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Global water-treatment EPC company designing and building municipal and industrial water, wastewater and desalination plants.
Global water-treatment EPC company designing and building municipal and industrial water, wastewater and desalination plants.
Wins design-and-build contracts for treatment plants, booking revenue as work progresses, then often earns longer operations-and-maintenance fees for running them for years, which steadies income between construction projects. Its roots are Austrian, but India and the Middle East supply most orders.
In one line: India's Veolia Water Technologies, EPC-focused.
Moat: narrow (process know-how, IP / patents). Proprietary water-treatment process technologies and decades of EPC execution track record.
Headquarters: Chennai, India · Employees: 1,512
Size VA Tech Wabag (WABAG.NS) is an India Industrials company (Engineering & Construction) with a market value of $1.32B, the 514th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,988 on 6 Nov 2026.
Performance Over six months the shares gained 32.6%, against -15.7% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 20.4% over the last twelve months (peer median +4.9%); the operating margin is 10.8% (peer median 6.2%).
Valuation It trades at 27.1× forward earnings against a peer median of 11.3× (5th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 35% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +28 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.9 points below its cost of capital (15.8% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹41.0B | ₹39.4B | ₹32.9B | ₹28.6B | ₹29.6B |
| Revenue growth | — | +20% | +15% | -4% | — |
| Gross profit | ₹6.21B | ₹6.32B | ₹4.61B | ₹4.79B | ₹4.13B |
| EBITDA | ₹4.48B | ₹4.83B | ₹4.26B | ₹4.13B | ₹3.19B |
| Net income | ₹3.95B | ₹3.71B | ₹2.95B | ₹2.46B | ₹128M |
| Free cash flow | n/a | ₹2.25B | ₹3.41B | ₹1.23B | ₹594M |
| Capital expenditure | n/a | ₹52.0M | ₹45.0M | ₹119M | ₹51.8M |
| Total debt | n/a | ₹2.28B | ₹3.62B | ₹2.89B | ₹2.19B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| VA Tech Wabag WABAG.NS | $1.32B | +33% | +20% | 11% | 27.1× | 34.6% |
| Thermax THERMAX.NS | $3.46B | -34% | +5% | 6% | 43.6× | n/a |
| Doosan Enerbility 034020.KS | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% |
| Voltas VOLTAS.NS | $3.84B | -19% | +4% | 4% | 50.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WABAG.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.5% | -5.9% | 6th highest of 21 |
| 6-month return | +32.6% | -15.7% | 2nd highest of 21 |
| Distance from 52-week high | -14.3% | -35.6% | 2nd highest of 21 |
| Revenue growth (TTM) | +20.4% | +4.9% | 8th highest of 21 |
| Operating margin | 10.8% | 6.2% | 6th highest of 21 |
| Forward P/E | 27.1× | 11.3× | 5th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 34.6% | -6.1% | most demanding of 12 |
| Growth delivered (Del g) | +6.8% | +3.9% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | +27.8 pp | -10.8 pp | most demanding of 12 |
| ROIC minus cost of capital | -2.9 pp | -0.1 pp | 8th lowest of 20 |
| EV / EBITDA | 27.8× | 10.2× | 2nd most expensive of 9 |
| Net debt / EBITDA | -1.9× | 0.2× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VA Tech Wabag WABAG.NS | India | $1.32B | +33% | +20% | 11% | 27.1× | 34.6% | +6.8% |
| Zhejiang Communications Technology 002061.SZ | China | $1.30B | -15% | -12% | 3% | 8.0× | -6.5% | +4.8% |
| Taiwan Cogeneration 8926.TW | Taiwan | $1.30B | +9% | +324% | 8% | n/a | n/a | n/a |
| Kumagai Gumi 1861.T | Japan | $1.30B | -20% | -4% | 6% | 9.0× | -9.2% | +1.6% |
| Lloyds Engineering Works LLOYDSENGG.NS | India | $1.29B | +36% | +83% | 11% | n/a | n/a | n/a |
| Shenzhen Urban Transport Technology 301091.SZ | China | $1.29B | -23% | +17% | 2% | 79.8× | n/a | n/a |
| Nippon Densetsu Kogyo 1950.T | Japan | $1.29B | -30% | +10% | 12% | 9.9× | -0.1% | +3.2% |
| CTCI 9933.TW | Taiwan | $1.29B | +22% | -22% | 9% | 8.5× | n/a | n/a |
| Farglory Land Development 5522.TW | Taiwan | $1.34B | -18% | +164% | 26% | 7.7× | -13.6% | +3.0% |
| Kepco Kps 051600.KS | South Korea | $1.37B | -34% | +6% | 9% | 12.6× | -6.1% | +3.9% |
| JiShi Media 601929.SS | China | $1.25B | -18% | -2% | -24% | n/a | n/a | n/a |
| Beijing Gehua CATV Network 600037.SS | China | $1.40B | -16% | +24% | -5% | 39.4× | n/a | n/a |
| Lendlease LLC.AX | Australia | $1.23B | -16% | -30% | 0% | 147.4× | n/a | n/a |
| Xinjiang Communications Construction 002941.SZ | China | $1.22B | -20% | +23% | 5% | n/a | n/a | n/a |
| Zhejiang Construction Investment 002761.SZ | China | $1.42B | -14% | -12% | 0% | n/a | 13.0% | +0.4% |
| Tianjin Capital Environmental Protection 1065.HK | Hong Kong | $1.22B | -13% | +2% | 29% | 5.4× | -16.4% | +6.5% |
| Jiangxi Ganyue Expressway 600269.SS | China | $1.44B | -7% | +3% | 28% | n/a | -11.6% | +4.4% |
| Shaanxi Construction Engineering 600248.SS | China | $1.45B | -25% | -25% | 0% | 2.7× | n/a | n/a |
| Hongrun Construction 002062.SZ | China | $1.45B | -11% | -12% | 7% | 31.6× | 5.6% | -12.6% |
| SRG Global SRG.AX | Australia | $1.46B | +7% | +27% | 7% | 22.1× | 16.4% | +24.1% |
| GenusPlus GNP.AX | Australia | $1.18B | -12% | +71% | 6% | 18.1× | 6.2% | +32.1% |