WABAG - VA Tech Wabag Limited Share Price

Other Utilities

₹1347.90-20.70(-1.51%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does VA Tech Wabag Limited do?

Water Supply & Management•Utilities•Small Cap

VA Tech Wabag Limited, together with its subsidiaries, engages in the design, supply, installation, construction, operation, and maintenance of drinking water, waste and industrial water treatment, and desalination plants in India and internationally. The company offers sewage treatment, water treatment, effluent treatment, water reclamation, water recycle and reuse, desalination, wastewater treatment, energy recovery, and sludge treatment services for municipal and industrial users; and engineering, procurement, construction, and operation and maintenance services, as well as operation of water and wastewater projects. It serves oil and gas, power plants, steel, fertilizer, food and beverage, industrial park, and other industries. The company was formerly known as Balcke Durr and Wabag Technologies Limited and changed its name to VA Tech Wabag Limited in April 2000. VA Tech Wabag Limited was incorporated in 1995 and is headquartered in Chennai, India.

Industry Group:Other Utilities

Employees:914

Website:www.wabag.com

Valuation
Market Cap	8.38 kCr
Price/Earnings (Trailing)	31.51
Price/Sales (Trailing)	2.69
EV/EBITDA	19.31
Price/Free Cashflow	85.01
MarketCap/EBT	24.09

Fundamentals
Revenue (TTM)	3.12 kCr
Rev. Growth (Yr)	16.62%
Rev. Growth (Qtr)	15.64%
Earnings (TTM)	266 Cr
Earnings Growth (Yr)	12.14%
Earnings Growth (Qtr)	-0.14%

Profitability
Operating Margin	11.29%
EBT Margin	11.15%
Return on Equity	13.49%
Return on Assets	5.69%
Free Cashflow Yield	1.18%

Balance Sheet for VA Tech Wabag

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	56.4%	453	290	150	86	85	145
Loans, current	-102.1%	0	48	0	0	9.91	2.02
Total current financial assets	-21.7%	2,253	2,878	1,840	1,602	1,587	1,457
Inventories	33.3%	13	10	16	16	7.74	8.5
Total current assets	3.3%	2,982	2,888	2,480	2,226	2,271	2,193
Property, plant and equipment	0%	58	58	58	58	60	62
Non-current investments	7.8%	140	130	130	95	54	56
Loans, non-current	-102.3%	0	44	0	0	0	0
Total non-current financial assets	0.1%	704	703	695	680	730	805
Total non-current assets	-0.8%	819	826	855	846	864	896
Total assets	2.3%	3,801	3,714	3,334	3,072	3,135	3,088
Borrowings, non-current	-11.5%	70	79	90	45	69	74
Total non-current financial liabilities	-49%	241	472	219	186	218	240
Provisions, non-current	0%	4.3	4.3	3.9	3.87	3.98	3.98
Total non-current liabilities	-1.9%	468	477	424	197	259	280
Borrowings, current	170.2%	228	85	117	158	287	325
Total current financial liabilities	-0.6%	993	999	909	1,055	1,005	1,128
Provisions, current	25%	116	93	79	25	32	21
Current tax liabilities	-105.9%	0	18	0	0	14	19
Total current liabilities	-1.1%	1,722	1,741	1,548	1,614	1,557	1,548
Total liabilities	-1.3%	2,190	2,218	1,972	1,811	1,815	1,828
Equity share capital	0%	12	12	12	12	12	12
Total equity	7.7%	1,611	1,496	1,363	1,262	1,320	1,260
Total equity and liabilities	2.3%	3,801	3,714	3,334	3,072	3,135	3,088

