Va Tech Wabag H1FY27 Results (NSE: WABAG)
Signal: Steady quarter
The read
The trajectory strengthened in H1 FY27: consolidated revenue rose 20% YoY to Rs. 18,870 Mn, EBITDA rose 21% to Rs. 2,608 Mn and PAT rose 29% to Rs. 1,947 Mn, while the order book reached Rs. 202 Bn and net cash excluding HAM reached Rs. 11,442 Mn. The key thesis inflection is improving revenue visibility rather than a disclosed margin expansion, as the implied consolidated EBITDA margin was 13.8% and the filing gives no prior-period margin comparison.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,887 Cr | +20% | N/A |
| Net profit | ₹194.7 Cr | +29% | |
| EBIT margin | 13.8% |
P&L walk
Consolidated revenue was Rs. 18,870 Mn, up 20% YoY, EBITDA was Rs. 2,608 Mn, up 21% YoY, and PAT was Rs. 1,947 Mn, up 29% YoY; profit growth outpaced revenue growth while the implied EBITDA margin was 13.8%.
Segments
No segment table is disclosed; the consolidated group contributed Rs. 2,999 Mn of revenue and Rs. 260 Mn of PAT above standalone, while consolidated revenue growth of 20% exceeded standalone growth of 19%.
Key positives
- Order book reached Rs. 202 Bn, described as more than four times annual revenue, providing substantial revenue visibility against H1 consolidated revenue of Rs. 18,870 Mn.
- Consolidated PAT rose 29% YoY to Rs. 1,947 Mn, 9 percentage points faster than revenue growth of 20%.
- Net cash excluding HAM reached Rs. 11,442 Mn and the positive net cash streak extended to the 15th consecutive quarter.
- Order intake was Rs. 52 Bn in H1 FY27, including landmark desalination and technology-intensive water projects in Kuwait and India.
Key concerns
- The release does not disclose EPS, operating cash flow, working-capital days or a detailed margin bridge, limiting assessment of earnings quality and cash conversion.
- Order book of Rs. 202 Bn is materially larger than H1 revenue of Rs. 18,870 Mn, making execution pace and conversion into reported revenue the key delivery variable; the filing does not provide an execution schedule.
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