Antony Waste Handling Cell (AWHCL) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue grew to ₹269.3 Cr, up 8%-9% year-on-year, driven by strong execution in integrated municipal solid waste management and major project wins in Mumbai and Thane.

• Waste managed reached 1.42 MMT in Q3FY26 and 4.01 MMT in 9MFY26, with significant sales of RDF and compost, and notable CO2e emissions avoided.

• The merger of AG Enviro Infra Projects was completed, streamlining operations and enhancing capital allocation.

• An exceptional gain of ₹2,388.64 lakhs was recognized from a favorable court ruling on overdue receivables.

• Ongoing focus on sustainability, operational excellence, and expansion in waste-to-energy and bio-mining segments.

Financial highlights

• Q3 operating revenue grew to ₹269.3 Cr, up 8%-9% year-on-year; 9MFY26 revenue at ₹787.8 Cr, up 11%-12%.

• Q3 EBITDA was ₹49.6 Cr with an 18.4% margin; 9MFY26 EBITDA at ₹168.9 Cr and 21.4% margin.

• Q3 PAT stood at ₹14.6 Cr; 9MFY26 PAT at ₹54.8 Cr.

• Net debt/equity improved to 0.4x in Q3FY26; gross debt at ₹425 Cr, net debt at ₹350 Cr.

• Days Sales Outstanding improved to 96 days due to focused collection efforts.

Outlook and guidance

• Revenue growth for next year projected at 15%-18%, targeting ₹1,200 Cr, with 22%-23% EBITDA margin guidance.

• Andhra Pradesh waste-to-energy projects expected to add ₹90-140 Cr annual revenue post-FY29.

• Focus on cluster-based project bidding, expansion in new states, and increasing non-municipal revenue streams.

• Management remains confident in the recoverability of significant overdue receivables from municipal corporations.

• Continued investment in technology and sustainability initiatives.