international players, large dependency on projects from State government authorities primarily Municipal Corporations (unstable allocation of MSW management) and rich valuation (23.3x FY19 vs Infra coverage universe has an average of ~19x; however there are no listed peers to facilitate comparison). AWHCL is an emerging player providing full spectrum of Municipal Solid Waste (MSW) management services with a diversified project portfolio across segments, geographies and clientele. It is one of the top five players in the Indian MSW management industry with the resources to handle...