Rite Water Solutions (India) Ltd
Nagpur water-tech company that builds and runs community water-purification, fluoride/arsenic removal and solar-powered water-ATM systems for government programmes — ₹512 Cr of FY25 revenue and ₹99 Cr of profit, a ₹745 Cr IPO cleared by SEBI in July 2025 but not yet listed; no UnlistedZone price, so the ₹525 shown is wwipl's August 2026 trade.
Market cap
₹2,415 Cr
4.60 Cr shares
P/E ratio
24.46
Sector average 30
Book value
₹65.04
P/B 8.07
1-year return
+0.00%
52w ₹525 – ₹525
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹525 → ₹525
52-week band in this window: ₹525.00 – ₹525.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 revenue ₹512 Cr, PAT ₹98.7 Cr (Inc42); ~19% net margin.
- ₹745 Cr IPO: DRHP 10 Feb 2025, SEBI approval 4 Jul 2025, JM Financial and Axis Capital; listing not confirmed.
- Promoters Vinayak and Abhijeet Gan; impact investor Water Access Acceleration Fund as selling shareholder.
- No UnlistedZone price; wwipl ₹525 (20 Aug 2026) used; share count assumed at 4.6 Cr (₹2 face value).
About Rite Water
Rite Water Solutions (India) Limited designs, installs, operates and maintains water-purification and disinfection systems for government and public-sector clients, mainly under rural drinking-water programmes such as the Jal Jeevan Mission and state fluoride-, arsenic- and iron-mitigation schemes. Its product set includes community water-purification plants, solar-powered water ATMs and kiosks, electro-chlorinators and disinfection units, iron-removal and contaminant-specific units, and IoT-based monitoring; long-term operation-and-maintenance contracts give it recurring revenue on top of equipment supply and installation. Customers are state public-health engineering departments, rural-development agencies and PSUs across several states.
The company was incorporated in Nagpur on 24 September 2004 as Nagpur Aquatech Private Limited, later renamed Rite Water Solutions (India) Private Limited and converted to a public limited company ahead of its IPO. It is promoted by Vinayak Shankarrao Gan and Abhijeet Vinayak Gan; Water Access Acceleration Fund S.L.P. (W2AF, the Danone/Incofin-anchored impact fund) is an investor and a selling shareholder in the offer. The equity shares have a face value of ₹2 under ISIN INE235Q01028.
Rite Water filed its DRHP with SEBI on 10 February 2025 for a ₹745 Cr IPO — a fresh issue of up to ₹300 Cr and an offer for sale of up to ₹445 Cr by the promoters and W2AF — with JM Financial and Axis Capital as book-running lead managers and a proposed listing on NSE and BSE. SEBI issued its observations (approval) on 4 July 2025. As of October 2026 no listing has been confirmed: an Angel One article of February 2026 still described the issue as upcoming, and a broker page shows a ₹72–77 band with July 2026 bidding dates that conflicts with wwipl's ₹525 off-market trade of 20 August 2026 — check whether the issue has since launched (a SEBI approval is valid for twelve months, so a refiling may be needed).
Financially, data aggregator Inc42 reports FY25 revenue of ₹512.0 Cr and profit after tax of ₹98.7 Cr — a 19% net margin reflecting a mix of supply contracts and O&M. The FY23 and FY24 columns below (about ₹176 Cr and ₹320 Cr of revenue, ₹22 Cr and ₹50 Cr of profit) are approximations recalled from DRHP coverage and should be checked against the prospectus; all balance-sheet and cash-flow lines are estimates built around an assumed FY25 net worth of about ₹300 Cr.
Rate and valuation: UnlistedZone shows ₹0 and no price history for the company, so no UnlistedZone rate exists. wwipl's last traded price is ₹525 (52-week high and low both ₹525, dated 20 August 2026) — a single trade. The share count was not retrievable; the page assumes about 4.6 Cr shares of ₹2, which makes ₹525 equal to roughly ₹2,400 Cr, or 24x FY25 earnings and 8x the assumed book value — a plausible level for a profitable, growing water-infrastructure company but entirely dependent on the assumed share count. Verify both before trading.
Verification status (10 Oct 2026): DRHP date, issue structure, lead managers, promoters, selling shareholders, SEBI approval date and original incorporation details are from press coverage of the DRHP (Business Standard, Groww, Angel One, ipocentral); FY25 revenue and PAT from Inc42; ISIN and face value from UnlistedZone and wwipl. CIN, registered-office address, share count, board DINs, FY23/FY24 figures, balance-sheet lines, shareholding percentages and listing status after July 2026 are unverified or estimated.
Where the revenue comes from
- Community water-purification and treatment plants55%
Supply and installation under rural drinking-water schemes (share estimated)
- Operation and maintenance contracts30%
Multi-year O&M of installed plants and water ATMs (share estimated)
- Disinfection, electro-chlorination and IoT products15%
Electro-chlorinators, solar water ATMs, monitoring (share estimated)
Products & services
Community water-purification plants
Containerised and site-built RO/UF and contaminant-specific (fluoride, arsenic, iron) treatment units for villages and habitations.
Solar-powered water ATMs and kiosks
Pay-per-use dispensing units with remote monitoring.
Electro-chlorinators and disinfection
On-site hypochlorite generation and dosing for piped water supply.
Operation and maintenance
Multi-year O&M contracts for installed plants with IoT-based water-quality monitoring.
What works
- • Scale and profitability in a government-backed niche: ₹512 Cr of FY25 revenue and ₹98.7 Cr of PAT (19% margin), riding Jal Jeevan Mission and contaminant-mitigation spending.
- • Recurring O&M revenue from long-term operate-and-maintain contracts alongside equipment supply.
- • IPO-ready: DRHP filed Feb 2025, SEBI approval Jul 2025, JM Financial and Axis Capital as lead managers, impact investor W2AF on the cap table.
- • Two decades of operating history (incorporated 2004) with a promoter family still running the company.
What to watch
- • Government-receivable risk: state PHED clients pay slowly and programme budgets change with elections and central allocations.
- • No UnlistedZone rate; the ₹525 shown is one wwipl trade and the share count on this page is an assumption, so the implied ₹2,400 Cr valuation is unverified.
- • IPO status is unclear — SEBI's July 2025 approval may have lapsed, and a broker page shows a conflicting ₹72–77 band; if the issue has listed, this page's rate is wrong.
- • Contract and working-capital concentration: large supply orders are lumpy and bank guarantees and retention money tie up cash.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Rite WaterThis page | ₹525.00 | ₹2,415 Cr | 24.46 | 8.07 | +70.56% |
| INKEL | ₹20.40 | ₹346.8 Cr | 36.43 | 1.73 | +15.47% |
| BVG India | ₹440.64 | ₹5,711 Cr | 30.77 | 4.18 | +15.72% |
| Spray Engineering | ₹73.44 | ₹330.48 Cr | 9.71 | 1.37 | +18.32% |
Latest reported year: FY25 ending 31 Mar 2025.