Va Tech Wabag Limited · NSE:WABAG
Va Tech Wabag — Q2 FY2026 Earnings Presentation
40 slides from Va Tech Wabag's earnings presentation, Nov 7, 2025
Slide 1: Cover letter to stock exchanges
________________________________________________________________________________________ An ISO 9001 Company November 07, 2025 National Stock Exchange of India Limited BSE Limited, Exchange Plaza, Plot No. C/1, G Block, Floor 25, P J Towers, Bandra Kurla Complex, Dalal Street, Bandra (E), Mumbai – 4
Slide 2: Results Update Presentation Q2 & H1 FY 2025-26
Technology-first global water solutions provider Results Update Presentation or | Q2 & H1 FY 2025-26
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by VA TECH WABAG LIMITED (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securit
Slide 4: Index
INDEX INDEX The Wabag Group 6 Financial Performance 15 Order Book Analysis 25 Technology-first global water solutions provider 3
Slide 5: Management message
Management I am pleased that our half-year performance underscores the success of WABAG’s focused strategy anchored on profitable growth, strong cash flows, and a robust order book position. Maintaining our Net Cash Positive position for the 11th consecutive quarter highlights our financial resilien
Slide 6: Performance highlights
Performance Strong Order Book of INR 160 Bn Robust Revenue Visibility Consolidated H1 FY26 Q2 FY26 (INR Million) Secured break-through orders in “Future Energy Solutions” sector for, CBG plant in Uttar Pradesh and UPW, ETP & ZLD Order Backlog 160,199 9.7% YoY for Renewsys in Hyderabad Revenue 15,6
Slide 7: The Wabag Group
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Slide 8: 100 Years: Pioneering the Next 100 Years
100 Years & Foundation of WABAG Completion of the Foundation of Acquisition of WABAG Buyout of WABAG India: Wasserfilterbau 3-stage acquisition of WABAG VA TECH WABAG Ltd., from Deutsche Babcock Management buyout backed in Wroclaw by Deutsche Babcock Chennai, India by VA TECH, Austria by ICICI Ventu
Slide 9: Company at a glance
Delivering Innovative Largest Private Water Operator, Touched 96+ Mn lives globally Among the World’s Top Desalination Plant Suppliers 25+ Countries 125+ IPRs Presence Developed in-house Sustainable Delivery Models Solutions EP – EPC – DBO – Desalination, Waste 1,600+ Wabagites Global R&D Centres O&
Slide 10: Geographical presence
Geographical Europe Cluster MEA Cluster India Cluster 1. Austria 1. Saudi Arabia 8. Libya 1. India (HQ) 8. Bangladesh 2. Turkey 2. Qatar 9. Nigeria 2. Nepal 9. Thailand 3. Russia 3. Oman 10. Senegal 3. Sri Lanka 4. Germany 4. Bahrain 11. Namibia 4. Malaysia 5. Czech Republic 5. Tunisia 12. Zambia 5.
Slide 11: Board of Directors and Leadership Team
Board of Directors Rajiv Mittal Chairman & Managing Director Milin Mehta S Varadarajan Vijaya Sampath Ranjit Singh Amit Goela Independent Director Whole Time Director & Chief Growth Officer Independent Director Independent Director Non-Executive & Non-Independent Director Leadership Team Rohan Mitta
Slide 12: WABAG Advantage
Advantage Core Capabilities Business Resilience & Visibility End-to-end solutions (EPC + Adaptive Strategy & Portfolio O&M lifecycle) Adjustments Strong R&D, Technological Strategic shift towards Higher Foresight & IP Portfolio Margin / Asset-Light Model Global presence with local Financial Discipli
Slide 13: Sustainable Development and Path to Net Zero
Sustainable Development & Our Path to Net Zero Reducing GHG emissions through our Reduction of emissions under direct sustainable solutions control (scope 1 & scope 2) by 20% by 2035 through increase in renewable Water Positive E energy share Increase water positivity by 25% thru treatment of 1.25 T
Slide 14: Robust Governance
Robust Shareholders Long-term shareholder value creation Strong engagement through transparent communication Board Balanced, Independent and Diversified Board Experienced and vibrant Board of Directors with requisite skills and expertise Robust Committees All seven committees are chaired by Independ
