Antony Waste Handling Cell Limited (AWHCL), a leading player in India's Municipal Solid Waste Management industry, has announced strong financial results for the second quarter of fiscal year 2026, demonstrating consistent growth and operational efficiency.

Financial Highlights

AWHCL reported impressive financial performance for Q2FY26:

Operational Performance

The company's operational achievements for Q2FY26 include:

• Sales of Refuse Derived Fuel (RDF): ~40,081 tonnes
• Sales of Compost: ~3,251 tonnes

For the first half of FY26 (H1FY26), AWHCL reported:

• Total RDF sales: ~95,820 tonnes
• Total Compost sales: ~9,858 tonnes

Strategic Developments

AWHCL has made significant strides in expanding its operations and optimizing its corporate structure:

1. Waste-to-Energy Projects: Antony Lara Enviro Solutions Private Limited, a key subsidiary, secured two 15MW Waste-to-Energy projects in Andhra Pradesh. These projects, valued at approximately ₹3,200.00 crore, have a concession period of 20 years.

2. Corporate Restructuring: The National Company Law Tribunal has admitted the Joint Company Scheme Petition for the proposed merger between AG Enviro and the holding company, marking a crucial step in AWHCL's strategic initiative to optimize operational performance and financial strength.

Management Commentary

Jose Jacob, Chairman & Managing Director of Antony Waste Handling Cell Limited, attributed the company's strong quarterly performance to operational efficiencies and enhanced throughput. He stated, "Driven by higher volumes and escalated contracts, operating revenue for the quarter grew by 16% year-on-year, achieving a total of ₹233.00 crore. This success reflects the resilience and scalability of its business model and underscores a relentless management commitment to ensuring the sustained delivery of value across both the environmental and commercial spheres."

Jacob expressed confidence in achieving all internal targets set for FY26, emphasizing the company's focus on sustaining positive momentum, capitalizing on emerging opportunities in the evolving waste management sector, and delivering long-term value to stakeholders.

Conclusion

Antony Waste Handling Cell Limited's Q2FY26 results demonstrate the company's strong position in the Indian Municipal Solid Waste Management industry. With its robust financial performance, strategic expansions, and focus on operational efficiency, AWHCL appears well-positioned for continued growth in the waste management sector.

Investors and industry observers will likely keep a close eye on the company's progress in implementing its Waste-to-Energy projects and the completion of its corporate restructuring initiatives, which could further strengthen its market position and financial performance in the coming quarters.

Antony Waste Handling Cell Limited (AWHCL) has reported strong financial performance for the second quarter, with significant growth in revenue and profitability, while also addressing challenges related to outstanding receivables.

Financial Highlights

The company's consolidated financial results for Q2 show impressive year-over-year growth:

The EBITDA margin slightly improved to 19.38% from 19.30% in the same quarter last year.

Operational Performance

AWHCL's robust quarterly performance reflects its strong position in the waste management sector. The growth in revenue and profitability indicates effective operational management.

Outstanding Receivables

The company reported significant outstanding receivables from municipal corporations:

• Trade receivables: ₹3,766.00 lakhs
• Other current financial assets: ₹497.53 lakhs

Of the trade receivables, ₹1,500.00 lakhs is under dispute with one municipal authority, with the matter currently pending before the Supreme Court. AWHCL received a favorable ruling from the Bombay High Court, but the municipal corporation has appealed the decision. Management believes these receivables are recoverable based on legal advice and ongoing discussions with municipal authorities.

Legal and Regulatory Matters

The Income Tax Department conducted searches in October 2021, resulting in demand orders for multiple assessment years primarily related to expense disallowances. The company has filed appeals against these orders.

Corporate Actions

• AWHCL issued 6,770 equity shares under its ESOP scheme.
• The Board has approved a merger scheme with subsidiary AG Enviro Infra Projects Private Limited, with the final hearing scheduled for November 27, 2025.

Market Position

Antony Waste Handling Cell's consistent growth underscores the increasing demand for professional waste management services in India. The company's ability to maintain and slightly improve its EBITDA margin in a growing revenue environment suggests operational efficiency and cost management.

Investor Considerations

Investors may consider the following factors:

• Consistent growth in revenue and profitability
• Resolution of outstanding receivables and legal matters
• Long-term strategy and potential regulatory changes in the waste management sector
• Broader economic conditions that could impact future performance

The company's ability to sustain this growth trajectory, potentially improve margins further, and successfully resolve its receivables issues could be key areas to watch in the coming quarters.