WABAG

VA Tech Wabag Limited

Water treatment solutions provider for municipal and industrial clients

Utilities›Utilities›Other Utilities›Water Supply & Management

wabag.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1884.80
Market cap
11,780 Cr
Stock P/E
28.9
P/B
4.57
Dividend yield
0.2%
ROE (FY26)
17.0%
ROCE (FY26)
20.0%
Operating margin (FY26)
11.9%
Debt / equity (FY26)
0.09
OCF / EBITDA (FY26)
43.3%
OCF / EBITDA (3Y)
54.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

WABAG (VA Tech Wabag) designs, builds and operates water and wastewater treatment plants, including drinking water, sewage, desalination and industrial water systems, for city water boards, governments and industrial customers in India and abroad.

Company snapshot

1stBy market cap

Ranked among 6 companies in Water Supply & Management.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 53.3% of revenue

SegmentRevenue shareRevenuePBTAssets
India
53.3%
1,139 Cr177 Cr—
Rest of the world
48.7%
1,041 Cr341 Cr—
Un-allocable revenue
1.2%
26 Cr21 Cr—

Shares add up to 103% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Debt-to-equity of 0.09x — the company is largely funded by its own money, not borrowed funds.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales665 Cr704 Cr934 Cr627 Cr700 Cr811 Cr1,156 Cr734 Cr835 Cr961 Cr1,414 Cr887 Cr
Operating expenses (approx.)579 Cr606 Cr819 Cr545 Cr607 Cr711 Cr1,015 Cr638 Cr745 Cr840 Cr1,257 Cr807 Cr
EBITDA86 Cr99 Cr116 Cr81 Cr94 Cr100 Cr141 Cr96 Cr89 Cr122 Cr157 Cr80 Cr
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 income15 Cr4 Cr8 Cr11 Cr14 Cr15 Cr11 Cr11 Cr42 Cr23 Cr32 Cr52 Cr
Interest17 Cr17 Cr22 Cr18 Cr19 Cr20 Cr22 Cr19 Cr20 Cr18 Cr17 Cr17 Cr
Depreciation2 Cr2 Cr3 Cr2 Cr1 Cr1 Cr1 Cr1 Cr2 Cr2 Cr2 Cr2 Cr
Profit before tax83 Cr83 Cr93 Cr70 Cr92 Cr91 Cr131 Cr87 Cr111 Cr121 Cr170 Cr118 Cr
Tax %27.5%24.8%23.6%21.7%23.9%22.8%24.1%24.1%23.5%24.7%24.7%23.8%
Net profit60 Cr63 Cr71 Cr55 Cr70 Cr70 Cr100 Cr66 Cr85 Cr91 Cr128 Cr90 Cr
EPS (₹)₹8.87₹10.11₹11.64₹8.84₹11.35₹11.29₹18.83₹10.58₹13.63₹15.63₹22.68₹14.35