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	31.7%	579	440	243	181	201	321
Total current financial assets	46.3%	3,708	2,535	2,045	2,948	1,846	1,793
Inventories	22.9%	44	36	42	41	37	32
Total current assets	3.5%	3,751	3,625	3,156	2,989	3,033	2,964
Property, plant and equipment	-8.8%	63	69	65	72	73	77
Non-current investments	6.1%	4.5	4.3	4.3	4.29	3.87	4.14
Total non-current financial assets	-1.9%	720	734	758	778	806	886
Total non-current assets	-2.6%	924	949	972	1,018	1,014	1,039
Total assets	2.2%	4,676	4,574	4,128	4,089	4,047	4,002
Borrowings, non-current	-1.1%	187	189	153	55	81	94
Total non-current financial liabilities	8.7%	351	323	280	193	222	255
Provisions, non-current	-	11	0	13	13	12	13
Total non-current liabilities	-1.8%	585	596	497	214	274	307
Borrowings, current	158.2%	236	92	125	158	296	335
Total current financial liabilities	-4.9%	1,096	1,153	1,045	2,181	1,212	1,354
Provisions, current	13.2%	130	115	104	53	73	69
Current tax liabilities	-80.5%	5.1	22	6.2	8.1	19	23
Total current liabilities	-1.7%	2,118	2,155	1,952	2,242	2,181	2,169
Total liabilities	-1.7%	2,704	2,751	2,450	2,515	2,455	2,476
Equity share capital	0%	12	12	12	12	12	12
Non controlling interest	0%	5.3	5.3	-0.1	-0.26	-13.89	-13.26
Total equity	8.1%	1,972	1,824	1,678	1,575	1,592	1,526
Total equity and liabilities	2.2%	4,676	4,574	4,128	4,089	4,047	4,002

Summary of Latest Earnings Report from VA Tech Wabag

Summary of VA Tech Wabag's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Mar 25

Management Outlook:
WABAG's management outlines a strategic focus on expanding its presence in municipal water PPP projects through a non-binding equity partnership of $100 million with an investor consortium, including Norfund. The partnership aims to leverage WABAG's technical expertise while maintaining an asset-light model. The company anticipates a $1 billion business opportunity over 3"“5 years in PPP projects across India, Southeast Asia, and Africa, driven by growing demand for water infrastructure and performance-based models.

Key Points:

Strategic Partnership:
- Collaboration with international investors to fund equity requirements for PPP projects.
- WABAG to act as a minority investor (up to 26% equity) and technical partner, focusing on EPC and O&M to minimize financial exposure.
Market Opportunities:
- Focus on India's PPP-driven projects (e.g., river rejuvenation initiatives like Namami Gange, Yamuna, Adyar, and Cooum) and selective international markets.
- Projects include Hybrid Annuity Model (HAM), BOOT, and desalination plants.
Financial & Operational Outlook:
- Asset-light approach to maintain high RoCE; projects funded via consortium equity (15"“20%) and debt (80"“85%).
- EPC and O&M revenues to remain fully with WABAG, ensuring margin consistency.
- Internal accruals to fund WABAG's equity contributions, avoiding external fundraising.
Growth Drivers:
- Shift from contractor-driven to performance-based models in water treatment.
- Leveraging Norfund's financing expertise and WABAG's century-long technical leadership.
Execution Pipeline:
- Immediate focus on identified projects with ~24"“36-month execution cycles.
- Saudi Arabia and other international markets remain key targets for future bids.

The partnership positions WABAG to capitalize on sustainable water infrastructure demand while scaling profitability.

Q&A Session

Last updated: Mar 25

Question 1: Sani Vishe (Axis Securities)
Could you just brief on what kind of geographies you will be focusing on through this partnership? Do we have any estimate on the kind of opportunity that gets expanded because of this partnership?
Answer: The partnership will initially focus on India, followed by Southeast Asia and select African markets, targeting PPP projects. The estimated business opportunity is $1 billion over 3"“5 years, driven by India's expanding PPP models (e.g., river-cleaning initiatives) and similar trends in other regions.

Question 2: Nidhi Shah (ICICI Securities)
Could you throw light on identified projects, their breakup, and partners? What are the margin profiles for BOOT/HAM projects?
Answer: Projects are PPP-focused, with a $1 billion pipeline over 3"“5 years. Partners include large international investors (names undisclosed due to confidentiality). Margins align with existing DBO projects, emphasizing Wabag's role as a technical partner (EPC/O&M) with minority equity (max 26%).

Question 3: Anupam Goswami (SUD Life Insurance)
How does this partnership incrementally benefit bidding capacity and order size?
Answer: The partnership enables Wabag to bid for larger PPP/HAM/BOT projects without significant capital exposure. It enhances capacity to pursue high-ticket orders (aligned with the $1B pipeline) while maintaining an asset-light model, boosting order book growth and RoCE.

Question 4: Vinit Manek (Karma Capital Advisors)
What project size can $100M equity support over 3"“5 years?
Answer: The $100M equity commitment (10% average equity stake) supports ~$1B in project investments. This leverages debt financing and aligns with India's shift toward PPP models, enabling scalable municipal water infrastructure development.

