Va Tech Wabag Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,686.28Overvalued by 17.70%vs CMP ₹2,049.00

P/E (32.1) × ROE (15.9%) × BV (₹412.00) × DY (0.24%)

₹953.63Overvalued by 53.46%vs CMP ₹2,049.00

MoS: -114.9% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹2,039.71	23%	Fair (-0.5%)
Graham Number	Earnings	₹713.52	17%	Over (-65.2%)
Earnings Power	Earnings	₹253.81	11%	Over (-87.6%)
DCF	Cash Flow	₹1,302.44	11%	Over (-36.4%)
Net Asset Value	Assets	₹410.98	7%	Over (-79.9%)
EV/EBITDA	Enterprise	₹511.49	9%	Over (-75%)
Earnings Yield	Earnings	₹549.20	7%	Over (-73.2%)
ROCE Capital	Returns	₹445.98	7%	Over (-78.2%)
Revenue Multiple	Revenue	₹527.17	6%	Over (-74.3%)
Consensus (9 models)		₹953.63	100%	Overvalued

Key Drivers: Wide model spread (₹254–₹2,040) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 21.0%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 24 September 2026, 3:53 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹3,294.00 Cr, versus ₹2,856.00 Cr in Mar 2024 (15.3% year on year). Net profit for Mar 2025 was ₹295.00 Cr, versus ₹250.00 Cr in Mar 2024 (18.0% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹355.00 Cr against net profit of ₹295.00 Cr. Cash flow covered 1.20 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹228.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Va Tech Wabag Ltd scores 83/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health95/100 · Strong

ROCE 21.3% ExcellentROE 15.9% GoodD/E 0.16 Low debtInterest Coverage 5.9x StrongProfitable 5/5 available years Reported history

Smart Money65/100 · Strong

FII holding stable No changeDII holding up 1.86% MF buyingPromoter holding at 19.1% Stable

Earnings Quality90/100 · Strong

CFO/NP ratio: 1.03x Cash-backed earningsOPM expanding (10% → 13%) Improving

Quarterly Momentum80/100 · Strong

Revenue (4Q): +20% YoY GrowingProfit (4Q): +25% YoY Strong

Industry Rank60/100 · Moderate

P/E 32.1 vs industry 42.2 In-lineROCE 21.3% vs industry 15.8% Above peers3Y sales CAGR: 3% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 24, 2026, 3:53 am

Market Cap	12,803 Cr.
Current Price	2,049
Intrinsic Value	₹953.63
High / Low	2,320/1,033
Stock P/E	32.1
Book Value	412
Dividend Yield	0.24 %
ROCE	21.3 %
ROE	15.9 %
Face Value	2.00
PEG Ratio	1.53

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Va Tech Wabag Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Va Tech Wabag Ltd	12,803 Cr.	2,049	2,320/1,033	32.1	412	0.24 %	21.3 %	15.9 %	2.00
Ircon International Ltd	10,352 Cr.	110	186/107	19.8	70.6	1.73 %	9.27 %	8.19 %	2.00
Engineers India Ltd	16,678 Cr.	297	310/164	21.3	56.0	1.69 %	30.4 %	23.4 %	5.00
Azad Engineering Ltd	17,522 Cr.	2,713	2,987/1,359	126	240	0.00 %	11.7 %	8.90 %	2.00
Skipper Ltd	6,409 Cr.	568	617/300	28.3	131	0.02 %	23.5 %	16.3 %	1.00
Industry Average	4,499.16 Cr	603.06		42.22	130.07	0.34%	15.80%	24.80%	6.04

All Competitor Stocks of Va Tech Wabag Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	652	927	553	665	704	934	626	700	811	1,156	734	834	961
Expenses	560	818	497	579	606	819	547	607	713	1,015	638	745	840
Operating Profit	92	108	56	86	98	116	79	94	98	141	96	89	122
OPM %	14%	12%	10%	13%	14%	12%	13%	13%	12%	12%	13%	11%	13%
Other Income	-14	-232	26	16	4	9	11	19	15	13	11	43	19
Interest	16	16	16	17	17	22	18	19	20	22	19	20	18
Depreciation	2	2	2	2	2	2	2	1	1	1	1	2	2
Profit before tax	60	-142	64	83	83	100	70	92	91	131	87	111	121
Tax %	22%	-21%	22%	28%	25%	22%	22%	24%	23%	24%	24%	23%	25%
Net Profit	47	-112	50	60	63	78	55	70	70	100	66	85	91
EPS in Rs	7.58	-17.86	8.04	9.68	10.11	11.64	8.84	11.35	11.29	16.00	10.58	13.62	14.72

