Va Tech Wabag Ltd. share price target

*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.

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%...

We maintain our BUY rating on the stock.

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.