Question 5: Ankita Shah (Elara Capital)
What is Wabag's financial commitment in projects?
Answer: Wabag's equity stake will be capped at 26% in projects under the partnership. This ensures minimal capital exposure while securing EPC/O&M revenue streams.

Question 6: Mihir Dhami (Sharekhan)
What is the status of the preferred bidder orders and quarterly progress?
Answer: Preferentially placed orders (~INR 2,000"“2,500 crore) are under evaluation, with partial conversions (e.g., INR 360 crore order). Q4 progress aligns with medium-term outlook, with remaining orders expected to materialize in coming months.

Question 7: Samarth Khandelwal (ICICI Securities)
How are project timelines structured, and how is revenue shared?
Answer: Execution timelines remain unchanged (e.g., 24"“36 months for desalination plants). Revenue from EPC/O&M flows entirely to Wabag, with SPVs managing concessions. Equity contributions (e.g., 15% in HAM projects) are shared per partnership terms.

Question 8: Chirag (Neo Asset Management)
What is the status of the Saudi Arabia order and Jal Jeevan Mission exposure?
Answer: Wabag is rebidding for the retendered Saudi project (INR 2,700 crore) and has no exposure to Jal Jeevan Mission, which focuses on civil works outside Wabag's technology-driven scope.

Cash Flow for VA Tech Wabag

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	92.5%	0	-12.37	33
Change in inventories	87.1%	-0.1	-7.52	0
Depreciation	1.6%	4.2	4.15	5.32
Impairment loss / reversal	-123.2%	0	5.31	16
Unrealised forex losses/gains	-	2.1	0	-12.6
Adjustments for interest income	-	0	0	10
Net Cashflows from Operations	18.3%	286	242	-27.82
Dividends received	-	-21.7	0	0
Interest paid	-	-18.7	0	0
Income taxes paid (refund)	-26.1%	18	24	11
Net Cashflows From Operating Activities	21.7%	265	218	-38.37
Proceeds from sales of PPE	-88.7%	0	0.47	1.85
Purchase of property, plant and equipment	1358.1%	4.9	0.69	1.91
Proceeds from sales of investment property	-	0.5	0	0
Purchase of investment property	-	42	0	0
Dividends received	1936.7%	10	0.51	8.02
Interest received	57.2%	11	7.36	4.07
Other inflows (outflows) of cash	239.4%	20	-12.63	-13.68
Net Cashflows From Investing Activities	89.3%	-4.4	-49.47	-39.81
Proceeds from borrowings	-	38	0	0
Repayments of borrowings	-61.3%	78	200	-82.16
Payments of lease liabilities	-	0	0	0.1
Interest paid	-38.5%	17	27	34
Net Cashflows from Financing Activities	74.6%	-56.9	-227.22	48
Effect of exchange rate on cash eq.	32.3%	0.1	-0.33	1.88
Net change in cash and cash eq.	440.1%	204	-58.68	-28.06

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	475%	162	29	36
Change in inventories	81.2%	-0.6	-7.51	-2.59
Depreciation	-112.8%	0	8.81	10
Impairment loss / reversal	-	-43.9	0	0
Unrealised forex losses/gains	93.3%	0	-14.02	-4.84
Adjustments for interest income	-111.1%	0	10	13
Net Cashflows from Operations	29.3%	160	124	30
Dividends received	-1009.1%	0	1.11	0
Interest received	-117.6%	0	6.67	0
Income taxes paid (refund)	-	26	0	19
Net Cashflows From Operating Activities	1.5%	134	132	12
Proceeds from sales of PPE	-140%	0	3.5	2.88
Purchase of property, plant and equipment	163.2%	12	5.18	5.52
Proceeds from sales of investment property	-	0.9	0	0
Proceeds from sales of intangible assets	-	44	0	0
Dividends received	-	12	0	8.62
Interest received	-	14	0	5.97
Other inflows (outflows) of cash	-	25	0	-27.65
Net Cashflows From Investing Activities	3197%	84	-1.68	-33.97
Proceeds from borrowings	-	148	0	0
Repayments of borrowings	-61.6%	82	212	-82.62
Payments of lease liabilities	-521.7%	-2.5	1.83	1.8
Dividends paid	-	0	0	-0.24
Interest paid	-11.1%	25	28	36
Income taxes paid (refund)	-103.8%	0	27	0
Net Cashflows from Financing Activities	115.9%	44	-269.37	45
Effect of exchange rate on cash eq.	-112.1%	-1.9	25	-1
Net change in cash and cash eq.	323.6%	259	-114.39	21

