Va Tech Wabag Ltd. share price target

We remain constructive on VA Tech Wabag’s (VATW) prospects on the back of regular order inflows and a robust book-to-bill ratio of ~4.6x. In Dec’25, VATW secured a large repeat order worth up to ~INR7b from Saudi Water Authority for a technologically advanced 50 MLD BWRO Plant at Aljouf, Saudi Arabia, and was also declared the preferred bidder by the Saudi Water Partnership Company (SWPC) for the Hadda Independent Sewage Treatment Plant (ISTP) Project.

*over or under performance to benchmark index H1FY26 consolidated revenue increased 18.2%YoY to 1,569cr, driven by strong growth in EPC municipal projects (+45%) and a sharp uptick in O&M industrial activity (+93%),...

VA Tech Wabag (Wabag) reported another good quarter with revenue at INR 8.3bn, up 19% YoY, driven by sustained execution across domestic and overseas projects. EBITDA rose 17% YoY to INR 1.2bn with margin at 14.4% (adjusted for forex). Profit grew 20% YoY to INR 0.8bn.

We maintain our BUY rating on the stock.

Q2FY26 performance: Wabag reported steady operational performance in Q2FY26 with revenues growing 20% YoY to 834 crore. Material costs (limited by forex gain) impacted EBITDA margins, which fell 30 bps YoY to 14.4%, EBITDA up 17% YoY to 120.5 crore. PAT margins decline to 21 bps YoY at 9.7%. Consequently, PAT came in at 95 crore up 20% YoY. On a segmental basis, India (48% of revenue mix and international business (52%) grew 8% and 25% YoY. EBIT margins for India and International business at 17% and 26%, +280 bps and -1020 bps YoY. Wabag's unexecuted order book stood at ~16020crore with 3477 crore order inflow (80%...

VA Tech Wabag (VATW) reported decent results in 2QFY26 as its revenue/adjusted EBITDA/PAT grew 19%/17%/20% YoY, 2-14% ahead of our estimates.

VA Tech Wabag Limited (Va Tech) reported a strong performance during Q1FY2026 with sales growth of 17.2% y-o-y to Rs. 734 crore.

We maintain our BUY rating on the stock.

We maintain our BUY recommendation on the stock with a target price of Rs 1,920/share, offering 27% upside from the current levels.

VATW's momentum in delivering strong performance is expected to continue in the medium term driven by a strong order backlog and immense opportunities it has identified in the international markets, which will enable order inflows. We expect EBITDA...

VA Tech Wabag Limited (Va Tech) reported a strong performance during Q4FY2025 with sales growth of 23.8% y-o-y to Rs. 1,156 crore. This helped them meet the 15% revenue growth guidance for FY25.

We maintain our BUY rating on the stock.

VA Tech Wabag Limited reported a decent performance during Q3FY2025 with sales growth of 15.1% y-o-y to Rs. 811 crore. Domestic revenue increased 24% y-o-y to Rs. 496 crore while the international revenue was up 2% y-o-y to Rs. 308 crore.

We recommend a BUY on the stock with a near-term TP of Rs 1,860/Share, implying an upside of 10% from the CMP

We maintain our BUY rating on this stock.

Va Tech Wabag’s adjusted net profit increased 27.8% y-o-y to Rs. 70 crore. Revenue of Rs. 700 crore grew 5.3% y-o-y and OPM stood at 13.4%, up 42 bps y-o-y.

We visited Va Tech Wabag’s waste water treatment and desalination plants in Chennai and also
had an interaction with the management. Company has maintained its guidance of 15% revenue
growth and margins of 13-15% for the next 3-5 years.

VA Tech Wabag (Wabag) bagged a mammoth order of INR 27bn (equivalent to its FY24 revenue) from the Middle East for a desalination plant – the entire order is for EPC.