Last Updated: March 3, 2026, 1:58 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 8:16 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,239	2,435	2,508	3,208	3,457	2,781	2,557	2,834	2,979	2,960	2,856	3,294	3,686
Expenses	2,050	2,225	2,293	2,969	3,165	2,587	2,340	2,616	2,745	2,643	2,490	2,872	3,239
Operating Profit	189	210	216	239	292	194	217	219	234	318	366	422	447
OPM %	8%	9%	9%	7%	8%	7%	8%	8%	8%	11%	13%	13%	12%
Other Income	17	7	8	11	8	8	40	14	32	-226	43	47	87
Interest	25	39	46	53	58	75	109	90	88	66	71	79	78
Depreciation	15	11	20	19	18	17	15	12	10	9	8	6	6
Profit before tax	166	167	157	179	224	110	132	130	168	17	330	384	450
Tax %	32%	34%	43%	37%	34%	19%	37%	23%	22%	35%	24%	23%
Net Profit	114	112	90	112	147	89	84	101	132	11	250	295	341
EPS in Rs	21.31	20.28	16.28	18.76	24.06	19.20	16.63	17.71	21.21	2.09	39.49	47.48	54.92
Dividend Payout %	19%	20%	25%	21%	17%	21%	-0%	-0%	-0%	-0%	-0%	8%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-1.75%	-19.64%	24.44%	31.25%	-39.46%	-5.62%	20.24%	30.69%	-91.67%	2172.73%	18.00%
Change in YoY Net Profit Growth (%)	0.00%	-17.89%	44.09%	6.81%	-70.71%	33.84%	25.86%	10.45%	-122.36%	2264.39%	-2154.73%

Va Tech Wabag Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	3%
5 Years:	5%
3 Years:	3%
TTM:	16%

Compounded Profit Growth
10 Years:	10%
5 Years:	26%
3 Years:	32%
TTM:	22%

Stock Price CAGR
10 Years:	8%
5 Years:	50%
3 Years:	75%
1 Year:	16%

Return on Equity
10 Years:	10%
5 Years:	10%
3 Years:	11%
Last Year:	15%

Last Updated: September 5, 2025, 1:50 pm

Balance Sheet

Last Updated: July 27, 2026, 5:30 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	11	11	11	11	11	11	12	12	12	12	12	12
Reserves	892	909	982	1,118	1,058	1,164	1,397	1,527	1,562	1,806	2,128	2,556
Borrowings	181	388	314	482	613	520	358	436	219	289	362	228
Other Liabilities	1,481	1,610	2,041	2,107	2,083	2,328	2,389	2,024	2,294	2,467	2,766	3,326
Total Liabilities	2,565	2,918	3,348	3,717	3,766	4,022	4,157	3,999	4,088	4,574	5,267	6,122
Fixed Assets	191	175	174	172	149	86	86	80	75	72	67	66
CWIP	1	2	0	0	0	0	0	0	0	0	0	0
Investments	38	32	22	5	8	20	24	38	46	67	69	72
Other Assets	2,335	2,708	3,151	3,540	3,609	3,915	4,046	3,882	3,967	4,435	5,131	5,984
Total Assets	2,565	2,918	3,348	3,717	3,766	4,022	4,157	3,999	4,088	4,574	5,267	6,122

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	6	-217	6	-216	-76	245	135	12	85	134	355	207
Cash from Investing Activity +	-99	122	52	3	9	5	1	-39	41	56	-111	46
Cash from Financing Activity +	2	182	-100	106	49	-135	-86	45	-240	44	34	-185
Net Cash Flow	-91	86	-42	-106	-18	114	51	17	-114	233	278	67
Free Cash Flow	-23	-232	-5	-219	-78	310	122	9	83	122	351	202
CFO/OP	29%	-76%	35%	-46%	-10%	130%	76%	13%	35%	44%	103%	64%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	-23.00	-232.00	-5.00	-219.00	-78.00	310.00	122.00	9.00	83.00	122.00	351.00	202.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	226	222	241	242	138	177	227	174	162	186	254	223
Inventory Days
Days Payable
Cash Conversion Cycle	226	222	241	242	138	177	227	174	162	186	254	223
Working Capital Days	46	61	29	40	57	64	61	73	45	61	123	90
ROCE %	21%	20%	17%	18%	19%	11%	14%	13%	13%	20%	20%	20%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	19.12%	19.12%	19.12%	19.12%	19.12%	19.12%	19.12%	19.12%	19.10%	19.10%	19.09%	19.08%
FIIs	15.64%	13.11%	12.45%	11.52%	14.68%	18.86%	18.58%	18.69%	18.40%	18.97%	16.60%	18.25%
DIIs	3.52%	5.85%	5.63%	4.99%	3.59%	2.01%	3.02%	3.66%	4.47%	4.32%	5.77%	6.33%
Public	61.70%	61.91%	62.78%	64.35%	62.59%	60.00%	59.28%	58.51%	58.04%	57.62%	58.54%	56.33%
No. of Shareholders	98,506	98,026	1,08,230	1,30,569	1,45,563	1,78,346	1,90,518	1,92,972	1,94,281	1,93,784	2,00,388	2,05,590

