Antony Waste Handling Cell (AWHCL) Q1 25/26 earnings summary

Executive summary

• Achieved record operational and financial performance in Q1 FY26, with revenue up to ₹254.4 Cr, 1.33 million tons of waste handled (up 13% year-over-year), and WTE plant at 84% PLF, generating over 25 million green units.

• Advanced circular economy initiatives, including commercial EPR launch in WTE and a 96% recycling rate at demolition waste sites.

• Board approved unaudited standalone and consolidated financial results for Q1 FY26, with all assets in India.

Financial highlights

• Operating revenue grew 13% year-over-year to INR 224 crores, with consolidated revenue at ₹24,733.64 lakhs and EBITDA margin stable at 24.4%.

• EBITDA for Q1 FY26 was ₹62.1 Cr, up 12% year-over-year; PAT after exceptional items reached ₹23 Cr, up 8% year-over-year.

• Net debt/equity improved to 0.4x; weighted average cost of debt at 9.2%; debtor days reduced to 86.

• Exceptional gain of ₹2,388.64 lakhs recognized in Q4 FY25 from favorable court ruling.

Outlook and guidance

• Management targets 23%-23.5% EBITDA margin for the next two to three quarters and expects 8%-10% year-over-year revenue growth.

• Focus on cluster-based project bidding, expansion into new states, and sector growth in WTE, bio-mining, and recyclables.

• Management confident in recoverability of overdue municipal receivables, supported by legal opinions and repayments.