Antony Waste Handling Cell Limited (AWHCL)

Utilities · Other Utilities · NSE · Updated 13 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹392.15 ↓ 35.69% (1Y)

🎯 Key Takeaways

Antony Waste Handling Cell Limited is transitioning from a mature utility player into a growth-oriented waste management leader with strategic expansion into high-margin waste-to-energy and circular economy initiatives. Despite short-term profitability volatility, the company is leveraging strong order book momentum and contract wins to drive sustainable revenue growth, positioning itself as a key infrastructure player in India's waste management ecosystem.
Revenue grew 9.7% QoQ to ₹243 in Q3FY25.
⚠️ 1) Persistent margin pressure due to rising operational costs and one-time expenses despite revenue growth. 2) Ongoing uncertainty in recovery of trad

Market Cap

₹1,338

P/E Ratio

18.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Antony Waste Handling Cell Limited is transitioning from a mature utility player into a growth-oriented waste management leader with strategic expansion into high-margin waste-to-energy and circular economy initiatives. Despite short-term profitability volatility, the company is leveraging strong order book momentum and contract wins to drive sustainable revenue growth, positioning itself as a key infrastructure player in India's waste management ecosystem.

📰 What's Happening

Management has secured ₹1,330 crore in new 7-year BMC contracts and expanded waste processing capacity, processing 1.4 million tonnes of waste in Q1 FY27 with 40,000 tonnes of RDF sold. The company completed its merger with AG Enviro Infra Projects in April 2025 and is actively integrating operations to scale synergies. Board-level actions include approving a five-year term for Executive Director Shiju Jacob Kallarakal starting July 2026, ensuring leadership continuity. Additionally, the company announced a final dividend of ₹0.50 per share, with a record date set for August 13, 2026, reflecting confidence in cash flow generation despite near-term margin pressures.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	203	222	225	217	210	227	221	243
Operating Profit	39	52	56	50	44	55	49	58
OPM %	16.0%	21.1%	22.7%	20.3%	17.2%	21.8%	19.3%	21.4%
Net Profit	12	23	32	16	30	21	15	18
EPS	₹3.38	₹6.46	₹9.77	₹4.53	₹9.70	₹6.17	₹4.26	₹5.56

Revenue has grown at a 13% YoY pace in FY26, driven by volume expansion in MSW collection and processing, though EBITDA margins have fluctuated between 16-22% over the past eight quarters. While Q1 FY27 showed a 6% YoY revenue increase to ₹260.1 crore, profitability declined sharply due to elevated operating costs and a one-time expense, with PAT dropping 97% to ₹0.7 crore. However, the refinancing of a term loan to reduce interest rates by 200 bps to 8.25% signals proactive cost management to improve future cash flow and margin sustainability.

🔮 Management Outlook & What's Next

Management highlighted strong demand for waste management services and outlined plans to expand waste processing capacity and deepen integration of waste-to-energy projects. The company emphasized recurring interest savings from refinancing and confidence in long-term growth prospects, though no formal forward guidance was provided. Strategic priorities include scaling circular economy initiatives, ESG integration, and leveraging new BMC contracts to drive recurring revenue, as underscored during the AGM and board discussions.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Other Utilities

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
VA Tech Wabag Limited	8,637	34.4	—	—	—
ION Exchange (India) Limited	5,722	26.3	—	—	—
Enviro Infra Engineers Limited	3,393	16.3	—	—	—
EMS Limited	1,803	9.6	—	—	—
Antony Waste Handling Cell Limited	1,338	18.4	—	—	—
Denta Water and Infra Solutions Limited	702	10.7	—	—	—
Concord Enviro Systems Limited	600	11.2	—	—	—
Race Eco Chain Limited	226	37.4	—	—	—

🔗 Peer Stock Analyses

WABAG IONEXCHANG EIEL EMSLIMITED DENTA

⚠️ Risk Factors

1) Persistent margin pressure due to rising operational costs and one-time expenses despite revenue growth. 2) Ongoing uncertainty in recovery of trade receivables amid pending tax disputes, which could impact cash flow. 3) Execution risks associated with integration of new contracts and expansion into waste-to-energy projects. 4) Regulatory and policy volatility in the waste management sector, which could affect contract renewals or permitting timelines.

📋 Recent Filings

🧠 Analyst's Read

Antony Waste Handling Cell is executing a clear expansion strategy in high-growth waste management segments, supported by a strong order book and contract wins, but near-term profitability remains fragile. Investors should monitor margin recovery trends, progress on waste-to-energy integration, and clarity on recurring revenue visibility from new BMC contracts in the upcoming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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