Antony Waste Handling Cell Ltd

- 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.

- 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.

- 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.

- 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.

- 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.