Synopsis: Coming off a year of contract additions, a WTE plant turnaround, and a Supreme Court arbitration victory, Antony Waste Handling Cell reported total waste volumes of 5.69 million tons in FY26, up 15 percent year-on-year, with two Waste-to-Energy projects in Andhra Pradesh backed by Japan’s JFE Engineering forming the centrepiece of its near-term growth pipeline.
Shares of a mid-cap municipal solid waste management company came into focus after its FY26 earnings call laid out an operationally dense year spanning new BMC contracts, a WTE facility turnaround, a subsidiary merger, and a landmark arbitration outcome at the Supreme Court.
With a market capitalisation of Rs. 1,286.42 crore, the shares of Antony Waste Handling Cell Ltd were trading at Rs. 453.25 per share, UP 1.75 percent from its previous closing price of Rs. 445.45 apiece. It is trading at a P/E of 13.78.
Operational Volumes: Growth, With a Q4 Caveat
Total waste handled in FY26 reached 5.69 million tons, a 15 percent increase over the prior year. Collection and Transportation grew 9 percent to 2.12 MTPA, while processing volumes rose 19 percent to 3.6 MT. The headline figures look consistent, but Q4 warrants a closer read. Quarterly processing volumes spiked 32 percent year-on-year to 1.15 MT, with roughly 22 percent of that attributable to a fixed-term CIDCO biomining contract. That assignment was time-bound and is unlikely to repeat at the same scale, which means the Q4 processing figure overstates the sustainable run-rate. Underlying processing momentum is real; the magnitude is not.
Refuse-Derived Fuel sales hit a record 177,000 tons, up 20 percent year-on-year. In Construction and Demolition waste, the company maintained a 96 percent recycling rate helped considerably by the Brihanmumbai Municipal Corporation’s enforcement of mandatory C&D waste routing through authorised processors. That policy shift pushed the company’s C&D processing run-rate from 280-300 tons per day to 480-520 tons per day, a volume uplift that appears structural rather than transient, since BMC is actively penalising non-compliance.
WTE Operations and the Andhra Pradesh Pipeline
The Pimpri-Chinchwad WTE facility generated 69.3 million units of green power during FY26, avoiding approximately 10,000 tons of CO2 equivalent emissions. The full-year Plant Load Factor was 56 percent dragged down by a roughly 90-day planned-and-reparative shutdown. Post-maintenance, the plant has been operating at around 86 percent PLF, and management is pointing to that stability as proof-of-concept for two larger WTE projects in Andhra Pradesh, where it has secured contracts backed by a technology partnership with Japan’s JFE Engineering.
The JFE tie-up adds engineering credibility to the Andhra Pradesh pipeline, but these projects are pre-revenue and capital-intensive. The gap between contract win and commercial commissioning in WTE is typically multi-year, and PCMC’s own history of a 90-day shutdown in its fifth year of operations is a reminder of the operational complexity that comes with these assets. On the Mumbai WTE front, a formal BMC proposal is still contingent on proceedings at the Bombay High Court; management expects one “in the near future,” a timeline that has remained open-ended for some time.
The company also began monetising Extended Producer Responsibility (EPR) credits from its first year of PCMC WTE operations, selling around 20 percent of its allotted credits. EPR is expected to contribute close to 10 percent of the PCMC facility’s total revenue over time, a genuine revenue diversifier, though still nascent.
New Contracts, Merger, and a Supreme Court Win
On the contract side, the company added two new C&T contracts with BMC and a pre-processing solid waste facility in Thane. It is currently bidding for three C&T contracts in North India and evaluating one WTE project in South India. The merger of subsidiary AG Enviro Infra Projects into the listed parent was completed during the year, consolidating the group structure ahead of its WTE execution phase.
In a material post-period development from Q1 FY27, the Supreme Court dismissed Bhiwandi Nizampur City Municipal Corporation’s Special Leave Petition and directed it to pay Rs. 15 crore within three months, with a 9 percent interest penalty on any delay. For a sector where municipal counterparties routinely contest arbitration awards, the ruling strengthens contractual enforceability and may carry positive read-across for other ongoing arbitrations on the company’s books.
The B2B initiative Click2Clean, operating under Antony Recycling, has signed clients including Asian Paints, P.N. Gadgil, Suntory Wines, and Beams. On vehicle scrappage and tyre recycling, management adopted a wait-and-watch stance, with institutional demand coming in below initial expectations, a signal that diversification beyond the core MSW business is moving slower than the original plan suggested.
Business Overview
Antony Waste Handling Cell Ltd is among India’s top five municipal solid waste management companies with around two decades of operating history. Its services span collection and transportation, waste processing, waste-to-energy, and road-sweeping. For FY26, consolidated revenue stood at approximately Rs. 1,010 crore, against a profit after tax of approximately Rs. 101 crore.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
