Antony Waste Handling Cell (AWHCL) Q4 25/26 earnings summary

Executive summary

• Celebrated 25 years of operations, declaring a maiden dividend and maintaining leadership in municipal solid waste management, including Asia's largest single-location waste processing plant and Maharashtra's first integrated WTE project.

• Achieved total revenue of ₹1,084.1 Cr in FY26, up 13% year-over-year, with net profit at ₹91.8 Cr; managed 5.69 MMT of waste and generated 69.3 Mn+ green units.

• Expanded platform with entry into EPR business, new WTE projects in Andhra Pradesh, and strategic partnership with JFE Engineering.

• Successfully merged AG Enviro Infra Projects, strengthening operational integration.

• Consolidated and standalone financial results for FY26 were audited and found to present a true and fair view in accordance with Ind AS and SEBI regulations.

Financial highlights

• FY26 operating revenue reached ₹1,084.1 Cr, up 13% year-over-year; Q4 revenue at ₹254 Cr, up 14%.

• Core operational revenue, including project revenue, crossed ₹1,000 Cr for the first time.

• EBITDA margin at 21.8% for FY26; Q4 and full-year EBITDA margin held steady at 22%.

• PAT for owners at ₹75.5 Cr, with Q4 PAT at ₹37 Cr; full-year PAT at ₹92 Cr. Adjusted for one-time items, Q4 PAT up 67% YoY, full-year PAT up 20%.

• Net debt/equity at 0.3x; gross debt at ₹426 Cr; current ratio stable at 1.2x.

Outlook and guidance

• Confident of delivering 15%-20% revenue CAGR over the next five years, supported by a record ₹18,000 Cr order book.

• Focus on cluster-based expansion, targeting new states and urban/semi-urban projects with limited counterparty risk.

• Two large-scale WTE projects in Andhra Pradesh and expanding EPR platform to drive future growth.

• Expecting significant revenue bump in FY28-29 as new WTE plants come online.

• Management expects recovery of significant overdue receivables from municipal corporations, supported by favorable Supreme Court and High Court rulings.