Antony Waste Q4 FY26: Revenue Crosses INR 1,000 Crore, Order Book Hits INR 18,000 Crore

Antony Waste Handling Cell Limited closed FY26 with consolidated revenue of INR 1,084.1 crore, up 13 percent year on year, supported by steady execution in municipal solid waste collection and transportation and continued scaling of waste processing. Q4 FY26 revenue was INR 296.3 crore, up 19 percent year on year. EBITDA for FY26 was INR 236.3 crore, up 7 percent, with a margin of 21.8 percent. In Q4, EBITDA rose to INR 67.5 crore with a 22.8 percent margin.

Reported PAT for FY26 was INR 91.8 crore versus INR 100.6 crore in FY25, and Q4 PAT was INR 36.9 crore versus INR 46.0 crore in the year ago quarter. Management repeatedly clarified that FY25 included an exceptional income of INR 23.9 crore related to an arbitration settlement, which inflated the FY25 profit base. The company also ended the year with net debt to equity at 0.3x, signalling a more conservative balance sheet as it prepares for a larger capex cycle.

Operating mix stayed stable, but volumes grew faster than revenue

The presentation described a stable revenue mix in FY26: 60 percent from MSW collection and transportation, 25 percent from MSW processing, and 15 percent from contracts and others. The consolidated profit and loss statement quantified this split with revenue from MSW collection and transportation at INR 646.4 crore, processing at INR 273.7 crore, and contracts and others at INR 164.0 crore.

Operational metrics continued to improve. The company managed around 5.69 million metric tonnes of waste in FY26, and around 1.67 million metric tonnes in Q4. RDF sales were about 1.77 lakh tonnes in FY26 and 43,579 tonnes in Q4. Compost sales were 15,500 tonnes in FY26 and 1,290 tonnes in Q4. The Pimpri Chinchwad Municipal Corporation waste to energy plant generated 69.30 million plus green units in FY26 and 25.08 million plus units in Q4.

During the earnings call, management addressed why volumes surged but revenue growth did not match the same pace. It attributed the volume jump largely to the CIDCO biomining project, which it described as a fixed term contract, meaning volume expansion does not translate proportionately into revenue. It also stated CIDCO biomining contributed close to 22 percent of volumes in the last quarter.

Waste to energy: strong run rate after a maintenance heavy year

Waste to energy remains one of the most watched elements of the platform because it is capex intensive and can shape long term profitability. The investor presentation highlighted an 83 percent PLF in Q4 FY26 at the PCMC waste to energy plant. During the concall, management provided important context for the full year. It said the plant underwent about 90 days of planned and reparative shutdown in FY26, which led to a lower annual PLF of 56 percent. It added that post maintenance, the plant has been operating at around 86 percent PLF consistently.

Beyond power generation, management continued to push resource recovery as a non municipal revenue driver. It said annual RDF sales reached a record 177,000 tonnes, up 20 percent year on year. It also indicated that transportation and hiring linked to higher RDF dispatch volumes contributed to the increase in other expenses.

Another emerging lever is EPR. Management stated it entered the EPR business and monetized nearly 20 percent of allotted EPR credits in the first year of PCMC waste to energy operations. It also quantified that it recognized about INR 2.2 crore of EPR credits, and said that once the pattern is established, EPR monetization could add close to 10 percent of PCMC waste to energy revenue. The company did not quantify how quickly this could scale at the consolidated level.

Cash flow and balance sheet: debt paydown continues, but working capital absorbed cash

On cash flow, the consolidated statement showed operating cash flow of INR 139.4 crore in FY26, down from INR 184.0 crore in FY25. A major reason was working capital absorption of INR 47.4 crore, compared to INR 13.1 crore in the prior year. Cash and cash equivalents closed at INR 109.6 crore.

Management also highlighted active debt reduction. It said the pay down came from operations, referencing operating profit before working capital changes of around INR 220 crore and a financing cash flow impact of INR 93 crore for the year. It also described gross debt of about INR 426 crore and cash and bank balances of around INR 123 crore, implying net debt of approximately INR 302 crore, consistent with the net debt to equity ratio of 0.3x shown in the presentation.

On the tax line, management explained that the tax reversal reflected a one time item of INR 8 crore related to tax on undistributed profit that was reversed due to the merger of AG Enviro into Antony Waste, and a separate adjustment around the Section 80-IA SPV. It stated that the group uses a 25 percent effective tax rate assumption going forward.

Strategy and growth runway: INR 18,000 crore order book and a large capex cycle

The sharpest forward looking disclosure in the concall was the order book. Management stated the order book as of March 2026 stood at an all time high of INR 18,000 crore. It also provided a broad split: about 60 percent processing and 40 percent collection and transportation. On execution, it said around 40 percent would be executed over the next five to seven years, while the balance would extend over the next fifteen years due to long duration processing contracts.

To execute this pipeline, management indicated incremental capex of around INR 750 crore, largely tied to processing contracts, including Atkoli processing and the two waste to energy projects in Andhra Pradesh, as well as the two BMC collection and transportation contracts. It further said the capex would be spread roughly 40 percent in FY27 to FY28 and 60 percent in FY28 to FY29, aligned to a construction period of around 24 months.

Management also gave a longer dated revenue trigger. It stated that the two Andhra Pradesh waste to energy projects are expected to start contributing to revenue post FY29. This framing matters for expectations because it indicates the near term growth profile is more likely to be driven by execution in existing municipal contracts, contract escalations, and processing expansions such as biomining and RDF, while waste to energy adds meaningfully later.

A smaller but trackable operational story is the construction and demolition waste business. Management said the segment contributed around INR 9 crore in FY26, below expectations, and attributed part of the softness to an extended monsoon period in Mumbai. It added that volumes improved from February onwards to 480 to 520 tonnes per day from 280 to 300 tonnes per day earlier, and said an INR 18 to 20 crore revenue assumption for FY27 is fair.

Takeaways from FY26

FY26 reinforced the company’s positioning as a scaled operator in Indian municipal solid waste management, with consolidated revenue crossing INR 1,000 crore and a long duration INR 18,000 crore order book. Margins stayed near 22 percent even as labour and transport costs rose, with management stressing escalation clauses across contracts as a structural cushion.

At the same time, investors will likely watch three variables closely: the pace of working capital normalization, the consistency of PLF and availability at waste to energy, and the timing and quantum of capex deployment for the Andhra Pradesh projects. With leverage already reduced to 0.3x net debt to equity and borrowing costs below 10 percent, the balance sheet appears positioned for the next phase, but the execution and cash conversion over the coming years will determine how much of the order book translates into sustained shareholder returns.