Antony Waste Handling Cell Limited – Investor Presentation Summary
Key Operational Highlights
- Handles approximately 6,000 tonnes per day at Kanjurmarg facility, one of Asia's largest bio-reactor landfills
- Manages over 8,330 tonnes of MSW per day through door-to-door collection
- Operates fleet of over 2,600 specialized vehicles for waste transportation
- Sold ~49,000 tonnes of RDF in Q2FY27
- Sold ~2,000 tonnes of compost in Q2FY27
- Key drivers: Cluster-based growth strategy, diversified project portfolio across 19 C&T contracts and 6 processing projects
Segment-wise Performance
- MSW Collection & Transportation: Revenue ₹227.5 Cr in Q2FY27 (42% YoY growth), contributes 60% to overall revenue
- MSW Processing: Revenue ₹49.0 Cr in Q2FY27 (-32% YoY), contributes 25% to overall revenue
- Contract & Others: Revenue ₹44.7 Cr in Q2FY27 (78% YoY growth), contributes 15% to overall revenue
- Explanation: Strong growth in C&T segment offset decline in processing revenue; diversified revenue streams provide stability
Financial Highlights
Revenue: ₹330.3 Cr (25% YoY growth)
EBITDA: ₹58.3 Cr (2% YoY growth)
PAT: -₹1.8 Cr (excluding non-controlling interest)
EPS: -₹0.6
Margins: EBITDA Margin 17.6% (vs 21.6% YoY), EBIT Margin 10.5% (vs 13.5% YoY), PAT Margin -0.5% (vs 6.5% YoY)
YoY/QoQ comparison: H1FY27 revenue ₹599.2 Cr (15% YoY), H1FY27 EBITDA ₹103.3 Cr (-13% YoY)
Drivers of financial performance: Higher project expenses (₹21.9 Cr vs ₹2.0 Cr YoY), exceptional item of ₹19.9 Cr impacted PAT
Comparison to market estimates: Not Specified
Key Risks: Not explicitly disclosed in presentation
Geographical Revenue Split
Domestic vs Export/Regional Revenue: Not Specified
Regional Breakdown: Operations concentrated in MMR (11 projects) and NCR (6 projects) regions
Balance Sheet Snapshot
Net Debt/Equity: Not explicitly stated, but total borrowings ₹449.0 Cr (₹298.6 Cr non-current + ₹150.4 Cr current) against equity ₹929.7 Cr
Reserves: ₹724.4 Cr
Current Assets/Liabilities: Current Assets ₹499.9 Cr, Current Liabilities ₹465.9 Cr
Working Capital/Leverage Metrics: Net decrease in cash ₹54.1 Cr in H1FY27
Financial Health Insights: Total assets ₹1,816.0 Cr, stable equity base ₹929.7 Cr
Capex & Cash Flow Health
Capital Expenditure: CWIP ₹30.0 Cr, intangible assets under development ₹29.0 Cr
Free Cash Flow: Not Specified
Operating Cash Flow: ₹39.6 Cr in H1FY27
Net Debt Movement: Total borrowings increased to ₹449.0 Cr from ₹425.5 Cr in Mar-26
Investment Rationale: Focus on waste-to-energy segment, bio-mining projects, and cluster-based growth
Strategic & R&D Initiatives
Investments in Innovation: 3 integrated WTE plants, partnership with JFE Engineering Corporation, Click2Clean facility services
Expected impact on growth: WTE segment driving growth through assured raw material availability and secured power offtake
Strategic Rationale: Expanding into high-growth waste-to-energy and bio-mining segments, focusing on urban/semi-urban areas with limited counterparty risk
Industry Trends & Business Environment
Macro/Industry Trends: MSWM expected to double in India in next 5 years, growing privatization in MSW management
Impact on Company: Positioned to seize growth opportunities from industry expansion, focusing on emerging areas like biomethanation, RDF, and bio-mining
Management Commentary & Growth Outlook
Strategic Outlook: Focus on rational project selection, cluster-based growth, and expanding WTE, segregation & bio-mining operations
FY Guidance: Not explicitly provided
Market Share Targets: Not Specified
Risks and Opportunities: Emphasis on contracts with pass-through escalations, targeting municipalities with stable financials, reducing counterparty risk
ESG Updates
- Diverse 6-member Board with 3 Independent Directors (including one woman director)
- Oversight committees chaired by Independent Directors
- No unresolved investor complaints as of quarter end
- ESG performance metrics: Contributes to Sustainable Development Goals, environmental stewardship through waste processing and energy recovery