Synopsis: VA Tech Wabag delivered a strong Q3 performance with 18% revenue growth and a 30% YoY profit rise. A robust Rs 16,300 crore order book and net cash position supported investor confidence, pushing the stock up 5% following results.
The shares of this company, which is engaged in the business of water treatment, and its principal activities include design, supply, installation, construction and operational management of drinking water, wastewater treatment, industrial water treatment and desalination plants.
With the market cap of Rs 7,675 crore, the shares of Va Tech Wabag Ltd have gained about 5% and reached a high at Rs 1,247.95, compared to their previous day’s closing price of Rs 1,184.80. The shares are trading at a PE of 22.2, whereas its industry PE is at 20.
Ace investor Rekha Jhunjhunwala has an 8.03% stake in the firm as of December 2025, which she has constantly held since September 2020, showing continued trust in the business model and growth story of the company.
About the Q3 Result highlights
The revenue from operation for the company stood at Rs 961 crore when compared to Rs 811 crore in Q3 FY25, growing by about per cent on a YoY basis and on a QoQ basis increasing by per cent from Rs 834 crore in Q2 FY26.
The PAT grew by about 30 per cent on a YoY basis when you compare the Q3 FY26 profit at Rs 91 crore to Rs 70 crore in Q3 FY25 and on a QoQ basis has increased by 7 per cent from Rs 85 crore in Q2 FY26.
Order book
The company reported a strong order book of over Rs 16,300 crore, reflecting a 15% year-on-year growth and providing robust revenue visibility for the coming quarters. This sizeable backlog enhances earnings stability and execution confidence. It also secured a breakthrough in the Future Energy Solutions segment, including a CBG plant in Uttar Pradesh and UPW, ETP, and ZLD projects for RenewSys in Hyderabad, strengthening its footprint in sustainable and energy-focused infrastructure projects.
Chairman & Managing Director Rajiv Mittal said, “We continued on our profitable growth trajectory, driven by consistent project execution and disciplined operations. Performance remained in line with mid-term guidance, with revenue growth of over 18% while maintaining guided margins. We sustained a net cash positive position for the twelfth consecutive quarter, with gross cash of over Rs.1,000 crores, providing strong financial flexibility to pursue PPP opportunities, expand our geographical footprint, and develop new markets.
India Ratings & Research reaffirmed our long-term rating at “IND AA-” with a “Stable” outlook, reflecting our robust credit profile and healthy revenue visibility. With an order book exceeding Rs.163 billion and a strong order pipeline, we remain confident of sustaining growth momentum in line with our medium-term outlook.”
Client list
A healthy and wide-ranging client portfolio clearly points to the company’s reputation as a credible player in the business of providing water solutions to the municipal and industrial sectors, respectively. Some of its notable clients in the municipal sector include major government agencies such as the Kingdom of Bahrain Ministry of Housing, Delhi Jal Board, UP Jal Nigam, CIDCO, Bangalore Water Supply and Sewage Board (BWSSB), CMWSSB, and PUB Singapore’s National Water Agency.
The company’s reputation in executing larger-scale public infrastructure projects in India and abroad testifies to the company’s prowess in the business. Similarly, in the industrial sector, the company’s associations with major corporations in the country, such as Reliance Industries Limited, GAIL (India) Limited, NMDC, ONGC MRPL, Nayara Energy, HMEL, BPCL, and Indian Oil, speak volumes about the company’s wide reach in the oil and gas business.
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