Delhi-based environmental engineering firm, WOG Technologies, has filed DRHP with the Securities and Exchange Board of India (SEBI). WOG Technologies IPO comprises a fresh issue of INR 375 crore and an OFS of up to 43.28 lakh shares by promoters and early shareholders.
The IPO will be managed by Unistone Capital as the Book Running Lead Manager, with Bigshare Services acting as the Registrar.
WOG Technologies IPO: Business Overview
Founded in 2010, WOG Technologies has evolved into a technology-led infrastructure company specializing in water treatment, wastewater management, oil-water separation, and biogas generation systems. Positioned at the intersection of industrial sustainability and environmental compliance, the company provides turnkey solutions that span the entire water lifecycle — from design and engineering to procurement, installation, and post-commissioning operations and maintenance (O&M).
The company operates primarily through two business models:
- EPC/EPM (Engineering, Procurement, and Construction / Management) – contributing over 95% of revenue, this model involves end-to-end design, procurement, and commissioning of water and wastewater projects.
- O&M (Operations & Maintenance) – a recurring revenue stream accounting for 3–5% of turnover, under which WOG manages ongoing operations, maintenance, and compliance for installed plants.
With operations across India, Southeast Asia, the Middle East, and the Caribbean, the company has built a global project footprint that combines domain expertise with localized execution through its subsidiaries — including WOG Technologies and WOG Technologies SEA Holdings in Singapore.
As of 30 November 2025, the company had executed 179 projects across 9 Indian states and 16 international markets, and was executing 34 active projects with an order book of INR 1,012.96 crore.
Business Model and Execution Strength
WOG Technologies’ competitive edge lies in its in-house EPC capabilities, which enable high-value project customization. Unlike typical EPC players that depend heavily on third-party technology licensors, WOG leverages proprietary process engineering and integrated project management, resulting in improved cost control, predictable margins, and consistent project delivery.
The company’s execution philosophy centers on:
- Modular, technology-integrated design to suit complex wastewater streams.
- Hybrid delivery models combining turnkey EPC with long-term O&M for lifecycle revenue.
- On-site resource optimization — utilizing biogas recovery and water reuse to reduce client operating costs.
- Localised project subsidiaries in Singapore and other regions to ensure tax, regulatory, and operational compliance.
WOG has developed significant expertise in advanced treatment technologies, including:
- Membrane Bioreactors (MBR)
- Zero-Liquid Discharge (ZLD) systems
- Anaerobic Membrane Bioreactors (AnMBR)
- Advanced Oxidation Processes
- Waste-to-energy conversion technologies
In October 2025, the company filed a patent application for a novel Upflow Anaerobic Sludge Blanket (UASB) system designed to enhance phase separation, reduce clogging, and stabilise microbial activity — signalling its strategic push into in-house R&D and IP-led growth.
Operational and Client Portfolio
WOG Technologies serves industrial and municipal clients across diverse sectors such as petrochemicals, pharmaceuticals, distilleries, textiles, and infrastructure utilities. Its client roster includes marquee names such as:
- Hindustan Petroleum Corporation
- Punjab Water Supply & Sewerage Division
- Punjab Small Industries and Export Corporation
- Saudi Aramco Technologies
- Hyundai Engineering
- Kimberly Clark Asia-Pacific
Many of these clients are repeat customers — a reflection of WOG’s consistent performance and long-term service orientation.
Its top five customers contributed 87.5% of FY25 revenue, while the top ten accounted for 97.5%, indicating a high degree of client concentration typical of capital-intensive infrastructure businesses.
WOG Technologies IPO: Order Book & Execution Metrics
As of 30 November 2025, WOG’s total order book stood at INR 1,012.96 crore, distributed as:
- Municipal projects: 65.17%
- Industrial projects: 34.83%
| Segment | Projects | Total Contract Value | Revenue Recognized | Balance Order Value |
|---|---|---|---|---|
| O&M Services | 14 | 44.04 | 9.13 | 34.91 |
| EPC/EPM Contracts | 20 | 1,112.16 | 1.34 | 978.05 |
| Total | 34 | 1,181.18 | 168.22.45 | 1,012.96 |
Operational performance metrics underline the company’s project discipline:
- On-time delivery rate: Improved from 75% in FY23 to 90% in Q1 FY26.
- Wastewater recycled: Expanded from 16.25 MLD (FY23) to 22.62 MLD (Q1 FY26).
- Active O&M contracts: Increased from 26 (FY23) to 39 (Q1 FY26).
WOG Technologies IPO: Financial Performance
WOG Technologies has transitioned from a modest engineering outfit to a high-growth infrastructure player with a sharp inflection in profitability over the last three years.
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | 61.72 | 82.18 | 165.43 |
| EBITDA Margin (%) | 6.45 | 9.39 | 41.10 |
| PAT Margin (%) | 1.99 | 3.39 | 26.74 |
| ROE (%) | 25.35 | 25.11 | 71.79 |
| Debt/Equity (x) | 1.52 | 1.48 | 0.18 |
WOG Technologies IPO: Use of Funds
WOG plans to deploy the net proceeds of the fresh issue toward:
- Working capital augmentation — INR 220 crore
- Acquisition of an additional 50% stake in Bell Cooling Towers — INR 45.00 crore
- General corporate purposes — balance proceeds
The acquisition is expected to strengthen WOG’s thermal management and process cooling capabilities, enabling integrated offerings in industrial effluent and heat recovery systems.
Industry Outlook
India’s water treatment and supply market is forecast to expand 1.6–1.7x between FY25–FY29, driven by increased government investment in water infrastructure, industrial compliance mandates, and urbanization. The wastewater treatment market, valued at INR 1.9 lakh crore during FY19–FY24, is expected to grow to INR 3.1 lakh crore by FY29 (CRISIL report).
This growth is catalyzed by:
- Regulatory tightening from CPCB and SPCBs.
- Sustainability mandates and ESG reporting norms (BRSR).
- Industrial decarbonization and circular economy adoption.
- Infrastructure renewal in municipal water systems.
Final Words
WOG Technologies DRHP filing reflects a business at inflection point, transitioning from a niche EPC player to a comprehensive environmental infrastructure integrator. With a healthy order book, rising profitability, proprietary technologies, and strong ESG alignment, it enters the capital markets at a time when water security and sustainability are becoming central to India’s policy and industrial agenda.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.