VA Tech Wabag Limited (WABAG.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-51.0%

₹879.46

vs ₹1,794.20 price

Levered DCF

₹874.53

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	19.45×	29.66×	19.64×	170×	13.22×	13.32×	4.95×	16.94×
P/B	2.81×	4.15×	2.65×	1.39×	1.13×	0.96×	0.38×	1.66×
P/S	1.83×	2.7×	1.69×	0.74×	0.59×	0.52×	0.18×	0.65×
EV / EBITDA	11.47×	20.05×	11.1×	27.1×	7.05×	6.78×	2.96×	11.56×
Gross margin	16.1%	14.0%	16.0%	23.3%	14.0%	13.8%	23.3%	22.1%
Operating margin	11.9%	12.8%	14.2%	10.4%	7.9%	7.8%	8.0%	7.3%
Net margin	9.4%	9.0%	8.6%	0.4%	4.4%	3.9%	3.6%	3.9%
Current ratio	1.71×	1.7×	1.68×	1.33×	1.37×	1.4×	1.29×	1.28×
Debt / equity	0.09×	0.17×	0.16×	0.14×	0.28×	0.23×	0.44×	0.57×
Interest coverage	6.46×	5.33×	5.69×	4.7×	2.69×	2.45×	1.85×	2.63×
Dividend yield	0.3%	0.0%	0.0%	0.0%	0.0%	0.1%	0.4%	1.3%
Payout ratio	6.7%	0.0%	0.0%	0.0%	0.0%	1.2%	2.0%	21.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.4%	13.8%	13.5%	0.8%	8.6%	7.2%	7.7%	9.8%
Return on invested capital	11.1%	11.0%	12.2%	10.3%	8.5%	8.5%	6.6%	9.4%
Return on assets	6.1%	5.6%	5.4%	0.3%	3.3%	2.6%	2.3%	2.8%
Free cash flow yield	3.1%	3.9%	2.5%	3.6%	0.4%	8.2%	53.6%	-4.4%
Earnings yield	5.1%	3.3%	5.1%	0.6%	7.6%	7.5%	20.2%	5.9%
Enterprise value	₹65.1B	₹84.7B	₹46.5B	₹22.3B	₹19B	₹15.4B	₹7.5B	₹22.9B
Net debt / EBITDA	-1.22×	-0.99×	-0.41×	0.47×	0.58×	0.32×	1.18×	2.6×
Cash conversion cycle (days)	100	79	211	125	103	145	79	70