Antony Waste Handling Cell Ltd(AWHCL)

NSE: AWHCLBSE: 543254

₹ 286.55+2.18%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 813 crWebsite: www.antony-waste.comUpdated: 24 Oct 2026

About

Antony Waste Handling Cell, founded in 2001, is an integrated municipal solid waste management company covering collection, transportation, processing, waste-to-energy and legacy waste remediation. It reported FY26 revenue of Rs 1053.19 Cr and has executed projects across 10 states. Its Kanjurmarg, Mumbai facility, which the company describes as Asia's largest single-location waste processing plant, processes about 90% of the waste generated in Mumbai.^[1][2]

Business segments

In FY26, collection & transportation made up about 65% of consolidated revenue, processing about 24%, and contract and other income 11%.^[1]
Collection & transportation was 62% of the revenue mix in Q1 FY27, up from 60% a year earlier. Collection & transportation revenue grew 10% YoY to ₹156 cr.^[3]
Management stated a target of moving from a historical 70:30 split between collection & transportation and processing toward 50:50.^[3]
Construction and demolition waste was 5% of revenue in Q3 FY26. Management expected its share to at least double in FY27.^[4]

Plants and capacity

The PCMC waste-to-energy plant at Moshi, Pune processes about 1,000 tonnes of waste a day and is designed to generate ~14 MW (FY26).^[1]
The Kanjurmarg, Mumbai facility processes about 6,000 tonnes of waste a day and has a total handling capacity of 7,500 tonnes per day (FY26).^[1]
The Dahisar construction and demolition waste plant ran at 600-650 tpd in Q1 FY27 against 600 tpd capacity (±10%), helped by a BMC policy. In Q2 FY26 it had run at 80-225 tpd.^[3][5]
The CIDCO bio-mining contract has been completed after bio-mining 3,00,000 tonnes of waste. In FY26, legacy waste remediation reclaimed 18.53 acres of land.^[1][3]
The company had 10,860 full-time employees in FY26.^[1]

Key operating numbers

Total waste managed was ~1.40 MMT in Q1 FY27, up 5% YoY. Collection & transportation handled ~0.55 MMT (+6%) and processing ~0.85 MMT (+5%).^[3]
In FY26, collection & transportation volumes rose about 9% to 2.12 million tonnes and processing volumes rose about 19% to 3.60 million tonnes.^[1]
The PCMC waste-to-energy plant ran at a PLF of 83% in Q4 FY26 and generated ~69.30 Mn+ green units in FY26.^[6]
RDF sales were ~40,000 tonnes in Q1 FY27 (-28% YoY), with net realisation of ₹300+/tonne vs ₹250/tonne in Q1 FY26. FY26 RDF sales were 177,000 tonnes vs ~148,000 in FY25.^[3][1]
Compost sales were ~6,000 tonnes in Q1 FY27, compared with 15,500 tonnes for the whole of FY26.^[3][1]
The PCMC waste-to-energy tipping fee was raised from Rs.505/ton to Rs.656/ton (Q3 FY26). Further escalation of 3-5% a year is expected.^[4]
Debtor days were 114 in Q1 FY27, the same as in Q2 FY26.^[3][5]
The order book stood at around Rs.12,500 crores as of September 2025.^[5]

Customers and contracts

Two BMC collection & transportation contracts expand Mumbai coverage from 2 to 7 wards, with revenue potential of about Rs.1,330 crores over 7 years. They are held through a consortium with a 51% stake.^[4]
The BMC contract is expected to reach full 7-ward operation by Q3-Q4 FY27, adding ~1,500 tpd of volume.^[3]
Thane Municipal Corporation awarded a 10-year design-build-operate-transfer concession for a 600-800 tpd pre-processing plant. Capex of Rs.67 crores is reimbursable, and O&M revenue is Rs.18-20 crore a year.^[4]
Greater Noida Industrial Development Authority awarded a ₹243 cr, 5-year contract for 16 electric sweeping machines covering ~640 km of roads daily. It is expected to start in Q3 FY27.^[3]
The company sold about 20% of its allocated EPR credits in the first year of waste-to-energy operations (FY26).^[6]

Expansion projects

There are two waste-to-energy projects in Andhra Pradesh, at Kadapa and Kurnool. Each takes 750 TPD of feedstock and generates 15 MW, with a power purchase agreement at ₹8.10/unit. Commercial operations are expected in Q1 FY29.^[6]
The combined capex for the Andhra Pradesh projects is Rs.600-650 crores at 75:25 debt to equity. Their expected revenue is ~₹3,200 cr over a 20-year concession.^[4][6]
In Q1 FY27, land possession was received at both Andhra Pradesh sites. JFE India has completed the civil designs, and the civil contractor has mobilised at Kadapa. Financial closure is at its last stage.^[3]
The Atkoli processing project is expected to be commissioned in Q3-Q4 FY27, adding 600-800 tpd.^[3]

Recent developments

On July 8, 2026, a legacy waste mound collapsed at the PCMC site, killing nine people. The waste-to-energy plant was suspended, with restart targeted for the first week of October 2026. MRF and composting resumed on July 28.^[3]
An impairment charge of ₹22-24 cr for the PCMC damage is expected as an exceptional item in Q2 FY27. Fixed costs during the shutdown are ₹2.5-3 cr a month.^[3]
In Q1 FY27, a ₹140 cr term loan at Antony Lara Renewable Energy was refinanced, cutting its rate from 10.25% to 8.25% and extending the tenure to 15 years.^[3]
Japan's JFE Engineering invested ¥750 mn (~₹44 cr) for 25% stakes in the Kadapa and Kurnool project companies. The company described this as Japan's first FDI in India's waste-to-energy sector.^[6]
The merger of AG Enviro Infra Projects into the company, approved by NCLT, took effect on December 31, 2025.^[4]

Market Cap

₹813 Cr

High / Low

₹605 / 275

Stock P/E

13.7

Price / Book

1.1

Book Value

₹260

EPS

₹26.6

No. of Shares

2.84 Cr

ROCE

11.2%

ROE

10.8%

OPM

13.9%

Debt / Equity

0.58

Sales

₹1,053 Cr

Net Profit

₹92 Cr

Promoter holding

46.1%

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