Antony Waste Handling Cell Q4 FY26: revenue, PAT, order book

25 years milestone as FY26 numbers come in

Antony Waste Handling Cell Ltd (BSE: 543254) marked its 25th anniversary with FY26 and Q4 FY26 results that highlighted steady execution and a growing project pipeline in India’s municipal solid waste (MSW) services market. The company also announced its maiden dividend of ₹0.50 per share during the anniversary year. Alongside the financial update, Antony Waste disclosed fresh project wins, including two waste-to-energy projects in Andhra Pradesh and new contracts in Mumbai and Thane.

The results were declared on May 29, 2026, for the quarter ended March 31, 2026. Across different summaries included in the provided material, revenue is reported using multiple line items such as “core operating revenue”, “revenue from operations”, “total revenue”, and “total income”. Where figures differ, they are presented as reported, without attempting to restate them beyond unit normalization.

Q4 FY26 revenue: multiple reported topline figures

The detailed quarterly financial table in the provided text shows revenue from operations of ₹285.77 crore in Q4 FY26 (₹28,576.73 lakh). This reflects 8.89% QoQ growth from ₹262.44 crore (₹26,243.87 lakh) and 17.76% YoY growth from ₹242.66 crore (₹24,266.16 lakh) in Q4 FY25.

In the same quarter, total income was ₹296.29 crore (₹29,628.70 lakh), up 10.01% QoQ from ₹269.32 crore and up 18.73% YoY from ₹249.55 crore. Another standalone line in the provided material also states that Q4 revenue was up 14% to ₹254 crore, indicating that some reports are using a narrower “core operating revenue” measure for the quarter.

Separately, a headline in the provided content states: “Revenue ₹1,053.19 crore for the quarter,” which conflicts with the detailed quarterly schedule that reports ₹285.77 crore revenue from operations for Q4. The same ₹1,053.19 crore number also appears as FY26 revenue from operations in another section, suggesting it may have been attributed to the quarter in error in that headline.

Q4 FY26 profit: QoQ recovery, YoY decline

For profitability, the detailed quarterly data in the text reports net profit of ₹36.90 crore for Q4 FY26 (₹3,689.71 lakh). This is a 152.16% QoQ increase from ₹14.63 crore in Q3 FY26, and a 19.78% YoY decline from ₹45.99 crore in Q4 FY25.

Another section in the same provided material reports net income of ₹32.52 crore for the quarter (₹325.2 million), compared with ₹40.00 crore a year ago, and also notes a similar figure of ₹32.51 crore versus ₹40.00 crore. Taken together, the documents consistently point to a sharp sequential improvement in Q4 profit versus Q3, while being lower than the year-ago quarter.

The summary also flags “other income” of ₹10.52 crore in Q4 FY26, with a note that it represented 34.12% of profit before tax in that quarter.

FY26 performance: revenue growth with softer PAT

For the full year, the material contains multiple FY26 topline numbers:

• Total revenue (FY26): ₹1,084.10 crore, described as 13% YoY growth.
• Total income (FY26): ₹1,084.10 crore (₹1,08,409.60 lakh), presented as a full-year income figure.
• Revenue from operations (FY26): ₹1,053.19 crore (₹1,05,319.29 lakh), up from ₹933.61 crore in FY25 (₹93,361.02 lakh).
• A separate anniversary update states FY26 operating revenue rose 9% to ₹920 crore, indicating a “core” or operating definition different from reported revenue from operations / total income.

On profit, one section states PAT (FY26) was ₹91.80 crore, a 9% YoY decline. Another line reports FY26 net profit of ₹91.75 crore (₹9,174.71 lakh), consistent with that PAT figure by unit conversion. Separately, the material also mentions consolidated net profit of ₹75.44 crore in FY26 versus ₹85.35 crore in FY25, indicating different aggregation or reporting bases across summaries.

EBITDA and margin discipline around 22%

The company’s EBITDA margins were described as stable at around 22% for both Q4 and the full year, reflecting disciplined cost management. For FY26, EBITDA was reported at ₹236.30 crore, a 7% increase year on year. Based on the FY26 total revenue figure of ₹1,084.10 crore, the reported margin profile aligns with the stated “around 22%” level.

Project wins: waste-to-energy in Andhra Pradesh, new city contracts

Beyond financials, Antony Waste reported expanding its project portfolio with two waste-to-energy projects in Andhra Pradesh. It also secured new contracts in Mumbai and Thane, adding to the municipal services footprint in key urban markets.

These wins matter operationally because the company’s model is tied to long-duration municipal contracts, where execution converts into predictable billings over time. The provided content frames these additions as incremental to its broader portfolio rather than a one-off revenue event.

Order book at ₹18,000 crore: visibility for future revenue

The company’s order book reached an all-time high of ₹18,000 crore, which it described as providing exceptional revenue visibility and confidence in sustained growth. Order book growth is particularly relevant in municipal services, where project ramp-up can span multiple quarters and contract tenures are typically long.

While the provided material does not break down the order book by segment or tenure, the record level is presented as a key support for future execution, especially alongside new waste-to-energy wins.

Operating scale: MSW handled rises to 5.69 million tonnes

The company reported a 15% rise in total MSW managed to 5.69 million tonnes in FY26. This operating metric is important because it reflects throughput and service scale, which often tracks capacity additions and city contract performance.

Key figures snapshot (all amounts in ₹ crore)

Market impact: what investors typically track from this update

From the numbers provided, investors are likely to focus on three reported signals. First is the consistent double-digit YoY growth in Q4 revenue from operations (₹285.77 crore), supporting the view of steady demand in the waste management segment. Second is the margin narrative, with EBITDA margins stated at around 22% in Q4 and for the full year, paired with FY26 EBITDA of ₹236.30 crore. Third is the order book at ₹18,000 crore, which the company highlighted as a visibility indicator.

The same dataset also points to a softer profit profile on a year-on-year basis, with Q4 profit below Q4 FY25 levels and FY26 PAT reported as down 9% YoY, even as revenue grew.

Analysis: why the quarter matters for the waste management theme

The update combines three elements that shape how the market reads municipal services companies. Execution strength is reflected in Q4’s record revenue from operations figure cited in the material (₹285.77 crore). The second is capital and operating discipline, with stable EBITDA margins around 22% despite changes in profit year-on-year. The third is pipeline depth, with waste-to-energy wins in Andhra Pradesh and an order book at ₹18,000 crore.

At the same time, the provided material includes multiple topline and profit numbers across different summaries. For readers, the practical takeaway is to distinguish “core operating revenue” (₹920 crore for FY26 and ₹254 crore for Q4, as stated) from statutory “revenue from operations” (₹1,053.19 crore for FY26 and ₹285.77 crore for Q4) and “total income/total revenue” (₹1,084.10 crore for FY26 and ₹296.29 crore for Q4).

Conclusion

Antony Waste Handling Cell’s FY26 update pairs revenue growth and stable reported margins with an expanded project pipeline, highlighted by two waste-to-energy projects in Andhra Pradesh, new Mumbai and Thane contracts, and a record ₹18,000 crore order book. The company also marked its 25th anniversary with a maiden dividend of ₹0.50 per share. The next set of developments to watch, based on the provided material, will be how the expanded portfolio converts into execution and how profit trends track alongside the company’s stated margin discipline.