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CIN: L90001MH2001PLC130485West) - 400601 Phone: 022 – 4213 0300 | Email: info@antonyasia.com | Website:
www.antony-waste.com
Registered Office: A-59, Road No. 10, Wagle Industrial Estate, Thane (West) – 400604, Maharashtra, India
Phone: 022 – 3544 9555 | Email: info@antonywaste.in | Website: www.antony-waste.com
Ref.: AW/COMP/SE/2025-26/60
Date: November 03, 2025
To,
Listing Department
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street, Fort
Mumbai – 400001
Scrip Code: 543254
To,
Listing Department
National Stock Exchange of India Limited
Exchange Plaza, Plot No.C-1,
Block G, Bandra-Kurla Complex,
Bandra (E), Mumbai 400051
Symbol: AWHCL
Sub.
:
Investor Presentation
Ref.
:
Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
("SEBI Listing Regulations")
With reference to the captioned subject and in continuation to our letter having reference no.
AW/COMP/SE/2025-26/57 dated October 31, 2025, please find enclosed Investor Presentation with
regard to the announcement of the Unaudited Financial Results (Standalone and Consolidated) of the
Company for the quarter and half year ended September 30, 2025 (“Financial Results”).
The Investor Presentation is available on the website of the Company i.e. www.antony-waste.in
This is for your information and records please.
Thanking You,
Yours faithfully,
For and on behalf of
ANTONY WASTE HANDLING CELL LIMITED
HARSHADA RANE
COMPANY SECRETARY & COMPLIANCE OFFICER
A34268
Enc. a/a
Antony Waste Handling Cell Limited
Q2 FY26 Investor Presentation
2
Sustainability with Growth ….
This presentation and the accompanying
slides (the “Presentation”),
which have been prepared by Antony Waste Handling Cell Limited (the “Company”),
have
been prepared solely for information purposes and do not constitute any offer, recommendation
or invitation to purchase or subscribe
for any securities, and shall
not form the basis or be relied on in connection
with any contract or binding commitment whatsoever . No offering of securities of the Company
will be made
except by means of a statutory offering document containing detailed information about the Company .
This Presentation
has been prepared by the Company
based
on information and data which the Company
considers
reliable, but the Company
makes no
representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy,
completeness,
fairness and reasonableness
of
the contents of this Presentation . This Presentation may not be all inclusive and may not contain all of the information that you may consider material . Any liability
in respect of the contents of, or any omission from, this Presentation is expressly excluded .
Certain matters discussed
in this Presentation may contain statements regarding the Company’s
market opportunity and business
prospects
that are individually
and collectively forward -looking statements . Such forward -looking statements are not guarantees of future performance and are subject to known and unknown
risks, uncertainties
and assumptions
that are difficult to predict . These risks and uncertainties
include, but are not limited to, the performance
of the Indian
economy and of the economies
of various international markets, the performance of the industry in India and world-wide, competition, the company’s
ability to
successfully
implement its strategy, the Company’s
future levels of growth and expansion, technological
implementation, changes and advancements,
changes in
revenue, income or cash flows, the Company’s
market preferences and its exposure to market risks, as well as other risks . The Company’s
actual results, levels of
activity, performance or achievements
could differ materially and adversely from results expressed
in or implied by this Presentation . The Company
assumes
no
obligation
to update any forward -looking information contained
in this Presentation . Any forward -looking statements
and projections
made by third parties
included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections .
Safe Harbor
3
Sustainability with Growth ….
Q2 FY26
Highlights
4
Sustainability with Growth ….
* Tonnage handled by the C&T business excludes projects billed based on fixed shifts, trips, or household counts.
