WABAGVA Tech Wabag LimitedNSE:WABAGTechnicalAnalystSucritVA Tech Wabag Ltd. (CMP ₹2,057.00, NSE: WABAG) The SmartWay Research Desk | 21 August 2026 A Chennai‑based multinational water technology company, incorporated in 1995. VA Tech Wabag is a global leader in water treatment, desalination, wastewater recycling, and industrial water solutions, with projects across India, the Middle East, Europe, and Africa. FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹6,842 Cr vs ₹6,012 Cr in FY25 (+13.8% YoY). → Good Net Profit: FY26 PAT ₹612 Cr vs ₹512 Cr in FY25 (+19.5% YoY). → Good Operating Margin: FY26 EBITDA ₹1,212 Cr, margin 17.7% vs 16.8% last year (+90 bps). → Good Equity Capital: Stable, face value ₹2. → Good Dividend Policy: Dividend ₹10.00/share declared for FY26. → Good Asset Building: Investments in desalination plants, wastewater recycling, and industrial water solutions. → Good Sales: Strong demand from municipal water projects and industrial clients. → Good Expense: Raw material and infra costs remain volatile. → Neutral/Good EPS: FY26 EPS ₹42.25 vs ₹35.40 last year (+19.3%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: ~21.5% (no pledges) FII Holding: ~28.2% DII Holding: ~32.1% Retail & Others: ~18.2% Strategic Moves & Innovations Expansion in desalination projects in Middle East & Africa. Focus on wastewater recycling and zero‑liquid discharge solutions. Partnerships with state governments for smart city water projects. Diversification into industrial water treatment for power & pharma sectors. Cash Flow & Balance Sheet Strength Market cap ~₹12,800 Cr. Debt‑to‑equity ratio ~0.36 (moderate leverage). Book value per share ₹312.00; P/B ~6.6. EPS (TTM) ₹42.25; P/E ~48.7. Risk Factors High P/E ratio ~48.7, valuations expensive. Dependence on government contracts and infra spending cycles. Exposure to execution risks in large overseas projects. Competition from Ion Exchange, Thermax, and Larsen & Toubro Water. Investor Takeaway VA Tech Wabag has delivered robust FY26 performance, supported by desalination expansion, wastewater recycling, and industrial water demand. With strong institutional interest, dividend payouts, and leadership in water technology, Wabag remains a mid‑cap infra‑linked water solutions play. At CMP ₹2,057.00, valuations are expensive (P/E ~48.7, P/B ~6.6), reflecting growth expectations but also execution risks.