Antony Waste Handling Cell Limited (AWHCL) has reported a robust operational performance for the second quarter and first half of fiscal year 2026, demonstrating strong growth across its business segments. The company's latest business update reveals significant progress in its core operations and strategic expansion initiatives.

Financial and Operational Highlights

AWHCL reported a substantial increase in its core operating revenue, with a year-on-year growth of approximately 13% for Q2 FY26 and 12% for H1 FY26. This growth was primarily driven by higher volumes and escalated contracts, showcasing the resilience and scalability of the company's business model.

The company's operational performance for Q2 and H1 FY26 is summarized in the following table:

The total tonnage managed during Q2 FY26 reached approximately 1.27 million tonnes, reflecting a 5.9% year-on-year growth. Collection & Transportation operations saw a significant increase of 10.4%, managing about 0.54 million tonnes, while Processing operations handled around 0.73 million tonnes, registering a 2.7% growth.

For the first half of FY26, AWHCL managed a total tonnage of approximately 2.60 million tonnes, representing a strong year-on-year growth of 8.9%.

Strategic Expansion and Contract Wins

In a significant development, Antony Lara Enviro Solutions Private Limited, a key subsidiary of AWHCL, secured two major Waste-to-Energy (WtE) projects in Andhra Pradesh. These projects, each with a capacity of approximately 15 MW, were awarded by the New & Renewable Energy Development Corporation of Andhra Pradesh Ltd. The combined value of these projects is estimated at around ₹3,200 crore for a concession period of 20 years.

Following this contract win, two new Special Purpose Vehicles (SPVs) were incorporated:

1. Kadapa Renew Energy Private Limited
2. Kurnool Renew Energy Private Limited

These SPVs will be responsible for the execution and operation of the newly acquired WtE projects.

Corporate Actions and Credit Rating Update

AWHCL is in the process of a significant corporate restructuring. The National Company Law Tribunal (NCLT), Mumbai Bench, has admitted the Joint Company Scheme Petition for the merger of AG Enviro Infra Projects Private Limited with Antony Waste Handling Cell Limited. The final hearing for this merger is scheduled for November 27, 2025.

In light of this ongoing merger process, CARE Ratings Limited has placed the bank facility ratings of AG Enviro Infra Projects Private Limited, a material subsidiary of AWHCL, under "Rating Watch with Developing Implications (RWD)".

Conclusion

Antony Waste Handling Cell Limited's Q2 and H1 FY26 performance demonstrates the company's strong position in the sustainable urban waste solutions sector. With significant revenue growth, operational expansion, and strategic contract wins, AWHCL is well-positioned in the market. The ongoing corporate restructuring and new project acquisitions indicate the company's commitment to enhancing its market position and operational efficiency in the waste management industry.

Antony Waste Handling Cell Limited , a key player in the waste management sector, has released its financial results for the third quarter ended December 31, 2023. The company reported a stable revenue performance but faced challenges in profitability and receivables.

Q3 FY24 Financial Highlights

• Revenue from operations stood at ₹21,715.22 lakhs, marginally lower than ₹21,752.55 lakhs in Q3 FY23
• Net profit decreased to ₹1,561.08 lakhs from ₹1,602.12 lakhs year-over-year, a 2.56% decline

Nine-Month Performance

For the nine-month period of FY24:

• Revenue increased to ₹66,271.26 lakhs from ₹65,247.62 lakhs in the same period last year
• Net profit declined to ₹6,972.64 lakhs from ₹7,218.00 lakhs

Operational Developments

• Commissioned a 14 MW Waste to Energy plant in October 2023
• Issued 61,471 equity shares under its employee stock option plan during the quarter

Challenges in Receivables

The company is facing significant challenges with outstanding receivables:

• ₹663.63 lakhs in long-outstanding amounts from municipal corporations under various disputes
• ₹1,500.00 lakhs currently under Supreme Court review
• ₹4,005.96 lakhs in other financial assets overdue
• ₹648.24 lakhs in trade receivables from municipal corporations overdue

These outstanding amounts pose a potential risk to the company's cash flow and financial stability.

Financial Performance Analysis

Despite the marginal decrease in quarterly revenue, Antony Waste Handling Cell has managed to maintain relatively stable operations. However, the decline in net profit, both for the quarter and the nine-month period, indicates pressure on the company's profitability.

The commissioning of the 14 MW Waste to Energy plant in October 2023 marks a significant operational milestone for the company, potentially opening new revenue streams and enhancing its waste management capabilities.

The issue of substantial outstanding receivables remains a critical concern for Antony Waste Handling Cell. With significant amounts under dispute or review, including ₹1,500.00 lakhs at the Supreme Court level, the company may face challenges in working capital management and future growth investments if these issues are not resolved promptly.

The company's decision to issue equity shares under its employee stock option plan demonstrates a commitment to aligning employee interests with company performance, which could potentially boost motivation and retention.

As Antony Waste Handling Cell navigates these financial and operational challenges, stakeholders will be watching closely to see how the company addresses its receivables issues and leverages its new waste-to-energy capabilities to drive future growth and profitability.