VA Tech Wabag Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript VA Tech Wabag Ltd filed with BSE on 28 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
VA TECH WABAG reported FY2025-26 revenue of Rs 3,944 crore, EBITDA of Rs 524 crore and profit after tax of Rs 371 crore, describing it as the highest ever result in its history. The company closed the year with an order book of over Rs 17,200 crore, maintained a net cash positive position for the sixth consecutive year, and the Board recommended a final dividend of Rs 5 per equity share. Management also discussed the impact of the Middle East geopolitical situation, progress on the BLUE SEED innovation initiative, and emerging opportunities in ultra-pure water, data centers and compressed biogas.
Numbers mentioned
Revenue: INR 3,944 Crores (FY 2025-26)
p. 9
“During the year we recorded a revenue of INR 3,944 Crores, EBITDA of INR 524 Crores and profit after tax of INR 371 Crores, the highest ever result in our history.”
Rajiv Mittal, page 9 of the filed PDF · View the filing
EBITDA: INR 524 Crores (FY 2025-26)
p. 9
“During the year we recorded a revenue of INR 3,944 Crores, EBITDA of INR 524 Crores and profit after tax of INR 371 Crores, the highest ever result in our history.”
Rajiv Mittal, page 9 of the filed PDF · View the filing
Profit after tax: INR 371 Crores (FY 2025-26)
p. 9
“During the year we recorded a revenue of INR 3,944 Crores, EBITDA of INR 524 Crores and profit after tax of INR 371 Crores, the highest ever result in our history.”
Rajiv Mittal, page 9 of the filed PDF · View the filing
Order book: over INR 17,200 Crores (FY 2026 year-end)
p. 9
“Our order book crossed”
Rajiv Mittal, page 9 of the filed PDF · View the filing
Credit rating: IND AA- stable outlook, A1+ short-term
p. 10
“Our credit rating was reaffirmed at IND AA- with stable outlook and A1+, for short-term facilities reflecting our strong balance sheet and prudent approach to risk.”
Rajiv Mittal, page 10 of the filed PDF · View the filing
Final dividend: INR 5 per equity share (FY 2025-26)
p. 10
“the Board has recommended for shareholders approval a final dividend of INR 5 per equity share for FY 2025-26”
Rajiv Mittal, page 10 of the filed PDF · View the filing
Net cash position: over INR 950 Crores (FY 2026 year-end, excluding HAM)
p. 15
“most importantly remaining a net cash positive Company, which we have done for the 6th consecutive year where we closed excluding HAM with a net cash of over INR 950 Crores last year.”
Skandaprasad S, page 15 of the filed PDF · View the filing
Revenue growth (3-year): almost 18% (last 3 years)
p. 15
“Through the 3 years we have grown almost 18% on topline and you can see at PAT we have grown at 23%”
Skandaprasad S, page 15 of the filed PDF · View the filing
PAT growth (3-year): 23% (last 3 years)
p. 15
“Through the 3 years we have grown almost 18% on topline and you can see at PAT we have grown at 23%”
Skandaprasad S, page 15 of the filed PDF · View the filing
Revenue growth: almost 20% (FY 2026 year-over-year)
p. 14
“Revenue growing at 15% to 20% was our outlook we grew almost 20% year-over-year last year”
Skandaprasad S, page 14 of the filed PDF · View the filing
O&M share of order backlog: over 35%
p. 14
“Today, we sit on over 35% of order backlog from long-term O&M.”
Skandaprasad S, page 14 of the filed PDF · View the filing
Preferred bidder status value: over $400 million (during the quarter)
p. 16
“We also closed the year with a preferred bidder status worth over $400 million in the region, which you have seen in this quarter.”
Skandaprasad S, page 16 of the filed PDF · View the filing
Market capitalization increase: 40% (April 2025 onwards, ~15-17 months)
p. 15
“While the broader markets over one-and-a-half years performed at a plus 6%, your Company increased its market valuation by 40% in the same period.”
Skandaprasad S, page 15 of the filed PDF · View the filing
Green energy recovered from biogas: 40 megawatt
p. 11
“Our wastewater treatment plants also recover 40 megawatt of green energy from biogas demonstrating how wastewater can increasingly become a source of valuable resource.”
Rajiv Mittal, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 15% to 20% · medium-term
stated as an aspiration by Skandaprasad S
p. 14
“Revenue growing at 15% to 20% was our outlook we grew almost 20% year-over-year last year”
Skandaprasad S, page 14 of the filed PDF · View the filing
EBITDA margin — 13% to 15% range · medium-term
stated as an aspiration by Skandaprasad S
p. 14
“EBITDA margin staying in the 13% to 15% range, which also we kept up”
Skandaprasad S, page 14 of the filed PDF · View the filing
O&M share of order book — 20% · medium-term
stated as an aspiration by Skandaprasad S
p. 15
“O&M, this is a more medium-term outlook to get to 20% where we are today well on track and we have our entire organization’s focus on improving this.”
