Financial Performance Highlights
Consolidated Results (in ₹ Crores):
Quarterly Performance (Q2FY27 vs Q2FY26):
- Revenue from MSW Collection & Transportation: ₹227.5 vs ₹160.5 (42% growth)
- Revenue from MSW Processing: ₹49.0 vs ₹72.1 (32% decline)
- Revenue from other Operating Income: ₹44.7 vs ₹25.1 (78% growth)
- Total operating Revenue: ₹321.2 vs ₹257.7 (25% growth)
- Contract & Others: ₹9.1 vs ₹6.4
- Revenue from Operations: ₹330.3 vs ₹264.1 (25% growth)
- EBITDA: ₹58.3 vs ₹57.1 (2% growth)
- EBITDA Margin: 17.6% vs 21.6%
- PAT: -₹1.7 vs ₹17.3 (Net loss vs profit)
- PAT Margin: -0.5% vs 6.5%
Half-Yearly Performance (H1FY27 vs H1FY26):
- Revenue from MSW Collection & Transportation: ₹393.8 vs ₹311.9 (26% growth)
- Revenue from MSW Processing: ₹123.7 vs ₹144.3 (14% decline)
- Revenue from other Operating Income: ₹64.7 vs ₹48.8 (32% growth)
- Total operating Revenue: ₹582.2 vs ₹505.0 (15% growth)
- Contract & Others: ₹16.9 vs ₹14.2
- Revenue from Operations: ₹599.2 vs ₹519.2 (15% growth)
- EBITDA: ₹103.3 vs ₹119.3 (13% decline)
- EBITDA Margin: 17.2% vs 23.0%
- PAT: -₹1.0 vs ₹40.2 (Net loss vs profit)
- PAT Margin: -0.2% vs 7.7%
Operational Highlights
Q2FY27 Operational Metrics:
- C&T volumes grew ~11.5% reaching ~0.60 million tonnes
- Processing volumes de-grew ~7.2% reaching ~0.68 million tonnes
- Total MSW handled grew ~0.8% YoY to ~1.28 million tonnes
- RDF sales: ~49,000 tonnes
- Compost sales: ~2,000 tonnes
H1FY27 Operational Metrics:
- C&T volumes grew ~9.4% reaching ~1.16 million tonnes
- Processing volumes remained stable at 1.54 million tonnes
- Total MSW handled grew ~4.5% YoY to ~2.71 million tonnes
- RDF sales: ~89,000 tonnes
- Compost sales: ~8,000 tonnes
Management Commentary
Jose Jacob, Chairman & Managing Director, commented on the results:
- Revenue growth driven by diversified contract portfolio and continued growth in Collection & Transportation business
- Growth supported by ramp-up of newly commenced Mumbai operations awarded by Brihanmumbai Municipal Corporation (BMC)
- Higher volumes across existing projects and recognition of cost escalations as per contracted terms
- EBITDA margins affected by expected credit loss (ECL) provision against receivables from approved escalation claims relating to earlier periods
- ECL provision made in line with Ind AS 109 and applicable audit requirements
- Provisions expected to be written back as amounts are realized from client
- Excluding ECL provision, Company would have reported stronger EBITDA growth and margin expansion
Exceptional Item
- ₹20 crores recognized as exceptional item relating to incident at PCMC Waste-to-Energy facility in July 2026
- Exceptional item comprises impairment of property, plant and equipment, restoration and other related costs, and compensation paid to employees/their next of kin
- Restoration and recommissioning efforts underway in coordination with PCMC, relevant authorities and OEM partners
- MRF and composting operations resumed, processing ~33,600 tonnes of waste during quarter
- Energy operations remained suspended
- Facility expected to be functional by December 2026
Forward Outlook
- Focus on timely restoration of PCMC WtE facility
- Strengthening operational efficiencies and sustaining growth across diversified portfolio
- Continued ramp-up of Mumbai C&T operations
- Healthy traction in C&D processing and growth across existing projects
- Strong order book and expanding project pipeline
- Focus on disciplined execution, prudent capital allocation and operational excellence
- Confident in long-term growth prospects and ability to create sustainable value for stakeholders