Water is emerging as the defining infrastructure challenge of the twenty-first century. With over a century of expertise, your Company is among the few global companies uniquely positioned to deliver comprehensive water solutions across the entire value chain — desalination, water reuse, industrial water management, and municipal water infrastructure. This enduring capability places your Company at the forefront of addressing one of the world's most critical and enduring needs.
The global water crisis has reached a critical stage. Over 2.1 billion people still lack access to safe drinking water, over 50% of the wastewater still remains untreated across the world. 3.4 billion people remain without safely managed sanitation, with 419 million still practising open defecation. Freshwater availability is declining by 7% every decade, even as global water consumption has increased by 25% since 2000. Beyond its humanitarian impact, water scarcity poses a significant economic challenge, already costing global industries US$80 billion annually and placing nearly US$70 trillion of global GDP—almost half of the world's economy—at risk by 2050.
Capital is increasingly recognizing water as the infrastructure investment of the future. From multilateral institutions to sovereign governments and private investors, unprecedented funding is being directed towards water security. India is executing the world's largest drinking water programme through Jal Jeevan Mission 2.0, Saudi Arabia is making transformational investments under Vision 2030, Africa continues to attract significant multilateral funding, the global desalination market is poised for robust growth, and dedicated water investment funds have reached nearly US$94 billion. These trends reaffirm that water is no longer viewed merely as a utility—it is increasingly recognized as one of the world's most strategic and investable sectors.
Throughout history, water has enabled human progress. It has nourished communities, powered industries, supported agriculture and fuelled economic development. Today, it stands at the centre of one of the world's most pressing challenges. Population growth, rapid urbanisation, climate-related disruptions and changing consumption patterns are placing unprecedented pressure on finite freshwater resources, making water security a strategic priority for governments, businesses and society alike.
The consequences are evident with Demand outpacing availability in many parts of the world. Against this backdrop, water is no longer viewed simply as a utility. It is increasingly recognised as a critical economic resource that requires thoughtful stewardship, technological innovation and sustained investment.
For WABAG, this changing landscape reinforces why we exist. For over a century, we have partnered with customers to solve complex water challenges through engineering excellence, innovation and deep domain expertise. As the world accelerates investments in sustainable water management, water reuse and resource recovery, we believe our purpose has never been more relevant. It is equally gratifying that FY 2025–26 reflects the strength of this purpose, with another year of profitable growth and disciplined execution.
The global water industry is entering a defining phase. Governments, industries and municipalities are investing at an unprecedented pace to strengthen water resilience, modernise wastewater infrastructure and secure reliable water resources for the future.
What excites me most is the nature of the transformation. Water reuse is becoming an integral part of long-term water security strategies, desalination is expanding its role in water-stressed regions and digital technologies are reshaping the way water assets are designed, operated and optimised. These structural shifts reinforce our confidence that sustainable water management will be one of the defining infrastructure priorities of the coming decades. I reiterate my firm belief that "Water is too precious a resource to be used only once".
Against this encouraging backdrop, WABAG delivered another year of consistent and profitable growth. Our performance reflects disciplined execution, prudent decision-making and the resilience of our business model.
During the year, we recorded revenue of H3,944 crore, EBITDA of H524 crore and profit after tax of H371 crore. These results are in line with the medium-term outlook, while reinforcing our focus on profitability, healthy cash generation and superior returns. One achievement that gives me particular satisfaction is our sixth consecutive year of maintaining a net cash-positive position. It reflects the financial discipline embedded across the organisation and provides us with the flexibility to pursue new opportunities from a position of strength.
While financial growth is important, our ambition extends beyond increasing revenues. We are focused on building a business that creates sustainable value through technology-led, margin-accretive opportunities, disciplined project selection and efficient execution. This balanced approach has strengthened both our profitability and the resilience of our business.
Our order book crossed H17,200 crore during the year, providing strong multi-annual revenue visibility. Importantly, this order book is backed by robust payment securities, advanced technology-driven projects and a well-diversified portfolio spanning EPC and long-term O&M contracts across the world. Our credit rating was reaffirmed at IND AA- with a Stable Outlook and A1+ for short-term facilities, reflecting the strength of our balance sheet and disciplined approach to risk management.
In recognition of WABAG’s performance and confidence in its long-term prospects, our Board has recommended for shareholdres approval, a final dividend of Rs 5 per equity share for FY 2025-26.
The opportunities emerging across the global water sector are significant. Equally important, however, is the ability to participate in these opportunities through differentiated capabilities, strong execution and a resilient business model.
Over the years, WABAG has built a strong position as one of the world's leading pure-play water technology companies, with a presence across more than 25 countries and a track record of delivering over 1,500 water and wastewater treatment plants in the last 3 decades driven by more than 2,000 engineers and water professionals, we serve municipalities and industries across the entire water value chain as a life-cycle partner.
What sets us apart is our approach. We begin by understanding each customer's unique requirements and designing solutions that balance technical excellence with commercial value. Our technology capabilities, engineering expertise and execution discipline enable us to deliver projects that create lasting value for our customers.
An asset-light business model, prudent project selection and a strong balance sheet give us the agility to pursue attractive opportunities while managing risk responsibly. Together with deep domain expertise and long-standing customer relationships, these strengths provide a solid foundation for our next phase of growth.
India is one of WABAG's most important growth markets. Strong public investment in water infrastructure, rising urbanisation and greater emphasis on wastewater treatment, reuse and resource recovery are creating sustained demand for advanced water solutions. National initiatives such as Jal Jeevan Mission, AMRUT and Namami Gange are further strengthening the sector's long-term outlook.
