Antony Waste Handling Cell (AWHCL) Q1 26/27 earnings summary

Executive summary

• Q1 FY 2027 revenue grew 6% year-on-year to INR 269 crore, driven by higher volumes and tariff-linked escalation.

• Managed 1.4 million tons of waste, generated over 20 million green units, and sold 40,000 tons of RDF and 6,000 tons of compost.

• A tragic incident at the PCMC Waste-to-Energy facility resulted in nine fatalities due to a legacy waste mound collapse; extensive support provided to affected families.

• Operates Asia's largest single-location waste processing plant and Maharashtra's first integrated Waste-to-Energy project.

• Net profit for the quarter was INR 0.7 crore, impacted by one-time refinancing and exceptional costs.

Financial highlights

• Total operating revenue grew 6% year-on-year to INR 269 crore.

• EBITDA declined 27% year-on-year to INR 45 crore, with margin compressing to 16.8% from 24.4% last year.

• PAT margin dropped to 0.5% from 10.1% year-on-year.

• Finance costs rose 35% year-on-year due to higher debt base.

• Net debt/equity improved to 0.3x in Q1FY27 from 0.4x in Q4FY26.

Outlook and guidance

• WtE plant expected to resume full operations by early October; fixed costs of INR 2-3 crore/month incurred during downtime.

• Margin profile expected to improve in H2 FY 2027 as cost pressures ease and new contracts ramp up.

• Focus on cluster-based growth, bidding for projects in new states, and expanding Waste-to-Energy and bio-mining segments.

• Management expects recovery of significant overdue trade receivables from municipal corporations, supported by favorable Supreme Court orders.

• Historical EBITDA margin trend (22%-24%) targeted for FY 2028 as escalations offset labor cost increases.