Antony Waste Handling Cell Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Antony Waste Handling Cell Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Antony Waste Handling Cell reported FY26 operating revenue of Rs.920 crores, up 9%, with Q4 revenue at Rs.254 crores, up 14%, driven by higher volumes, contractual tariff escalation and project execution. EBITDA margins held at around 22% for both Q4 and the full year, while full-year PAT was Rs.92 crores and Q4 PAT was Rs.37 crores, both affected by a one-time income in the prior year comparative. Management highlighted an order book of Rs.18,000 crores as of March 2026, new waste-to-energy and collection contracts secured during the year, and a maiden dividend of Rs.0.50 per equity share.
Numbers mentioned
Operating revenue: Rs.920 crores (FY26)
p. 4
“FY '26 operating revenue reached Rs.920 crores, which is up 9%, while Q4 operating revenue came in at Rs.254 crores, up 14%.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
Operating revenue: Rs.254 crores (Q4 FY26)
p. 4
“FY '26 operating revenue reached Rs.920 crores, which is up 9%, while Q4 operating revenue came in at Rs.254 crores, up 14%.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
C&T revenue: Rs.646 crores (FY26)
p. 4
“the C&T revenue is up for the entire year is up by 11% to Rs.646 crores.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
Processing revenue: Rs.274 crores (FY26)
p. 4
“Processing revenue is up by 5% at Rs.274 crores.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
C&T revenue: Rs.160 crores (Q4 FY26)
p. 4
“The Q4 performance was equally solid, C&T at Rs.160 crores, up 14% and processing at Rs.94 crores, which is up by 15% year-on-year.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
EBITDA margin: around 22% (Q4 and FY26)
p. 4
“EBITDA margins held at around 22% for both Q4 and for full year, in line with our stated guidance, reflecting disciplined cost management even as we invest in scale.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
PAT: Rs.37 crores (Q4 FY26)
p. 4
“Our profitability for the fourth quarter stood at Rs.37 crores and for the full year, the reported profit after taxes was Rs.92 crores.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
PAT: Rs.92 crores (FY26)
p. 4
“Our profitability for the fourth quarter stood at Rs.37 crores and for the full year, the reported profit after taxes was Rs.92 crores.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
Gross debt: approximately Rs.426 crores (as of March 2026)
p. 4
“the group's gross debt stands at approximately Rs.426 crores.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
Net debt: approximately Rs.302 crores (as of March 2026)
p. 4
“Cash and bank balances is around Rs.123 crores, resulting in a net debt of approximately Rs.302 crores.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
Net debt to equity: 0.3x (as of March 2026)
p. 5
“Our net debt to equity stands at 0.3x, and the weighted average cost of debt is around 9.9%.”
N. G. Subramanian, page 5 of the filed PDF · View the filing
Order book: Rs.18,000 crores (as of March 2026)
p. 5
“Our order book as of March 2026 stands at an all-time high of Rs.18,000 crores, providing exceptional revenue visibility, underpinning our confidence in sustained compounding growth ahead.”
N. G. Subramanian, page 5 of the filed PDF · View the filing
C&T volumes: 2.12 million tons (FY26)
p. 4
“The C&T volumes grew approximately 9% year-on-year to 2.12 million tons, while processing volumes expanded approximately 19% to 3.6 million tons, driven by new project additions, contract renewals and the continued scaling of our biomining and RDF operations.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
Total MSW managed: 5.69 million tons (FY26)
p. 4
“Total MSW managed for the year rose by 15% to 5.69 million tons.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
RDF sales: 177,000 tons (FY26)
p. 4
“Annual RDF sales reached a record 177,000 tons, up 20% year-on-year, further diversifying our non-municipal solid waste revenue base.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
Dividend: Rs.0.50 per equity share (FY26)
p. 3
“the Board has recommended a maiden dividend of Rs.0.50 per equity share.”
N. G. Subramanian, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue CAGR — 15% to 20% · next 5 years
stated firmly by N. G. Subramanian
p. 5
“We remain confident of delivering 15% to 20% revenue CAGR over the next 5 years, backed by a record Rs.18,000 crores order book, 2 large-scale WTE projects in Andhra Pradesh and expanding EPR platform and India secured tailwind in urban-based infrastructure, all while deepening our sustainability impact and creating long-term value for all our stakeholders.”
N. G. Subramanian, page 5 of the filed PDF · View the filing
Effective tax rate — 25%
stated firmly by N. G. Subramanian
p. 9
“I think 25% is our stated assumption of effective tax rate for the group companies.”
N. G. Subramanian, page 9 of the filed PDF · View the filing
Capex for Andhra Pradesh WTE projects — Rs.750-odd crores · next 2, 2.5 years
stated firmly by N. G. Subramanian
p. 8
“So that's around Rs.750-odd crores of capex that I would need to invest to achieve this group because bulk of the C&T operations, excluding the BMC's 2 contracts have already been funded and the revenues is already coming in.”
N. G. Subramanian, page 8 of the filed PDF · View the filing
C&D business revenue — Rs.18 crores to Rs.20 crores · current year
stated conditionally by N. G. Subramanian
p. 11
“That's a very fair assumption, and that underlying volumes today definitely provide a comfort on that front.”
N. G. Subramanian, page 11 of the filed PDF · View the filing
WTE project contribution to revenue — post FY29
stated firmly by N. G. Subramanian
p. 9
“the 2 WTE projects that we have envisaged of AP will start contributing to revenue post FY29.”