Key Updates
Tonnes of Waste Managed*
Q2FY26 / H1FY26
~1.27 MMT / ~2.60 MMT
1
Sale of Refuse Derived Fuel
Q2FY26 / H1FY26
~40,081 Tonnes / ~95,581 Tonnes
2
Sale of Compost
Q2FY26 / H1FY26
~3,251 Tonnes / ~9,851 Tonnes
3
Green Units generated through PCMC
WTE Plant
Q2FY26 / H1FY26
~41 Mn+ Units / ~66 Mn+ Units
4
Avoided tonnes of Co
2e
Q2FY26 / H1FY26
~2,347 Tonnes /
~5,779 Tonnes
5
Training Provided
Q2FY26 / H1FY26
~9,340+ Hours / ~19,810+ Hours
6
5
Sustainability with Growth ….
230
223
218
233
227
249
250
254
265
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Total Revenue
(₹ in Cr)
56
50
44
55
49
59
58
62
57
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
EBITDA
(₹ in Cr)
32
16
30
21
15
18
22
23
17
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
PAT after excluding exceptional item
(₹ in Cr)
0.4x
0.5x
0.5x
0.4x
0.4x
0.5x
0.4x
0.4x
0.4x
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Net Debt/Equity
Current Ratio
86
102
103
115
112
105
101
114
114
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Debtor Days
1.2x
1.3x
1.3x
1.3x
1.2x
1.1x
1.2x
1.2x
1.2x
Q2
FY24
Q3
FY24
Q4
FY24
Q1
FY25
Q2
FY25
Q3
FY25
Q4
FY25
Q1
FY26
Q2
FY26
Quarterly Highlights
6
Sustainability with Growth ….
Profit and Loss (
₹ in Cr)
Q2FY26
Q2FY25
Y -o-Y
H1FY26
H1FY25
Y -o-Y
FY25
Revenue from MSW C&T
160.5
140.9
14%
311.9
277.3
12%
580.6
Revenue from MSW Processing
72.1
59.1
22%
144.3
120.5
20%
260.9
Total operating Revenue
232.5
200.0
16%
456.2
397.9
15%
841.5
Contract & Others
32.3
27.2
63.1
62.2
117.3
Total Revenue
264.8
227.2
17%
519.2
460.0
13%
958.8
Employee Cost
86.0
72.1
163.3
141.0
290.9
Project Expenses
2.0
5.9
3.2
17.5
25.8
Other Expenses
119.7
100.6
233.5
197.6
421.8
EBITDA
57.1
48.5
18%
119.3
103.9
15%
220.2
EBITDA Margin
21.6%
21.4%
23.0%
22.6%
23.0%
Depreciation
21.5
17.1
42.1
33.7
70.0
EBIT
35.6
31.4
14%
77.1
70.1
10%
150.3
EBIT Margin
13.5%
13.8%
14.9%
15.2%
15.7%
Finance Cost
15.5
12.3
31.3
25.5
55.8
Profit before Tax Exceptional Item
20.2
19.1
6%
45.8
44.6
3%
94.5
Profit before Tax Margin
7.6%
8.4%
8.8%
9.7%
9.9%
Exceptional items [(income) / expense]*
0.0
0.0
0.0
0.0
(23.9)
Profit before Tax
20.2
19.1
6%
45.8
44.6
3%
118.4
Profit before Tax Margin
7.6%
8.4%
8.5%
9.7%
12.4%
Tax
2.9
3.8
5.6
8.0
17.8
PAT
17.3
15.3
13%
40.2
36.6
10%
100.6
PAT Margin %
6.5%
6.7%
7.7%
8.0%
10.5%
Less: PAT for Non
-controlling interest
3.6
3.2
8.8
7.0
15.3
PAT for Owners of the Company
13.7
12.1
13%
31.4
29.6
6%
85.4
EPS
11.1
4.3
11.1
10.4
30.1
Consolidated Profit & Loss Statement
7
Sustainability with Growth ….
