
Price To Earnings Price To Earnings	31.9	36.0	20.6	17.3	5.0	14.2	13.2	167.7	19.3	30.5	19.5	27.0
Price To Sales Price To Sales	1.1	1.1	0.8	0.7	0.2	0.6	0.6	0.7	1.7	2.7	1.8	2.9
Price To Book Price To Book	3.1	3.7	2.4	1.7	0.4	1.1	1.1	1.4	2.6	4.2	2.8	4.5
EV To EBITDA EV To EBITDA	12.2	12.6	10.3	11.4	2.8	7.1	7.4	6.7	12.0	20.0	13.4	24.5
Profitability Ratios Profitability Ratios
GPM GPM%	22.2	20.4	20.6	23.3	23.8	20.9	22.2	22.9	23.7	21.9	23.6	23.6
OPM OPM%	9.3	9.3	8.4	7.0	8.5	7.7	8.0	10.7	13.2	12.8	12.1	10.9
NPM NPM%	3.6	3.5	4.3	3.2	3.3	3.6	4.4	0.4	8.8	8.9	9.4	9.6
ROCE ROCE%	15.6	17.8	17.6	11.2	14.6	12.5	13.0	4.6	19.0	18.5	20.1	20.1
ROE ROE%	9.8	11.3	13.0	8.3	7.2	7.2	8.6	0.7	13.8	13.8	14.4	14.4
ROA ROA%	3.1	3.4	3.9	2.4	2.1	2.4	3.3	0.3	5.5	5.6	6.0	6.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	2,834	3,692	2,710	1,814	453	1,559	1,744	2,190	4,744	9,039	7,215	11,659
Price To Earnings Price To Earnings	31.9	36.0	20.6	17.3	5.0	14.2	13.2	167.7	19.3	30.5	19.5	27.0
Price To Sales Price To Sales	1.1	1.1	0.8	0.7	0.2	0.6	0.6	0.7	1.7	2.7	1.8	2.9
Price To Book Price To Book	3.1	3.7	2.4	1.7	0.4	1.1	1.1	1.4	2.6	4.2	2.8	4.5
EV To EBITDA EV To EBITDA	12.2	12.6	10.3	11.4	2.8	7.1	7.4	6.7	12.0	20.0	13.4	24.5
Profitability Ratios Profitability Ratios
GPM GPM%	22.2	20.4	20.6	23.3	23.8	20.9	22.2	22.9	23.7	21.9	23.6	23.6
OPM OPM%	9.3	9.3	8.4	7.0	8.5	7.7	8.0	10.7	13.2	12.8	12.1	10.9
NPM NPM%	3.6	3.5	4.3	3.2	3.3	3.6	4.4	0.4	8.8	8.9	9.4	9.6
ROCE ROCE%	15.6	17.8	17.6	11.2	14.6	12.5	13.0	4.6	19.0	18.5	20.1	20.1
ROE ROE%	9.8	11.3	13.0	8.3	7.2	7.2	8.6	0.7	13.8	13.8	14.4	14.4
ROA ROA%	3.1	3.4	3.9	2.4	2.1	2.4	3.3	0.3	5.5	5.6	6.0	6.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	WABAG	WELENT	IONEXCHANG	JASH
Market CapitalizationMkt CapCr	11,659	9,605	5,388	3,401
Close PriceClose₹	1,865.00	693.95	367.35	538.25
IndustryIndustry	Water Treatment	Water Treatment	Water Treatment	Water Treatment
Price To EarningsPE	27.04	30.72	44.37	39.43
Price To SalesPS	2.85	2.71	1.78	4.48
RevenueRevenueCr	4,097	3,544	3,032	758
Revenue Growth TTMRev Gr TTM%	20.4%	-1.8%	10.2%	1.4%
PAT Growth TTMPAT Gr TTM%	28.9%	0.8%	-53.8%	5.2%

	WABAG	WELENT	IONEXCHANG	JASH
Market CapitalizationMkt CapCr	11,659	9,605	5,388	3,401
Close PriceClose₹	1,865.00	693.95	367.35	538.25
IndustryIndustry	Water Treatment	Water Treatment	Water Treatment	Water Treatment
Price To EarningsPE	27.04	30.72	44.37	39.43
Price To SalesPS	2.85	2.71	1.78	4.48
RevenueRevenueCr	4,097	3,544	3,032	758
Revenue Growth TTMRev Gr TTM%	20.4%	-1.8%	10.2%	1.4%
PAT Growth TTMPAT Gr TTM%	28.9%	0.8%	-53.8%	5.2%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26