WOG Technologies IPO

Strengths · 7

• 01Revenue from operations rose from Rs 61.72 crore in FY2023 to Rs 82.18 crore in FY2024 and Rs 165.43 crore in FY2025.
• 02Profit after tax was Rs 44.24 crore in FY2025, against Rs 2.79 crore in FY2024 and Rs 1.23 crore in FY2023.
• 03The order book was Rs 1,012.96 crore on 30 November 2025, about six times FY2025 revenue from operations.
• 04Return on net worth was 39.95% in FY2025, against 22.30% in FY2024 and 12.68% in FY2023.
• 05The company says it has delivered 1,165.73 MLD of treatment capacity, and the WOG Group has 179 projects across 9 Indian states or union territories and 16 countries.
• 06Borrowings were Rs 12.75 crore at the end of FY2025 against a net worth of Rs 110.75 crore.
• 07Export revenue was 73.25% of revenue from operations in FY2025, which gives the company a customer base outside India.

Risks · 10

• 01The top ten customers gave 97.53% of revenue from operations in FY2025 and 99.30% in the quarter to 30 June 2025. Customer 1 alone was 35.46% of FY2025 revenue.
• 02Customer 1 in FY2025 was the company's own material subsidiary, WOG Technologies Pte. Ltd., Singapore, which passed on orders from other customers. Related party sales of services to it were 26.27% of FY2025 revenue.
• 03Operating cash flow was negative at Rs 21.14 crore in FY2025 and Rs 4.84 crore in FY2024, while profit after tax rose. Trade receivables went from Rs 29.79 crore to Rs 105.82 crore over the same period.
• 04Oil, gas and petrochemical customers gave 51.91% of revenue from operations in FY2025, so one sector drives a large part of sales.
• 05EPC and EPM contracts were 96.92% of FY2025 revenue, and many are won through competitive bidding, so new orders are not assured.
• 06The offer includes an offer for sale of up to 43,28,000 shares. The company gets no money from these shares. Promoter Sunil Kumar is selling up to 36,36,000 of them at a negligible average cost.
• 07Of the fresh issue, Rs 220.00 crore is for working capital and the amount for general corporate purposes is not yet stated. It can go up to 25% of the gross proceeds.
• 08Contingent liabilities were Rs 49.88 crore on 30 June 2025, including Rs 35.99 crore of GST related cases.
• 09Cost of raw materials and components was 61.58% of total expenses in FY2025 and the company depends on third party vendors for all equipment and specialised components.
• 10The quarter to 30 June 2025 and FY2025 show a sharp change in scale, so past growth may not repeat. The company itself says growth may not continue at the earlier rate.

WOG Technologies Limited is an integrated environmental engineering and technology company based in Delhi and Gurugram. It designs, engineers, procures, installs and operates wastewater treatment systems, effluent treatment plants and water recycling infrastructure. The company was incorporated on 22 October 2010 as WOG Technologies Private Limited and became a public limited company in July 2025.

Most of its work is done on an EPC or EPM contract basis. Such projects made up 96.92% of revenue from operations in FY2025, and 96.48% of the order book on 30 November 2025. The company does process design, engineering, technology integration and commissioning in-house. It outsources some civil and ancillary work to specialised vendors. It also earns from operation and maintenance contracts after a plant is commissioned.

The technologies it uses include anaerobic treatment, fine bubble diffuser aeration, jet aeration, MBR and AnMBR systems, physico-chemical treatment, oil separation and tertiary treatment. As on 30 November 2025, the company says it has delivered 1,165.73 MLD of treatment capacity. The WOG Group has executed or is executing 179 projects across 9 states and 1 union territory in India and 16 other countries.

Customers include municipal bodies and industrial clients in oil and gas, pharmaceuticals, chemicals, textiles, power, food and beverage and infrastructure. On 30 November 2025 the company served 40 domestic and 68 international customers. Overseas business is routed in part through its material subsidiary, WOG Technologies Pte. Ltd., Singapore. Export revenue was 73.25% of revenue from operations in FY2025 and 42.78% in FY2024.

The order book stood at Rs 1,012.96 crore on 30 November 2025, of which 65.17% is from municipal clients and 34.83% from industrial clients. The company had 478 employees on 30 June 2025. It has also bought 5% of Bell Cooling Towers Private Limited and plans to take the stake to 100% in four tranches between FY2026 and FY2029, to enter cooling tower manufacturing.

The industry

The draft offer document cites the CRISIL report. It says the global water and wastewater treatment market may reach USD 430-435 billion by 2028, growing at a CAGR of 6-7% from 2025 to 2028. The Indian water and wastewater treatment market is expected to reach Rs 6,310-6,510 billion during fiscals 2025-2029. The report links this demand to urbanisation, industrialisation and the need for wastewater infrastructure and recycling.

Customer concentration: Top 10 customers gave 97.53% of FY2025 revenue from operations (66.04% in FY2024); the largest, Customer 1, gave 35.46% in FY2025.