Waste Management industry

15 companies · ₹7,169 cr · 11 with AI deep dives · Q1FY27 report

Order books at cycle highs while margins hit eight-quarter lows - H2 FY27 commissioning resolves the gap

Mid cyclemargin range-bound near 16.7%

Revenue YoY: -12.3%
EBITDA margin: 16.7%; -640bps YoY
Price, 1 year: -33.0%; 33% of names up
P/E vs own 5y: -0.3%; 28.8x now

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	434 cr	425 cr	+2.1%	495 cr	-12.3%	518 cr	-16.2%
EBITDA margin	16.7%	20.8%	-410bps	23.1%	-640bps	26.0%	-930bps

Revenue

Jun 26: 434 cr
Mar 26: 425 cr
QoQ: +2.1%
Jun 25: 495 cr
YoY: -12.3%
Peak: 518 cr
vs peak: -16.2%

EBITDA margin

Jun 26: 16.7%
Mar 26: 20.8%
QoQ: -410bps
Jun 25: 23.1%

Sept 26: 0 of 6 reported so far, so it is not in the trend above.

Breadth: 75% of 4 companies grew revenue year on year (was 67% a quarter earlier) and 25% expanded margin (was 0%).

Exhibit 2What it costs

23.23x - 30.8x across the panel today

The median name trades at 28.8x, -0.3% against this industry's own 5-year median of 28.9x, and -25.2% against its own peak of 38.5x.

Exhibit 3Structure

₹7,169 cr

EMS Ltd is 22.1% of this industry by market cap. The top 5 are 64.8% and the top 10 are 93.6%.

small 1micro 146 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 28.8x, 5y ROCE above its median of 17.86%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (15 of 15)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
EMS Ltd	₹1,634 cr	22.9x	11.7x	12.4%	19.2%	-34.2%	Unlock
Antony Waste Handling Cell Ltd	₹807 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindZLD regulatory mandate structurally re-rating demand and revenue mix2 managements

Zero Liquid Discharge compliance is functioning as a compulsory capex trigger for industrial clients, most visibly in steel. CEWATER signed INR 1,430 Mn in steel ZLD contracts in…

Concord Enviro Systems Ltd (Q1FY27): “orders worth INR1,430 million, including orders of INR1,260 million from India's largest…”

headwind5 managements headwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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