Antony Waste Handling Cell Ltd Q2 FY26 Results & Concall Highlights: Revenue ₹465 Cr

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Published 3 Aug 2026 | Other Utilities | Market Cap: ₹1.1K Cr

Antony Waste Handling Cell Limited expects a 25% CAGR growth in revenue over the next 4-5 years, driven by new Waste to Energy (WTE) projects and organic growth. Antony Waste Handling Cell projects a **25% CAGR revenue growth over 4 to 5 years** driven by current contracts and new Waste to Energy (WTE) projects.

From Antony Waste Handling Cell Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

📊 Revenue & Sales Performance

→Antony Waste Handling Cell Limited expects a 25% CAGR growth in revenue over the next 4-5 years, driven by new Waste to Energy (WTE) projects and organic growth.
→Revenue grew from approximately Rs.465 crores in FY '20 to Rs.950 crores in FY '25, reflecting a 26% CAGR over the past five years.
→The company anticipates continued growth from increased tonnage and higher tipping fees in existing contracts, projecting 17-18% organic growth for the current period.
→New WTE projects, including two large ones with a combined Rs.3,200 crore revenue over 20 years, are expected to start contributing revenue from Q4 FY '27 after construction.
→Collection and Transportation (C&T) business is expanding geographically beyond Maharashtra to southern and eastern states in India.
→The vehicle scrapping and tire recycling venture is expected to begin operations within 6-9 months post-approval, adding to future revenue streams.

📈 Profitability & Margins

→Antony Waste Handling Cell projects a **25% CAGR revenue growth over 4 to 5 years** driven by current contracts and new Waste to Energy (WTE) projects.
→Revenues are expected to grow organically by 17-18% in the near term, led by increased tonnage and tipping fees.
→New WTE projects and ventures like auto scrapping and tire recycling are anticipated to contribute incremental revenue from FY '27 onwards.
→EBITDA margins are guided to sustain around **22.5% to 23%**, with stability expected despite some wage pressures.
→The company expects margin improvement opportunities via bulk procurement and operational efficiencies.
→Stable long-term contracts (7-10 years) ensure revenue visibility and recurring earnings.
→Return metrics (ROCE/ROE) currently affected by capital employed; expected to improve as projects mature and non-municipal revenue streams increase.
→Moderate risk to margins due to fuel and labor costs is mitigated via contractual pass-throughs.
→EPS growth aligns with revenue and margin sustainability, bolstered by efficient execution of new projects.

See what Antony Waste Handling Cell Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→**Waste to Energy (WTE) Projects:**
→ - Two new WTE projects bid in western India; Andhra Pradesh projects under concession agreement, with construction expected to start by Q4 FY2026 after financial closure by end 2025.
→ - Capex for new WTE projects estimated at Rs.300-325 crore each, higher than earlier PCMC project (~Rs.250 crore) due to inflation.
→ - Construction duration for WTE projects around 24 months.
→**Vehicle Scrapping and Tire Recycling Venture:**
→ - Land acquisition and MIDC approvals in process.
→ - Construction of facility expected within 6 to 9 months once approvals are received.
→ - Initial scale expected at ~40 vehicles per day, with gross asset turnover around 0.2x to 0.25x capex.
→**Centralized Stores and Procurement System:**
→ - Investment in inventory and centralized stores management to optimize bulk purchases and OEM tie-ups.
→**Ongoing Capital in Existing Contracts:**
→ - Continued capex deployment in collection and transportation contracts, some capex-light where municipal corporations provide assets.

💰 Fundraising & Capital Structure

- No explicit mention of planned new fundraising through debt or equity in the provided transcript. - Company mentions ongoing financial management including working capital deployment and EMDs for pipeline projects but no specific funding rounds. - Cost of debt stands at ~9.4%; company has ratings (A- for large subsidiary, BBB+ by CRISIL & CARE) with potential for optimization but no announced refinancing plans. - Focus appears to be on operational efficiencies, optimizing working capital, and finalizing project financial closures (e.g., for Andhra Pradesh Waste to Energy projects) rather than new equity or debt issuances. - The merger of a subsidiary with the holding company is in its final stage, aimed to improve operational/financial efficiency but no associated fundraising disclosed. Overall, there is no clear or direct information about any imminent new fundraising through debt or equity in the available content.

See what Antony Waste Handling Cell Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→As of September 2025, Antony Waste Handling Cell Limited has a total order book of around Rs. 12,500 crores.
→This order book includes signed contracts where capex is either completed or ongoing.
→New contracts often require significant capex upfront, especially Waste to Energy (WTE) projects.
→The Rs. 12,000 crore pipeline mentioned earlier refers to contracts already bagged with remaining execution periods; actual execution and revenue realization span over multiple years (e.g., 7-10 year contracts).
→The company has also bid for additional C&T and waste processing contracts currently in the letter of intent stage, with no definitive updates expected soon.
→Two new WTE projects are under development with concession agreements signed; financial closure expected by end of 2025, with construction starting in late 2026.
→The company is working with large players to accelerate approvals and construction for new projects.

Key Metrics

How does Antony Waste Handling Cell Ltd rank vs peers in Other Utilities?

Pro feature

1Antony Waste Handling Cell Ltd

See full Other Utilities sector rankings

Price

₹384

Market Cap

₹1.1K Cr

P/E Ratio

19.0

Antony Waste Handling Cell Ltd — Quarterly revenue & net profit

Revenue Net Profit

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Reported quarterly figures (₹ Cr). Latest: revenue ₹262 Cr, net profit ₹15 Cr.

Full financials →

What AWHCL's management said in earlier quarters

Others in Other Utilities this season

APEXECO (Q2 FY26)
The company is executing significant orders, including a major Reliance Consumer order requiring about 70% execution within FY26, indicating increased revenue…
CEWATER (Q2 FY26)
For FY 2027 and beyond, management remains confident in maintaining ~20% growth based on strong inquiry pipeline and market conditions. Key concall takeaways…
EIEL (Q2 FY26)
Order inflow for the current financial year has already reached INR 1,450 crores, with an additional bid pipeline of around INR 8,000 crores, indicating strong…
HIGREEN (Q2 FY26)
Ramp-up period for new plants is around 3 to 4 months to reach optimal capacity (~75–80%). Key concall takeaways from Hi-Green Carbon Ltd's Q2 FY26 earnings…

Compare:vs Va Tech Wabag Ltd vs Ion Exchange (India) Ltd vs REFEX

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Frequently Asked Questions

What were Antony Waste Handling Cell Ltd Q2 FY26 results?

What is Antony Waste Handling Cell Ltd share price analysis?

Antony Waste Handling Cell Ltd currently shows a neutral. The stock trades at a P/E of 19.0 with a market cap of ₹1,108 Cr. Investors should review the full earnings analysis for detailed insights.

Is Antony Waste Handling Cell Ltd planning capital expenditure?

Waste to Energy (WTE) Projects:** - Two new WTE projects bid in western India; Andhra Pradesh projects under concession agreement, with construction expected to start by Q4 FY2026 after financial closure by end 2025.

Keep Antony Waste Handling Cell Ltd on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.