Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Oct - Intimation for allotment of 23261 Equity shares pursuant to exercise of stock options under "WABAG Centenary Stock Option Scheme 2023"
Source: Bse
VA Tech Wabag Limited (WABAG)
Micro CapInfra stocks · Micro cap · NSE
VA Tech Wabag Limited is a global technology-first water solutions provider, offering complete lifecycle partnership from design to O&M across desalination, wastewater, and drinking water treatment. It serves municipal and industrial clients in 25+ countries with an asset-light model.
Data qualityFresh enough for analysisQuote updated 21 Oct, 11:45 am ISTDetails
Quote21 Oct, 11:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result12 Aug, 04:10 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
40NeutralSMA20 -3.8% / mo · MACD − · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 44
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
WABAGD candles · FIT view+19.0%TODAY · PROVISIONALLatest price ₹1798.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-4.1%
RSI
31
MACD hist
-18.78
52W pos
59%
2026-10-21O ₹1874.20H ₹1880.00L ₹1793.40C ₹1798.00Vol 3.6L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
WABAGNifty InfraNifty 500
- WABAG
- -11.5%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -5.9 pp
Chart stats
19 Oct 2026- From 52W high
- -19.2%
- 52W range position
- 65%
- ATR (14)
- 3.9%
- Volume vs 20D
- 0.52x
- Avg traded value
- ₹78.7 Cr
- 20D price channel
- ₹1,860 - ₹2,155.7
₹2,319
₹1,033 - ₹2,319
₹73.3
Latest completed session
20-session average
29.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE49
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +20.8% · PAT +36.4% YoY
Technical
Neutral40
Price trend and sector-relative-strength timing.
Valuation
Legacy model-22.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 57/100Rev +21% YoY · PAT +36% YoY · operating leverage · margin compression
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹887 Cr | +20.8% | -37.3% |
| EBITDA | ₹80 Cr | -16.7% | -48.7% |
| Operating margin | 9.0% | -400 bps | -200 bps |
| PAT | ₹90 Cr | +36.4% | -29.7% |
| PAT margin | 10.2% | +116 bps | +110 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 29.60
- P/B
- 4.58
- EV/EBITDA
- 26.57
- Market Cap
- 11783.00Cr
Profitability
- ROE
- 15.90%
- ROCE
- 21.30%
- ROA
- 6.44%
- Dividend Y
- 0.27%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 93.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 6.28×
- Altman Z
- 3.63
- Book Value
- 412.00
Cash Flow
- FCF Yield
- 2.15%
- FCF Positive Y
- 7/5
- OCF
- 207.00 Cr
- EPS TTM
- 63.38
Shareholding
- Promoter Hold
- 19.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 887-37.3% vs prev
Net Profit
₹ CrLatest: 90.0-29.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 31.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.0% over last month) — short-term momentum negative.
- RSI(14) at 31 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 22% off 52W high · 74% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
81
RS percentile
Stage 2 UptrendEstablished S2
1M return
-12.2%
3M return
-11.5%
6M return
+25.9%
1Y return
+33.5%
RS 1D
0
RS 20D
-6
Sector rank
#16
Industry rank
-
Stage evidence
- Price is 5.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.0%.
50-DMA
price below
200-DMA
price above
S2 entered
04 Jun 2026
S2 age
96 trading sessions
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 136.26+0.41%
RS vs Nifty 500136
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth18/25
Quality12/20
Balance Sheet7/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
49
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
49/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 18/25 to the score.
- Cash flow contributes 7/10 to the score.
Main drags
- Fair-value margin of safety is negative at -22.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
29.6
PB
4.6
EV/EBITDA
26.6
ROE
15.9%
ROCE
21.3%
FCF Yield
2.1%
Debt/Equity
0.1
MoS
-22.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
49
Previous: 49
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-22.8%
Previous: -28.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
49
49
49
49
49
49
49
49
49
49
49
49
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹766.51
-134.6% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹1,464.08
-22.8% MoS
PEG
0.66
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
IONEXCHANG
Micro
ION Exchange (India) Limited
Water Treatment
match 44
19
51.6
12.0%
-582%
OVERVALUED
JASH
Small
Jash Engineering Limited
Industrial Machinery
match -4
43
40.0
16.0%
+0%
WATCHLIST
INDIANHUME
Small
Indian Hume Pipe Company Limited
Building Materials
match -4
50
20.2
4.2%
+35%
FAIR VALUE
DENTA
Small
Denta Water and Infra Solutions Limited
Environmental Services
match -7
64
13.1
13.3%
+68%
UNDERVALUED
CEWATER
Small
Concord Enviro Systems Limited
Environmental Services
match -7
27
119.0
4.5%
-155%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-12T08:44:44.719Z
Management commentary snapshot
WABAG reports strong Q1 FY27 with 20.8% YoY revenue growth to INR 8,868 Mn and 36.9% YoY PAT growth to INR 901 Mn. Order book surged to INR 19,400 crores, driven by significant international and domestic wins, ensuring robust revenue visibility.
