VA Tech Wabag Secures ₹1,000 Crore Mega Order from Reliance Industries for Jamnagar Plant

Key numbers

Market Cap	₹10,673.8 CrMid-cap size
Day RSI	25.78Oversold Zone
Order from	Reliance Industries Limited (RIL)
Execution period	In phases over 25 months
Deal value	₹1,000 Cr
Share of market cap	9.4%
Share of annual revenue	24.4%

Key highlights

• Order value exceeds ₹1,000 crore, satisfying the company threshold for a Mega contract classification
• Scope includes design, engineering, supply, and installation of a desalination plant with 8,400 m3/hr capacity
• Plant is expandable to 12,600 m3/hr (302 MLD) and includes a 3,000 m3/hr remineralisation unit
• Project execution is scheduled in phases over a 25-month period at the Jamnagar facility
• Contract includes Performance Guarantee Test Run (PGTR) and uses Sea Water Reverse Osmosis technology

Strategic Infrastructure at Jamnagar

VA Tech Wabag has secured a significant domestic contract from Reliance Industries Limited for a state-of-the-art desalination facility at Jamnagar. The project covers the full lifecycle from design and engineering to commissioning and a Performance Guarantee Test Run. The core unit will utilize Sea Water Reverse Osmosis and Brackish Water Reverse Osmosis technologies.

At over ₹1,000 crore, this single order is equivalent to nearly a quarter of Wabag's total trailing twelve-month revenue of ₹4,106.5 crore, highlighting the scale of RIL's ongoing infrastructure investments in the Gujarat industrial hub.

Strengthening the Industrial Partnership

This win marks a continued partnership between the water technology major and Reliance Industries. It follows a repeat order on September 7, 2026, for an effluent treatment plant at RIL's Dhirubhai Ambani Green Energy Giga Complex. The current project further diversifies Wabag's involvement in Jamnagar, incorporating advanced systems like Dissolved Air Flotation Filters and Ultra Filtration.

This momentum contributed to the company reaching a record-high order backlog of ₹19,400 crore as reported on August 12, 2026, providing strong revenue visibility for the next two fiscal years.

Confidence in Technology Execution

This Mega order reinforces RIL’s confidence in WABAG’s proven technology and strong execution record. It further enhances our presence in the global desalination market and demonstrates our capacity and capability to deliver large-scale, technology-led water infrastructure.

Financial Performance and Market Context

While the company reported a sequential revenue dip of 37.3% in the quarter ended June 30, 2026, its year-on-year growth remains robust at 20.8%. Net profit for the same period grew 36.9% compared to the previous year, reaching ₹90.1 crore. With a 1-year stock price return of 21.07% and a current P/E of 27.03x, the company trades at a premium compared to the industry P/E of 11.83x.

The market has maintained a focus on Wabag's aggressive order book expansion, specifically in high-margin industrial and international desalination projects across the GCC and Europe.

What to watch next

• Financial results for Q2 and H1 FY27 scheduled for release in the first fortnight of November 2026
• Execution milestones for the Jamnagar desalination project across the initial 25-month phase
• Progress on the 60 MIGD Kuwait SWRO Desalination Plant Stage II following the August 2026 contract

VA Tech Wabag · financial snapshot

Share price	₹1707.4
Market capitalisation	₹10,673.78 Cr
Revenue (annual)	₹3,944.20 Cr
Net profit (annual)	₹370.50 Cr
Revenue (latest quarter)	₹886.80 Cr-37.30% vs previous quarter
Net profit (latest quarter)	₹90.10 Cr-29.77% vs previous quarter
P/E (TTM)	27.03×Sector 20.78×
Promoter holding	19.03%-0.05% QoQ
FII holding	18.75%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.