N. G. Subramanian, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said net debt to equity is low, providing capacity to borrow more, and both WTE projects have fixed-cost contracts with JFE reducing overrun risk.
Answered by N. G. Subramanian
Asked by Ronak Shah: How will the company manage working capital and debt for upcoming WTE projects given the planned revenue growth?
p. 5
“our net debt to equity today, is just 0.3x. So that gives us enough firepower to borrow more for upcoming projects, which have assured revenue streamlines and also are backed by long-term contracts.”
N. G. Subramanian, page 5 of the filed PDF · View the filing
Management said contracts have escalation clauses and the wage impact was limited to a small amount for the company.
Answered by N. G. Subramanian
Asked by Ronak Shah: How is rising fuel and minimum wage cost impacting margins?
p. 6
“if minimum wage changes, as has been changed in the Labour Code that we have seen recently, it just had an implication of just Rs.5.2 crores for my entire books as compared to other large infra companies.”
N. G. Subramanian, page 6 of the filed PDF · View the filing
Management attributed the volume jump mainly to the CIDCO Biomining project and said underlying revenue growth excluding that was about 8%.
Answered by N. G. Subramanian
Asked by Ketan Chheda: Why did revenue not increase in line with the significant rise in volumes?
p. 7
“the entire revenue jump is not commensurate to the volumes up as the growth in revenue was mainly because of the CIDCO Biomining. But if you look at the non-CIDCO Biomining revenue zone, that has been up by around 8%, which is what the underlying revenue growth is.”
N. G. Subramanian, page 7 of the filed PDF · View the filing
Management said Rs.2.2 crores was recognized and expects EPR to eventually add about 10% of PCMC WTE revenue.
Answered by N. G. Subramanian
Asked by Ketan Chheda: What is the value realized from EPR credit monetization so far?
p. 7
“we recognized close to Rs.2.2 crores of the EPR credits that was eligible for us earned in FY25 that come out.”
N. G. Subramanian, page 7 of the filed PDF · View the filing
Management attributed this to higher interest and depreciation from WTE plants and large C&T contracts kicking in over the last few years.
Answered by N. G. Subramanian
Asked by Yug Modi: Why has PAT remained relatively flat while revenue and EBITDA have grown steadily?
p. 9
“One of the key factors why the translation of the growth in EBITDA is not translation into the growth in PAT interest and depreciation because over the last 3 years, our WTE plants have kicked in the 3 large C&T contracts also kicked in.”
N. G. Subramanian, page 9 of the filed PDF · View the filing
Management cited headcount growth, wage inflation, higher RDF transportation costs, and construction & demolition volume softness plus added vehicle deployment costs.
Answered by N. G. Subramanian
Asked by Prashant Singh: What drove the increase in employee and other expenses, and what impacted EBITDA margins this year?
p. 9
“the 19% and 20% increase in labor and other expenses, the head count has increased at the labor count and also because of normal wage inflation that has occurred over our system and the minimum wage changes that happened.”
N. G. Subramanian, page 9 of the filed PDF · View the filing
Management said C&D contributed around Rs.9 crores, below expectations, but volumes picked up significantly from February; the scrappage business is in a wait-and-watch mode.
Answered by N. G. Subramanian
Asked by Ronak Shah: What was C&D business revenue in FY26 and what is the status of scrappage/recycling business?
p. 10
“I think it contributed to around Rs.9 crores of our revenue this year. It's been lower than what we had anticipated.”
N. G. Subramanian, page 10 of the filed PDF · View the filing
Management attributed it to a BMC policy change mandating developers to route waste through authorized C&D processing units.
Answered by N. G. Subramanian
Asked by Neerav Dalal: What changed to drive the doubling of C&D volumes?
p. 11
“What has happened on the construction and demolition base has been a very strong policy change as the BMC, wherein they have made it mandatory that for all the developers to route their way through these professional or authorized collection and distribution of the C&D processing units.”
N. G. Subramanian, page 11 of the filed PDF · View the filing
Risks flagged
Delay in realization of escalation-related cash flows despite contractual acknowledgement
p. 6
“there might be a delay in realizing the cash flows, but the liability is acknowledged by the clients as per the tender conditions and is contractual, and that comes to us in due course of time.”
N. G. Subramanian, page 6 of the filed PDF · View the filing
Historical delays in escalation recognition due to absence of standing committees and elected members
p. 6
“the reason for a delay in the past were, in the absence of standing committees and elected members that led to a significant delay in recognizing the escalation.”
N. G. Subramanian, page 6 of the filed PDF · View the filing
Construction and demolition waste volumes affected by extended monsoon season
p. 10
“the volumes at the construction and demolition waste sector is just picking up the monsoon in Mumbai had a longer stage ended up only post November.”
N. G. Subramanian, page 10 of the filed PDF · View the filing
Weak institutional demand affecting auto tire recycling and scrapping business investment
p. 10
“the institution demand has not kind of captured our expectation. So, I think it's more of a wait and watch for us until the time the industry stabilizes before we invest incremental capital into a revenue-generating mode.”
N. G. Subramanian, page 10 of the filed PDF · View the filing
Planned and reparative plant shutdown reducing PLF during the year
p. 4
“the company had approximately 90 days of planned and reparative shutdown, which reflected in a lower PLF of 56%.”
N. G. Subramanian, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.