VA Tech Wabag - A Watershed Moment: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Click on the attachment to read the full report:.VA Tech Wabag Ltd. bagged a mammoth order of Rs 27 billion (equivalent to its FY24 revenue) from the Middle East for a desalination plant – the entire order is for EPC. As a result, Wabag’s EPC order book is now close to Rs 79 billion or more than three times book to bill ratio. Order inflow has been a concern for the last 18 months – FY24/Q1 FY25 order inflow undershot Street’s expectations (lower than revenues). At the beginning of the fiscal, management had indicated a good bidding pipeline from Middle East. It had also pre-qualified to bid for Egyptian desalination contracts to bid up to 1000mld. Note – Middle East/Egypt have a strong pipeline of desalination contracts. Wabag has shed the flab, cleaned up its balance sheet and improved its margin over the last 24 months. Retain Buy; target price revised to Rs 1,541 (versus Rs 1,445)..Karur Vysya Bank - Well Placed On LDR, Growth, Asset Quality, RoA Superiority: ICICI Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

VA Tech Wabag - A Watershed Moment: ICICI Securities

The brokerage maintains Buy rating with a revised target price of Rs 1,541 per share valued at revised 25 times FY26E earnings.

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VA Tech Wabag - A Watershed Moment: ICICI Securities

The brokerage maintains Buy rating with a revised target price of Rs 1,541 per share valued at revised 25 times FY26E earnings.

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