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,208 Cr3,457 Cr2,781 Cr2,557 Cr2,834 Cr2,979 Cr2,960 Cr2,856 Cr3,294 Cr3,944 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,911 Cr3,166 Cr2,587 Cr2,340 Cr2,616 Cr2,742 Cr2,643 Cr2,481 Cr2,872 Cr3,467 CrSign in free for the trailing twelve months
EBITDA297 Cr292 Cr194 Cr217 Cr219 Cr237 Cr318 Cr376 Cr422 Cr477 CrSign in free for the trailing twelve months
OPM %9.2%8.4%7.0%8.5%7.7%8.0%10.7%13.2%12.8%12.1%Sign in free for the trailing twelve months
Other income11 Cr6 Cr4 Cr35 Cr8 Cr32 Cr54 Cr43 Cr45 Cr94 CrSign in free for the trailing twelve months
Interest53 Cr58 Cr75 Cr109 Cr90 Cr88 Cr66 Cr71 Cr79 Cr73 CrSign in free for the trailing twelve months
Depreciation19 Cr18 Cr17 Cr15 Cr12 Cr10 Cr9 Cr8 Cr6 Cr6 CrSign in free for the trailing twelve months
Profit before tax179 Cr224 Cr110 Cr132 Cr130 Cr168 Cr17 Cr331 Cr384 Cr489 CrSign in free for the trailing twelve months
Tax %37.3%34.5%18.7%36.7%22.6%21.6%35.1%24.1%23.3%24.3%Sign in free for the trailing twelve months
Net profit112 Cr147 Cr89 Cr84 Cr101 Cr132 Cr11 Cr251 Cr295 Cr370 CrSign in free for the trailing twelve months
EPS (₹)₹18.82₹24.08₹19.21₹19.30₹20.13₹20.80₹2.07₹39.49₹50.09₹70.24Sign in free for the trailing twelve months
Dividend payout %————1.3%-0.2%0.0%0.0%0.0%6.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital11 Cr11 Cr11 Cr11 Cr12 Cr12 Cr12 Cr12 Cr12 Cr13 Cr
Reserves982 Cr1,118 Cr1,058 Cr1,163 Cr1,397 Cr1,527 Cr1,562 Cr1,806 Cr2,128 Cr2,556 Cr
Borrowings309 Cr477 Cr584 Cr482 Cr305 Cr428 Cr213 Cr281 Cr357 Cr228 Cr
Other liabilities2,031 Cr2,091 Cr2,109 Cr2,369 Cr2,460 Cr2,048 Cr2,301 Cr2,470 Cr2,765 Cr3,320 Cr
Total liabilities3,351 Cr3,730 Cr3,779 Cr4,024 Cr4,161 Cr4,002 Cr4,089 Cr4,575 Cr5,267 Cr6,122 Cr
Fixed assets (net)105 Cr99 Cr88 Cr84 Cr84 Cr77 Cr72 Cr69 Cr64 Cr63 Cr
CWIP——0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr3 Cr
Investments22 Cr5 Cr8 Cr20 Cr24 Cr38 Cr46 Cr67 Cr69 Cr72 Cr
Loans & advances——0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr12 Cr22 Cr
Inventories39 Cr38 Cr15 Cr26 Cr30 Cr32 Cr41 Cr36 Cr36 Cr36 Cr
Trade receivables2,124 Cr2,456 Cr1,351 Cr1,589 Cr1,350 Cr1,326 Cr1,507 Cr1,991 Cr2,013 Cr2,524 Cr
Cash & bank239 Cr137 Cr135 Cr249 Cr304 Cr321 Cr181 Cr440 Cr718 Cr785 Cr
Other assets822 Cr996 Cr2,181 Cr2,055 Cr2,370 Cr2,210 Cr2,243 Cr1,972 Cr2,356 Cr2,618 Cr
Total assets3,351 Cr3,730 Cr3,779 Cr4,024 Cr4,161 Cr4,002 Cr4,089 Cr4,575 Cr5,267 Cr6,122 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity6 Cr-216 Cr-76 Cr245 Cr135 Cr12 Cr132 Cr134 Cr355 Cr207 Cr
Cash from investing61 Cr-11 Cr11 Cr30 Cr-4 Cr-34 Cr-2 Cr84 Cr-121 Cr-20 Cr
Cash from financing-100 Cr106 Cr49 Cr-135 Cr-86 Cr45 Cr-269 Cr44 Cr34 Cr-185 Cr
Net cash flow-33 Cr-120 Cr-17 Cr139 Cr51 Cr21 Cr-114 Cr259 Cr278 Cr67 Cr
Free cash flow (OCF − Capex)-8 Cr-222 Cr-79 Cr241 Cr120 Cr6 Cr127 Cr122 Cr351 Cr202 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %17.5%17.2%11.1%14.6%13.0%13.1%4.6%19.1%18.5%20.0%
ROE %10.1%12.7%9.7%7.8%7.9%8.6%0.8%13.5%13.8%17.0%
Debtor days241259177227173162185254222233
Inventory days6535557654
Days payable184198273305270155171173149153
Cash conversion cycle6265-94-73-921221877984
OCF / EBITDA %2.1%-74.0%-39.3%112.8%61.9%4.9%41.4%35.5%84.1%43.3%
OCF / EBITDA % (3 years)——-36.5%-6.7%48.2%58.2%36.0%29.8%55.6%54.5%
Debt / equity0.310.420.550.410.220.280.140.150.170.09
Current ratio1.301.321.281.291.401.371.331.681.701.71
Net debt / EBITDA0.24—2.311.080.00660.450.10-0.42-0.85-1.17