WOG Technologies IPO

WOG Technologies Limited is a leading integrated player designing and delivering comprehensive water, wastewater, and environmental solutions. Since its incorporation in 2010, the company has focused on sustainable treatment, recycling, and efficient resource management for industrial and municipal clients globally. Its service portfolio includes water and wastewater treatment plants, zero liquid discharge (ZLD) systems, desalination, waste-to-energy projects, and biogas solutions, supported by end-to-end EPC/EPM and O&M capabilities. As of November 30, 2025, the WOG Group has executed 179 projects across India and 16 countries worldwide, serving diverse sectors like oil & gas, pharmaceuticals, chemicals, textiles, power, and infrastructure.

WOG Technologies Limited IPO Overview

The WOG Technologies Limited IPO is a book-built issue comprising a fresh issue of equity shares aggregating up to ₹3,750 crores and an offer for sale (OFS) of up to 43,28,000 equity shares by the selling shareholders. The equity shares are proposed to be listed on both BSE and NSE. While key details such as the IPO dates, price band, and lot size are yet to be announced, the company has filed its Draft Red Herring Prospectus (DRHP) with SEBI on December 28, 2025. Unistone Capital Pvt. Ltd. is the book running lead manager, and Bigshare Services Pvt. Ltd. is the registrar for the issue. The net proceeds from the fresh issue are proposed to be utilised for funding working capital requirements, acquiring an additional 50% stake in Bell Cooling Towers Private Limited, and for general corporate purposes. The promoters’ holding pre-IPO stands at 88.62%, which will be diluted post the issuance.

WOG Technologies Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue: Up to ₹3,750 Cr; OFS: Up to 43,28,000 shares
Fresh Issue	[.] shares (agg. up to ₹3,750 Cr)
Offer for Sale (OFS)	43,28,000 shares of ₹10 (agg. up to ₹[.] Cr)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	12,35,90,700 shares
Shareholding post-issue	To be updated post-IPO

IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

WOG Technologies Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

WOG Technologies Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹3.59
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	39.95%
Net Asset Value (NAV)	₹8.98
Return on Equity (RoE)	71.79%
Return on Capital Employed (RoCE)	51.32%
EBITDA Margin	34.15%
PAT Margin	26.74%
Debt to Equity Ratio	0.18

Objectives of the IPO Proceeds

The Net Proceeds from the Fresh Issue are intended to be utilised as per the details provided in the table below:

Particulars	Amount (in ₹ Crores)
Funding the working capital requirements of our Company	220.00
Acquisition of additional 50% shareholding in Bell Cooling Towers Private Limited	45.00
General corporate purposes*	[●]

Note: To be finalised upon determination of the Offer Price and updated in the Prospectus prior to filing with the RoC.

WOG Technologies Limited Financials (in ₹ million)

Particulars	30 June 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	1,983.652	1,800.324	542.573	516.911
Revenue from Operations	413.064	1,654.309	821.824	617.207
Profit After Tax (PAT)	96.752	442.417	27.874	12.292
Reserves and Surplus	1,214.136	1,058.352	80.007	51.976
Total Borrowings	66.081	127.456	147.444	107.493
Total Liabilities	720.080	692.867	417.566	419.935

Financial Status for WOG Limited

WOG Technologies Limited IPO Strengths

Strong Execution Capabilities in EPC/EPM Projects

WOG Technologies Limited has demonstrated strong execution capabilities in engineering, procurement, construction, and project management (EPC/EPM) for complex wastewater infrastructure. Its track record of successfully delivering 179 projects across diverse sectors and geographies, including technically challenging assignments in the Middle East and Southeast Asia, underscores its project management proficiency, technical expertise, and ability to meet client specifications and regulatory requirements within stipulated timelines.

End-to-End Integrated Solutions Provider

WOG Technologies Limited distinguishes itself as an end-to-end integrated solutions provider, offering a comprehensive suite of services from initial design and engineering to procurement, construction, commissioning, and long-term operations & maintenance (O&M). This integrated approach ensures seamless project delivery, enhances client stickiness by providing a single point of accountability, and allows the company to capture value across the entire project lifecycle, improving revenue visibility and profitability.

