WABAG H1 FY27 PAT rises 29% as order book tops Rs 20,200 crore

VA TECH WABAG LIMITED reported consolidated H1 FY27 profit after tax of Rs 194.7 crore, up 29% year on year for the half year ended September 30, 2026, while its order book reached approximately Rs 20,200 crore after order intake of Rs 5,200 crore. WABAG’s consolidated revenue rose 20% to Rs 1,887 crore.

How did WABAG perform in H1 FY27?

WABAG increased consolidated revenue by 20% and profit after tax by 29% in H1 FY27. Revenue from operations reached Rs 1,887 crore for the half year ended September 30, 2026, while profit after tax (PAT) was Rs 194.7 crore and earnings before interest, tax, depreciation and amortisation (EBITDA) were Rs 260.8 crore.

Profit grew faster than revenue during the period: consolidated PAT rose 29%, compared with a 21% rise in EBITDA and a 20% increase in revenue. The difference means PAT growth was 9 percentage points higher than revenue growth, based on the company’s reported year-on-year rates.

WABAG’s standalone EBITDA was Rs 226.9 crore, up 20% year on year, and standalone PAT was Rs 168.7 crore, up 29%. The November 5, 2026 release did not disclose standalone revenue or separate quarterly revenue, EBITDA and PAT figures for the quarter ended September 30, 2026.

What was WABAG’s cash position at September 30, 2026?

WABAG reported gross cash of Rs 1,218.2 crore and net cash of Rs 1,144.2 crore excluding HAM at September 30, 2026. HAM refers to the hybrid annuity model, although the release did not specify the assets, liabilities or other items excluded from its reported net-cash measure.

The net-cash balance extended WABAG’s positive net-cash streak to 15 consecutive quarters. Gross cash was Rs 74 crore higher than net cash, based on the difference between the two disclosed balances of Rs 1,218.2 crore and Rs 1,144.2 crore.

Chairman and Managing Director Rajiv Mittal attributed the 15-quarter streak to strong margins and improved working-capital management. The release does not provide a September 2025 cash comparison, operating cash flow, capital expenditure or debt data, so it does not show the period-on-period drivers of the Rs 1,144.2 crore net-cash position.

How large is WABAG’s order book after H1 FY27?

WABAG’s order book stood at approximately Rs 20,200 crore after H1 FY27, following order intake of Rs 5,200 crore. Management said this was the first time the company’s order book had crossed Rs 20,000 crore and that it represented more than four times annual revenue.

The order book was more than 10 times the Rs 1,887 crore consolidated revenue reported for the six months ended September 30, 2026. That calculation compares a backlog with half-year revenue, whereas WABAG’s own disclosed comparison uses annual revenue and states that the order book exceeds four times that measure.

WABAG did not disclose the order book’s split by geography, customer, project type or execution schedule. It also gave no FY27 revenue, EBITDA or PAT forecast, and did not specify how much of the approximately Rs 20,200 crore backlog is expected to convert into revenue during FY27.

Which projects did WABAG identify in its order update?

WABAG said its Rs 5,200 crore H1 FY27 order intake included its entry into Kuwait, a project for Reliance Industries Limited at Jamnagar, entry into the United Arab Emirates through Ajman, expansion in Europe through Donauinsel Water Works, and municipal orders from BWSSB and DJB. The company did not disclose the individual value of any of these orders.

Management described the Jamnagar contract as a mega deal for one of India’s largest desalination plants. The release gave no construction timetable, project-completion date, revenue-recognition schedule or margin information for the Kuwait, Jamnagar, Ajman, Donauinsel, BWSSB or DJB work.

WABAG said it would remain selective in pursuing large and mega technology-led projects, with treated-water reuse and desalination relevant to municipal and industrial markets. This is management’s stated strategy for the approximately Rs 20,200 crore order book, rather than a quantified target for future orders or financial performance.

Conclusion

WABAG combined 20% H1 FY27 revenue growth to Rs 1,887 crore with a faster 29% rise in PAT to Rs 194.7 crore. Its reported net cash of Rs 1,144.2 crore excluding HAM and Rs 5,200 crore of order intake accompanied an order book of approximately Rs 20,200 crore, the first time it exceeded Rs 20,000 crore.

The next disclosed issue is execution of the backlog, which management says is more than four times annual revenue. WABAG plans to remain selective while pursuing large and mega technology-led projects in reuse and desalination, but the release does not provide a backlog-conversion timetable, FY27 financial target or individual values for the named new contracts.