Investor Care
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	42.7

Financial Health
Current Ratio	1.77
Debt/Equity	0.21

Income Statement for VA Tech Wabag

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	10.3%	676	613	546	772	624	604
Other Income	66.7%	16	10	1.8	6.2	3	13
Total Income	11.1%	692	623	548	778	627	618
Cost of Materials	13.4%	518	457	400	610	469	462
Purchases of stock-in-trade	-	0	0	0	0	0	-0.8
Employee Expense	-5.7%	51	54	45	45	42	44
Finance costs	-7.1%	14	15	14	17	14	15
Depreciation and Amortization	0%	0.8	0.8	0.6	1.3	1.1	1.2
Other expenses	31.6%	26	20	24	7.8	18	22
Total Expenses	11.2%	606	545	482	681	544	543
Profit Before exceptional items and Tax	10.4%	86	78	66	97	83	75
Exceptional items before tax	-	0	0	0	0	0	0
Total profit before tax	10.4%	86	78	66	97	83	75
Current tax	0%	19	19	14	33	20	18
Deferred tax	90%	2.9	2	1.8	-7.7	1.2	2.5
Total tax	5%	22	21	16	25	21	20
Total profit (loss) for period	10.5%	64	58	50	72	62	54
Other comp. income net of taxes	23.1%	0	-0.3	-0.3	-1.3	0.1	0.1
Total Comprehensive Income	12.5%	64	57	50	71	62	54
Earnings Per Share, Basic	12.8%	10.32	9.26	8.12	11.58	10.02	8.7
Earnings Per Share, Diluted	12.9%	10.18	9.13	8.03	11.58	10.02	8.7

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	8%	2,510	2,325	2,143	1,843	1,746	1,748
Other Income	-50%	31	61	28	9.76	21	2.38
Total Income	6.5%	2,541	2,386	2,171	1,853	1,767	1,750
Cost of Materials	7.6%	1,930	1,793	1,699	1,452	1,318	1,298
Employee Expense	3%	173	168	156	107	121	120
Finance costs	-1.7%	59	60	75	75	77	48
Depreciation and Amortization	1.6%	4.2	4.15	5.32	6.06	6.67	8.47
Other expenses	-23.7%	59	77	113	116	145	156
Total Expenses	6.2%	2,225	2,095	2,049	1,755	1,669	1,634
Profit Before exceptional items and Tax	8.6%	316	291	122	98	98	117
Exceptional items before tax	99.7%	0	-289.23	0	0	0	0
Total profit before tax	29900%	316	2.05	122	98	98	117
Current tax	1202.3%	85	7.45	36	26	-35.08	32
Deferred tax	23.1%	-4.9	-6.67	-6.25	-0.99	74	-17.83
Total tax	36009.1%	80	0.78	30	25	39	14
Total profit (loss) for period	86937%	236	1.27	92	73	59	102
Other comp. income net of taxes	-101.8%	-1.2	-0.09	0.26	0.48	1.16	-0.11
Total Comprehensive Income	129900%	235	1.18	92	74	60	102
Earnings Per Share, Basic	8.5%	37.91	35.01	14.86	12.57	10.96	18.73
Earnings Per Share, Diluted	4713.7%	37.91	0.2	14.86	12.57	10.96	18.73

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	15.9%	811	700	626	934	704	665
Other Income	7.7%	15	14	11	8.2	3.7	15
Total Income	15.7%	826	714	637	942	708	680
Cost of Materials	20%	630	525	463	719	535	491
Employee Expense	-3.1%	63	65	60	60	57	60
Finance costs	5.6%	20	19	18	22	17	17
Depreciation and Amortization	0%	1.3	1.3	1.9	2.5	2.1	2.1
Other expenses	5.3%	21	20	26	34	18	26
Total Expenses	16.8%	732	627	565	843	624	598
Profit Before exceptional items and Tax	8.1%	94	87	72	99	84	83
Exceptional items before tax	-	-2.7	0	-2.2	0.5	0	0
Total profit before tax	4.7%	91	87	70	100	84	83
Current tax	5.6%	20	19	14	31	22	19
Deferred tax	-100%	1	2.8	0.8	-9.1	-1.6	3.9
Total tax	-4.8%	21	22	15	22	21	23
Total profit (loss) for period	0%	70	70	55	71	63	60
Other comp. income net of taxes	-2542.9%	-17.5	0.3	-1.9	-1.4	15	-5
Total Comprehensive Income	-25.7%	53	71	53	69	78	55
Earnings Per Share, Basic	-0.6%	11.29	11.35	8.84	11.64	10.11	8.87
Earnings Per Share, Diluted	-0.6%	11.13	11.19	8.74	11.64	10.11	8.87

