Remember when “cleanliness drives” meant a broom and a camera crew? Antony Waste just made it into a ₹3,200 crore business plan. With two new Waste-to-Energy (WTE) projects and enough garbage tonnage to fill Eden Gardens, the company’s literally monetizing trash while preaching sustainability. Somewhere, Swachh Bharat just got a corporate facelift. The management called it “disciplined execution and operational agility.” We call it making filth fashionable. 💅
Read on—because between waste, watts, and witty CFO quips, this call was anything but rubbish.
At a Glance
- Revenue up 16% – Trash pays well; ₹233 crores worth this quarter.
- EBITDA grew 18% – The compactor squeezed extra juice despite longer monsoons.
- EBITDA Margin at 22% – Efficiency with an aftertaste of mud.
- PAT up 13% – Profit refused to be dumped.
- Net Debt ₹343 crores (0.4x D/E) – Not bad for a business built on other people’s leftovers.
- Order Book ₹12,500 crores – Garbage pipeline stronger than most infra companies.
Management’s Key Commentary
“We once again delivered strong and consistent performance.”
(Translation: Even the rain couldn’t wash away our margins.)
“Two new WTE projects worth ₹3,200 crores show our leadership.”
(Translation: We’ve turned trash into an annuity stream. 💰)
“We collected 60 metric tons of single-use plastic during ICC matches.”
(Translation: Cricket’s waste management MVP isn’t Kohli. 🏏)
“WTE plant generated 41 million green units in Q2.”
(Translation: Garbage now literally powers homes.)
“Receivables stable at 114 days.”
(Translation: Municipalities still take their sweet
time paying up.)
“ROCE, ROE are soft due to capex buildup.”
(Translation: We’ve spent the money; profits will follow… eventually. 😏)
“Net debt to equity 0.4x, cost of debt 9.4%.”
(Translation: Bankers don’t think we’re trashy anymore.)
“We’re exploring vehicle scrapping and tire recycling.”
(Translation: If it’s junk, we’ll monetize it.)
Numbers Decoded
| Metric | Q2 FY26 | YoY Change | Commentary |
|---|---|---|---|
| Operating Revenue | ₹233 Cr | +16% | Fueled by tipping fees & WTE performance. |
| EBITDA | ₹57 Cr | +18% | Margins at 22%; monsoon dampened more. |
| PAT | ₹17 Cr | +13% | Despite 25% higher depreciation, 23% interest. |
| Total Tonnage Handled | 1.27 Mn tons | +6% | 0.54 Mn (C&T) + 0.73 Mn (Processing). |
| RDF Sales | 40,000 tons | +48% YoY | Waste that sells better than IPOs. |
| Compost Sales | 3,200 tons | Flat | Nature’s ROI remains steady. |
| Gross Debt | ₹438 Cr | — | Partly offset by ₹95 Cr cash. |
| Order Book | ₹12,500 Cr | +20% est. | Locked revenue till your next government. |
Comment: Antony Waste is officially the Reliance of refuse—scaling fast, borrowing wisely, and billing municipalities patiently.
Analyst Questions
Rohan (Nexus): “When will margins improve?”
CFO: “We’re happy at 23%.” (Translation: Don’t expect miracles, we’re not recyclers of