Consolidated Balance Sheet Statement
Assets ( ₹ in Cr)
Sep -25
Mar-25
Non - Current Assets
1,212.6
1,204.2
Property Plant & Equipment
405.6
388.1
CWIP
30.9
38.1
Right -of-Use Assets
28.7
29.7
Other Intangible Assets
292.5
302.8
Intangible assets under development
21.2
17.7
Financial Assets
(i) Trade Receivables
75.8
68.4
(ii) Other Financial Assets
263.2
258.3
Deferred Tax Assets
73.5
65.1
Income Tax Assets
16.1
12.4
Other Non -Current Assets
5.0
23.6
Current Assets
484.6
449.7
Inventories
12.2
0.0
Financial Assets
(i) Trade Receivables
317.4
265.4
(ii) Cash
73.4
124.0
(iii) Bank
21.8
8.3
(iv) Other financial assets
42.7
39.5
Other Current Assets
17.1
12.6
Total Assets
1,697.2
1,654.0
Equity & Liabilities
(₹ in Cr)
Sep -25
Mar-25
Total Equity
859.6
819.2
Share Capital
14.2
14.2
Reserves & Surplus
676.6
645.0
Non-Controlling Interest
168.8
160.0
Non -Current Liabilities
442.4
466.0
Financial Liabilities
(i) Borrowings
297.7
331.3
(ii)Lease Liabilities
28.1
29.0
Provisions
104.3
92.7
Deferred Tax Liabilities
12.3
13.1
Current Liabilities
395.2
368.7
Financial Liabilities
(i) Borrowings
140.8
141.8
(ii)Lease Liabilities
4.4
3.4
(iii) Trade Payables
112.5
106.7
Other Financial Liabilities
83.0
61.0
Other Current Liabilities
11.0
12.3
Income Tax Liabilities
13.2
8.2
Provisions
30.4
35.4
Total Equity & Liabilities
1,697.2
1,654.0
8
Sustainability with Growth ….
Consolidated Cash Flow Statement
Particulars (₹ in Cr)
H1FY26
H1FY25
Net Profit Before Tax
45.8
44.6
Adjustments for: Non
-Cash Items / Other Investment or Financial Items
70.4
47.2
Operating profit before working capital changes
116.2
91.8
Changes in working capital
-70.4
-11.8
Cash generated from Operations
45.8
80.1
Direct taxes paid (net of refund)
-13.3
-11.1
Net Cash from Operating Activities
32.5
69.0
Net Cash from Investing Activities
-23.0
27.1
Net Cash from Financing Activities
-57.5
-40.5
Net Decrease in Cash and Cash equivalents
-48.0
1.4
Add: Cash & Cash equivalents at the beginning of the period
120.1
70.9
Cash & Cash equivalents at the end of the period
72.1
72.3
9
Sustainability with Growth ….
About
Us
10
Sustainability with Growth ….
(1) Power Generation in Pimpri Chinchwad
(2) As on 30 th September 2025
Note: Maps not to scale. All data, information, and
maps are provided "as is" without warranty or any representation of accuracy
, timeliness or completeness.
Operational Excellence
Market Leader
Leading
Player in SWM Industry
> 2 decades
Operational Excellence
40+
Completed & On -going projects
Revenue FY25
₹ 959 cr.
Strong Financial Performance
Net Profit FY25
₹ 101 cr.
Net Debt / Equity
FY25
0.4x
CARE BBB+; Stable
LT Bank Facility
CARE A3+
ST Bank Facility
Credit Rating
~21.09 mmt
MSW managed since inception of the projects
(2)
Operates Largest
Single location waste processing plant in Asia
+23
Municipal Corps & conglomerate worked, since inception
~180 million+ Green Units
(1)
Since inception of the project till September 2025
~90%
Processing of waste generated in Mumbai
10 States
(Projects executed till date)
10,555
Full-time employees (2)
Committed to Sustainability with Growth
~2,599
Vehicle fleet (2)
11
Sustainability with Growth ….
