VA Tech Wabag Limited (WABAG)

Micro Cap

Infra 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.

₹1,784.4

-88.80 · -4.74%

Market cap ₹11,783 Cr

ThemesWater & Wastewater Management

Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm IST

Details

Quote21 Oct, 03:31 pm 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

41Neutral

SMA20 -4.8% / mo · MACD − · sector -2.2pp vs Nifty 500 (3M)

Stock trend: 43

Sector RS: 38

Sector 3M: -7.9% vs Nifty 500 -5.6%

Infra FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

WABAGD candles · FIT view+19.0%

Latest close ₹1784.40 on 2026-10-21

Bar

-4.8%

RSI

MACD hist

-19.65

52W pos

58%

2026-10-21O ₹1874.20H ₹1880.00L ₹1772.60C ₹1784.40Vol 8.5L sh

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: -15.0%
Nifty 500: -6.5%
Nifty Infra: -8.6%
Vs Nifty 500: -8.5 pp

Chart stats

21 Oct 2026

From 52W high: -23.1%
52W range position: 58%
ATR (14): 4.2%
Volume vs 20D: 2.16x
Avg traded value: ₹82.1 Cr
20D price channel: ₹1,772.6 - ₹2,141.9

Quarter ended 30 Jun 2026

Good · 57

Rev +21% YoY · PAT +36% YoY · operating leverage · margin compression

Revenue: ₹887 Cr; YoY +20.8%
PAT: ₹90 Cr; YoY +36.4%
Operating margin: 9.0%; QoQ -200 bps
PAT margin: 10.2%; QoQ +110 bps

Filed 12 Aug 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 1 Base / Transition

Current trend context ranked against all active NSE stocks. It describes the chart; it is not a buy or sell signal.

RS percentile: 80; -6 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 1 Base / Transition
Sector rotation: #17; lagging · 93 stocks
Industry rotation: —; Fewer than five rank-eligible peers

Trend structure

Below 20-DMABelow 50-DMAAbove 200-DMA

RSI (14)

Weak momentum

MACD

Below signal

Histogram -19.65

Volume participation

2.2x average

Versus 20-session average

20-session position

3% of range

₹1,772.6 low · ₹2,141.9 high

Relative performance

vs Nifty 500

1M: -10.5 pp; stock -15.0%
3M: -8.5 pp; stock -15.0%
6M: +25.2 pp; stock +20.0%
1Y: +34.5 pp; stock +26.6%

From 52W high

-23.1%

High ₹2,319

52W range position

58%

₹1,033 - ₹2,319

ATR (14)

4.2%

₹75.74

Avg traded value

₹82.1 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

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 VALUE

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Good · 57/100

Rev +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 21/10/2026

Revenue

₹ Cr

Latest: 887-37.3% vs prev

Net Profit

₹ Cr

Latest: 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

Daily technical trend read

Bearish setup

Trend is weak — long-term uptrend intact. RSI 30.

Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
SMA20 falling (~5.1% over last month) — short-term momentum negative.
RSI(14) at 30 — falling, no extreme reading.
MACD below signal, histogram expanding negatively — bearish momentum building.
23% off 52W high · 73% 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

RS percentile

Stage 1 Base / Transition

1M return

-15.0%

3M return

-15.0%

6M return

+21.8%

1Y return

+26.0%

RS 1D

-1

RS 20D

-6

Sector rank

#17

Industry rank

Stage evidence

Price is within 0.4% of the 30-week proxy.
The 30-week proxy changed +5.9% over 20 sessions.
The moving-average structure does not confirm Stage 2 or Stage 4.

50-DMA

price below

200-DMA

price above

Sector

lagging

Industry

unranked

Relative-strength line vs Nifty 500 (base 100)

262 observations

21 Oct 2026Value 131.01-3.85%

RS vs Nifty 500131

Valuation & peers

U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies

Financial Turnaround

Fundamental score breakdown

U band · FAIR VALUE

Valuation0/30

Growth18/25

Quality12/20

Balance Sheet7/15

Cash Flow7/10

Piotroski

8/9 (+5)

Penalties

Raw sum

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 -21.9%.
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.

Execution EV/EBITDA

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.

29.6

4.6

EV/EBITDA

26.6

ROE

15.9%

ROCE

21.3%

FCF Yield

2.1%

Debt/Equity

0.1

MoS

-21.9%

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

Previous: 49

Legacy U-Score band

FAIR VALUE

Previous: FAIR VALUE

Margin of safety

-21.9%

Previous: -28.0%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026

v4.3-runtime-valuation

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

-132.8% MoS

Growth-justified P/E

23.1

Growth-justified Value

₹1,464.08

-21.9% 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.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

IONEXCHANG

Micro

ION Exchange (India) Limited

Jash Engineering Limited

Indian Hume Pipe Company Limited

Denta Water and Infra Solutions Limited

Environmental Services

Concord Enviro Systems Limited

Environmental Services

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 confidence

What 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

acceptable · holding, pledge, alignment

Cash flow

strong · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

acceptable · capital discipline

Results

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.

Compare Infra stocks Browse Indian stocks starting with W Explore fundamental stock screeners Browse Indian investment themes

Related companies

ION Exchange (India) Limited (IONEXCHANG)Jash Engineering Limited (JASH)Indian Hume Pipe Company Limited (INDIANHUME)Denta Water and Infra Solutions Limited (DENTA)Concord Enviro Systems Limited (CEWATER)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

VA Tech Wabag Limited (WABAG)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Execution business valuation: EV/EBITDA plus order and working-capital risk

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Revenue by Business Offering (Q1 FY27)

International Expansion

Complex Technology Projects

Digitalization & Innovation

New Initiatives

Kuwait SWRO Desalination Plant

UAE Wastewater Treatment Plant

Bengaluru WWTPs

Austria Water Works Expansion

Strong Order Pipeline

Consistent Net Cash Position

Focus on High-Value Projects

What management said, and what results must prove

Order Book

Order Intake

Revenue Cover

Revenue from Operations

Commitment to Stakeholder Value

Medium Term Outlook

Selective Bidding Approach

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching VA Tech Wabag Limited

Important announcements & filings

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"

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.

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"

Aug 2026 · PPT

Aug 2026 · Transcript

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.

Transcript Of The 31St Annual General Meeting Of The Company 28 Aug

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 Aug - Intimation of Schedule of Analysts / Institutional Investors Meeting

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"

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.

Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jul - Newspaper advertisement titled "Notice and Information relating to 31st Annual General Meeting"

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"