Antony Waste han

Antony Waste Handling Cell Limited reported a robust Q4 FY26 with operating revenue reaching ₹254 crores, marking a 14% year-on-year increase. For the full fiscal year 2026, operating revenue stood at ₹920 crores, up 9% from the previous year. The company's core operational revenue, including project revenue, crossed the significant milestone of ₹1,000 crores. EBITDA margins were maintained at approximately 22% for both the quarter and the full year, aligning with stated guidance. Reported Q4 PAT was ₹37 crores, and full year PAT was ₹92 crores, with adjusted Q4 PAT showing a strong 67% year-on-year growth and full year PAT increasing by 20%.

The company experienced broad-based volume growth across its platform in FY26. Collection & Transportation (C&T) volumes grew 9% year-on-year to 2.12 million tons, while processing volumes expanded 19% to 3.6 million tons. Total MSW managed for the year rose by 15% to 5.69 million tons. In Q4, processing volumes were particularly strong, up 32% to 1.15 million tons, driven by improved utilization at biomining and MRF facilities. The PCMC waste-to-energy facility delivered 69.3 million units of green power in FY26, and annual RDF sales reached a record 177,000 tons, up 20% year-on-year.

FY26 marked Antony Waste's 25th anniversary, a period of significant transformation in India's waste management landscape. In recognition of this milestone, the Board recommended a maiden dividend of ₹0.50 per equity share. The company made deliberate, high-quality additions to its platform, including entering the EPR business and monetizing nearly 20% of allotted EPR credits. Key project wins included two waste-to-energy projects in Andhra Pradesh, two new collection and transportation contracts in Mumbai, and a preprocessing solid waste facility in Thane.

As of March 2026, the company's gross debt stood at approximately ₹426 crores, with cash and bank balances of around ₹123 crores, resulting in a net debt of ₹302 crores. The net debt to equity ratio was healthy at 0.3x, and the weighted average cost of debt was approximately 9.9%. The company utilized ₹93 crores from its operating cash flow of ₹220 crores to repay debt during the year, demonstrating an aggressive policy to maintain a healthy cash cushion for future projects.

The order book reached an all-time high of ₹18,000 crores as of March 2026, providing exceptional revenue visibility. This order book is broadly split with 60% in processing and 40% in C&T businesses. Management expressed confidence in delivering a 15-20% revenue CAGR over the next five years, backed by this record order book and upcoming projects. The execution timeline for the order book is spread over 5-7 years for C&T operations and up to 15 years for the remaining balance.

A significant development in Q1 FY27 was the Hon' Supreme Court's dismissal of the Bhiwandi Nizampur City Municipal Corporation's Special Leave Petition. This ruling directed the corporation to disburse a settlement amount of ₹15 crores within three months, along with 9% interest on any delay. This favorable outcome reinforces the company's track record of contractual compliances and provides added confidence in resolving other arbitration matters.

Despite rising fuel and labor costs, the company maintained its EBITDA margins at around 22% for both Q4 and the full year. This was attributed to disciplined cost management and contractual tariff escalation clauses built into 100% of its projects. While there were some increases in employee and other expenses due to headcount growth, wage inflation, and higher RDF transportation costs, the company's ability to pass on these costs helped preserve margin profiles.

The Construction & Demolition (C&D) business contributed around ₹9 crores to revenue in FY26, which was lower than anticipated. However, volumes saw an uptick from February onwards, averaging 480-520 tons per day compared to 280-300 tons in previous months. The company is actively diversifying its revenue streams beyond municipal solid waste, focusing on RDF sales, compost, recyclables, EPR, and a new B2B segment called Click2Clean for pest control and housekeeping services.