Antony Waste Handling Cell Limited (AWHCL), a prominent player in the solid waste management sector, has taken a significant step towards expanding its presence in the renewable energy market. The company recently announced the incorporation of a new step-down subsidiary, Kadapa Renew Energy Private Limited, to spearhead a 15 MW waste-to-energy project in Andhra Pradesh.

New Subsidiary Formation

Kadapa Renew Energy Private Limited was incorporated on September 1, 2025, as a Special Purpose Vehicle (SPV) by Antony Lara Enviro Solutions Private Limited, a material subsidiary of AWHCL. This strategic move aligns with the company's ambition to diversify its operations and capitalize on the growing demand for sustainable energy solutions.

Project Details

The newly formed subsidiary will be responsible for executing a project titled "Processing of MSW waste through Material Recovery Facility and incinerate waste in Waste to Energy Facility." This initiative was awarded by the New & Renewable Energy Development Corporation of Andhra Pradesh Limited, highlighting the state's commitment to innovative waste management and renewable energy generation.

Ownership Structure

AWHCL holds a 73% equity stake in Antony Lara Enviro Solutions Private Limited, which in turn wholly owns Kadapa Renew Energy Private Limited. This ownership structure effectively translates to AWHCL holding a 73% stake in the new step-down subsidiary, ensuring significant control over the project's development and operations.

Strategic Implications

This venture into waste-to-energy represents a strategic expansion for Antony Waste Handling Cell Limited. By leveraging its expertise in solid waste management, the company is positioning itself to play a crucial role in India's renewable energy sector. The 15 MW project not only contributes to sustainable waste management practices but also aligns with the country's goals for increasing clean energy production.

Regulatory Compliance

The company has duly informed the stock exchanges about this development, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This transparency ensures that shareholders and potential investors are kept informed about significant corporate actions that may impact the company's future performance.

As Kadapa Renew Energy Private Limited prepares to commence its operations, the waste-to-energy project is expected to contribute to AWHCL's growth trajectory and strengthen its position in the environmental services sector. The successful implementation of this project could pave the way for similar initiatives, further solidifying Antony Waste's role in India's sustainable development landscape.

Antony Waste Handling Cell Limited , a leading municipal solid waste management company, has reported strong financial results for the first quarter, demonstrating robust growth across its operations.

Financial Highlights

• Total operating revenue reached Rs. 224.00 crores, marking a 13% year-over-year increase
• EBITDA grew by 12% to Rs. 62.00 crores, maintaining a healthy margin of 24%
• Profit After Tax (PAT) stood at Rs. 23.00 crores, up 8% compared to the same quarter last year

Operational Performance

The company showcased impressive operational metrics across its business segments:

• Total waste handled increased by 13% year-over-year to 1.33 million tons
• Municipal Solid Waste (MSW) Collection & Transportation revenue grew by 11% to Rs. 151.00 crores
• Processing division revenue surged by 17% to Rs. 72.00 crores

Waste-to-Energy Plant Performance

Antony Waste's PCMC Waste-to-Energy plant continued to set industry benchmarks:

• Achieved a Plant Load Factor (PLF) of 84%
• Generated over 25 million green units of power
• Avoided approximately 3,432 tons of CO2 emissions

Resource Recovery and Sustainability

The company made significant strides in resource recovery and sustainability:

• Compost sales reached 6,600 tons, up 10% year-over-year
• Refuse-derived fuel sales surged by 62% to 55,500 tons
• Construction and demolition waste recycling sites achieved a 96% recycling rate

Extended Producer Responsibility (EPR) Initiative

Antony Waste launched its EPR initiative in the Waste-to-Energy division:

• PCMC-WTE project registered for EPR credits
• Monetized 20% of the first-year allocation of over 94,400 metric tons

Legal Update

The Supreme Court has stayed the Bombay High Court's judgment regarding the Kanjurmarg Landfill:

• Operations at the Kanjurmarg Landfill continue under status quo
• The company's rights under the concession agreement remain protected

Management Commentary

Subramanian N. G., Group CFO of Antony Waste Handling Cell Limited, commented on the results: "For the first quarter, the Company had a strong start, reaching peak operational and financial performance across all verticals. This performance reflects the resilience of our business model and the efficiency of our operations and our unwavering focus on sustainable growth."

He added, "Our diversified revenue streams continue to offer strategic flexibility and position the Company for sustained long-term growth. Our focus to concentrate more on the processing segment has yielded these results."

Future Outlook

The management provided guidance for the upcoming quarters:

• Expected revenue growth of 8-10% for the next fiscal year based on existing contracts
• EBITDA margin guidance of 23-23.5% for the next 2-3 quarters

Antony Waste Handling Cell Limited continues to strengthen its position in the municipal solid waste management sector, leveraging its operational excellence and strategic infrastructure investments to deliver consistent returns and contribute to India's circular economy transition.