Any current/future new fundraising through debt or equity?

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

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

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 souther

Future growth expectations in sales/revenue/volumes?

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 a

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

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

Current/ Expected Orderbook/ Pending Orders?

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) pr

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Antony Waste Handling Cell LtdQ1 FY26Other Utilities

Antony Waste Handling Cell Ltd Q1 FY26 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

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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.

Margin guidance

Category 3

→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.

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Fundraise plans

Yes

→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.

Order book

Yes

→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.

Capex plans

Yes

→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.

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