Antony Waste Handling Cell LtdQ3 FY25
Antony Waste Handling Cell Ltd Q3 FY25 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹472P/E: 22.3Market Cap: ₹1.4K CrSector: Other Utilities
Management growth scorecard
Revenue
Category 3
Margin
Category 3
Fundraise
N/A
Order
Yes
Capex
Yes
2 of 4 growth signals are positive.
Full analysisRevenue guidance
Category 3- →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.
Margin guidance
Category 3- →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.
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Fundraise plans
- 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
Yes- →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.
Capex plans
Yes- →**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.
How does Antony Waste Handling Cell Ltd rank vs peers in Other Utilities?
Pro feature1Antony Waste Handling Cell Ltd
Rev 3Mar 3
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