Diversified Project Portfolio Across Industries and Geographies

WOG Technologies Limited benefits from a highly diversified project portfolio, serving 40 domestic and 68 international customers across sectors like oil & gas, pharmaceuticals, IT, infrastructure, and municipalities. With operations in 9 Indian states and 16 countries, this diversification mitigates concentration risk, provides stable revenue streams from different economic cycles, and positions the company to capture emerging opportunities in both domestic and global water and wastewater treatment markets.

Strong Client Relationships and High Repeat Business

WOG Technologies Limited has fostered strong, trust-based relationships with a blue-chip clientele, including Saudi Aramco, Hyundai Engineering, and Hindustan Petroleum. This is evidenced by a high rate of repeat business, with repeat customers contributing 91.44% of revenue in FY25. The company’s customer-centric approach, focus on post-commissioning support, and ability to navigate stringent client accreditation processes have been instrumental in building long-term partnerships and ensuring a predictable business pipeline.

Business Model Aligned with Favourable Industry Tailwinds

WOG Technologies Limited operates in a sector poised for robust growth, driven by global water scarcity, stringent environmental regulations, and the push towards a circular economy. The company’s focus on sustainable solutions like water reuse, zero liquid discharge (ZLD), and waste-to-energy aligns perfectly with these macro trends and government initiatives in India and abroad, providing a significant long-term growth runway for its business model.

Robust Financial Performance and Healthy Balance Sheet

WOG Technologies Limited has exhibited exceptional financial performance, with revenue growing at a CAGR of 63.72% and PAT at 499.93% from FY23 to FY25. Its balance sheet is robust, characterized by a low debt-to-equity ratio of 0.18 (FY25) and strong profitability metrics like RoE of 71.79% and RoCE of 51.32%. This financial strength provides the company with the flexibility to fund growth and invest in new opportunities.

More About WOG Technologies Limited

Company Overview and Evolution

WOG Technologies Limited, incorporated in 2010, has evolved into a prominent designer and provider of integrated water, wastewater, and environmental management solutions. The company caters to a global clientele across industrial and municipal segments, focusing on sustainability, resource recovery, and regulatory compliance. Its journey from a project-based entity to an integrated solutions player is marked by strategic expansion into international markets and continuous technological advancement.

Core Business Segments and Service Offerings

The company operates through a dual-model approach:

I. EPC/EPM Projects:
This forms the core, involving the design, engineering, procurement, and construction of customized plants.

II. Operations & Maintenance (O&M):
Provides post-commissioning services, ensuring plant efficiency and compliance, and generating recurring revenue.

Key service offerings include:

I. Water & Wastewater Treatment:
Plants for industrial effluent and municipal sewage.

II. Advanced Solutions:
Zero Liquid Discharge (ZLD), desalination, and mobile treatment units.

III. Resource Recovery:
Waste-to-energy, biogas (CBG) projects, and bio-oil/biochar production via pyrolysis.

IV. Engineering & Technology:
In-house R&D, process design, and deployment of technologies like Membrane Bioreactors (MBR) and Reverse Osmosis (RO).

Global Footprint and Clientele

As of November 30, 2025, the WOG Group has executed 179 projects. Its international presence spans 16 countries, including Saudi Arabia, Vietnam, Kuwait, and others in South Asia, the Middle East, and the Caribbean. The company serves a diversified client base from both public and private sectors, including marquee names like Saudi Aramco Technologies, Hyundai Engineering, Enter Engineering, Kimberly Clark, and Hindustan Petroleum Corporation Limited (HPCL).

I. Strategic Acquisition:
Bell Cooling Towers A key strategic initiative is the proposed acquisition of an additional 50% stake in Bell Cooling Towers Private Limited (post-IPO holding: 55%). This move aims to:

II. Expand Addressable Market:
Enter the commercial cooling segment (hotels, data centres, malls).

III. Enable Cross-Selling:
Offer packaged water treatment plants to Bell’s customers and sell cooling towers to WOG’s existing industrial clients.

