Va Tech Wabag reported record financial results for the fiscal year ended March 31, 2026, driven by strong execution in its core water treatment business and expansion into emerging sectors. The company’s revenue rose 19.7% year-on-year to ₹39,442 crore, while net profit after tax (PAT) climbed 25.5% to ₹3,705 crore. EBITDA expanded 21.8% to ₹5,241 crore, reflecting improved operating margins and efficient project delivery.

The board declared a final dividend of ₹5 per equity share for FY26, an increase from ₹4 per share in the previous year. Shareholders on record as of August 5, 2026, are eligible for the payout. The company also appointed Mr. Samaresh Parida as an independent director and approved the remuneration for related party Mr. Rohan Mittal during its 31st Annual General Meeting held on August 12, 2026.

Financial Performance

Va Tech Wabag’s financial metrics for FY26 demonstrate consistent growth across key parameters compared to FY25.

The company achieved an EBITDA margin of 13.3% and a PAT margin of 9.4% for the fiscal year. Return on equity (RoE) stood at 15.7%, while return on capital employed (RoCE) was 19.4%, underscoring the efficiency of its asset-light business model.

What the Numbers Show

Va Tech Wabag’s ability to grow net profit faster than revenue indicates operational leverage. While revenue increased by 19.7%, EBITDA grew by 21.8% and net profit by 25.5%. This divergence suggests that cost management and margin accretion from high-value projects contributed significantly to bottom-line growth, rather than just top-line volume expansion.

Order Book and Cash Position

The company closed FY26 with a robust order book of over ₹172 billion, providing strong multi-year revenue visibility. This includes significant wins in desalination and municipal water projects across India and the Middle East. Notable orders include a 300 MLD desalination plant in Yanbu, Saudi Arabia, and a 45 MLD tertiary treated recycled water plant in Chennai.

Va Tech Wabag maintained a net cash-positive position of ₹9,500 crore (excluding HAM project borrowings) as of Q4 FY26. This marks the sixth consecutive year of net cash positivity, supported by disciplined working capital management and cash accruals from operations. The company’s credit rating was reaffirmed at IND AA- with a Stable Outlook.

Strategic Outlook

Management highlighted emerging opportunities in ultra-pure water for semiconductors, solar photovoltaic manufacturing, data centers, and green hydrogen. The company is actively pursuing projects in these sectors, leveraging its expertise in advanced water treatment and resource recovery. Additionally, Va Tech Wabag is expanding its presence in Compressed Bio-Gas (CBG) through strategic partnerships, aiming to convert biogas from wastewater treatment into renewable energy.

Va Tech Wabag reported a robust start to FY27, with consolidated net profit rising 37% year-on-year to ₹901 Mn for the quarter ended June 30, 2026. Consolidated revenue from operations grew 21% YoY to ₹8,868 Mn, while EBITDA increased 22% YoY to ₹1,163 Mn. The EBITDA margin expanded marginally to 13.11% from 13.02% in the corresponding quarter of the previous year. The strong financial performance was underpinned by an order intake of ₹34 Bn, pushing the total order book to an all-time high of ₹194 Bn, providing substantial revenue visibility for the coming quarters.

The Board of Directors approved the unaudited financial results on August 12, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and subjected to a limited review by the statutory auditors, Sharp & Tannan. The company maintained its net cash-positive position for the 14th consecutive quarter, with a net cash position of ₹9,649 Mn excluding held-for-sale assets.

Financial Performance Highlights

*EBITDA figures derived from press release disclosures; source table provides profit before tax and other line items.

Segment-wise Performance

International markets contributed significantly to the growth trajectory. Rest of the world revenue surged 48% YoY to ₹4,660 Mn, compared to ₹3,155 Mn in the same period last year. India segment revenue grew modestly by 1% YoY to ₹4,228 Mn. The rest of the world segment also drove profitability, with segment results rising from ₹923 Mn to ₹1,113 Mn YoY.

Strategic Order Wins and Book Analysis

Chairman & Managing Director Rajiv Mittal highlighted that all clusters delivered on order intake, resulting in the surge to approximately INR 19,400 crores in the order book. Key wins included a “Mega” SWRO project in Kuwait, marking the company’s entry into the market, and an order win in Ajman, UAE. In Europe, Va Tech Wabag secured a key project from Donauinsel Water Works in Austria. Domestically, the company enhanced relationships with BWSSB and DJB through new order wins. Mittal noted that these wins reflect a focus on complex technology jobs within the company’s focus area.

The investor presentation detailed the composition of the ₹193,942 Mn order book. By business offering, EPC projects constituted ₹127,280 Mn (65%) while O&M contracts accounted for ₹66,662 Mn (35%). Geographically, the order book was nearly evenly split, with India contributing ₹99,786 Mn (51%) and Overseas markets holding ₹94,156 Mn (49%). Major pending projects include a 300 MLD desalination plant in Yanbu Al-Bahr, KSA, and a 272 MLD plant in Doha, Kuwait.

What the Numbers Show

The divergence between domestic and international growth highlights Va Tech Wabag’s successful global expansion strategy. While India revenue remained flat, the near-50% surge in overseas revenue indicates that new market entries in Kuwait, UAE, and Europe are materializing into top-line growth. Furthermore, the expansion of the order book to ₹194 Bn, combined with a net cash position of ₹9,649 Mn, suggests strong balance sheet resilience and high future earnings visibility despite the capital-intensive nature of water infrastructure projects. The slight expansion in EBITDA margin from 13.02% to 13.11% demonstrates operational efficiency alongside volume growth.