Antony Waste Marks Silver Jubilee Year with Maiden Dividend, ₹18,000 Crore Order Book and 15% Growth in MSW Managed

Key Metrics:

What Happened ?

Key Details

Operational Growth, Order Book Expansion and New Revenue Streams:

• Maiden dividend of 10% of face value recommended by the Board.
• Record order book reached approximately ₹18,000 crore as of March 31, 2026.
• Management indicated the order book supports approximately 20% CAGR growth visibility over the next five years.
• Total MSW managed increased 15% YoY to approximately 5.69 million tonnes in FY26.
• FY26 collection & transportation volumes grew approximately 9% YoY to 2.12 million tonnes.
• FY26 processing volumes increased approximately 19% YoY to 3.60 million tonnes.
• Q4 FY26 total MSW managed rose approximately 23% YoY to 1.67 million tonnes.
• RDF sales reached approximately 1.77 lakh tonnes, up 20% YoY.
• Compost sales reached approximately 15,500 tonnes.
• New revenue stream created through monetization of around 20% allocated EPR credits during the first year of PCMC Waste-to-Energy operations.
• The company strengthened capabilities through project wins across collection & transportation, processing and waste-to-energy segments.
• Integration of AG Enviro further enhanced operational capabilities.
• Partnership with JFE Engineering continues to support waste-to-energy initiatives.

Note:

• An expanding order pipeline across waste collection, processing, RDF production, biomining and waste-to-energy projects provides long-term visibility and supports future growth plans.

Risk Analysis

Summary:

• Despite strong operational growth and a record order book, profitability remains exposed to project execution, regulatory changes, waste processing economics and waste-to-energy project ramp-up risks.

Key Risks:

• FY26 PAT declined 9% despite revenue growth, indicating margin pressure below EBITDA level.
• Q4 PAT declined 20% YoY.
• Waste-to-energy projects remain subject to operational and regulatory execution risks.
• Revenue realization depends on successful execution of large municipal contracts.
• Compost and by-product monetization can remain volatile.
• Delays in project implementation could affect order book conversion timelines.

Worst Case Scenario:

• Project execution delays, lower waste processing utilization, slower monetization of EPR credits or operational challenges in waste-to-energy facilities could reduce profitability and delay conversion of the order book into revenue.

Company Commentary

• Management described FY26 as a defining year coinciding with the company’s Silver Jubilee celebration.
• The Board recommended the company’s maiden dividend while maintaining focus on future growth investments.
• The company highlighted the resilience of its business model supported by revenue and EBITDA growth.
• Management emphasized the significance of the ₹18,000 crore order book and strong project pipeline.
• Growth was supported by improved utilization levels, project ramp-ups and expansion in biomining and RDF production.
• Strategic wins across collection & transportation, processing and waste-to-energy segments strengthened long-term growth prospects.
• The successful merger of AG Enviro further enhanced the company’s operational platform and capabilities.