Waste Management company Antony Waste Handling Cell announced Q2FY26 results Financial Highlights: Total Operating Revenue for Q2FY26 of Rs 233 crore; YoY growth of 16% EBITDA for Q2FY26 of Rs 57 crore; YoY growth of 18% EBITDA margin for Q2FY26 stood at 21.6% Sales of Refuse Derived Fuel (“RDF”) for Q2FY26 reached ~40,081 tonnes Sales of Compost for Q2FY26 reached ~3,251 tonnes Jose Jacob, Chairman & Managing Director of Antony Waste Handling Cell, said, “Operational efficiencies and enhanced throughput were the primary catalysts for the Company's strong quarterly performance. Driven by higher volumes and escalated contracts, operating revenue for the quarter grew by 16% yearon-year, achieving a total of Rs 233 crore. This success reflects the resilience and scalability of its business model and underscores a relentless management commitment to ensuring the sustained delivery of value across both the environmental and commercial spheres. During the quarter, the Company sold ~40,081 tonnes of Refuse Derived Fuel (RDF) and ~3,251 tonnes of compost. For H1FY26, the Company recorded total sales of ~95,820 tonnes of RDF and ~9,858 tonnes of compost, underscoring the Company’s continued progress in waste-to-resource conversion and sustainable operations. Antony Lara Enviro Solutions Private Limited, a key subsidiary, secured two major Waste-to- Energy (WtE) projects of ~15 MW each in Andhra Pradesh, awarded by the New & Renewable Energy Development Corporation of Andhra Pradesh Ltd. The combined value of these projects stands at around Rs 3,200 crore for the concession period of 20 years. Subsequently, two new Special Purpose Vehicles Kadapa Renew Energy Private Limited and Kurnool Renew Energy Private Limited were incorporated. Furthermore, as stated before that as a part of our strategic initiative aimed at optimizing both operational performance and financial strength, the Company had proposed the merger between AG Enviro its largest wholly owned subsidiary with the publicly listed holding company. Now this merger is in its final stage as the Hon'ble National Company Law Tribunal, Mumbai Bench (“NCLT”) has admitted the Joint Company Scheme Petition. This performance reaffirms the strength of our business model and the dedication of our teams. The strong close to the first half gives us confidence in achieving all the internal targets set for FY26. We remain focused on sustaining this positive momentum, capitalizing on emerging opportunities in the evolving waste management sector, and delivering long-term value to our stakeholders in the years ahead." Result PDF
Waste Management company Antony Waste Handling Cell announced Q1FY26 results Total Operating Revenue for Q1FY26 of Rs 224 crore; YoY growth of 13%. EBITDA for Q1FY26 of Rs 62 crore; YoY growth of 12%. EBITDA margin for Q1FY26 stood at 24%; an improvement of ~65 bps YoY. Sales of Refuse Derived Fuel (“RDF”) for Q1FY26 reached ~55,500 tonnes, YoY growth of 62%. Sales of Compost for Q1FY26 reached ~6,600 tonnes, YoY growth of 10%. Jose Jacob, Chairman & Managing Director of Antony Waste Handling Cell, said: "In the quarter gone by, the Company delivered a strong performance, with operating revenue increasing by 13% YoY, reaching to Rs 224 crore. This growth was driven by enhanced operational efficiency, higher tipping fees, and steady contributions from fixed shifts, trips, and household fees. Favourable seasonal trends and the ramp-up of our CIDCO bio-mining site further strengthened performance. This reinforces our ongoing commitment to optimising throughput and enhancing material recovery rates, delivering both environmental and commercial value. Our Waste-to-Energy plant continued to operate at a healthy plant load factor of approximately 84%, not only meeting the expectations but setting the new benchmarks for the industry and showcasing our ability to reliably convert waste into clean energy. Resource recovery was a standout in this quarter, as we achieved our highest-ever sales in this segment. Compost sales reached around 6,600 tonnes, a 10% increase year-on-year, while refuse-derived fuel sales rose by a remarkable 62% to approximately 55,500 tonnes. These results highlight and reconfirm our progress that we are making towards promoting circularity, reducing landfill dependency, and contributing towards a greener and cleaner environment. One of the most significant strategic developments of the quarter was the commercial launch of our Extended Producer Responsibility (EPR) initiative within the Waste-to-Energy division. With the PCMC WtE project now officially registered to qualify for EPR credits, we have already monetised 20% of the first-year allocation of over 94,400 metric tonnes. This initiative not only adds a new and sustainable revenue stream but also places us at the forefront of India’s transition towards a circular economy. It is a milestone that aligns perfectly with our vision of integrating environmental responsibility with profitable growth. This strong start to FY26 reaffirms the strength of our business model and the dedication of our teams. With a solid foundation in place, we are confident in our ability to sustain this momentum, capture new opportunities in the evolving waste management sector, and deliver long-term value to our stakeholders in the quarters ahead". Result PDF
