Buy VA Tech Wabag; target of Rs 1900: Motilal Oswal

Buy

Motilal Oswal's research report on VA Tech Wabag

VA Tech Wabag (VATW) reported a healthy in-line result in 3QFY26 as its revenue/adj. EBITDA/adj. PAT grew 19%/25%/37% YoY. Adj. EBITDA margin expanded 67bp YoY to 13.6%, within the guided range of 13-15%. VATW treats forex gains/losses as part of its core operations. Hence, analyzing adjusted margins is more meaningful.

Outlook

We, thus, reiterate our BUY rating and a TP of INR1,900, based on 26x FY27E P/E. (our IC note dated Jul’25).

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VA Tech Wabag_10022026_Motilal Oswal