Shareholding Pattern Chart

No. of Shareholders

Va Tech Wabag Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
ITI Small Cap Fund	376,708	1.94	56.87	361,531	2026-06-12 02:02:00	4.2%
ITI Value Fund	33,037	1.41	4.99	34,032	2026-06-11 08:54:37	-2.92%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	47.48	39.49	2.07	21.21	18.83
Diluted EPS (Rs.)	46.80	39.49	2.07	21.21	18.83
Cash EPS (Rs.)	48.15	43.27	1.69	23.37	17.23
Book Value[Excl.RevalReserv]/Share (Rs.)	345.14	294.19	253.16	245.32	224.49
Book Value[Incl.RevalReserv]/Share (Rs.)	345.14	294.19	253.16	245.32	224.49
Revenue From Operations / Share (Rs.)	531.29	460.71	475.96	478.99	455.71
PBDIT / Share (Rs.)	75.31	67.60	59.71	43.31	36.49
PBIT / Share (Rs.)	74.35	66.24	58.30	41.68	34.54
PBT / Share (Rs.)	61.65	54.77	1.22	27.58	20.02
Net Profit / Share (Rs.)	47.19	41.92	0.27	21.74	15.28
NP After MI And SOA / Share (Rs.)	47.63	39.61	2.07	21.21	17.70
PBDIT Margin (%)	14.17	14.67	12.54	9.04	8.00
PBIT Margin (%)	13.99	14.37	12.24	8.70	7.57
PBT Margin (%)	11.60	11.88	0.25	5.75	4.39
Net Profit Margin (%)	8.88	9.09	0.05	4.53	3.35
NP After MI And SOA Margin (%)	8.96	8.59	0.43	4.42	3.88
Return on Networth / Equity (%)	13.79	13.50	0.81	8.57	7.81
Return on Capital Employeed (%)	16.78	16.97	20.27	14.14	11.96
Return On Assets (%)	5.60	5.36	0.31	3.29	2.64
Long Term Debt / Equity (X)	0.08	0.10	0.03	0.06	0.09
Total Debt / Equity (X)	0.16	0.15	0.13	0.27	0.21
Asset Turnover Ratio (%)	0.66	0.65	0.65	0.59	0.51
Current Ratio (X)	1.70	1.68	1.33	1.37	1.40
Quick Ratio (X)	1.68	1.67	1.32	1.35	1.38
Inventory Turnover Ratio (X)	91.88	0.00	0.00	0.00	83.17
Interest Coverage Ratio (X)	5.93	5.89	5.64	3.07	2.51
Interest Coverage Ratio (Post Tax) (X)	4.71	4.66	5.42	2.54	2.05
Enterprise Value (Cr.)	8429.19	4505.56	2127.95	1731.04	1479.52
EV / Net Operating Revenue (X)	2.56	1.58	0.71	0.58	0.52
EV / EBITDA (X)	18.05	10.75	5.73	6.43	6.52
MarketCap / Net Operating Revenue (X)	2.74	1.66	0.73	0.58	0.55
Price / BV (X)	4.21	2.60	1.39	1.13	1.11
Price / Net Operating Revenue (X)	2.74	1.66	0.73	0.58	0.55
EarningsYield	0.03	0.05	0.01	0.07	0.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Va Tech Wabag Ltd and is it undervalued?

Va Tech Wabag Ltd: the stored intrinsic value estimate is ₹953.63, compared with a stored share price of ₹2,049.00. The model value is 53.5% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Va Tech Wabag Ltd?

The stored share price is ₹2,049.00. Price-data record updated: 24 September 2026, 3:53 am +05:30. This is not a live quote. The stored 52-week high / low is 2,320/1,033; this is a rolling range, not a financial-year range.

How have Va Tech Wabag Ltd's revenue and profit changed?

Does Va Tech Wabag Ltd's profit convert into cash?

What should I check in Va Tech Wabag Ltd's balance sheet?

Reported borrowings were ₹228.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Va Tech Wabag Ltd's P/E with other stocks?

The stored P/E is 32.10. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Va Tech Wabag Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.