VA Tech Wabag LimitedInfrastructure & ConstructionWABAG
Q1 FY27 earnings callVA Tech Wabag Limited
WABAG started FY27 strongly, achieving record results and order intake, with a historic high order book of INR 194 billion providing multi-year visibility, driven by strategic wins in key markets like GCC, India, and Europe.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | INR 887 crores | 20.8% year-over-year | |
| EBITDA | INR 116 crores | 21.7% year-over-year | |
| EBITDA Margin | over 13% | — | |
| PAT | INR 90 crores | almost 37% year-over-year | |
| PAT Margin | 10.2% | — | |
| Order Book | INR 19,400 crores | — | |
| Order Intake (Q1) | over INR 3,400 crores | — | |
| Net Cash Balance | INR 965 crores | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹811.00 Cr+15.1% YoY+15.8% QoQ | ₹70.20 Cr+12.1% YoY-0.1% QoQ | ₹8.51-15.8% YoY-25% QoQ |
| Q2 FY25 | ₹700.30 Cr+5.3% YoY+11.8% QoQ | ₹70.30 Cr+17% YoY+28.3% QoQ | ₹11.35+28% YoY+28.4% QoQ |
| Q1 FY25 | ₹626.50 Cr+13.3% YoY-32.9% QoQ | ₹54.80 Cr+10.5% YoY-22.5% QoQ | ₹8.84+12.8% YoY-24.1% QoQ |
| Q4 FY24 | ₹934.20 Cr+0.8% YoY+32.6% QoQ | ₹70.70 CrTurned profitable YoY+12.9% QoQ | ₹11.64+1.9% YoY+15.1% QoQ |
| Q3 FY24 | ₹704.40 Cr+8.1% YoY+5.9% QoQ | ₹62.60 Cr+34.5% YoY+4.2% QoQ | ₹10.11-19.9% YoY+14% QoQ |
TL;DR
- Revenue grew 20.8% YoY to INR 887 Cr; PAT grew 37% YoY to INR 90 Cr.
- Order intake in Q1 was over INR 3,400 Cr, with international markets accounting for 77%.
- Order book reached a historic high of INR 19,400 Cr, providing over 4x revenue visibility.
- Maintained net cash positive position for the 14th consecutive quarter.
- Strategic market entry into Kuwait and UAE with landmark desalination and wastewater projects.
Said on the call
“We have started FY 2027 on a strong footing across all 3 clusters and reporting record results, carrying forward the momentum of the previous year.”
From the Q&A
| Topic | What management said |
|---|---|
| Gross Margins & Other Expenses | Management attributed margin variation to project mix (EP vs. EPC) and stated higher other expenses were due to standard accounting provisions for delays/anticipated defaults, not one-offs. |
| Order Book Quality | The INR 19,400 Cr order book is all effective with no slow-moving orders, after prudently removing two framework orders waiting for effectiveness. |
| Execution in Middle East | Management stated projects are progressing well with minimal material impact from geopolitical events, as projects are social in nature and far from strike zones; contractual force majeure provisions are in place. |
| Forex Gains in P&L | Defended forex gains as operational and integral to the business due to increasing international presence, stating they are transaction gains from invoices and payments, not accounting entries. |
| Working Capital Outlook | Aiming to keep working capital days in the 100-110 days range despite growth, noting improvement from 130 days over the last three years due to better international payment patterns. |
| Industrial Segment Focus | Aim to increase industrial order mix to 20-25% over time, focusing on traditional oil & gas and new sectors like data centers, semiconductors, and green hydrogen, though the latter are seen as decadal opportunities. |
| Revenue Growth Guidance | Reiterated confidence in delivering 15-20% revenue growth for the year, backed by the strong order book. |
| Bid Pipeline | The total pipeline of projects followed across regions is INR 20,000-25,000 Cr, typically taking 12-18 months to fructify. |
Guidance
- Confident of delivering 15% to 20% revenue growth for the year.
- Medium-term EBITDA margin outlook remains within 13% to 15%.
- Aim to maintain order backlog multiple beyond 3x (currently over 4x).
- Working capital days expected to stay in the range of 100 to 110 days.
Source
Summary written from the transcript filed by VA Tech Wabag Limited for the call held on 13 Aug 2026; published 20 Aug 2026, 10:03 IST.