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-3.5%	2,856	2,960	2,979	2,834	2,557	2,781
Other Income	-20.8%	43	54	32	8.21	35	4.35
Total Income	-3.8%	2,900	3,014	3,012	2,843	2,592	2,785
Cost of Materials	-4.9%	2,167	2,278	2,308	2,236	1,946	2,119
Employee Expense	-11.7%	235	266	251	199	236	254
Finance costs	7.7%	71	66	88	90	109	75
Depreciation and Amortization	-5.2%	8.4	8.81	10	12	15	17
Other expenses	-27.1%	79	108	186	184	169	212
Total Expenses	-5.8%	2,560	2,717	2,840	2,718	2,465	2,679
Profit Before exceptional items and Tax	14.5%	340	297	172	125	128	106
Exceptional items before tax	96.4%	-9.5	-289.23	0	0	0	3.33
Total profit before tax	4900%	330	7.58	172	125	128	110
Current tax	514.3%	87	15	44	32	-25.7	38
Deferred tax	18.6%	-6.9	-8.71	-7.39	-2.37	74	-17.17
Total tax	1512.2%	80	5.9	36	29	49	20
Total profit (loss) for period	2400%	251	11	132	101	84	89
Other comp. income net of taxes	-104.8%	0	22	-2.78	7.53	4.44	-4.37
Total Comprehensive Income	681.2%	251	33	129	108	88	85
Earnings Per Share, Basic	7.3%	39.49	36.87	20.8	20.13	19.3	19.21
Earnings Per Share, Diluted	3497.2%	39.49	2.07	20.8	20.13	19.3	19.21

Description	Share	Value
India	60.2%	501.1 Cr
Rest of the world	37.7%	314.1 Cr
Un-allocable revenue	2.1%	17.5 Cr
Total		832.7 Cr

Pros

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Size: Market Cap wise it is among the top 20% companies of india.

Balance Sheet: Strong Balance Sheet.

Profitability: Recent profitability of 9% is a good sign.

Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.

Cons

Momentum: Stock is suffering a negative price momentum. Stock is down -7.3% in last 30 days.

Dividend: Stock hasn't been paying any dividend.

Technicals: SharesGuru indicator is Bearish.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Shareholder Name	Holding %
RAJIV MITTAL	15.61%
REKHA JHUNJHUNWALA	8.04%
VARADARAJAN S	3.51%
FEDERATED HERMES INVESTMENT FUNDS PLC	2.22%
GOVERNMENT PENSION FUND GLOBAL	1.38%
BASERA HOME FINANCE PRIVATE LIMITED	1.31%
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND	1.17%
ISHARES II PUBLIC LIMITED COMPANY - ISHARES GLOBAL WATER UCITS ETF	1.09%

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VOLTAS	VoltasHousehold Appliances	41.24 kCr	15.15 kCr	-14.55%	-14.32%	58.15	2.72	+31.94%	+152.66%
THERMAX	ThermaxHeavy Electrical Equipment	40.64 kCr	10.3 kCr	-6.66%	-21.91%	66.76	3.95	+13.10%	-0.51%
PRAJIND	Praj IndustriesIndustrial Products	9.44 kCr	3.44 kCr	-7.40%	-1.72%	34.84	2.75	-1.78%	-3.05%
IONEXCHANG	Ion Exchange (India)Water Supply & Management	7.59 kCr	2.73 kCr	+10.75%	-5.54%	34.89	2.77	+21.77%	+6.55%

WABAG - VA Tech Wabag Limited Share Price

What does VA Tech Wabag Limited do?

Valuation

Fundamentals

Profitability

Balance Sheet for VA Tech Wabag

Summary of Latest Earnings Report from VA Tech Wabag

Cash Flow for VA Tech Wabag

Investor Care

Financial Health

Income Statement for VA Tech Wabag

Revenue Breakdown

Sector Comparison: WABAG vs Other Utilities

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Is VA Tech Wabag Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)