Antony Waste Q1 FY27 Results: Revenue Up, Profit Slumps

What the Q1 FY27 result headline says

Antony Waste Handling Cell Ltd reported a mixed set of numbers for the quarter ended June 30, 2026 (Q1 FY27). Consolidated revenue from operations rose year-on-year, but consolidated profitability fell sharply. The company’s board met on August 10, 2026, to review and approve the unaudited standalone and consolidated financial results.

For investors tracking the municipal solid waste management space, the key point this quarter is the gap between steady volumes and revenue on one side, and a steep decline in earnings on the other. The results also showed a clear contraction in EBITDA margin compared with the same quarter last year.

Board approval and the quarter under review

The company said the board of directors approved the unaudited results for the quarter ended June 30, 2026. The reporting period is Q1 FY27, and comparisons in the disclosed data include Q1 FY26 on a year-on-year basis, and Q4 FY26 on a quarter-on-quarter basis for certain line items.

Antony Waste also scheduled an earnings call on August 11, 2026, to review Q1 FY27 performance. The timing matters because Q1 is typically a quarter where operational performance and seasonal patterns can show up in margins, especially for processing and offtake-linked revenue streams.

Consolidated revenue grows YoY, dips QoQ

On a consolidated basis, revenue from operations for Q1 FY27 came in at ₹260.99 crore, compared with ₹247.34 crore in Q1 FY26. This translates into a 5.52% year-on-year increase.

However, the same revenue line was lower compared to the immediately preceding quarter. Consolidated revenue from operations was down 8.67% quarter-on-quarter from ₹285.77 crore in Q4 FY26.

The company also disclosed consolidated total income of ₹268.83 crore in Q1 FY27. This compared with ₹291.59 crore in Q4 FY26 and ₹264.39 crore in Q1 FY26.

Consolidated profit drops sharply despite higher revenue

The most material change in the quarter was on the profit line. Consolidated net profit for Q1 FY27 was ₹0.75 crore, down from ₹22.96 crore in Q1 FY26. This was described as a 97% decline year-on-year.

Sequentially, consolidated net profit was also lower than the previous quarter’s ₹38.90 crore (Q4 FY26), based on the figures provided.

The numbers highlight that the quarter was not defined by revenue weakness but by a steep decline in profitability, with margin pressure clearly visible in the operating metrics disclosed alongside the results.

EBITDA falls and margin contracts

Antony Waste reported EBITDA of ₹37.20 crore in Q1 FY27, compared with ₹55.06 crore in Q1 FY26. The EBITDA margin contracted to 14.26% from 22.26% a year ago.

In addition, profit before tax (PBT) was reported at ₹1.34 crore for Q1 FY27 versus ₹25.63 crore in Q1 FY26. Profit after tax (PAT) was ₹0.75 crore in Q1 FY27 versus ₹22.96 crore in Q1 FY26, consistent with the consolidated net profit figure disclosed.

These metrics, taken together, indicate that the quarter’s weaker outcome was driven by lower operating surplus and a materially lower pre-tax profit base compared to last year.

Standalone performance: modest profit growth

On a standalone basis, revenue from operations for Q1 FY27 was ₹158.78 crore, up from ₹146.75 crore in Q1 FY26. Standalone net profit was ₹1.37 crore, compared with ₹1.16 crore in the year-ago quarter.

Basic earnings per share (EPS) for the quarter was ₹0.27 on a consolidated basis and ₹0.48 on a standalone basis. The difference between consolidated and standalone outcomes is notable in this quarter given the sharp fall in consolidated profit alongside an improvement in standalone profit.

Working capital and receivables snapshot

The disclosed data also included trade receivables of ₹19.47 crore. While the results note this value, the broader working capital picture and reasons behind margin contraction were not detailed in the provided figures.

Still, receivables are a key line item for companies operating in municipal contracts, where billing cycles and collections can influence cash conversion and financing costs.

Operational update: tonnage growth and product offtake

Alongside the financial results, Antony Waste disclosed operational volume growth for Q1 FY27. Total tonnage managed increased 5.4% year-on-year to approximately 1.40 million tonnes.

The company split this into two broad activity buckets. Collection and Transportation (C&T) volumes rose 5.1% year-on-year to approximately 0.55 million tonnes, while Processing volumes increased 5.5% to approximately 0.85 million tonnes.

The update also highlighted RDF (Refuse Derived Fuel) sales of around 40,000 tonnes, down 28% year-on-year, while compost sales were around 6,000 tonnes and described as steady. The company also indicated core revenue growth of approximately 7%.

Debt refinancing and interest cost indicator

Antony Waste disclosed that it refinanced a subsidiary loan, reducing the interest rate by 200 basis points to 8.25%. While the quarter’s reported profitability was weak, this refinancing detail is relevant because interest costs can influence net profit, especially in quarters where operating margins compress.

The company did not provide additional quantified impact from this refinancing within the data shared, but the change in rate is a concrete update for tracking future finance cost trends.

Key numbers at a glance

Operating metrics snapshot

Market impact: what the numbers imply

The Q1 FY27 set of numbers signals that revenue growth did not translate into profitability for the quarter. The decline in EBITDA and the sharp drop in EBITDA margin from 22.26% to 14.26% stands out as the key driver behind the lower PBT and net profit.

From an operating perspective, tonnage growth suggests steady underlying demand across Collection and Transportation and Processing. But the decline in RDF sold year-on-year, as disclosed, is an important data point because offtake in processing-linked outputs can influence the quality of earnings and margins.

Why the quarter matters for tracking FY27

Q1 FY27 provides two parallel signals for the rest of the year: one on volumes and revenue resilience, and the other on margin sensitivity. Consolidated revenue increased year-on-year, and tonnage managed was higher, but consolidated net profit fell to ₹0.75 crore.

Investors will likely focus on whether the margin contraction persists, and whether operational metrics such as RDF and compost sales normalise in coming quarters, based on future disclosures.

What to watch next

The company is holding an earnings call on August 11, 2026, to review Q1 FY27 performance. Any additional clarity around the profitability drop, the outlook for processing output sales, and the expected benefit from refinancing at 8.25% will be key follow-ups to the published numbers.

For now, the quarter is defined by a clear divergence: higher consolidated revenue versus sharply lower consolidated profit.