Va Tech Wabag Ltd. share price target

Wabag reported a good set of numbers for Q1FY27, as its revenue grew 21% to INR 8.9bn, with EBITDA at INR 1.2bn, (+22% YoY).

VA Tech Wabag (VATW) reported a strong and in-line operating performance in 1QFY27. Its revenue grew 21% YoY, driven by 27% growth in EPC and 53% growth in the RoW markets.

VA Tech Wabag (VATW) is a Chennai-based multinational company specialising in water technology. With its expertise in the turnkey execution and operation of water and wastewater treatment plants, the company primarily serves both municipal and industrial...

Q4FY26 performance: VA Tech Wabag Limited reported strong Q4FY26 performance with revenue rising 22.3% YoY to 1,414 crore, while EBITDA increased 11.8% YoY to 157 crore. EBITDA margin, however, contracted by 110 bps YoY to 11.1% due to project mix. PAT grew strongly by 28.6% YoY to 128 crore during the quarter. For FY26, revenue grew 19.7% YoY to 3,944 crore, EBITDA rose 13% YoY to 477 crore, while PAT increased 25.4% YoY to 370 crore. EBITDA margin stood at 12.1% versus 12.8% in FY25. The Board recommended a...

We maintain our BUY rating on the stock.

VA Tech Wabag (VATW) remains well-positioned for sustained growth, with regular order inflows and normal project execution in the Middle East despite current escalating tensions.

Solar, hydrogen, semiconductors & data centres. Rising demand for ultra-pure & desalinated water. Rs 1,000 Cr | 100 MLD desalination project. Strong UPW, RO, ETP & ZLD capabilities.

With an order book (excluding framework contracts) of Rs.15,079 cr (4.1x TTM revenues), VATW is well positioned to deliver strong growth. Revenues are projected to clock an 18% CAGR over FY2628E, while EBITDA is expected to grow at a 27% CAGR, supported by margin expansion from 12.3% to 14.4%. Although margins are marginally below consensus due to a higher EPC mix, the company stands to benefit from increasing international exposure, improved working-capital cycles, and a healthy pipeline of multilaterally funded projects. Structural tailwinds in desalination, water...

Wabag delivers tailored water solutions such as desalination, drinking & municipal water treatment, sludge treatment, industrial water & wastewater treatment etc. Its revenue was stable at 3.4% CAGR (FY22-25) with focus on EBITDA & PAT...

We maintain a BUY rating on the stock.

VA Tech Wabag (VATW) reported a healthy in-line result in 3QFY26 as its revenue/adj. EBITDA/adj. PAT grew 19%/25%/37% YoY. Adj. EBITDA margin expanded 67bp YoY to 13.6%, within the guided range of 13-15%. VATW treats forex gains/losses as part of its core operations.

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%),...

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 (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.

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.