Industrial water treatment is also gathering momentum. Growth in sectors such as Oil & Gas, power and petrochemicals driving demand for advanced treatment technologies, wastewater recycling and water reuse solutions. At the same time, increasing environmental regulation and a stronger focus on resource efficiency are encouraging industries to adopt more sustainable water management practices.
Desalination and Water reuse are steadily emerging as a critical component of India's long-term water security strategy. As industries and municipalities seek to reduce dependence on freshwater resources, investments in tertiary treatment, recycling and resource recovery infrastructure are gaining momentum.
The Middle East represents one of the world’s most dynamic water markets and is central to our growth strategy. Water scarcity, population growth and ambitious economic infrastructure programmes across the GCC are driving sustained investment in desalination, wastewater treatment and water reuse.
The region is also seeing greater adoption of PPP models for water infrastructure. This complements our asset-light strategy and allows us to participate selectively in large-scale projects through well-structured partnerships.
Our established regional presence, growing brand recognition, desalination expertise and proven execution capabilities give me confidence in our ability to capture these opportunities. We will focus on technologies that strengthen water security while creating sustainable value for our customers and stakeholders.
Africa offers significant opportunities as governments, development agencies and multilateral institutions accelerate investments in water infrastructure to improve access to safe drinking water and sanitation.
Financing-supported models and multilateral-backed projects play an important role in enabling infrastructure development across several markets. Drawing on our established presence and regional experience, we see considerable potential in projects that align with our technical strengths, disciplined approach to risk and value creation.
At Wabag, we pursue opportunities selectively, placing equal emphasis on payment security, contractual discipline and long-term value creation. Our GLOCAL operating model combines global technology and engineering expertise with strong local execution, enabling us to respond effectively to evolving geopolitical and market conditions. Supported by disciplined financial management, a diversified geographic footprint and a selective approach to project execution, we continue to deliver consistent outcomes in an increasingly dynamic environment.
Europe remains a key component of WABAG's technology and innovation ecosystem. Our presence in the region, supported by strong research and development capabilities, enables us to advance treatment technologies and respond to increasingly complex water challenges.
The region also provides valuable insights into evolving approaches towards water reuse, resource efficiency and sustainable water management. By combining these learnings with our global execution capabilities, we continue to strengthen our technology portfolio and deliver innovative solutions across markets.
Across Southeast Asia, Central Asia and other emerging regions, urbanisation, industrialisation and investment in water infrastructure are creating attractive opportunities for sustainable water solutions. Our strategy is clear: expand selectively, build strong local partnerships and stay close to our customers. This approach enhances execution, improves regional responsiveness and creates a solid platform for sustainable growth.
The next wave of industrial growth is creating a new chapter for the water sector. Semiconductors, solar photovoltaic manufacturing, data centres, green hydrogen and AI-enabled infrastructure all depend on sophisticated water treatment systems, particularly ultra-pure water, while placing greater emphasis on efficiency, reuse and sustainability.
To capture these opportunities, we have established dedicated teams focused on emerging industries and future technologies. Our expertise in industrial water treatment, water reuse and advanced process technologies gives us confidence that WABAG is well equipped to support these sectors as they grow.
At WABAG, sustainability is not an adjunct to our business; it is the very purpose of our existence. As pressure on freshwater resources grows, recovering, treating and reusing water will become fundamental to the way communities and industries thrive.
This philosophy shapes the solutions we deliver. Through water reuse, desalination, resource recovery and waste-to-value initiatives, we help transform wastewater into a valuable resource while reducing dependence on freshwater sources. Our focus on circular water management enables customers to improve resource efficiency, strengthen environmental performance and enhance long-term resilience. We also believe in preserving resources and our waste water plants recovers over 40 MW of green energy from Bio-gas.
Looking ahead, sustainable water management will become even more critical as climate challenges intensify and demand for water rises. We are confident that WABAG's technology, innovation and purpose-driven approach will enable us to make a meaningful contribution to global water security while creating enduring value for all our stakeholders.
At WABAG, we believe sustainable success is built on three enduring strengths: technology, trust and talent.
Technology enables us to solve increasingly complex water challenges. Our research and development centres in India and Europe are advancing capabilities in desalination, water reuse, advanced treatment processes and digital solutions. These innovations allow us to deliver efficient, future-ready solutions that evolve with our customers' needs.
Trust has been earned through decades of delivering on our commitments. Strong relationships with customers, governments, multilateral institutions, partners and communities are founded on consistent execution, technical excellence and responsible business practices. This confidence remains one of our greatest strengths.
Our people bring these capabilities to life. Their expertise, curiosity and passion define WABAG's culture of ‘Passioneering’, where engineering excellence meets the passion to innovate. As we look ahead, investing in our people, developing future leaders and encouraging a culture of continuous learning will remain central to our growth.
The outlook for the global water sector looks most promising than ever before. Investment in water infrastructure are gathering pace, while water reuse, desalination and emerging industries are driving demand for advanced water solutions.
With a healthy order book, a robust balance sheet, deep technical expertise and over a Century of Water Leadership. We are well equipped to capture these opportunities. Our focus is clear: deliver technology-led solutions, deepen our presence in strategic markets, expand into emerging industrial sectors and create enduring value for all stakeholders.
On behalf of the Board, we extend our sincere gratitude to our customers, partners, employees, shareholders and all stakeholders for the trust they have placed in WABAG. Together, we will help shape a future where every drop of water is valued, every solution creates lasting impact and every partnership contributes to a more water-secure world.
Warm regards,
Chairman & Managing Director
