Antony Waste Stock Surges 19% on ₹1,330 Crore BMC Order

Introduction

Shares of Antony Waste Handling Cell Ltd. experienced a significant rally, surging nearly 19% on December 18 to an intraday high of ₹518.40. This sharp increase in stock price followed the company's announcement that its subsidiary had secured two substantial contracts for municipal solid waste (MSW) management from the Brihanmumbai Municipal Corporation (BMC), collectively valued at approximately ₹1,330 crore.

Details of the Landmark Contracts

The contracts were awarded to a joint venture led by AG Enviro Infra Projects Private Limited, a material subsidiary of Antony Waste, which holds a 51% stake. The other partners in the consortium are M/s. Jigar Transport Company with a 29% stake and M/s. M. K. Enterprises holding the remaining 20%. The agreement spans a seven-year tenure, providing the company with stable and long-term revenue visibility.

Under the terms, the joint venture will be responsible for the collection and transportation of approximately 1,250 metric tonnes per day (MTPD) of municipal solid waste. The operations will cover key wards in Mumbai. The first contract, valued at ₹684 crore, involves handling 650 MTPD from wards A, B, C, and D. The second contract, worth ₹646 crore, covers the management of 600 MTPD from wards N, S, and T. The joint venture will deploy new, company-owned vehicles to transport the waste to designated landfill sites, ensuring operational efficiency.

Market Reacts with Strong Buying Interest

The announcement triggered a wave of bullish sentiment among investors. The stock opened higher and continued its upward trajectory, hitting ₹518.40 on the BSE. Trading volumes saw an unprecedented spike, with over 80 lakh shares changing hands by 11 AM on the day of the announcement, a stark contrast to its 20-day average of just 18,000 shares. This was the highest trading volume recorded for the stock since September 2021. The stock also broke above its 50-Day Moving Average for the first time in five months, indicating a potential shift in momentum.

Management's Vision for Growth

Jose Jacob, Chairman & Managing Director of Antony Waste Handling Cell Limited, commented on the development, stating, “We are delighted to secure these two significant Collection & Transportation contracts from the Brihanmumbai Municipal Corporation. This award reinforces our leadership in executing large-scale municipal waste operations across India’s urban markets.” He further added that Mumbai has always been a key operational area for the group and this win strengthens their long-term partnership with the city. Jacob emphasized that the seven-year contracts enhance revenue visibility and support the company's strategy of building a resilient management portfolio to deliver sustainable growth and long-term value for stakeholders.

A Look at Antony Waste's Financials

Before this major contract win, the company's financial profile presented a mixed picture. Understanding these metrics provides context for the stock's valuation and future potential.

Financial Ratios Explained

The company's Price-to-Earnings (P/E) ratio of 67.39 is relatively high, suggesting the stock is valued richly compared to its earnings. However, its Debt-to-Equity ratio of 0.0875 is very low, indicating a strong balance sheet with minimal reliance on debt for its capital structure. The Return on Equity (ROE) stands at 10.78%, which reflects its ability to generate profits from shareholders' investments. The recent sales growth has been negative at -33.64%, a figure that the new contracts are expected to improve significantly over the coming years.

Recent Stock Performance

Prior to the surge, the stock's performance in 2025 had been subdued, falling nearly 20% year-to-date. The 52-week high for the stock was ₹693, while the low was ₹408.05. Despite the recent gains, the stock is still trading significantly below its peak levels, suggesting potential room for recovery if the company executes these new projects effectively.

Future Outlook

This contract win is a pivotal moment for Antony Waste Handling Cell. It not only secures a substantial and predictable revenue stream for the next seven years but also solidifies its position as a leading player in India's organized municipal solid waste management industry. The successful execution of these projects is expected to strengthen Mumbai's waste management infrastructure and improve service reliability. For investors, this development enhances the company's growth prospects and financial stability, making it a key stock to watch in the environmental services sector.

Conclusion

The ₹1,330 crore order from the BMC is a significant operational and financial victory for Antony Waste Handling Cell. It has provided a much-needed catalyst for its stock price and has substantially improved its long-term revenue outlook. The market's enthusiastic response underscores investor confidence in the company's ability to execute large-scale urban infrastructure projects.