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Rajiv Mittal

Chairman & Managing Director (CEO), VA Tech Wabag Limited

Search every verified Rajiv Mittal interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Rajiv Mittal, Chairman and Managing Director of Va Tech Wabag, addressed the company’s Q1 FY2026-27 earnings call on August 1, 2026, where management reported consolidated revenue growth of 20.8% year-on-year, a 21.7% increase in EBITDA with margins above 13%, and a 37% rise in profitability. During the call, Mittal discussed the company’s outlook, reiterating guidance for 15-20% revenue growth and 13-15% EBITDA margins for FY27, while acknowledging risks from Middle East geopolitical volatility and reliance on forex gains for margin support. Mittal commented on the company’s bid pipeline, stating there was no slowdown in tenders and noting a mix of government and private sector opportunities. He also addressed the status of the LTOM project, saying it had not yet been published by NWC, but highlighted that similar concepts had been executed in Turkey, Agra, and Ghaziabad, and expressed confidence in the company’s first-mover advantage. Looking ahead, Mittal mentioned breakthroughs in solar and identified semiconductor data centers and green hydrogen as longer-term growth areas, expecting high-technology orders to become more significant over a three-to-five-year period.

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Notable quotes

“We have always a mantra that we grow. We not only grow on top line but our growth on bottom line has to be more than top line. That's what we call as profitable growth. If we grow on top line 20, we ensure that the bottom line grows more than 20. That's what is profitable growth.”

“We have told you before and I want to repeat, we are more than a 100 year old organization started in 1924. We did a historic event where we as a subsidiary company bought our parent company. This is a historic milestone globally and that was done in 2007 where we bought the global business of Babag from Seammens.”

“They have been all talking about destroying each other's water assets. So, I'm sure each country is going to build adequate reserve capacities of this water. So, we see going forward the governments are going to come up with the policy to have a spare or buffer capacities, which will also help us to build new plants.”

“We had given a 15 to 20% and we have already achieved more than 20% and with the kind of order backlog we have, I'm sure we can do much better than 20% when we will give our next guidance in next year, probably you will see that this CAGR number of 20% will further go up.”

“We are a pure play water company and a technology based company and we focus on technology projects like we say manufactured water desalination water reuse and this market is growing and we are one of the leaders in the market so we definitely see that this book to build should be more than four years going forward and that's how the market looks at the moment.”

“This ADB deal is to build a water treatment plant and ADB will be funding the complete project value and as a company we always focus on projects which are funded by multilaterals. This ensures the project moves on time and also ensures a payment security. In fact almost 90 95% of our order book is from the funded projects.”

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