Antony Waste Handling Cell (AWHCL) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 operating revenue reached a record ₹321.23cr, up 25% YoY; total revenue was ₹330.3cr.

• Q2 consolidated net loss was ₹1.73cr, including a ₹19.93cr exceptional loss related to the waste-to-energy facility incident.

• H1 operating revenue was ₹582.22cr, up 15% YoY; consolidated net loss was ₹0.98cr.

• Growth reflected Mumbai operations ramp-up, higher existing-contract volumes and cost-escalation recognition; collection and transportation remained the main growth engine.

Financial highlights

• Q2 EBITDA was ₹58.3cr at a 17.6% margin; H1 EBITDA was ₹103.3cr at a 17.2% margin, down from 21.6% and 23.0%, respectively.

• Q2 included a ₹19.93cr exceptional expense for impairment, restoration, hiring and compensation costs; insurance recovery may partly offset the charge.

• A one-time past-period escalation approval contributed ~₹40cr to Q2 revenue; a ~₹27cr ECL provision against related receivables weighed on margins.

• Other operating income rose 32% to ₹64.7cr in H1; RDF sales were ~49,000 tonnes in Q2 and ~89,000 tonnes in H1.

• Excluding exceptional items, Q2 PBT was ₹18.7cr, down 7% YoY; H1 PBT was ₹20.1cr, down 56%.

Outlook and guidance

• Revenue growth guidance remains ~20% CAGR over the next 3–5 years; double-digit revenue growth is expected for FY2027.

• Moshi power generation is targeted to restart in December 2026; AP waste-to-energy power revenue is expected from FY2029.

• The two AP projects are expected to generate ~₹150cr annual revenue combined once commissioned; Mumbai C&T could contribute ~₹80cr when fully operationalized.

• Core EBITDA margin target is 22%–23% from Q1 FY2028; reported margins may remain lower due to low-margin contract revenue.

• FY2027 C&D revenue is forecast at ₹34cr–₹38cr, with daily volumes ramping toward ~500 tonnes.