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

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.

Price

₹384

Market Cap

₹1.1K Cr

P/E Ratio

19.0

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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 →

📊 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.

🏗️ 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.

📋 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

What Antony Waste han's management said in earlier quarters

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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.

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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.