Any current/future capex/capital investment/strategic investment?

FY '25 capex estimated at around Rs.78 crores, including newly bagged Collection and Transportation (C&T) contracts. FY '26 capex expected around Rs.25 crores. FY '27 capex projected at around Rs.25 crores, mainly related to Kanjurmarg waste-to-energy project, assuming no new contracts. Exploring a large waste-to-energy project at existing Kanjur facility, with proposals submitted to BMC. Progress made on vehicle scrapping facility: identified land near Mumbai and awaiting land allotment from MIDC to apply for license. Open to strategic tie-ups or partnerships (including potential with global

Future growth expectations in sales/revenue/volumes?

Core revenue is expected to grow at a CAGR of around 25% over the next 3 to 5 years. EBITDA margins are projected to remain stable around 23% to 24% during the same period. Volume growth is supported by ramp-up in existing projects such as PCMC waste-to-energy and construction & demolition waste processing. New Collection & Transportation contracts (e.g., Navi Mumbai Municipal Corporation) will start contributing revenue from FY 2025 onwards. Construction & Demolition waste project's operational ramp-up is targeted for the second half of the current financial year. The Click-to-clean

Future growth expectations in earnings/operating earnings/profits/EPS?

Core revenue is expected to grow at a CAGR of around 25% over the next 3 to 5 years, driven by existing contracts and ramp-up of new projects like PCMC waste-to-energy and construction & demolition waste projects. EBITDA margins are anticipated to sustain around 23% to 24% over the next 3 to 4 years. Collection and Transportation (C&T) volume saw a 9% year-on-year increase, with processing revenue growing 22%, signaling strong operational momentum. In the second half of the year, 15% to 16% top-line growth is expected, supported by operational ramp-up and new initiatives. The company’s focus o

Current/ Expected Orderbook/ Pending Orders?

Antony Waste Handling Cell Limited currently has 24 running projects. Waste processing projects have timelines extending to around 2042. Collection and Transportation (C&T) projects have an average exit period till 2029. The company won a significant Rs. 976 crore C&T contract with Navi Mumbai Municipal Corporation. They are exploring a large waste-to-energy project at the existing Kanjur facility and vehicle scrapping facility near Mumbai. Ongoing bids include several waste-to-energy and C&T projects, mainly in the western region of India. Management evaluates projects based on internal IRR t

Any current/future new fundraising through debt or equity?

Currently, Antony Waste Handling Cell Limited has adequate financial flexibility and debt profile to meet existing and proposed capital requirements in the current business line; no immediate fundraising planned. The company is open to raising funds if new opportunities arise or can be banked on. No specific plans for a Qualified Institutional Placement (QIP) with strategic global waste management firms for the current business have been made. However, the company is open to strategic tie-ups and possible fundraising in new segments such as tire recycling, e-waste, and plastic processing

Antony Waste Handling Cell LtdQ2 FY25Other Utilities

Antony Waste Handling Cell Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹276.6P/E: 13.4Market Cap: ₹785 CrSector: Other Utilities

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Core revenue is expected to grow at a CAGR of around 25% over the next 3 to 5 years.
EBITDA margins are projected to remain stable around 23% to 24% during the same period.
Volume growth is supported by ramp-up in existing projects such as PCMC waste-to-energy and construction & demolition waste processing.
New Collection & Transportation contracts (e.g., Navi Mumbai Municipal Corporation) will start contributing revenue from FY 2025 onwards.
Construction & Demolition waste project's operational ramp-up is targeted for the second half of the current financial year.
The Click-to-clean initiative and other new business lines are expected to add to revenue visibility by March 2025.
Long-term projects like large waste-to-energy initiatives at Kanjurmarg are expected to boost scale in future years.
Overall second half growth outlook includes 14% to 18% top-line growth based on operational ramp-up and project pipeline.

Margin guidance

Category 3

Core revenue is expected to grow at a CAGR of around 25% over the next 3 to 5 years, driven by existing contracts and ramp-up of new projects like PCMC waste-to-energy and construction & demolition waste projects.
EBITDA margins are anticipated to sustain around 23% to 24% over the next 3 to 4 years.
Collection and Transportation (C&T) volume saw a 9% year-on-year increase, with processing revenue growing 22%, signaling strong operational momentum.
In the second half of the year, 15% to 16% top-line growth is expected, supported by operational ramp-up and new initiatives.
The company’s focus on innovation and new segments like tire recycling and vehicle scrapping is expected to contribute to future earnings growth.
Debt reduction is a priority, projecting to be debt-free by FY29 if no new contracts are taken, improving financial health and earnings quality.

See what Antony Waste Handling Cell Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Currently, Antony Waste Handling Cell Limited has adequate financial flexibility and debt profile to meet existing and proposed capital requirements in the current business line; no immediate fundraising planned.
The company is open to raising funds if new opportunities arise or can be banked on.
No specific plans for a Qualified Institutional Placement (QIP) with strategic global waste management firms for the current business have been made.
However, the company is open to strategic tie-ups and possible fundraising in new segments such as tire recycling, e-waste, and plastic processing.
Debt reduction is ongoing with a goal to be debt-free by FY 2029 if no new contracts are bagged.
Capital expenditure planned: ~Rs.78 crores in FY 2025, ~Rs.25 crores in FY 2026 and FY 2027, depending on new contracts.

Order book

Yes

Antony Waste Handling Cell Limited currently has 24 running projects.
Waste processing projects have timelines extending to around 2042.
Collection and Transportation (C&T) projects have an average exit period till 2029.
The company won a significant Rs. 976 crore C&T contract with Navi Mumbai Municipal Corporation.
They are exploring a large waste-to-energy project at the existing Kanjur facility and vehicle scrapping facility near Mumbai.
Ongoing bids include several waste-to-energy and C&T projects, mainly in the western region of India.
Management evaluates projects based on internal IRR thresholds and risk; new projects meeting criteria will be bid on.
For upcoming contracts, particularly in southern India (Tamil Nadu and Andhra Pradesh), bids are under consideration if they meet equity and IRR thresholds.
No specific current orderbook value disclosed beyond the Rs. 976 crore Navi Mumbai contract.

See what Antony Waste Handling Cell Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

FY '25 capex estimated at around Rs.78 crores, including newly bagged Collection and Transportation (C&T) contracts.
FY '26 capex expected around Rs.25 crores.
FY '27 capex projected at around Rs.25 crores, mainly related to Kanjurmarg waste-to-energy project, assuming no new contracts.
Exploring a large waste-to-energy project at existing Kanjur facility, with proposals submitted to BMC.
Progress made on vehicle scrapping facility: identified land near Mumbai and awaiting land allotment from MIDC to apply for license.
Open to strategic tie-ups or partnerships (including potential with global majors) for new segments like tire recycling, e-waste, and plastics.
No current plans for QIP for existing business, but open for new segments.

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