Antony Waste Handling Cell Ltd Q1 FY26 Concall Decoded: – Trash Talk, Green Energy & Courtroom Drama

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1. Opening Hook

While Twitter argued whether Bangalore traffic generates more waste than the city collects, Antony Waste pulled off a quarter where garbage actually turned into gold. They converted trash into power, monetized carbon credits, and even got the Supreme Court to keep their Mumbai landfill alive (because apparently, no one knows where else 6,500 tons of daily waste should go). Only in India: garbage wars in courtrooms, but compost sales in boardrooms. Stick around—this gets dirtier, greener, and funnier.

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2. At a Glance

• Revenue up 13% YoY (₹224 cr) – Garbage piles grew, so did billing.
• EBITDA ₹62 cr, +12% YoY – Margins in waste are cleaner than some FMCG firms.
• PAT ₹23 cr, +8% YoY – Profits smell better than the landfills they come from.
• EBITDA Margin 24% – Sweet spot, like sugarcane juice in summer.
• Waste handled: 1.33 mt (+13% YoY) – Trash tonnage grows faster than GDP.
• Net Debt: ₹361 cr, D/E 0.4x – Borrowed, but not drowning in trash bags.

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3. Management’s Key Commentary

CFO Subramanian NG: “Q1 showed peak operational and financial performance.”
(Translation: Trash never looked this profitable.)

On Waste-to-Energy: “PLF at 84%, with 25 mn green units generated.”
(Translation: Garbage literally lights up homes better than your DISCOM.)

On Compost & RDF Sales: “Compost up 10%, RDF up 62%.”
(Translation: Even our leftovers have side hustles.)

On Kanjurmarg Court Case: “SC stay protects landfill operations.”
(Translation: Mumbai would drown in garbage if judges sneezed differently.)

On Debt: “We repaid ₹62 cr this quarter.”
(Translation: Trash cash flow better than some unicorns.)

On Future Growth: “Looking at more WTE tenders.”
(Translation: We’ve found our money tree—it’s literally a garbage heap.)

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4. Numbers Decoded

Metric	Value (Q1 FY26)	YoY Change	One-Line Analysis
Revenue – The Garbage King	₹224 cr	+13%	Trash billing rises as cities outsource headaches.
EBITDA – The Recycler	₹62 cr	+12%	Margins sturdier than municipal excuses.
PAT – The Clean Sweep	₹23 cr	+8%	Garbage profits > Startup unicorn profits.
EBITDA Margin – The Polisher	24%	Flat-ish	Trash business isn’t trashy after all.
Waste Handled – The Tonnage	1.33 mt	+13%	Trash mountain is now a growth metric.
Net Debt – The Bin Bag	₹361 cr	-₹62 cr QoQ	Company pays debt like it pays ragpickers.

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5. Analyst Questions

Glorytail Capital: More WTE projects coming?
Mgmt: “Yes, tenders are out, we’re bidding.”
(Translation: Garbage-to-cash is our IPL team now.)

Dalal & Broacha: Why slower growth vs 25% CAGR guidance?
Mgmt: “New projects not booked yet; growth will come once tenders kick in.”
(Translation: Patience, garbage doesn’t compost overnight.)

MIB Securities: Any risk if Kanjurmarg landfill shuts?
Mgmt: “Supreme Court stay protects us; even judges asked ‘where will waste go?’”
(Translation: Mumbai can’t