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

Executive summary

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

• Waste managed reached 1.42 million tons in Q3 and 4.01 million tons 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.

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

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

Financial highlights

• Q3 operating revenue was INR 269.3 crore, up 8-9% YoY; 9MFY26 revenue at INR 787.8 crore, up 11-12% YoY.

• Q3 EBITDA at INR 49.6 crore (18.4% margin); 9MFY26 EBITDA INR 169 crore (21.4% margin).

• Q3 PAT was INR 15 crore; 9MFY26 PAT INR 55 crore.

• Net debt/equity improved to 0.4x; gross debt at INR 425 crore, cost of debt at 9.1%.

• Days Sales Outstanding improved to 96 days post-collection efforts.

Outlook and guidance

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

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

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

• Continued investment in technology and sustainability initiatives.