VA Tech Wabag Shares May Rally 49% Says Motilal Oswal — Check Stock Rating, Target Price

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Motilal Oswal Report

Motilal Oswal has reiterated its Buy rating on VA Tech Wabag Ltd. with a target price of Rs 1,900, signaling a potential 49% upside from the current market price of Rs 1,271.

The bullish stance is anchored on VA Tech Wabag's robust order book, consistent inflows, and strategic positioning in high-margin segments.

Order book strength and recent wins

VA Tech Wabag boasts an impressive order book of over Rs 16,000 crore, translating into a book-to-bill ratio of ~4.6x, which provides strong visibility for 15–20% revenue growth over the next three–four years.

The company recently secured a repeat order worth up to Rs 700 crore from the Saudi Water Authority for a 50 MLD BWRO plant at Aljouf, Saudi Arabia. Additionally, VA Tech was declared the preferred bidder for the Hadda Independent Sewage Treatment Plant project by the Saudi Water Partnership Company.

In November 2025, VA Tech bagged a major DBO contract for the 255 MLD Sundarijal Water Treatment Plant in Nepal, funded by the Asian Development Bank.

The company is also eyeing the ultra-pure water segment, an emerging Rs 3,500 crore opportunity, which could further diversify its revenue streams.

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