Antony Waste Q1 FY27: Revenue Up, Profit Down 97% YoY

Key takeaway from the quarter

Antony Waste Handling Cell Ltd reported higher operating revenue in Q1 FY27, but profitability fell sharply at the consolidated level. For the quarter ended June 30, 2026, consolidated revenue from operations rose to ₹260.99 crore from ₹247.34 crore a year ago. Consolidated net profit, however, declined to ₹0.75 crore from ₹22.96 crore in Q1 FY26, a year-on-year fall of about 97%. The company’s board met on August 10, 2026, to review and approve the unaudited standalone and consolidated results.

What the company reported for Q1 FY27

On a consolidated basis, Antony Waste posted 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. Revenue from operations fell 8.67% quarter-on-quarter from ₹285.77 crore, even as it grew 5.52% year-on-year from ₹247.34 crore. The company’s disclosures also show a steep sequential decline in profits, with consolidated net profit at ₹0.75 crore versus ₹38.90 crore in the preceding quarter.

Profit contraction shows up in operating metrics

The operating picture weakened relative to last year despite the revenue increase. EBITDA for Q1 FY27 was reported at ₹37.20 crore versus ₹55.06 crore in Q1 FY26, implying a year-on-year decline of 32.43%. The EBITDA margin contracted to 14.26% from 22.26% a year earlier. Profit before tax (PBT) was ₹1.34 crore in Q1 FY27 compared with ₹25.63 crore in Q1 FY26. Profit after tax (PAT) was ₹0.75 crore versus ₹22.96 crore in the year-ago quarter.

Standalone numbers were different

Standalone performance showed a smaller but positive movement in profit for the quarter. Standalone revenue from operations was ₹158.78 crore in Q1 FY27, compared with ₹146.75 crore in Q1 FY26. Standalone net profit increased to ₹1.37 crore from ₹1.16 crore in the corresponding quarter last year. Basic earnings per share (EPS) for the quarter was ₹0.27 on a consolidated basis and ₹0.48 on a standalone basis.

Force majeure at PCMC plant and operational disruption

The company flagged a force majeure event at its Pimpri Chinchwad (PCMC) facility linked to heavy rains. The incident, dated July 8, 2026, was described as involving the collapse of a nearby legacy landfill, causing damage to the PCMC Waste-to-Energy facility. The event resulted in nine fatalities, which also became a key point in the quarter’s narrative for investors tracking operational risk. The company indicated that the materials recovery facility (MRF) and composting units are now operational.

Volume growth and segment operating data

Operational volumes in Q1 FY27 were reported as steady to improving, even as profitability weakened. Total tonnage managed increased 5.4% year-on-year to around 1.40 million tonnes. Collection and transportation volumes were 0.55 million tonnes, up 5.1% year-on-year. Processing volumes were 0.85 million tonnes, up 5.5% year-on-year. RDF sales were 40,000 tonnes, down 28% year-on-year, while compost sales were 6,000 tonnes and described as steady.

Debt refinancing at a subsidiary

Antony Waste reported refinancing of a subsidiary loan, reducing interest costs. For its subsidiary ALREPL, the interest rate was lowered by 200 basis points to 8.25% per annum from 10.25% per annum. This move was positioned as a cost of funds improvement, which investors typically track for cash flow sensitivity, especially during periods of margin pressure.

Regulatory and disclosure timeline around the results

The company issued a formal notice to the listing departments of BSE and NSE on August 6, 2026, citing Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board meeting to approve results was held on August 10, 2026. An earnings call to discuss the results was held on August 11, 2026 at 2:30 PM IST, led by Chairman and Managing Director Jose Jacob and Group CFO Subramanian NG. The company also indicated that the transcript and audio recording would be made available on its investor relations page within the timeline prescribed under SEBI regulations.

Accounting note on labour codes impact

The company disclosed a recognised impact related to the new Labour Codes under “Employee benefits expense”. The impact was stated as ₹5.23 crore on a consolidated basis and ₹4.86 crore on a standalone basis for the quarter or year ended March 31, 2026. While this disclosure relates to the period ended March 31, 2026 rather than Q1 FY27, it provides context for changes within employee-related expenses and accounting adjustments.

Snapshot table: Q1 FY27 vs Q1 FY26

Market impact and why investors focus on this print

The quarter creates a clear split between revenue growth and profitability. The company reported higher year-on-year consolidated operating revenue, but the sharp decline in EBITDA and PAT indicates pressure on operating costs or profitability drivers within the period. Margin contraction to 14.26% from 22.26% is a key datapoint because it typically influences how markets evaluate execution quality in municipal solid waste contracts. The PCMC force majeure event adds an operational risk layer, with investors likely tracking the pace of restoration and the potential impact on utilisation and costs.

Analysis: what stands out in the Q1 FY27 result

Three elements stand out from the reported numbers and updates. First, the scale of profit decline is outsized relative to the revenue movement, with PAT down 96.74% year-on-year even as revenue rose 5.52%. Second, the operational update shows volumes growing, suggesting that the issue is not a simple demand slowdown, but rather profitability compression within operations. Third, the company’s refinancing of ALREPL debt to 8.25% from 10.25% may help on interest costs, but the quarter’s key investor question remains around the drivers of EBITDA margin compression and how quickly margins can normalise.

Conclusion

Antony Waste Handling Cell’s Q1 FY27 results show higher consolidated revenue but a sharp fall in consolidated profit, alongside weaker EBITDA and margin contraction. The company has also reported a force majeure incident at its PCMC facility, with MRF and composting units now operational, and it completed a refinancing that reduced interest rates at a subsidiary. Investors will track subsequent disclosures on operational recovery at PCMC and any further detail from the company’s earnings call materials and filings.