Antony Waste Handling’s Q1 FY2027 revenue rose 6% amid contract wins and refinancing gains, but profits declined sharply due to operational challenges and a tragic incident at a waste-to-energy plant, signalling a complex recovery trajectory.
Antony Waste Handling Cell said revenue rose 6% year on year to ₹269 crore in the first quarter of FY2027, helped by higher volumes and tariff increases, but the improvement at the top line did not flow through to profits. The company’s quarterly update, as summarised by GuruFocus and other market reports, pointed to a mixed period in which contract wins and refinancing gains were offset by heavier operating costs, lower fuel sales and the fallout from a fatal accident at one of its waste-to-energy sites.
Among the brighter developments, the company won a ₹243 crore order from Greater Noida to operate electric road sweeping machines, a contract it expects to contribute about ₹46 crore in first-year revenue. It also refinanced its waste-to-energy term loan, cutting the interest rate by 200 basis points to 8.25% from 10.25%, which management said would deliver recurring savings. The business also highlighted environmental gains, saying its construction and demolition waste recycling unit achieved a 96% recycling rate and that its waste-to-energy plant generated more than 20 million green units while avoiding roughly 2,782 tonnes of carbon dioxide equivalent emissions, according to the company’s earnings call summary reported by GuruFocus.
The quarter was also marked by a sharp drop in profitability. EBITDA fell 27% to ₹45 crore, while profit after tax slid to ₹0.7 crore from ₹23 crore a year earlier, with the company citing one-off items including a ₹7 crore prepayment charge tied to the refinancing. Employee costs increased 18% and accounted for 34% of revenue, up from 30% a year earlier, reflecting wage pressure and the impact of new labour code changes.
Operationally, the most serious setback came at the company’s PCMC waste-to-energy facility, where a tragic incident led to nine deaths and the temporary suspension of operations. Management said the company expects an impairment charge of ₹22 crore to ₹24 crore and indicated that the plant could restart by the first week of October, with material recovery and composting sections already back in service from July 28, processing about 400 tonnes of waste a day. During the shutdown, fixed costs are expected to run at ₹2.5 crore to ₹3 crore a month, with revenue from power sales delayed even though tipping fees should continue, according to the earnings call summary.
Elsewhere in the portfolio, refuse-derived fuel sales fell 28% because the CIDCO biomining project has ended, although management described that weakness as temporary and said new customers and additional sales from its Pimpri plant should help support recovery. The company also said its C&D business has strengthened as municipal policy has pushed large builders to process their waste, lifting volumes towards 600 to 650 tonnes a day against a 600-tonne capacity. Looking ahead, Antony Waste said it wants to tilt its mix towards a 50-50 split between collection and transportation on one side and processing on the other, with management also studying integrated waste projects that could include compressed biogas alongside waste-to-energy assets.
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