Any current/future new fundraising through debt or equity?

The company’s gross debt as of December 2025 is approximately Rs.425 crores, with a net debt to equity of 0.4x. Planned capital expansions at Atkoli and Andhra Pradesh projects will increase net debt to equity to around 1x to 1.2x in the next couple of years. The balance sheet is considered strong and capable of managing this increased debt. The blended interest cost is targeted to gradually come down below 9% from the current 9.1%-9.5% range over the next few years. No explicit mention of new equity fundraising in the recent discussion. The company is focused on measured growth and cautious p

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

Two Andhra Pradesh waste-to-energy projects at Kadapa and Kurnool with total capex of Rs.600-650 crores; construction period planned for 24 months, revenue from FY '29 onwards. Atkoli project and two BMC Collection & Transportation contracts also underway with associated capital expenditure. Addition of 335 vehicles at new NMMC project; incremental deployments at PCMC and Nagpur sites. Targeted debt/equity ratio up to 1x-1.2x over next 2 years to support capex. Continued investment in technology, innovation, and operational excellence to consolidate industry position. Focus on high-value contr

Future growth expectations in sales/revenue/volumes?

Post commercialization of two Andhra Pradesh waste-to-energy projects in FY '29, annual revenue is expected to start between Rs. 90 crores to Rs. 140 crores, scaling up to Rs. 130-140 crores, adding to existing Rs. 1,000+ crores revenue. Revenue growth for next year (FY '27) is targeted at 15%-18%, aiming around Rs. 1,200 crores from approximately Rs. 1,000 crores currently. Long-term revenue growth guidance is a 20% CAGR moving forward, supported by new project wins such as Atkoli, 2 BMC C&T contracts, and Andhra Pradesh WTE projects. Contribution from Construction & Demolition segment

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

Revenue growth target: 20% to 25% CAGR over the next few years, driven by new project wins and steady execution. FY '27 revenue expected around Rs.1,200 crores, up from Rs.1,000 crores in the current year (15% to 18% growth). Post commercialization of two Andhra waste-to-energy projects in FY '29, an additional Rs.90 to Rs.140 crores annual revenue expected initially, scaling up to Rs.130 to Rs.140 crores, over and above the existing Rs.1,000+ crores. EBITDA margins targeted in the 22% to 23% range; core operating margins might face slight temporary pressure during project construction p

Current/ Expected Orderbook/ Pending Orders?

The company has secured a Rs.1,330 crore Collection & Transportation (C&T) order over a 7-year period through a joint venture, with Antony holding 51% ownership. The entire Rs.1,330 crore revenue and expenses are consolidated in Antony's books; minority interest accounts for other partners' share of profits. There are ongoing bids and tenders, including: - One live tender for a waste-to-energy (WTE) project in eastern India. - Several WTE tenders expected soon in Tamil Nadu post-state elections. - Tenders related to C&D segment expected to increase due to policy changes. The

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Antony Waste Handling Cell LtdQ4 FY27Other Utilities

Antony Waste Handling Cell Ltd Q4 FY27 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 1

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Post commercialization of two Andhra Pradesh waste-to-energy projects in FY '29, annual revenue is expected to start between Rs. 90 crores to Rs. 140 crores, scaling up to Rs. 130-140 crores, adding to existing Rs. 1,000+ crores revenue.
→Revenue growth for next year (FY '27) is targeted at 15%-18%, aiming around Rs. 1,200 crores from approximately Rs. 1,000 crores currently.
→Long-term revenue growth guidance is a 20% CAGR moving forward, supported by new project wins such as Atkoli, 2 BMC C&T contracts, and Andhra Pradesh WTE projects.
→Contribution from Construction & Demolition segment expected to double from current 5% as policy changes drive revenue growth in coming quarters.
→Volume seasonality observed with 55% of tonnage during wet season (June to October), boosting volumes.
→New tenders, especially in Eastern India and Tamil Nadu, expected post elections, indicating potential for further project additions and volume growth.

Margin guidance

Category 1

→Revenue growth target: 20% to 25% CAGR over the next few years, driven by new project wins and steady execution.
→FY '27 revenue expected around Rs.1,200 crores, up from Rs.1,000 crores in the current year (15% to 18% growth).
→Post commercialization of two Andhra waste-to-energy projects in FY '29, an additional Rs.90 to Rs.140 crores annual revenue expected initially, scaling up to Rs.130 to Rs.140 crores, over and above the existing Rs.1,000+ crores.
→EBITDA margins targeted in the 22% to 23% range; core operating margins might face slight temporary pressure during project construction phases but expected to stabilize.
→ROCE and ROIC anticipated to improve gradually over time as capex investments mature.
→Focus on higher value contracts and technology-driven solutions to improve margin profile and earnings consistency.

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Fundraise plans

→The company’s gross debt as of December 2025 is approximately Rs.425 crores, with a net debt to equity of 0.4x.
→Planned capital expansions at Atkoli and Andhra Pradesh projects will increase net debt to equity to around 1x to 1.2x in the next couple of years.
→The balance sheet is considered strong and capable of managing this increased debt.
→The blended interest cost is targeted to gradually come down below 9% from the current 9.1%-9.5% range over the next few years.
→No explicit mention of new equity fundraising in the recent discussion.
→The company is focused on measured growth and cautious project selection to maintain financial health.

Order book

Yes

→The company has secured a Rs.1,330 crore Collection & Transportation (C&T) order over a 7-year period through a joint venture, with Antony holding 51% ownership.
→The entire Rs.1,330 crore revenue and expenses are consolidated in Antony's books; minority interest accounts for other partners' share of profits.
→There are ongoing bids and tenders, including:
→ - One live tender for a waste-to-energy (WTE) project in eastern India.
→ - Several WTE tenders expected soon in Tamil Nadu post-state elections.
→ - Tenders related to C&D segment expected to increase due to policy changes.
→The company anticipates doubling the C&D segment's contribution, currently at 5%, in FY27.
→Future projects focus on both processing and C&T, with careful project selection to ensure profitability.
→The board aims to grow non-municipal business segments such as B2C "Click-to-clean," EPR market, and electricity board clients.

Capex plans

Yes

→Two Andhra Pradesh waste-to-energy projects at Kadapa and Kurnool with total capex of Rs.600-650 crores; construction period planned for 24 months, revenue from FY '29 onwards.
→Atkoli project and two BMC Collection & Transportation contracts also underway with associated capital expenditure.
→Addition of 335 vehicles at new NMMC project; incremental deployments at PCMC and Nagpur sites.
→Targeted debt/equity ratio up to 1x-1.2x over next 2 years to support capex.
→Continued investment in technology, innovation, and operational excellence to consolidate industry position.
→Focus on high-value contracts and circular economy solutions expected to improve margins.
→Potential future waste-to-energy tenders in eastern India and Tamil Nadu post elections.
→No fresh update on tire recycling projects; careful and selective bidding on new projects for profitability.

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