StockWatch
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VA TECH WABAG LTD.

BSE: 533269

P/L Snapshot

Q1 FY27 · standalone

vs Q4 FY26·vs Q1 FY26
Revenue
783.40
-35.8%+20.5%
Expenditure
676.10
-36.0%+18.9%
Net Profit
79.30
-35.3%+30.2%
OPM %
10.29%
-0.33pp-3.19pp

Shareholding

Pattern breakdown

P/L Trends

(in crores)

RevenueExpenditureNet Profit
0.00341.52683.031.0K1.4KQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Price Chart
Reports

When Indian Water Tech Goes Global—WABAG's Kuwait Desalination Inflection

desalination · GCC expansion · water technology

ResearchDeep dive25 Aug 20265 minIndustrials & Infra

Strong order book, international push, but margin compression masks execution pressure

Order book recovery · MEA expansion · Margin pressure

TranscriptDeep diveQ1 FY2719 Aug 20266 minIndustrials & Infra

WABAG Q1 FY27: consolidated PAT +37% YoY, but forex gain masks margin compression

water treatment · epc order book · forex gain

ResultsQ1 FY2713 Aug 20263 minIndustrials & Infra
Latest
Quarterly Result12 Aug, 4:12 pm

WABAG Q1 FY27: consolidated PAT +37% YoY, but forex gain masks margin compression

VA Tech Wabag's consolidated revenue from operations rose 20.8% YoY to ₹886.8 Cr (standalone ₹739.3 Cr, +15.5% YoY), and reported consolidated PAT of ₹90.1 Cr was up 36.9% YoY (standalone PAT ₹79.3 Cr, +30.2% YoY) — headline numbers that line up with management's own 'historic high' framing and a record ₹19,400 Cr order book. QoQ, revenue fell 37.3% and PAT fell 29.6% against a seasonally strong Q4 FY26 (₹1,414.4 Cr revenue), which is normal sequencing for an EPC/order-execution business rather than a standalone concern. The headline growth, however, is significantly inflated by a large foreign-exchange gain that WABAG books as a distinct revenue-section line item, separate from both 'revenue from operations' and 'other income': ₹36.8 Cr this quarter versus nil a year ago (and ₹19.7 Cr in Q4 FY26). Stripping this out and re-tax-effecting at the quarter's ~23.8% effective rate, adjusted consolidated PAT is roughly ₹62.1 Cr against ₹65.8 Cr a year ago — a ~5.7% YoY decline, not the +37% reported. Standalone shows the same pattern: adjusted PAT of ~₹58.0 Cr versus ₹60.9 Cr a year ago, down ~4.8%. On an ex-FX basis, operating margin has now compressed for three straight quarters — roughly 13.0% (Q1 FY26) to 11.1% (Q4 FY26) to 9.0% (Q1 FY27) — even though management's own EBITDA metric, which treats the FX gain as operating, shows a flat-to-slightly-up 13.1% margin this quarter. Against the prior concall guidance of 15-20% revenue CAGR and 13-15% EBITDA margins, the revenue print is squarely in range, but the margin only clears the band because of the FX gain; on an adjusted basis it sits well below guidance — a miss on the margin leg. No Q1 FY27-specific street consensus was found; the closest public marker is Motilal Oswal's FY27E target of roughly 22-23% EBITDA/PAT CAGR for the full year, against which this quarter's adjusted PAT decline is a soft start rather than a beat. The quarter's corporate developments support the topline story: the order book hit a record ₹19,400 Cr on ₹3,400 Cr of fresh intake, with first-time entries into Kuwait (a 'Mega' SWRO project) and the UAE (Ajman), plus repeat wins from BWSSB and DJB in India and a project in Austria. Net cash position stayed positive for a 14th consecutive quarter at ₹964.9 Cr, a genuine balance-sheet positive unrelated to the FX-gain effect. Management's own framing — 'robust top-line momentum, and strong profitability' — matches the reported figures but does not address the forex-gain composition of this quarter's EBITDA/PAT growth, or that ex-FX core margins have now compressed for three consecutive quarters. Whether volume growth from the record order book can restore core margins toward the 13-15% band without relying on non-operating FX gains is the key item to watch into Q2 FY27.

12 Aug 2026, 04:12 pm

Corporate Events

Board MeetingWABAG
2026
31Aug

Board Meeting

The Board of Directors considered and approved the change in…

BSE Filing ↗
Board MeetingWABAG
2026
12Aug

Board Meeting

The 31st Annual General Meeting (AGM) will be held on August…

BSE Filing ↗
DividendWABAG
2026
17Jul

₹5 / share

BSE Filing ↗
Board MeetingWABAG
2026
26Jun

Board Meeting

The Board of Directors considered and approved the appointme…

BSE Filing ↗
Board MeetingWABAG
2026
21May

Board Meeting

The Board of Directors of the Company has recommended a Fina…

BSE Filing ↗
Board MeetingWABAG
2026
5Feb

Board Meeting

Inter-alia, to consider and approve the unaudited Financial …

BSE Filing ↗
Board MeetingWABAG
2025
7Nov

Board Meeting

Inter-alia, to consider and approve the unaudited Financial …

BSE Filing ↗
Board MeetingWABAG
2025
12Aug

Board Meeting

consider and approve the unaudited Financial Results (both s…

BSE Filing ↗
DividendWABAG
2025
5Aug

₹4 / share

BSE Filing ↗
Board MeetingWABAG
2025
21May

Board Meeting

Inter-alia, to consider and approve the Audited Financial Re…

BSE Filing ↗
Board MeetingWABAG
2025
7Feb

Board Meeting

Inter-alia, to consider and approve the Unaudited Financial …

BSE Filing ↗
Board MeetingWABAG
2024
7Nov

Board Meeting

Consider and approve the Unaudited Financial Results (both s…

BSE Filing ↗
Board MeetingWABAG
2024
9Feb

Board Meeting

Consider and approve the Unaudited Financial Results (both s…

BSE Filing ↗
Board MeetingWABAG
2023
6Nov

Board Meeting

Consider and approve Unaudited Financial Results for the qua…

BSE Filing ↗
Board MeetingWABAG
2023
11Aug

Board Meeting

Consider and approve Unaudited Financial Statements (both st…

BSE Filing ↗