IV. Enhance Product Portfolio:
Create a more comprehensive water management offering.

Research and Development Focus

The company invests in innovation through its WOG Research and Technology Centre. Key R&D areas include:

I. Recovering hydrogen and single-cell protein from sewage sludge.

II. Developing microbial cocktails to enhance biogas plant efficiency.

III. Advancing technologies for compressed biogas, glycerine pitch residue treatment, and electrochemical processes. This focus ensures its solutions remain at the forefront of efficiency and sustainability.

Industry Outlook

Indian Water and Wastewater Treatment Industry: A Growth Imperative

The Indian water and wastewater treatment market is on a high-growth trajectory, driven by acute water scarcity, rapid urbanization, stringent environmental regulations, and a strong policy push. The market size is projected to reach ₹6,310-6,510 billion during FY2025-2029. This growth is underpinned by the government’s focus on schemes like the Jal Jeevan Mission (rural water supply) and AMRUT 2.0 (urban water management), which emphasize 100% sewage treatment in cities.

Key Growth Drivers

I. Water Scarcity & Reuse Mandates:
Depleting freshwater resources are forcing industries and municipalities to adopt recycling and reuse, driving demand for advanced treatment technologies like Zero Liquid Discharge (ZLD) and Membrane-based systems.

II. Regulatory Stringency:
The Central Pollution Control Board (CPCB) and state bodies are enforcing stricter discharge norms, compelling industries across sectors (textiles, chemicals, pharmaceuticals) to upgrade their effluent treatment infrastructure.

III. Circular Economy Push:
There is a growing shift towards treating wastewater as a resource. This fuels the market for technologies that recover energy (biogas/Bio-CNG), nutrients, and reusable water, aligning with national sustainability goals.

IV. Industrial Expansion & Urbanization:
Ongoing industrialization and the growth of water-intensive sectors (e.g., food & beverage, power, IT parks) coupled with urban sewage generation, create a continuous demand for new treatment capacity.

V. Public-Private Partnerships (PPP):
The government is increasingly leveraging PPP models for large-scale sewage treatment plants (STPs) and water supply projects, opening significant opportunities for private players like WOG Technologies.

Segment-Wise Prospects

I. Industrial Water Treatment:
Expected to remain the largest segment, with high growth in sectors like oil & gas, textiles, and pharmaceuticals requiring specialized solutions for complex effluents.

II. Municipal Wastewater Treatment:
Holds immense potential due to the huge gap between sewage generation and treatment capacity. The focus is on building new STPs and retrofitting old ones with energy-efficient technologies.

III. Desalination:
Gaining traction in coastal regions and industries as a reliable source of process water.

IV. Bioenergy from Waste:
The Compressed Biogas (CBG) sector presents a massive opportunity, with India’s potential estimated at ~87 billion cubic meters per year, of which less than 1% is currently tapped.

How Will WOG Technologies Limited Benefit

I. The company’s expertise in Zero Liquid Discharge (ZLD) and advanced membrane technologies positions it to capitalize on the mandatory water reuse and recycling norms being enforced across Indian industries, securing high-value contracts.

II. WOG’s established EPC/EPM execution capabilities and prequalifications enable it to bid for and secure large-scale projects under government-led national water missions (Jal Jeevan, AMRUT) and PPP models, which are set to drive significant infrastructure spending.

III. Its focus on waste-to-resource solutions, including biogas (CBG) and pyrolysis for bio-oil/char, aligns directly with India’s circular economy and bio-energy push, allowing it to tap into the vast, under-penetrated market for energy recovery from organic waste.

IV. The company’s diversified presence across high-growth industrial sectors like oil & gas, petrochemicals, and pharmaceuticals insulates it from sector-specific downturns and allows it to benefit from the CAPEX cycles in these core industries.

