Va Tech Wabag Q1 FY27 Results (NSE: WABAG)
Signal: Steady quarter
The read
The quarter marks a strong start to FY27: consolidated revenue rose 21% YoY to ₹8,868 Mn, EBITDA rose 22% to ₹1,163 Mn and PAT rose 37% to ₹901 Mn, while the order book reached a record ₹194 Bn and net cash remained positive for the 14th consecutive quarter. The main thesis shift is improved forward revenue visibility rather than a proven margin inflection, since the filing does not provide prior-period margin or detailed cost lines.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹886.8 Cr | +21% | N/A |
| Net profit | ₹90.1 Cr | +37% | |
| EBIT margin | 13.1% |
P&L walk
Consolidated revenue of ₹8,868 Mn grew 21% YoY and EBITDA of ₹1,163 Mn grew 22% YoY, implying a broadly stable 13.1% EBITDA margin; PAT grew faster at 37% to ₹901 Mn, while detailed finance-cost, depreciation and tax drivers were not disclosed in the filing text.
Segments
Consolidated revenue of ₹8,868 Mn grew 21% YoY versus standalone revenue growth of 15%, indicating that subsidiaries or international operations contributed disproportionately to group-level growth; consolidated PAT of ₹901 Mn was also above standalone PAT of ₹793 Mn.
Key positives
- Consolidated revenue of ₹8,868 Mn grew 21% YoY, while standalone revenue of ₹7,393 Mn grew 15% YoY, showing subsidiaries or international operations added to group momentum.
- Consolidated EBITDA of ₹1,163 Mn grew 22% YoY against 21% revenue growth, while standalone EBITDA of ₹1,050 Mn grew 22% against 15% revenue growth.
- PAT growth outpaced revenue growth: consolidated PAT rose 37% YoY to ₹901 Mn and standalone PAT rose 30% to ₹793 Mn.
- Order intake of ₹34 Bn lifted the order book to approximately ₹194 Bn excluding framework contracts, materially strengthening revenue visibility.
- Net cash position excluding HAM stood at ₹9,649 Mn, with the company net-cash positive for the 14th straight quarter.
- International diversification expanded through a mega Kuwait SWRO project, an Ajman UAE order and an Austria order, alongside new Indian orders.
Key concerns
- Consolidated revenue growth of 21% was only marginally below EBITDA growth of 22%, so the filing does not establish meaningful operating-margin expansion.
- Standalone revenue growth of 15% lagged consolidated growth of 21%, making subsidiary and international execution increasingly important to the group trajectory.
- The filing text does not disclose EPS, depreciation, finance cost, tax, working-capital metrics or operating cash flow, limiting earnings-quality and cash-conversion assessment.
Research and educational content only. Not investment advice.