Antony Waste Reports Strong Q3FY26 Performance with 19% Tonnage Growth

Antony Waste Handling Cell Limited delivered robust operational performance during Q3FY26, managing approximately 1.42 million tonnes of municipal solid waste, reflecting 19% year-on-year growth. The company achieved core operating revenue growth of 9% in Q3FY26 and 13% in 9MFY26, driven by higher volumes and escalation-led tariff revisions. The strong performance underscores the company's operational excellence and leadership position in India's integrated municipal solid waste management sector.

Q3FY26 and 9MFY26 Operational Performance

The company's operational metrics demonstrate consistent growth across key parameters during the quarter and nine-month period ended December 31, 2025:

Performance Metric:	Q3FY26	9MFY26	YoY Growth
Core Operating Revenue Growth:	~9%	~13%	Strong momentum
Total Tonnage Managed:	~1.42 MT	~4.01 MT	+19% / +12%
Processing Activities:	~0.88 MT	~2.42 MT	+26% / +14%
Collection & Transportation:	~0.53 MT	~1.60 MT	+9% / +10%
RDF Sales:	~37,840 tonnes	~133,661 tonnes	-2% / +29%
Compost Sales:	~4,359 tonnes	~14,217 tonnes	-33% / -15%

The growth was supported by ramp-up in existing contracts and improved operational throughput across project locations. The company also bio-mined 0.35 million tonnes of legacy waste under the CIDCO project, reinforcing its commitment to sustainable waste management solutions.

Major Corporate Restructuring Completed

The Hon'ble National Company Law Tribunal (NCLT) approved the Scheme of Merger of AG Enviro Infra Projects Private Limited with Antony Waste Handling Cell Limited through its order dated December 18, 2025. The merger became effective on December 31, 2025, creating opportunities for greater economies of scale, improved operational efficiency, and enhanced organizational effectiveness.

Significant Contract Wins and Project Expansion

The company secured two pivotal collection and transportation contracts from the Brihanmumbai Municipal Corporation (BMC) worth approximately ₹1,330 crores over seven years. The contracts were awarded to a consortium led by AG Enviro Infra Projects Private Limited (51% stake), along with M/s. Jigar Transport Company (29%) and M/s. M.K. Enterprises (20%).

Contract Details:	Contract 1	Contract 2
Contract Value:	₹684 crores	₹646 crores
Service Area:	A, B, C & D Wards	N, S & T Wards
Daily Capacity:	650 MT per day	600 MT per day
Contract Period:	7 years	7 years

Additionally, the company's subsidiary Antony Lara Enviro Solutions Private Limited secured a Design, Build, Operate, and Transfer (DBOT) concession for a 600-800 tonnes per day municipal solid waste pre-processing facility in Thane. The project involves a capital investment of approximately ₹67 crores, fully reimbursable by Thane Municipal Corporation.

Strategic Market Position

The contract wins expand the company's footprint from 2 wards to 7 wards in Mumbai's municipal waste management ecosystem, positioning it as a key player in BMC's integrated waste management framework. The seven-year contract tenure provides stable long-term revenue visibility and supports the company's strategy of building a resilient waste management portfolio across India's urban markets.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.10%	+2.20%	+14.72%	-25.30%	-19.81%	+35.74%

Antony Waste Handling Cell Limited (AWHCL) has reported a robust performance for the second quarter, with significant growth in revenue and new project acquisitions. The company's strategic expansion and operational efficiency have positioned it well in India's evolving waste management sector.

Financial Performance

AWHCL reported an operating revenue of Rs 233.00 crores for Q2, marking a 16% year-on-year growth. This growth was driven by higher tipping fees, steady contributions from fixed shifts, trips, and household collection fees, along with improved operational efficiency.

The company's financial highlights for Q2 include:

Metric	Q2 Amount	YoY Growth
Operating Revenue	Rs 233.00 crores	16%
EBITDA	Rs 57.00 crores	18%
EBITDA Margin	22.00%	-
Profit After Tax	Rs 17.00 crores	13%

Segment-wise Performance

AWHCL's performance across its business segments showcased balanced growth:

Collection and Transportation (C&T): Revenue grew by 14% year-on-year to Rs 161.00 crores.
Processing: Revenue increased by 22% year-on-year to Rs 72.00 crores.

Operational Highlights

Total waste handled reached 1.27 million tons in Q2, up 6% year-on-year.
The PCMC Waste-to-Energy plant generated over 41 million green units and avoided 2,347 tons of CO2 emissions.
Construction and Demolition (C&D) Waste Recycling Facility achieved a 96% recycling rate.

New Project Acquisitions

AWHCL secured two new Waste-to-Energy projects in Andhra Pradesh:

Total Project Value: Rs 3,200.00 crores over 20 years
Capex per Project: Estimated at Rs 300.00-325.00 crores
Viability Gap Funding: Rs 65.00 crores per project from state and municipal corporations

These projects are similar to the company's existing 15-megawatt MSW-based power plants and are expected to commence construction by Q4.

Financial Position

Net Debt: Rs 343.00 crores
Debt-to-Equity Ratio: 0.4x
Order Book: Approximately Rs 12,500.00 crores

Future Outlook

AWHCL is focusing on expanding its processing infrastructure and strengthening its presence in high-growth emerging sectors. The company is exploring opportunities in vehicle scrapping and tire recycling businesses, with plans to set up facilities in collaboration with MIDC.

N.G. Subramanian, Group CFO, commented on the results, stating, "Our performance this quarter reflects our disciplined execution, operational agility, and continued focus on innovation and sustainability. We remain committed to driving long-term value for our stakeholders as we expand our presence in the waste management sector."

With its strong operational foundation and strategic expansions, Antony Waste Handling Cell Limited appears well-positioned to capitalize on the growing opportunities in India's waste management industry.