Antony Waste Handling Cell (AWHCL) investor relations material

Executive summary

• Q3 FY26 consolidated revenue was ₹269.3 Cr (₹26,243.87 lakhs), up 8-9% year-over-year, with net profit at ₹15 crore (₹1,534.67 lakhs), driven by higher volumes, tariff escalation, and operational excellence.

• Waste managed reached 1.42 MMT in Q3FY26, with significant RDF and compost sales, and notable CO2e emissions avoided.

• Recent project wins, including two large BMC contracts and a Thane Municipal Corporation DBOT concession, expanded operational coverage and long-term revenue visibility.

• The merger of AG Enviro Infra Projects was completed, streamlining operations and strengthening the balance sheet.

• An exceptional gain of ₹2,388.64 lakhs was recognized from a favorable court ruling on overdue receivables.

Financial highlights

• Q3 FY26 operating revenue: INR 240 crore to ₹269.3 Cr (+8-9% YoY); nine-month revenue: INR 696 crore to ₹787.8 Cr (+11-12% YoY).

• Q3 EBITDA: INR 50 crore/₹49.6 Cr (margin 18.4%); nine-month EBITDA: INR 169 crore/₹168.9 Cr (margin 21.4%).

• Q3 PAT: INR 15 crore/₹14.6 Cr; nine-month PAT: INR 55 crore/₹54.8 Cr.

• Net debt/equity improved to 0.4x; cost of debt at 9.1%; cash and equivalents at ₹120.1 Cr as of Mar 2025.

• Days Sales Outstanding improved to 96 days, indicating better collections.

Outlook and guidance

• Revenue growth target of 20% CAGR, supported by new project wins, government remediation programs, and industry growth.

• Margin profile expected to improve to 22%-23% as higher-value processing contracts ramp up.

• FY27 revenue expected to reach INR 1,200 crore, with Andhra Pradesh WtE projects adding INR 90-140 crore annually post-FY29.

• Focus on cluster-based bidding, expansion in new states, and increasing non-municipal revenue streams.

• Net debt/equity projected to rise to 1-1.2x with planned expansions, but considered manageable.