Skandaprasad S, page 15 of the filed PDF · View the filing
Return on equity — above 15% · medium-term
stated as an aspiration by Skandaprasad S
p. 15
“our guidance was to be above 15% and most importantly remaining a net cash positive Company”
Skandaprasad S, page 15 of the filed PDF · View the filing
Compressed biogas plants — more than 100 plants · next few years
stated as an aspiration by Rajiv Mittal
p. 25
“we intend to at least manufacture and install more than 100 such plants over the next few years, so we are very bullish about this opportunity and I think it has a great future.”
Rajiv Mittal, page 25 of the filed PDF · View the filing
Order bidding pace — next three to six months and whole year
stated firmly by Shailesh Kumar
p. 26
“what I can tell you that we will continue to bid with the same pace not only for next three to six months, but for the whole year”
Shailesh Kumar, page 26 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Chairman said water is a fragmented market so market share is not a tracked parameter; the company is the biggest in India in water treatment and globally ranked number three in private sector and desalination.
Answered by Rajiv Mittal
Asked by Himanshu Trivedi: What is WABAG's market share in the domestic market and expected profit sharing in coming years?
p. 17
“Water is a very fragmented market. So the market share is not a parameter where we track or we try to improve that.”
Rajiv Mittal, page 17 of the filed PDF · View the filing
Chairman confirmed no plants or staff were affected by the Gulf crisis, and outlined focus on manufactured water, sustainability, and new energy sectors as the next growth phase.
Answered by Rajiv Mittal
Asked by Venkatesan K: Have any WABAG plants been affected by the ongoing geopolitical war situation, and what is the next phase of growth?
p. 18
“with God’s blessing, none of the plants which are built by us or under operation and maintenance by us, have been affected because of this war, so, I would like to confirm all our plants are safe, all the staff and our workers are safe”
Rajiv Mittal, page 18 of the filed PDF · View the filing
Chairman said the Middle East situation is not a major concern, some funding delays of 6-8 months occurred but existing projects and payments continue normally; currently about 70-80 projects are under execution.
Answered by Rajiv Mittal
Asked by Ayush Gupta: What are the company's preparations for the post-war situation in the Middle East, and with what margins and how many orders are being executed this year?
p. 19
“There has been some scaling back of funding for new projects, leading to a delay of about 6 to 8 months, but there are no issues with existing, ongoing projects.”
Rajiv Mittal, page 19 of the filed PDF · View the filing
Chairman confirmed a 10% equity stake in Nimble Vision and ongoing evaluation of new ventures, plus tie-ups with incubation cells at IITs and IIMs across India.
Answered by Rajiv Mittal
Asked by G Raghuvaran: What is the latest progress on the BLUE SEED initiative and are there tie-ups with research centers for early-stage investment opportunities?
p. 21
“we had taken a 10% equity stake during April 2026 in a company called Nimble Vision Private Limited, which is Bengaluru-based startup, which is into the AI and IoT smart water monitoring and automation”
Rajiv Mittal, page 21 of the filed PDF · View the filing
Chairman described growing demand for ultra-pure water in solar, semiconductor and hydrogen production, expected data center growth requiring significant water for cooling, and plans for the Ghaziabad compressed biogas PPP project.
Answered by Rajiv Mittal
Asked by Himanshu Samal: What are the opportunities in ultra-pure water, biogas (including the Ghaziabad plant), and data centers in India and abroad?
p. 24
“it is expected that 12 gigawatt of data centres capacity will be available by 2032 and we need almost 45 million litres per day per gigawatt water required for air conditioning and cooling”
Rajiv Mittal, page 24 of the filed PDF · View the filing
Rohan Mittal said the company has recognized potential in the region and has been growing at a good pace, aiming to expand further.
Answered by Rohan Mittal
Asked by Rajeswari (via email): How would international growth, especially in the Middle East and Africa region, be expected for future years?
p. 25
“I would say that we have been growing at a good pace, we have been picking up the right orders and I think that this segment will grow for WABAG and our venture is to make it more bigger and bigger as we move along.”
Rohan Mittal, page 25 of the filed PDF · View the filing
Shailesh Kumar said the company will continue bidding at the same pace for the whole year, with several prospects nearing closure.
Answered by Shailesh Kumar
Asked by Dhruv Hingorani (via email): How much order bids is the company doing over three to six months and what is the conversion rate?
p. 26
“we will continue to bid with the same pace not only for next three to six months, but for the whole year, so there would be a couple of prospects which we are already working on, and some of them are nearing to closure.”
Shailesh Kumar, page 26 of the filed PDF · View the filing
Risks flagged
Scaling back of funding for new projects in the Middle East causing delays
p. 19
“There has been some scaling back of funding for new projects, leading to a delay of about 6 to 8 months, but there are no issues with existing, ongoing projects.”
Rajiv Mittal, page 19 of the filed PDF · View the filing
Supply chain impact from rising costs and longer transit times due to the Middle East situation
p. 20
“Yes, it has impacted supply chain management slightly due to rising costs and longer transit times; shipping costs and durations have increased, and there are bottlenecks at ports.”
Rajiv Mittal, page 20 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.