Waste Management company Antony Waste Handling Cell announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Total Operating Revenue for Q4FY25 of Rs 223 crore; YoY growth of 14% EBITDA for Q4FY25 of Rs 58 crore; YoY growth of 33% EBITDA margin for Q4FY25 stood at 23%; an improvement of ~300 bps YoY Sales of Refuse Derived Fuel (“RDF”) for Q4FY25 reached ~45,200 tonnes, YoY growth of 8% Sales of Compost for Q4FY25 reached ~4,500 tonnes, YoY growth of 165% PAT stood at Rs 46 crore for Q4FY25 compared to Rs 30 crore for Q4FY24 FY25 Financial Highlights: Revenue from Operations rose by 7%, from Rs 894.8 crore to Rs 958.8 crore. EBITDA increased by 9%, from Rs 201.8 crore to Rs 220.2 crore. EBITDA Margin improved slightly from 22.6% to 23.0%. PAT rose marginally by 1%, from Rs 99.9 crore to Rs 100.6 crore. Commenting on the results, Jose Jacob, Chairman & Managing Director of Antony Waste Handling Cell, said, “For the quarter ended March 2025, the Company delivered a robust performance, with revenue increasing by 15% year-on-year and EBITDA climbing 33%, supported by enhanced operational efficiency at our WtE plant. Profit before tax (PBT) has nearly tripled, primarily due to significant gains from favourable order of Bombay High court, undeRs coring our commitment to contractual integrity For the full fiscal year 2025, revenue grew by 7% and EBITDA rose by 9% to reach Rs 220.2 crore, resulting in an EBITDA margin of 23%, consistent with our stated guidance. However, PBT before exceptional items declined by 13%, reflecting higher interest and depreciation expenses following the commissioning of our WtE and Construction & Demolition (C&D;) projects. Notably, cash PBT increased by 16% to Rs 188.4 crore, further strengthening our financial flexibility. This strong financial foundation positions us well to consolidate our recent investments in C&D; and WtE technologies and paves the way for accelerated growth in the coming periods. Operationally, we achieved record annual sales for both Compost and Refuse Derived Fuel (RDF), demonstrating the growing momentum of our waste valorisation efforts. In the March quarter alone, RDF sales reached approximately 45,200 tonnes, while Compost sales were around 4,500 tonnes. For the full year, RDF sales rose to about 1,48,000 tonnes and Compost sales nearly doubled to approximately 21,200 tonnes, compared to 1,46,000 tonnes and 10,000 tonnes, respectively, in the previous year. This strong growth highlights our continued focus on converting waste into valuable resources, also reflecting increasing market acceptance and demand for its high-quality, sustainable products. Additionally, our wholly owned subsidiary, AG Enviro, has commenced ward-wise operations under the newly re-awarded contract from the Navi Mumbai Municipal Corporation which will bolster our revenue going forward. This strategic renewal showcases the Company’s strong foothold in the region and reaffirms its proven capability to successfully re-secure and efficiently execute C&T; projects. Antony Waste continues to lead in urban circularity through efficient waste management solutions that transforms waste into resources. Our commitment to sustainability aligns with ESG principles, reduces landfill dependence, and enhances resource recovery. These advancements, coupled with emerging MSW sector opportunities, position us for long-term growth and reinforce our leadeRs hip in responsible waste management and the circular economy. Result PDF
Commercial Services company Antony Waste Handling Cell announced Q3FY25 results Total Operating Revenue of Rs 221 crore; YoY growth of 15% EBITDA of Rs 59 crore; YoY growth of 18% EBITDA margins for Q3FY25 stood at 24%; an improvement of ~120 bps YoY Sales of Refuse Derived Fuel (“RDF”) for Q3FY25 stood at ~38,500 tonnes Sales of Compost increased to ~6,400 tonnes for Q3FY25 Jose Jacob, Chairman & Managing Director: "We are pleased to report a strong quarter, with operating revenue registering a growth of 15% year-over-year, bringing our core revenue to Rs 221 crore. Key drivers included higher volumes, better compost/RDF revenues, increased tipping fees (adjusted for inflation), and greater green energy generation from WtE. We achieved an 18% year-over-year growth in our EBITDA, reaching Rs 59 crore, with a 120-basis point improvement in the EBITDA margin, which now stands at 23.5%. The standalone Company’s performance during the quarter has been weak and this is primarily because Antony Waste had initially submitted bids for various projects and executed them through multiple SPVs, as mandated by tender conditions. Over time, due to the operational excellence of these SPVs and evolving technical qualification criteria, projects began to be awarded directly to material subsidiaries. As newer contracts are now received directly by the material subsidiary companies, it is more appropriate to assess the Company's performance on a consolidated basis. Additionally, we are actively working to optimize our operations and streamline our group structure to enhance overall efficiency and sustainability.” Adding to this, Jose Jacob highlighted, “During the quarter, the PCMC Waste-to-Energy Plant achieved an impressive PLF of around 76%, setting a new benchmark for the industry. This along with innovations in utilizing end-of-life plastics for road construction, a collaborative project with IIT Bombay, enhances our ability to leverage cutting-edge technology and research initiatives. Furthermore, the recent project re-win in Navi Mumbai strengthens our position and has replenished our order book.” Result PDF
Commercial Services company Antony Waste Handling Cell announced Q2FY25 results Total Operating Revenue of Rs 200 crore. EBITDA of Rs 49 crore. EBITDA margins for Q2FY25 stood at 21%. Sales of Refuse Derived Fuel (“RDF”) for Q2FY25 grew by 5% reaching ~30,500 tonnes with gradual increase from the previous year's ~29,000 tonnes. Jose Jacob, Chairman & Managing Director of Antony Waste Handling Cell, said: " For Q2FY25, we report a stable quarter with operating revenue of Rs200 crore. On a YOY basis, this appears soft, mainly due to the absence of one-time lumpsum receipt of escalation amount in the year-ago period. Adjusted for this one-off, and project roll-offs, our core operating revenue has improved by 6% YOY. The H1 2025 EBITDA margin stands at 22.6%, and we believe we are improving on the same with our recent investments. These results demonstrate our dedication to long-term cost optimization, operational excellence, and delivering substantial value to our stakeholders.” Result PDF