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1. At a Glance
Revenue for the June 2026 quarter came in at ₹260.99 crore against ₹247.34 crore a year earlier, a rise of 5.5%. Operating Profit was ₹37.20 crore against ₹55.06 crore. PAT attributable to owners was ₹0.76 crore against ₹17.78 crore. EPS: ₹0.27, against ₹6.26.
That is a company that grew its top line and then watched almost the entire bottom line evaporate somewhere in the middle of the income statement — a magic trick performed entirely in public, with an auditor watching.
The quarter also carried an event that has nothing to do with accounting. On 8 July 2026, after roughly 650 mm of rainfall, a legacy waste mound at a dumping site adjacent to the company’s Pimpri-Chinchwad Waste-to-Energy facility collapsed onto the administrative building. Twenty-three people were present; fourteen were rescued; nine died. The company has stated it is paying medical and legal expenses, ₹40 lakh per affected family, funeral expenses, employment for immediate family members and education support for minor children.
Management stated the mound was legacy waste located outside the area allocated to the company, and that its remediation was not part of its contractual scope of work. The auditor treated the event as a non-adjusting event under Ind AS 10; the financial impact will be recognised in the September 2026 quarter.
Separately, a ₹243.22 crore road-sweeping contract landed in August. The interest line for the quarter was ₹21.43 crore against ₹15.88 crore a year ago.
2. Introduction
Incorporated in January 2001, Antony Waste Handling Cell Limited collects, transports, sorts, buries, burns and occasionally sells India’s rubbish. It is part of the Antony Group, promoted by Jose Jacob and Shiju Jacob, which also builds automotive bodies — a family that has therefore spent two decades in the business of things that move and things nobody wants.
The journey reads like municipal India’s own biography. The first project, in 2000–02, was manual sweeping for the Brihanmumbai Municipal Corporation. Mechanised sweeping followed. Then collection contracts in R Central ward and Greater Noida, then Delhi, then Navi Mumbai, private equity, and in 2009–10 the Kanjurmarg landfill — the asset that now defines the company. Listing on NSE and BSE came in 2021. The Waste-to-Energy plant at Pimpri-Chinchwad was inaugurated in August 2023 by the Prime Minister, which is a rare honour for a facility whose input material is what everyone else throws away.
Recent quarters have been busy in the way that generates paperwork. In December 2025, subsidiaries won two BMC contracts worth roughly ₹1,330 crore over seven years, plus a ten-year Thane processing project of about ₹330 crore with ₹67 crore of capex. The NCLT approved the merger of wholly-owned subsidiary AG Enviro Infra Projects into the parent by order dated 18 December 2025, with an appointed date of 1 April 2025 — meaning the June 2025 comparatives were restated backwards, and the standalone quarter suddenly grew from ₹8.75 crore of revenue to ₹146.75 crore. Same company, different arithmetic, entirely legitimate.
In April 2026, JFE Engineering invested about ¥750 million for 25% in two Andhra Pradesh Waste-to-Energy SPVs at Kadapa and Kurnool. In July 2026, the company acquired a 26% stake in Arts EV for a Delhi electric bus project covering up to 800 buses. FY26 closed with revenue of ₹1,053.19 crore and a maiden dividend, the total amount of which was ₹1.42 crore — a first dividend so modest it could be mistaken for a rounding error, announced in the same breath as an ₹18,000 crore order book.
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3. Business Model: WTF Do They Even Do?
They are paid to make garbage disappear, and then paid again for what’s left.
The first revenue stream is Collection & Transportation: door-to-door pickup of over 8,330 tonnes of municipal solid waste per day from households, shops, institutions and public places, hauled to a processing facility, transfer station or landfill. There are 19 ongoing C&T contracts with an average duration of 7.7 years. Billing runs on number of trips, per tonne, or a fixed daily rate, with escalation on flat rate, inflation, or tender conditions. This is 60% of FY26 revenue.
Doing it requires a fleet of 2,639 vehicles: 1,583 small tippers, 570 compactors, 143 drain silt machines, 127 big tippers, 105 electric vehicles, 62 hook loaders, 37 dumper placers and 12 power sweeping machines. Of these, 2,484 carry GPS trackers, which means a meaningful fraction of Maharashtra’s road network is being watched by satellites on behalf of a compactor.
The second stream is MSW Processing — 25% of FY26 revenue, across 6 waste processing contracts and 1 construction-and-demolition contract, average duration 23 years. Waste is sorted into organic, recyclable and inert, then composted, recycled, shredded or pressed into Refuse Derived Fuel. RDF is the dry combustible leftovers — paper, textile, leather, rubber, non-recyclable plastic — sold to cement kilns as a coal substitute. FY26 saw over 1.77 lakh tonnes of RDF supplied and over 15,500 tonnes of compost sold. A business model that takes the parts of a landfill nobody wants and sells them to cement plants has quietly solved a problem two entire industries were separately complaining about.
The centrepiece is Kanjurmarg, one of Asia’s largest single-location processing plants: 7,500 TPD handling capability, currently managing ~6,000 tonnes daily, handling 90% of Mumbai’s waste. It runs a 6,500 TPD bio-reactor landfill, a 250 TPD sanitary landfill, a 1,000 TPD material recovery and composting facility, and a 0.97 MW gas-to-energy plant. Balance tenure: ~11 years, on a 2010–2036 concession.
Third is Contracts & Others — 15% of FY26 revenue — covering mechanised and manual sweeping, EPR services, and contract revenue
