Antony Waste Handling Cell (AWHCL) Q2 25/26 earnings summary

Executive summary

• Achieved strong and consistent Q2 FY26 performance, managing 1.27 MMT of waste in Q2 and 2.60 MMT in H1, with significant refuse-derived fuel and compost sales, and over 41 million green energy units generated in Q2.

• Secured two new waste-to-energy projects in Andhra Pradesh valued at INR 3,200 crore over 20 years, reinforcing sector leadership and expanding presence in 10 states with 27 ongoing projects.

• Recognized as a market leader in municipal solid waste management, with a diversified, de-risked business model and focus on sustainability and ESG performance.

• Demonstrated operational excellence in major events, notably managing over 60 metric tons of plastic waste during the ICC World Cup 2025.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025, reviewed by independent auditors with no material misstatements.

Financial highlights

• Q2 FY26 operating revenue grew 16% year-over-year to INR 233 crore, with total revenue reaching INR 265 crore; EBITDA rose 18% to INR 62 crore, and PAT (excluding exceptional items) was INR 32 crore.

• H1 FY26 operating revenue was INR 456 crore, up 15% year-over-year; PAT for H1 reached INR 40 crore, up 10% year-over-year.

• Consolidated revenue from operations for Q2 FY26: ₹25,765.05 lakhs, up from ₹22,124.12 lakhs YoY; consolidated net profit for Q2 FY26: ₹1,726.02 lakhs.

• EBITDA margin stood at 21.6%-22%, and PAT margin at 6.5%; EPS for H1 FY26: ₹11.1.

• Net debt/equity ratio improved to 0.4x in Q2 FY26; cash and cash equivalents as of September 2025: INR 95 crore to INR 120.1 crore.

Outlook and guidance

• Focus remains on expanding processing infrastructure, enhancing profitability, and strengthening presence in high-growth sectors, with cluster-based project bidding and expansion into waste-to-energy, bio-mining, and non-municipal revenue streams.

• EBITDA margin guidance maintained at 22.5%-23%, with expectations for sustained or improved margins as process volumes increase.

• 25% CAGR revenue growth guidance over four to five years remains on track, supported by new WTE projects.

• Management remains confident in recoverability of long-outstanding receivables from municipal corporations, supported by legal opinions and ongoing repayments.