Antony Waste Handling Cell Ltd Q4 FY26 Results & Concall Highlights: Revenue ₹18,000 Cr

Published 14 Jun 2026 | Other Utilities | Market Cap: ₹1.1K Cr

Antony Waste Handling Cell Limited expects a 15% to 20% CAGR in revenue over the next 5 years, supported by a record Rs.18,000 crore order book. Antony Waste Handling Cell Limited targets a 15% to 20% revenue CAGR over the next 5 years backed by a record Rs.18,000 crore order book and new large-scale projects (Page 5).

From Antony Waste Handling Cell Ltd's Q4 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 15% to 20% CAGR in revenue over the next 5 years, supported by a record Rs.18,000 crore order book.
→Growth driven by strong execution in collection & transportation (C&T) and processing segments, with C&T revenue up 11% and processing up 5% in FY26.
→Total municipal solid waste (MSW) managed increased 15% in FY26, with volumes rising 9% in C&T to 2.12 million tons and 19% in processing to 3.6 million tons.
→New projects like two large waste-to-energy (WTE) plants in Andhra Pradesh are expected to contribute significantly post-FY29.
→Increased volumes and new contract acquisitions, including Mumbai contracts and preprocessing facilities, contribute to near-term revenue growth.
→Non-municipal revenue streams like RDF sales, compost, and EPR credits are expanding, providing further revenue diversification.
→Execution timeline for the Rs.18,000 crore order book: 40% revenue over next 5-7 years, balance over 15 years.

📈 Profitability & Margins

→Antony Waste Handling Cell Limited targets a 15% to 20% revenue CAGR over the next 5 years backed by a record Rs.18,000 crore order book and new large-scale projects (Page 5).
→EBITDA margins are expected to be maintained around 20-22%, supported by contractual escalations and disciplined cost management (Pages 4, 9).
→PAT growth has been constrained due to higher interest and depreciation from capital-intensive WTE projects, but future WTE plants (post FY29) in Andhra Pradesh are expected to contribute positively to earnings (Page 9).
→The company foresees an uptick in contract revenue and capex-induced revenue recognition mostly over FY27 to FY29, implying front-loaded growth in operating earnings during these years (Pages 10-12).
→Dividend initiation signals confidence in financial health, supportive of sustained profitability (Page 3).
→Overall, earnings growth is expected to accelerate post FY28-FY29 with full ramp-up of WTE assets and scaling of new contracts.

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

🏗️ Capital Expenditure Plans

→Incremental capex of approximately Rs.750 crores planned primarily for processing contracts, including:
→ - Atkoli processing facility
→ - Two Waste-to-Energy (WTE) projects in Andhra Pradesh
→ - Two Collection & Transportation (C&T) contracts in Mumbai
→The Rs.750 crores capex will be split over 2 years, with about 40% in FY27-FY28 and 60% in FY28-FY29.
→Total capex of Rs.650-700 crores expected to be captured as contract revenue/costing over 2 to 2.5 years.
→Future projects include:
→ - Three C&T contracts in northern India currently in bidding
→ - One WTE project under consideration in southern India
→Strategic partnership with Japan's JFE Engineering for WTE development enhances technology edge and cost certainty.
→No immediate investment planned in auto tire recycling/scrappage business due to market stabilization wait-and-watch approach.

💰 Fundraising & Capital Structure

→Currently, the company is in a strong financial position with a net debt to equity ratio of just 0.3x and gross debt at approximately Rs.426 crores as of March 2026.
→The weighted average cost of debt is around 9.9%, and ratings are solid (A- for key subsidiaries and BBB+ for the listed entity).
→This strong balance sheet and low leverage provide enough firepower to raise more debt for upcoming projects, which have assured revenue streams and long-term contracts.
→No explicit mention of equity fundraising was made during the call.
→The company plans to fund incremental capital expenditure (~Rs.750 crores) mainly through debt for new waste processing and WTE projects over the next 2-3 years.
→The strategy reflects disciplined borrowing mainly to support expansion while maintaining a healthy cash cushion for future projects.

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

📋 Order Book & Pipeline

→Antony Waste Handling Cell Limited's order book as of March 2026 stands at an all-time high of Rs.18,000 crores, providing strong revenue visibility.
→The Rs.18,000 crores order book split: approximately 60% processing contracts and 40% collection and transportation (C&T) contracts.
→The company expects to execute about 40% of this order book revenue over the next 5 to 7 years, with the remaining spread over the next 15 years.
→Incremental capex of around Rs.750 crores is required mainly for processing contracts, including new projects like Atkoli processing and two waste-to-energy (WTE) projects in Andhra Pradesh, plus two C&T contracts in Mumbai.
→Mumbai C&T projects alone represent a revenue stream of around Rs.1,330 crores spread over 7 years, averaging Rs.190 crores per year.
→The company is also bidding for 3 C&T contracts in northern India and one WTE project in southern India, indicating an active order pipeline.

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 Q4 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?

Incremental capex of approximately Rs.750 crores planned primarily for processing contracts, including: - Atkoli processing facility - Two Waste-to-Energy (WTE) projects in Andhra Pradesh - Two Collection & Transportation (C&T) contracts in Mumbai - The Rs.750 crores capex will be split over 2 years, with about 40% in FY27-FY28 and 60% in FY28-FY29.

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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.