Antony Waste Handling Cell (AWHCL) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue grew to ₹269.3 Cr, up 8-9% year-over-year, driven by strong execution in integrated municipal solid waste management and major project wins in Mumbai and Thane.

• Waste managed reached 1.42 MMT in Q3FY26 and 4.01 MMT in 9MFY26, with significant RDF and compost sales and notable CO2e emissions avoided.

• The merger of AG Enviro Infra Projects was completed, streamlining operations and enhancing capital allocation.

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

• Ongoing focus on sustainability, operational excellence, and expansion in waste-to-energy and bio-mining segments.

Financial highlights

• Q3 operating revenue grew to ₹269.3 Cr, up 8-9% YoY; 9MFY26 revenue at ₹787.8 Cr, up 11-12% YoY.

• Q3 EBITDA was ₹49.6 Cr (18.4% margin); 9MFY26 EBITDA at ₹168.9 Cr (21.4% margin).

• Q3 PAT was ₹14.6 Cr; 9MFY26 PAT at ₹54.8 Cr.

• Net debt/equity improved to 0.4x; average cost of debt at 9.1%.

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

Outlook and guidance

• Revenue growth target of 20% CAGR, with FY27 revenue expected to reach ₹1,200 Cr, supported by new project wins and government remediation programs.

• EBITDA margin guidance of 22%-23% as higher-value processing contracts ramp up.

• Andhra Pradesh waste-to-energy projects expected to add ₹90-140 Cr annually post-FY29.

• Dividend strategy under evaluation post-merger, with potential payouts in FY27.

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