WABAG closing backlog reaches Rs 20,207.1 crore in H1 FY27

VA Tech Wabag Ltd. closed the first half (H1) of financial year (FY) 2027 with an order backlog of Rs 20,207.1 crore, up 37% year on year, after taking Rs 5,190.8 crore of orders. WABAG’s closing portfolio was led by engineering, procurement and construction work and municipal customers, while India represented 56% of the value.

How large was WABAG’s closing order backlog in H1 FY27?

WABAG’s closing order backlog was Rs 20,207.1 crore at the end of H1 FY27, compared with Rs 14,764.4 crore in H1 FY26, a year-on-year increase of 37%. The total comprised Rs 13,697.3 crore of engineering, procurement and construction (EPC) backlog and Rs 6,509.8 crore of operations and maintenance (O&M) backlog. The presentation states that framework orders are excluded from this measure.

EPC represented 68% of the H1 FY27 backlog, up from 62% in H1 FY26, while O&M represented 32%, down from 38%. EPC backlog rose 49% from Rs 9,210.1 crore, whereas O&M backlog increased 17% from Rs 5,554.2 crore. The mix changed because EPC order value grew faster than O&M order value.

The H1 FY27 closing figure was also above the Rs 16,623.5 crore opening backlog for FY27. WABAG reported Rs 5,190.8 crore of order intake and Rs 1,868.2 crore of revenue during the half year, resulting in the stated Rs 20,207.1 crore closing backlog. The movement shows that new awards exceeded revenue recognised in H1 FY27.

Which segments account for WABAG’s backlog?

Municipal work accounted for Rs 16,347.8 crore, or 81%, of WABAG’s H1 FY27 closing backlog, while industrial work contributed Rs 3,859.3 crore, or 19%. Municipal backlog rose 31% from Rs 12,525.3 crore a year earlier. Industrial backlog increased 72% from Rs 2,239 crore, the faster growth rate of the two customer segments.

The municipal share nevertheless declined from 85% in H1 FY26 to 81% in H1 FY27 because industrial work grew faster. Municipal EPC projects represented Rs 10,828.8 crore of backlog and municipal O&M contracts represented Rs 5,519 crore. Industrial EPC accounted for Rs 2,868.5 crore and industrial O&M accounted for Rs 990.8 crore.

India held Rs 11,257.3 crore of closing backlog, equal to 56%, compared with Rs 7,584 crore and 51% a year earlier. International projects totalled Rs 8,949.8 crore, or 44%, against Rs 7,180.4 crore and 49% in H1 FY26. India’s 48% backlog growth exceeded the 25% increase in international backlog, shifting the geographic mix by 5 percentage points towards India.

What orders did WABAG win during H1 FY27?

WABAG secured Rs 5,190.8 crore of orders in H1 FY27, split between Rs 4,718.2 crore of EPC awards and Rs 472.6 crore of O&M awards. EPC therefore represented 91% of intake and O&M represented 9%. Municipal awards totalled Rs 3,459.9 crore, or 67%, while industrial orders were Rs 1,730.9 crore, or 33%.

The geographic intake split was close to even, with India contributing Rs 2,519.5 crore, or 49%, and international markets contributing Rs 2,671.3 crore, or 51%. This differed from the closing backlog, where India had a 56% share. The half-year intake therefore added broadly similar order value from domestic and overseas markets.

Key awards included a 272 million litres per day (MLD) seawater reverse-osmosis project at Doha, Kuwait, under a design-build-operate structure. WABAG also listed a 201 MLD seawater reverse-osmosis project and a 72 MLD remineralisation plant at Jamnagar, India, as an engineering and procurement award. The presentation classifies both desalination-related orders as mega projects.

Other listed H1 FY27 wins were an 86 MLD water treatment plant in Vienna, Austria, and a 60 MLD sewage treatment plant in Ajman, United Arab Emirates. In India, WABAG cited a 100 MLD sewage treatment plant and 25 MLD tertiary treatment plant at Byramangala, alongside a 60 MLD sewage treatment plant at Bellandur, Bengaluru. The presentation classifies the Vienna, Ajman, Byramangala and Bellandur projects as large orders.

How did backlog growth compare with WABAG’s H1 FY27 revenue?

WABAG reported H1 FY27 revenue of Rs 1,868.2 crore, up 21% from Rs 1,548.9 crore in H1 FY26. The 37% rise in total backlog exceeded the revenue growth rate by 16 percentage points. Revenue comprised Rs 1,538.1 crore from EPC, up 22%, and Rs 330.1 crore from O&M, up 13%.

International revenue increased 38% to Rs 1,007 crore and represented 54% of H1 FY27 revenue, while Indian revenue rose 5% to Rs 861.2 crore and accounted for 46%. This revenue mix contrasts with backlog, where India represented 56%. The presentation therefore shows a larger international contribution to half-year revenue than to the closing order book.

Municipal revenue was Rs 1,472.1 crore, rising 23% and representing 79% of H1 FY27 revenue. Industrial revenue rose 12% to Rs 396 crore, reducing its share from 23% to 21%. Revenue was more municipal-led than order intake, where industrial projects represented 33% of new orders.

Which projects were already in WABAG’s order backlog?

WABAG’s listed backlog includes a 300 MLD desalination project for the Saudi Water Authority at Yanbu Al-Bahr, Saudi Arabia, and the 272 MLD desalination project at Doha, Kuwait. Both are classified as mega projects. The backlog list also includes the 201 MLD Jamnagar desalination project in India.

The municipal portfolio includes a 400 MLD desalination project at Perur and a Chennai Ring Main System, both classified as mega projects. It also includes a 45 MLD project at Kodungaiyur, Chennai, and O&M work in Agra and Ghaziabad. These projects sit within the Rs 16,347.8 crore municipal backlog reported at H1 FY27.

Other listed work includes a 100 MLD desalination project in Andhra Pradesh, a 54+19 MLD wastewater treatment plant in Zambia, and a water block package in Madhya Pradesh. The presentation classifies the Andhra Pradesh and Zambia projects as major and the Madhya Pradesh project as large. These classifications are based on order value.

Conclusion

WABAG ended H1 FY27 with Rs 20,207.1 crore of backlog, driven by 49% EPC backlog growth, 72% industrial backlog growth and 48% growth in India. Municipal projects remained the largest component at 81%, but faster industrial growth reduced the municipal share from 85% in H1 FY26.

The presentation does not disclose H2 FY27 revenue guidance, a backlog-conversion target or project-completion dates. Execution of the 272 MLD Doha desalination award and the 201 MLD Jamnagar desalination project remains a key matter to track because both are identified as mega projects within the reported backlog.