Va Tech Wabag Ltd Q2 FY27 Results Analysis: PAT Jumps 23%, Order Book Crosses Rs. 20,200 Cr

Cofacto Research Published November 05, 2026 2 min read

Positive

Va Tech Wabag Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,000.20 Cr (+19.86% YoY) and PAT growth of +23.35% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 05, 2026
Revenue (Q2)	Rs. 1,000.20 Cr (+19.86% YoY)
PAT (Q2)	Rs. 104.60 Cr (+23.35% YoY)
EBITDA margin	14.45% (+1 bps YoY)
EPS (Q2)	Rs. 16.77 (+23.04% YoY)

Quarter Snapshot

Q2 FY27 delivered 19.86% revenue growth and 23.35% PAT growth, with EBITDA margin of 14.45% within the guided 13-15% band and the order book crossing Rs.20,200 Cr (~5.12x FY26 revenue). Cash flow swung sharply positive (H1 CFO Rs.224.6 Cr vs negative Rs.48.6 Cr YoY) with a 15th consecutive net-cash quarter. Watch items are the ECL-driven 159.9% YoY jump in other expenses and the ex-forex margin of 12.43% sitting below the 13% guidance floor.

Key Numbers, Quarter by Quarter

Metric	9M FY26	FY26	Q1 FY27	Q2 FY27
Order book (Rs. Cr)	16,300+	17,234.9	~19,400	~20,200
Net cash excl. HAM (Rs. Cr)	1,006.5	950.0	964.9	1,144.2
RoCE	18.9%	19.4%	19.6%	n.d.
RoE	15.3%	15.7%	16.0%	n.d.
NWC days	101	104	108	n.d.
O&M % of rev	18%	17%	18%	n.d.

Key Investment Insights

Key Positives

Consolidated revenue grew 19.86% YoY to Rs.1,000.2 Cr; H1 revenue Rs.1,887.0 Cr, up 20.31% YoY, at/above the top of the 15-20% guidance band
PAT-to-owners grew 23.35% YoY to Rs.104.6 Cr, outpacing revenue growth; H1 PAT up 29.28% YoY
EBITDA margin of 14.45% (company definition) within the guided 13-15% band; ex-forex margin improved 173 bps YoY to 12.43%
Order book reached ~Rs.20,200 Cr, ~5.12x FY26 revenue, above the ≥3x target
H1 CFO swung to Rs.224.6 Cr from negative Rs.48.6 Cr YoY; CFO/PAT 1.15x; FCF Rs.220.3 Cr
Net cash (excl. HAM) of Rs.1,144.2 Cr, the 15th consecutive net-cash quarter; borrowings reduced to Rs.182.1 Cr from Rs.225.5 Cr
Rest-of-the-world revenue grew 26.22% YoY with segment margin expanding to 31.58% from 26.25%; India re-accelerated to +12.39% YoY
Cost of sales ratio improved to 71.70% of revenue from 77.45% a year ago

Risk Factors

Other expenses rose 159.9% YoY (6.03% of revenue vs 2.78%) on ECL provisions; bad-debt charge of Rs.73.9 Cr in H1 FY27 vs Rs.24.5 Cr in H1 FY26
Ex-forex EBITDA margin of 12.43% sits below the 13% guidance floor; Rs.20.2 Cr of the Rs.144.5 Cr EBITDA is transactional forex gain
Employee cost rose to 9.85% of revenue from 9.06% YoY
Order intake of Rs.520 Cr (if an H1 figure) implies Q2 intake of ~Rs.177 Cr vs Q1's Rs.343.1 Cr