Slide 15: Future Energy Solutions and innovation
For the PV Solar, Semi-conductor Biogas to CBG Blue Seed Digitalization & Green H2 Well positioned as a complete Strategic tie up with ‘Peak Initiative to foster innovation & Partnered with ‘Pani Energy’ to water solution provider from Sustainability Ventures’ to support emerging start-ups implement
Slide 16: Financial Performance
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Slide 17: Revenue, EBITDA, PAT and EPS
INR Mn Revenue EBITDA H1 FY26 15,685 H1 FY26 2,161 H1 FY25 13,268 H1 FY25 1,843 H1 FY24 12,178 H1 FY24 1,636 H1 FY23 13,821 H1 FY23 1,543 CAGR H1 FY22 22.30% H1 FY22 13,420 966 PAT EPS H1 FY26 1,506 H1 FY26 24.21 H1 FY25 1,256 H1 FY 25 20.20 H1 FY24 1,102 H1 FY 24 17.71 CAGR H1 FY23 768 H1 FY23 12.3
Slide 18: Revenue Breakup
Revenue Breakup – INR Mn By Business Offering & Customer Segment By Geography EPC (INR Bn) Municipal Industrial Total Total EPC 9,563 3,007 12,570 India 8,209 12.6 2,390 529 2,919 7,280 10.6 O&M Overseas Grand Total 11,953 3,536 15,489 Grand Total 15,489 H1 FY25 H1 FY26 O&M (INR Bn) 81% 77% 23% 53%
Slide 19: Net Cash Position
Position INR Mn 11th Consecutive Quarter of Net Cash Positive 9,461 8,148 7,952 7,056 6,753 6,433 6,587 6,267 5,149 1,156 1,166 4,018 1,096 3,790 1,166 3,442 3,465 884 3,615 3,375 1,166 -7 622 1,085 3,135 3,093 3,058 2,735 2,797 1,140 -5 2,537 2,405 2,132 2,170 1,877 2,141 1,882 1,295 1,707 1,002 1,
Slide 20: Medium Term Outlook
Medium Term EBITDA RoCE >20% O&M at 20% Net Cash Order Book Revenues RoE >15% 13 - 15% Asset Light of Total Positive 3x of 15 - 20% Revenues Outlook Revenue CAGR (3-5 Years) Net Cash INR 160 Bn EBITDA Positive Revenues RoCE 18.4% O&M 19% of RoE Strong 13.8% of INR 6,753 Mn Up 18.2% Asset Light H1 FY
Slide 21: Consolidated Profit & Loss
Consolidated INR Mn Particulars H1 FY26 H1 FY25 YoY% Q2 FY26 Q2 FY25 YoY% Revenue from Operations 15,685 13,268 18.2% 8,345 7,003 19.2% Cost of Sales 11,694 9,817 6,464 5,219 Total Cost of Operations (TCO) 2,006 1,648 988 848 Forex Loss/(Gain) (176) (40) (312) (94) EBITDA 2,161 1,843 17.2% 1,205 1,0
Slide 22: Standalone Profit & Loss
Standalone INR Mn Particulars H1 FY26 H1 FY25 YoY% Q2 FY26 Q2 FY25 YoY% Revenue from Operations 13,302 11,592 14.8% 6,900 6,133 12.5% Cost of Sales 9,909 8,539 5,334 4,556 Total Cost of Operations (TCO) 1,736 1,404 875 741 Forex Loss/(Gain) (233) (59) (336) (82) EBITDA 1,890 1,708 10.7% 1,027 918 11
Slide 23: Consolidated and Standalone Balance Sheet
Consolidated INR Mn Consolidated Standalone Particulars September 2025 March 2025 September 2025 March 2025 Total Equity (Net Worth) 23,290 21,450 18,995 17,836 Non-Current Payables 2,069 2,274 2,069 2,334 Trade Payables 11,204 10,458 10,691 9,659 Borrowings 2,366 3,573 1,126 2,335 Other Non-Current
Slide 24: Cash Flow Statement
Statement INR Mn H1 FY26 H1 FY25 Particulars Consolidated Standalone Consolidated Standalone Net cash generated from/(used in) operations (486) (659) (251) 336 Net cash generated from/(used) in investing activities 290 304 280 66 Net cash generated from financing activities (1,627) (1,548) 1,234 1,2
Slide 25: Stock Information and Shareholding Pattern
Information Wabag Stock Performance (FY2026) NIFTY 24,611 23,166 1,408 1,435 Stock Information Shareholding Pattern (As on 30th September 2025) (As on 30th September 2025) Promoters Face Value (INR) 2 19.10% Closing Market Price (INR) 1,435 Institutions (Domestic) 4.47% FY 2026 H/L (INR) 1,680 / 1,1
Slide 26: Order Book Analysis
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Slide 27: EPC Business Analysis
EPC Business Analysis – INR Mn Revenue Growth (YoY) 18% Order Backlog Growth (YoY) 16% 45% 26% 6% 17% 1,055 637 2,978 11,919 11,564 13% 3,007 24% 14% 10,927 38% 4,062 80,537 87% 9,563 76% 86% 68,618 62% 6,585 H1 FY25 H1 FY26 H1 FY25 H1 FY26 Municipal Industrial Municipal Industrial 3% 41% 33% 187 11
