NSE: AWHCL · BSE: 543254
ANTONY WASTE HDG CELL LTD
Handles municipal solid waste (MSW) for Indian cities under contracts with municipal bodies, with services spanning collection and transportation, processing, and disposal. In FY26 it managed 5.69 million tonnes of MSW, up 15% year-on-year. Operational lines include waste-to-energy at a Pune plant (PCMC), material recovery facilities (MRF), composting, and biomining, with refuse-derived fuel (RDF) sold to third parties. The company is expanding into electric-bus sanitation in Delhi via a 26% stake in Arts EV, using its Click2Clean platform. Revenue grew 12.8% to Rs 1,053.19 crore in FY26, while net profit fell about 8.8% to Rs 91.7471 crore on higher employee and finance costs. Employee cost is the largest line at 32.9% of revenue and other operating expenses 46.5%, with materials effectively nil because the business is a service operation rather than a manufacturer. The business is asset-heavy (depreciation 8.1% of revenue, capex 5.7%) and contract-driven, with a stated order book of Rs 18,000 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Collection and Transportation (C&T), Processing, Refuse-Derived Fuel (RDF) sales, Bus cleaning and sanitation (Click2Clean). Asset-heavy, contract-based municipal services with concentration in MSW collection, processing, and waste-to-energy
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 648 | 856 | 873 | 934 | 1,053 |
| EBITDA (ex other income) | 148 | 147 | 178 | 219 | 205 |
| margin % | 22.8 | 17.2 | 20.4 | 23.5 | 19.5 |
| Owners' profit | 68 | 68 | 86 | 85 | 75 |
| EPS, as reported (₹) | 24.00 | 24.07 | 30.40 | 30.10 | 26.59 |
| ROE % · ROCE % | 17.0 · 18.3 | 13.7 · 13.2 | 13.9 · 12.9 | 12.3 · 13.6 | 10.0 · 11.5 |
| Debt / equity (x) | 0.32 | 0.57 | 0.58 | 0.58 | 0.46 |
| Cash from operations | 106 | 90 | 140 | 187 | 139 |
| Capex | (109) | (268) | (157) | (202) | (60) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 221 | 243 | 243 | 247 | 258 | 262 | 286 | 261 |
| Profit before tax | 19 | 25 | 48 | 26 | 20 | 13 | 31 | 1 |
| Net profit | 15 | 18 | 46 | 23 | 17 | 15 | 37 | 1 |
| EPS (₹) | 4.26 | 5.56 | 14.10 | 6.27 | 4.81 | 4.05 | 11.46 | 0.27 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REFEX INDUSTRIES LIMITED | 3,053 | 12.3 | 2.02 | 7.9 | 13.5 | 19.1 | 29.2 | 13.0 |
| EMS LIMITED | 1,605 | 23.6 | 1.52 | 11.4 | 8.6 | 11.0 | — | 17.9 |
| ANTONY WASTE HDG CELL LTD ◆ | 809 | 13.8 | 0.88 | 4.8 | 10.0 | 6.9 | 17.8 | 17.3 |
| ECO RECYCLING LTD. | 778 | 33.5 | 6.94 | 23.0 | 20.4 | 26.2 | 30.6 | 64.4 |
| CONCORD ENVIRO SYSTEMS L | 480 | — | 0.84 | 9.0 | 3.5 | 4.4 | — | (10.0) |
| VVIP Infratech Limited | 387 | 6.2 | — | — | — | 15.2 | — | — |
| ORGANIC RECYCLING SYSTEMS LIMI | 179 | 4.1 | 1.46 | 7.2 | 20.4 | 15.7 | — | 21.7 |
| GEM Enviro Management Limited | 87 | 18.4 | — | — | — | 11.8 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.8 | 13.7 | 5 of 8 | 43% |
| P/B | 0.9 | 1.5 | 2 of 6 | 80% |
| ROCE | 6.9 | 13.8 | 8 of 9 | 13% |
| ROE | 10.0 | 11.8 | 4 of 6 | 40% |
| Debt / Equity | 0.5 | 0.2 | 6 of 6 | 0% |
| EBITDA margin | 17.3 | 17.6 | 4 of 6 | 40% |
| Revenue growth | 5.5 | 35.9 | 5 of 7 | 33% |
| Profit growth | (96.7) | (59.3) | 4 of 5 | 25% |
| Market cap | 809 | 480 | 3 of 9 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve Q2 and H1 FY2026-27 results on November 5 | results | low | — | — |
| 17 Oct 2026 · Q2 FY27 update: tonnage grows, PCMC WtE shut | business updates | medium | — | — |
| 13 Oct 2026 · RTA confirms all shares held in demat form, Q2 FY27 compliance certificate | compliance | minimal | — | — |
| 8 Oct 2026 · Corporate guarantee issued for subsidiary's loan from Bajaj Finance | credit debt | medium | — | — |
| 30 Sept 2026 · Trading window closed for Q2 and H1 FY26-27 results | compliance | minimal | — | — |
| 28 Sept 2026 · Antony Waste issues corporate guarantee for subsidiary credit facility from ICICI Bank | credit debt | medium | — | — |
| 17 Sept 2026 · Antony Waste to meet analysts and investors on Sept 23, 2026 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Corporate guarantee of around Rs 1.44 crore for subsidiary's bank facility | credit debt | medium | — | — |
| 20 Aug 2026 · 25th AGM voting results: all 11 resolutions passed including final dividend | board shareholder meetings | medium | — | — |
| 20 Aug 2026 · 25th AGM held; maiden dividend flagged; Pune incident acknowledged; related-party deals approved | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.