V. WOG’s proven international track record and existing client relationships in the Middle East, Africa, and Southeast Asia allow it to capture a share of the growing global water treatment market, projected to reach US$430-435 billion by 2028, diversifying its revenue sources.

VI. The strategic acquisition of Bell Cooling Towers enables cross-selling, allowing WOG to offer integrated water management for commercial buildings (data centres, malls) and expand into a new, high-growth segment alongside its traditional industrial base.

VII. Its growing O&M services portfolio is poised to benefit from the increasing need for efficient plant operation and compliance, providing a stable, annuity-like revenue stream that improves margin stability and deepens client relationships.

Peer Group Comparison

Name of the Company	Face Value (₹)	Revenue from (₹ in Lakhs)	Basic EPS (₹)	Diluted EPS (₹)	P/E	RoNW (%)	NAV (₹)
WOG Technologies Limited	10	16,543.09	3.59	3.59	[●]	39.95%	8.98
Peer Group
VA Tech Wabag Limited	2	3,29,400.00	47.48	46.80	27.64	13.80%	344.09
Ion Exchange (India) Limited	1	2,73,710.84	17.53	17.53	21.20	17.20%	101.89
EMS Limited	10	96,583.15	33.05	33.05	13.39	18.81%	175.70
Enviro Infra Engineers Limited	10	1,06,605.60	11.76	11.76	17.67	17.73%	66.35
Denta Water and Infra Solutions Limited	10	20,328.50	25.83	25.83	12.97	12.94%	199.65
Welspun Enterprises Limited	10	3,58,410.00	23.61	23.30	22.17	12.70%	185.97

Key Strategies for WOG Technologies Limited

Expand Market Position Through Scalable Infrastructure Projects

WOG Technologies Limited intends to expand its market position by actively bidding for and executing large-scale infrastructure projects under long-term annuity-based models like BOOT, BOO, and PPP. The company aims to leverage its enhanced technical and financial qualifications to participate in high-value tenders, particularly those under national water infrastructure programs. This strategy focuses on securing projects with better revenue visibility and margin profiles, contributing to sustainable long-term growth.

Accelerate Adoption of Advanced Wastewater Treatment Technologies

WOG Technologies Limited is committed to strengthening its position as a technology-driven provider by accelerating the deployment of its advanced in-house technologies. The strategy involves continued investment in its WOG Research and Technology Centre, focusing on R&D for sustainable solutions like hydrogen recovery from sludge, advanced ZLD systems, and chemical-free treatment processes. This aims to deliver differentiated, regulation-compliant, and cost-efficient solutions to maintain a competitive edge.

Strengthening Recurring Revenue Streams via O&M Services

WOG Technologies Limited aims to build a stable and predictable revenue base by expanding its portfolio of Operations and Maintenance contracts. The strategy involves converting completed EPC projects into long-term O&M mandates and actively bidding for bundled EPC-cum-O&M contracts. By offering comprehensive O&M services, including consumables supply, the company seeks to deepen client relationships, improve margin stability, and enhance cash flow visibility.

Target Strategic Partnerships, Acquisitions, and Geographic Diversification

To fuel growth, WOG Technologies Limited plans to pursue strategic partnerships and acquisitions, like its investment in Bell Cooling Towers, to enter new segments and geographies. The company intends to expand its international footprint, particularly in the Middle East, Africa, and Southeast Asia, by deploying dedicated business development teams. This strategy aims to diversify revenue streams, tap into emerging market demand, and leverage cross-selling opportunities.

Scale Decentralized Bioenergy & Waste-to-Resource Solutions

WOG Technologies Limited plans to scale its presence in the bioenergy sector by developing and deploying decentralized plants that convert organic waste into renewable energy (e.g., Bio-CNG) and resources (e.g., biochar). The strategy includes pursuing projects in biomass torrefaction and pyrolysis through collaborations and subsidiaries. This aligns with national bio-energy goals and regulatory norms, allowing the company to offer comprehensive waste-to-value solutions.