2000
-
2002
2003
-
2008
2009
-
2010
2015
-
2018
2011
-
2014
2019
-
2020
2021
-
2022
2023
-
2025
✓Inception of Antony Waste
Handling Cell
✓First Project - Manual Sweeping
awarded by BMC
✓Awarded Mechanized Sweeping
contract by BMC
✓Awarded C&T contract in R
Central ward of BMC & in GNIDA
✓Awarded C&T project by GNIDA
✓Entered a new city (Delhi)
-
Contract awarded by MCD
✓Awarded C&T project by NMMC
✓Raised private equity funding
✓Wins Kanjurmarg landfill project
✓Partnership with Brazil based
LARA
✓Incorporation of ALESPL to
expand the integrated MSW
facility at Kanjurmarg
✓Awarded C&T project by TMC
✓Awarded Power sweeping project
for NMMC
✓Awarded mechanized sweeping
project for GNIDA
✓Received 2nd runner up at CII,
JCB Clean Earth Award for
excellence in SWM
✓Awarded a new C&T project for
NMMC
✓Awarded mechanized sweeping
project for GNIDA
✓Began operations at Kanjurmarg
✓Entered the WTE segment by
entering into concession
agreement with PCMC
✓Awarded new C&T project by the
Nagpur Municipal Corporation
✓Awarded a new C&T project by
the Varanasi Municipal
Corporation
✓Began operations at Pimpri
Chinchwad and C&T operations
at Noida
✓Awarded 4 C&T projects by
various municipalities
✓Awarded a new Bio
-mining
contract by GNIDA
✓Listed on NSE and BSE
✓Awarded Power Sweeping by
Nagpur Municipal Corp.
✓Commencement of WTE project Inaugurated by the
Honorable PM, Shri Narendra Modi, and started power sale
to PCMC
✓Awarded C&T project from
Panvel Municipal Corp & Navi
Mumbai Municipal Corp
✓Awarded CIDCO Bio
-Mining Project
✓Received Mechanized Sweeping Project from PCMC
✓Awarded WTE project at
Kadapa & Kurnool, Andhra Pradesh
✓Awarded India Risk Management Awards by ICICI Lombard
& CNBC -TV18
Over 25 years of Journey
12
Sustainability with Growth ….
Our Waste Management Solutions
Waste Processing
and Treatment
Comprehensive
Hygiene Solutions
for all Spaces
Municipal Waste
Collection and
Transportation
Waste
to
Energy
Mechanised and
Non -Mechanised
Sweeping
Construction and
Demolition Waste
management
13
Sustainability with Growth ….
Door to Door collection
Involves collection of over 7,080 tonnes of MSW per day, from households, commercial establishments, institutions, public pla
ces , and other urban sources
End -to-end waste management capabilities…
Transportation
Our operations are supported by a fleet of over 2,500 specialized vehicles, integrated with advanced technology to ensure opt
imal transportation of MSW
Segregation
We facilitate segregation of waste into organic, recyclable, and inert categories, supported by infrastructure capable of han
dling over 5,000 tonnes daily
Construction and Management of Landfills
At our Kanjurmarg facility in Mumbai, we operate one of Asia’s largest bio
-reactor landfills, currently managing approximately 6
,000 tonnes per day
Resource Recovery
We channel recyclables to processing partners and supply over 1.48 lakh tonnes of RDF, during FY25, to cement companies, as a
sustainable alternative to
fossil fuels
Composting
Over 21,000 tonnes of high
-quality compost derived from organic waste have been sold in FY25, supporting environmental sustainab
ility and enhancing soil
health
Waste to Energy
We operate ~1,000 TPD integrated Waste
-to-Energy plant, with installed capacity of 14 MW, that converts municipal solid waste in
to renewable energy,
contributing to environmentally responsible waste management
1
2
3
4
5
6
7
14
Sustainability with Growth ….