Slide 28: O&M Business Analysis
O&M Business Analysis – INR Mn Revenue Growth (YoY) 14% Order Backlog Growth (YoY) 2% 59% 1% 12% 7% 229 1,175 197 10,826 153 529 18% 18% 9,652 19% 13% 332 87% 2,237 2,390 82% 82% 44,944 44,715 81% H1 FY25 H1 FY26 H1 FY25 H1 FY26 Municipal Industrial Municipal Industrial 6% 4% 63% 21% 43 8% 4,617 1,9
Slide 29: Order Book Analysis
Order Book Analysis – INR Mn Revenue Growth (YoY) 17% 14% 20% 2% 18% 35% 35% 350 3,131 858 144 1,924 2,919 19% 3,536 23% 2,130 19% 2,569 7,280 47% 33% 4,394 54% 7,136 81% 10,646 12,570 81% 11,953 77% 67% 8,822 8,209 53% 46% 6,079 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 EPC O&M Municipal Indu
Slide 30: Order Intake Breakup
Order Intake Breakup – INR Mn By Business Offering & Customer Segment By Geography Municipal Industrial Total Total EPC 86% 14% O&M EPC 28,949 1,123 30,072 India 6,928 O&M 4,679 21 4,700 Overseas 27,845 Grand Total 33,628 1,145 34,772 Grand Total 34,772 Municipal 97% 3% Industrial Key Orders Nature
Slide 31: Closing Backlog
Closing Backlog – INR Mn By Business Offering & Customer Segment By Geography Municipal Industrial Total Total EPC 80,537 11,564 92,101 India 75,840 55.5 O&M 44,715 10,826 55,542 Overseas 71,804 Framework 12,556 Framework 12,556 53.7 Grand Total 1,25,253 22,390 1,60,199 Grand Total 1,60,199 92.1 71.
Slide 32: Key Projects in Order Book
Key Projects in INR Mn Key Contracts in Order book Amount Key Framework Contracts # Amount 400 MLD Perur, Chennai – Desalination 22,533 Libya STP ## 6,114 300 MLD SWA, Yanbu Al-Bahr, KSA – Desalination 20,379 Bomba MED, Libya 6,442 200 MLD Al Haer ESC, KSA- ISTP 12,325 100 MLD Indosol, Andhra Prades
Slide 33: Other information
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Slide 34: Awards and recognitions
& WABAG has been recognized with the ‘Best WABAG House has been awarded the WABAG received two prestigious awards Social Welfare Initiative of the Year’ at the prestigious Platinum Certification under the from the Construction Academy of Tamil 14th Edition of the CSR Summit & Awards IGBC Health & We
Slide 35: Our Key Industrial Customer Segments
Our Key Municipal Water & Waste Water Oil & Gas Power plants Steel Food & Beverages Fertilizer Industrial parks Technology-first global water solutions provider 34
Slide 36: Pioneering the One City One Operator Model
Pioneering the Model Ensuring sustainable and healthy Environment for the citizens of Agra and Ghaziabad, India Ghaziabad 462 MLD Sewage Treatment at 15 STPs & 15 Pumping Stations Resolving SEWER NETWORK issues promptly and ensuring customer satisfaction Ensuring functioning of the PUMPING STATIONS
Slide 37: Increasing contribution in cleaning the Ganga
Increasing contribution in cleaning the Managing over Ensuring Technology-first global water solutions provider 36
Slide 38: Landmark Projects
Landmark 110 MLD SWRO (Desalination) Plant, Nemmeli, Chennai, India 191 MLD SWRO India’s largest operational 140 MLD Sewage Treatment (Desalination) Plant, desalination plant till date Plant, Dinapur, Varanasi, India Al Gubrah, Oman First and largest STP to be inaugurated Largest desalination plant
Slide 39: Landmark Projects
Landmark 130 MLD Drinking Water Treatment Plant, Tanzania First water project in Africa to be commissioned under EXIM India 40 MLD Madinaty Wastewater funding 14 Sarneraatal WWTP, Alpnach, Switzerland Treatment Plant, Cairo, Egypt First plant in Switzerland to be commissioned with Water reclamation
Slide 40: Contact details
VA Tech Wabag Ltd. Adfactors PR Pvt. Ltd. CIN - L45205TN1995PLC030231 CIN - U74140MH1997PTC110210 Mr. Skandaprasad Seetharaman Ms. Savli Mangle Group Chief Financial Officer Vice President investors@wabag.in | www.wabag.com savli.mangle@adfactorspr.com | www.adfactorspr.com 39