The company delivered robust Q1 FY27 results with strong revenue and PAT growth, supported by significant order intake across geographies. The surging order book provides excellent revenue visibility, and consistent net cash position reflects efficient cash management. Management's focus on complex technology jobs and asset-light model appears to be yielding results.
Current business mix
Revenue by Business Offering (Q1 FY27)
Latest issuer-disclosed distribution across 2 reported categories.
EPC82.0%
O&M18.0%
Growth engines
International Expansion
Forayed into Kuwait with a 'Mega' SWRO project and entered the UAE market with an order win in Ajman.
Complex Technology Projects
Focus on complex technology jobs, securing orders for SWRO desalination plants and energy-efficient WWTPs.
Digitalization & Innovation
Piloting AI/ML based NRW reduction solutions and exploring opportunities to digitalize plants and networks.
New Initiatives
Strategic tie-up for CBG plants, Blue Seed investment in water-infrastructure solutions, and pursuing opportunities in PV Solar & Green H2.
Capacity and execution
Kuwait SWRO Desalination Plant
Secured 'Mega' 60 MIGD (~272 MLD) order from MEWRE in Kuwait.
UAE Wastewater Treatment Plant
Secured 'Large' 60 MLD order from Ajman Sewerage in the UAE.
Bengaluru WWTPs
Secured 'Large' order for two energy-efficient WWTPs from BWSSB in Bengaluru, India.
Austria Water Works Expansion
Announced 'Large' order for the expansion of the Donauinsel Water Works in Vienna, Austria.
Tailwinds
Strong Order Pipeline
Management states the order pipeline indicates significant growth opportunities going forward.
Consistent Net Cash Position
Net cash positive for the 7th year running (14th consecutive quarter), reflecting quality of order book and cash management.
Focus on High-Value Projects
Persisted with a selective approach to bidding for projects, focusing on complex technology jobs.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company operates in project-based infrastructure, where quarterly results can be lumpy. Year-over-year comparison provides a more stable view of growth trends and operational performance, as Q1 is typically compared to the same quarter in the previous fiscal year.
Sector KPIs management disclosed
Order Book
INR 193,942 Mn as of Q1 FY27, up 33% YoY.
Order Intake
INR 34,313 Mn in Q1 FY27.
Revenue Cover
Order Book of ~INR 194 Bn is >4x of revenue, providing strong growth visibility.
Revenue from Operations
INR 8,868 Mn in Q1 FY27, up 20.8% YoY.
Management forward view
Commitment to Stakeholder Value
Management remains committed to enhancing value for stakeholders and enabling them to participate in success.
Medium Term Outlook
Targets >4x revenue visibility from order book, 15-20% CAGR revenue growth, 13-15% EBITDA margin, >20% RoCE, >15% RoE, and 20% O&M of total revenues.
Selective Bidding Approach
Company persists with a selective approach to bidding for projects, focusing on complex technology jobs.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | INR 193,942 Mn (up 33% YoY) | Sustained growth in order book and timely conversion into revenue. |
| EBITDA Margin | 13.1% | Consistency in maintaining margins within the 13-15% medium-term target. |
| Net Cash Position | INR 9,649 Mn (excl. HAM) | Continued net cash positive status and efficient working capital management (NWC days). |
| O&M Revenue Contribution | 18% of total revenues | Progress towards the stated medium-term target of 20% of total revenues. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 94th percentile within Infra. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
121 docs text-extracted · 36 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Infra: 94th pctile, median 64 · Micro: 86th pctile, median 73
Evidence depth
Financial-only
121 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
74
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2%.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.09.
Trust risks
- ▸Promoter holding is only 19.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching VA Tech Wabag Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 7 Sep - WABAG wins repeat medium order from RIL for ETP at Jamnagar; execution over 13 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 3 Sep - Intimation for allotment of 13404 Equity Shares pursuant to exercise of stock options under "WABAG Centenary Stock Option Scheme 2023"
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug - Wabag to host Ashika Institutional Equities analyst site visit in Chennai on August 27, 2026.
Source: Bse
Concall transcript
Transcript Of The 31St Annual General Meeting Of The Company 28 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 Aug - Intimation of Schedule of Analysts / Institutional Investors Meeting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 14 Aug - Intimation for allotment of 60708 Equity Shares pursuant to exercise of stock options under "WABAG Centenary Stock Option Scheme 2023"
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 20 Jul - WABAG won BWSSB order for 100 MLD, 60 MLD STPs and 25 MLD TTP.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jul - Newspaper advertisement titled "Notice and Information relating to 31st Annual General Meeting"
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Jul - Intimation for allotment of 62680 Equity Shares pursuant to exercise of stock options under "WABAG Centenary Stock Option Scheme 2023"
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.