Antony Waste Handling Cell LimitedPower & UtilitiesAWHCL
Q1 FY27 concall · earnings callAntony Waste Handling Cell Limited
The quarter was defined by a tragic site accident halting the key WtE plant and a sharp drop in profitability due to non-recurring operational costs, though top-line revenue grew modestly and a major new contract was secured.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹269 Cr | 6% | |
| EBITDA | ₹45 Cr | -27% | |
| EBITDA Margin | 16.8% | — | |
| PAT | ₹0.7 Cr | — | |
| Total Waste Tonnage | 1.4 million tons | 5% | |
| Net Debt | ₹324 Cr | — | |
| Net Debt-to-Equity | 0.4x | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹242.74 Cr+11.8% YoY+9.7% QoQ | ₹18.03 Cr+15.5% YoY+17.7% QoQ | ₹5.56+22.7% YoY+30.5% QoQ |
| Q2 FY25 | ₹221.24 Cr-1.6% YoY-2.5% QoQ | ₹15.32 Cr-51.4% YoY-28.1% QoQ | ₹4.26-56.4% YoY-31% QoQ |
| Q1 FY25 | ₹226.97 Cr+2.2% YoY+8% QoQ | ₹21.30 Cr-5.8% YoY-29.4% QoQ | ₹6.17-4.5% YoY-36.4% QoQ |
| Q4 FY24 | ₹210.18 Cr+3.5% YoY-3.2% QoQ | ₹30.16 Cr+143.6% YoY+93.2% QoQ | ₹9.70+187% YoY+114.1% QoQ |
| Q3 FY24 | ₹217.15 Cr-0.2% YoY-3.5% QoQ | ₹15.61 Cr-2.6% YoY-50.5% QoQ | ₹4.53+6.8% YoY-53.6% QoQ |
TL;DR
- Revenue grew 6% YoY to ₹269 crores driven by higher volumes and contractual escalations.
- EBITDA fell 27% YoY to ₹45 crores with margin compressed to 16.8% due to deferred transportation costs, higher employee expenses, and increased finance costs.
- Tragic accident at PCMC WtE facility in July killed nine people; operations partially resumed while WtE restart is expected by early October.
- Secured a new ₹243 crore, 5-year contract from Greater Noida for electric road sweeping.
- Refinanced a ₹140 crore loan at a 200 bps lower rate (10.25% to 8.25%), incurring a one-time prepayment cost of ₹7 crores.
- Expect an impairment charge of ₹22-24 crores in Q2 related to asset damage from the accident, before insurance recoveries.
Said on the call
“I want to be direct with you on this quarter's numbers. The EBITDA came in at ₹45 crores, which is down 27% year-on-year and 33% sequentially with EBITDA margin at 16.8%.”
From the Q&A
| Topic | What management said |
|---|---|
| WtE Plant Shutdown & Impact | The WtE plant is expected back by first week of October; fixed costs of ₹2.5-3 crores per month will be incurred during shutdown, with full revenue resuming in October. |
| Processing Volume Moderation | Softening processing volumes are due to the completion of the CIDCO bio-mining project; growth is expected to resume with the Atkoli project in Q4 FY27. |
| Near-term Margin Trajectory | Margin pressure from transportation and labour costs is expected to slightly improve; long-term goal is to return to historical margin trends, but FY27 could see pressure, with potential improvement from new contracts (BMC, Atkoli) in H2. |
| Refinancing Details | ₹140 crores was refinanced at Lara Renewables, reducing interest rate from 10.25% to 8.25%; prepayment charge was ₹7 crores, with a net benefit of ₹14 crores and a payback tenure of 15 years. |
| RDF Sales Decline | The 28% YoY decline in RDF sales is a timing issue related to adding more customers and the end of the CIDCO project; net realization improved to upwards of ₹300 per ton from ₹250. |
| Employee Cost Surge | The 18% YoY increase in employee costs to 34% of revenue was due to a Labour Code change restatement and new project headcount; it's expected to normalize to the historical 30-31% range. |
| Strategic Growth Focus | Focus is shifting towards a 50-50 portfolio between Collection & Transportation and processing/WtE, with processing/WtE being more margin-accretive and capex-intensive. |
Guidance
- WtE plant operations expected to restart by first week of October 2026.
- Impairment charge of ₹22-24 crores expected in Q2 FY27 related to PCMC accident damage (pre-insurance).
- New BMC contract to start contributing from Q3 FY27; Atkoli project to be operational by Q4 FY27.
- Margin profile expected to improve from Q1 lows but may remain under pressure in FY27; aim is to return to historical trends.
- Weighted average cost of debt expected to trend lower following refinancing.
- Growth from existing portfolio estimated at 6-9%; new business to add 10-15% growth, albeit lumpy.
Source
Summary written from the transcript filed by Antony Waste Handling Cell Limited for the call held on 11 Aug 2026; published 21 Aug 2026, 23:11 IST.
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