Note : Revenue contribution as on FY25
✓Door to door collection through primary collection vehicles
✓Transportation of waste to processing
facility, transfer station or a landfill disposal site
✓Revenue calculation based on No. of trips/ Per tonnes/ Fixed per day
✓Escalation based on flat rate/ inflation/ tender conditions
✓Currently 17 on-going contracts
✓Average on-going contract duration is 7.7 years
✓Involves sorting & segregating
waste received from MSW C&T
✓Followed by composting,
recycling, shredding & compressing
into RDF
✓Revenue calculation based on Per hectare/ Km/ hour
✓Escalation based on flat rate/ inflation
✓Currently, there are 5 Waste Processing
and 1 C&D ongoing contracts
✓Average on-going contract duration is 23 years
✓Integrated mechanical & manual sweeping , sale of compost, RDF, EPR, etc
✓Contract revenue arising from IND -AS treatment for capex incurred at DBOOT
projects
✓Revenue calculation based on Per hectare/ Km/ hour
✓Escalation based on flat rate/ inflation
✓4 DBOOT
projects & 4 Mechanical Sweeping
projects
Detailed viability analysis of the project
✓Focus on contracts with pass
-through
escalations for major costs
✓Rational bidding after background research
Client Selection
Focus on municipal corporations with strong
financials/ credit ratings
User Fees
Reducing collections risk through user fee
collection from waste generators in NOIDA,
Jhansi and Varanasi
Limited project &
counter -party credit risk
Strategic Revenue Diversification
61.0%
27.0%
12.0%
Revenue Distribution
MSW
Collection & Transportation
MSW
Processing
Contracts
& Others
15
Sustainability with Growth ….
Revenue from Operations (
₹ in Cr)
109
95
465
959
FY10
FY15
FY20
FY25
14
15
16
26
FY10
FY15
FY20
FY25
Number of Projects
Average ongoing contract durations (in years)
7.7
7
23
MSW C&T
Sweeping
Waste Processing
297
417
470
558
581
132
151
175
209
261
52
99
232
129
117
FY21
FY22
FY23
FY24
FY25
C&T of MSW
MSW Processing
Contract & Others
(₹ in Cr)
% Revenue Contribution
Revenue from Performance
Factors de -risking the business model
Staggered revenue stream
Projects diversified across
timelines
Operational de -risking
Projects diversified
across activities
Partially hedged against
major costs, with tipping
fees incorporating built
-
in escalations
Limited counter
-party risk
Targeting municipalities
with stable financials
Financial viability aligned with internal hurdle rate for
bidding
De -Risked business model
1
2
3
4
5
62%
62%
54%
62%
61%
27%
23%
20%
23%
27%
11%
15%
26%
14%
12%
FY21
FY22
FY23
FY24
FY25
C&T of MSW
MSW Processing
Contract & Others
16
Sustainability with Growth ….
Our Strategy
Cluster based
approach for
growth
✓Traditionally we have followed cluster
-based approach to bid for projects
–
✓8 on -going projects in MMR
✓6 on -going projects in NCR
✓Continue to focus on bidding projects in new states in clusters to increase
profitability and efficiency
✓Well-positioned to seize growth opportunities arising from industry
expansion and accelerating privatization in MSW management
Rational Selection of Projects For
Expansion
✓WTE – Driving growth in the Waste
-to-Energy segment through assured
raw material availability and secured power offtake arrangements
✓Focus on selling recyclables and RDF as an added source of revenue
✓Focused on bio -mining segment aimed at reclaiming legacy dump sites
across Tier 1 and Tier 2 cities, which present significant potential given the
large number of sites accumulated over the past 15 years
WTE, Segregation and Bio Mining
✓Experience, credentials & financial strength makes us eligible to bid for
most projects in MSW sector
✓Continue focus on calibrated growth with selection of projects which are
viable
✓Pursue a broad range of projects in urban or semi
-urban area with limited
counter party risks and healthy operating margins
Ensuring a Steady Source of Revenue
from Clients of Proven Economic
Position
Adopting Advanced Technology
Exploring Business Opportunities within
Existing Clientele
Enhancing Non
-Municipal Source of
Revenue
Sustainability and the 3Rs of Waste
Management
17
Sustainability with Growth ….
*Source: report titled “India Solid Waste Management Overview” dated September 22, 2020, issued by Frost & Sullivan (India) P
rivate Limited
2011
2014
2017
2020
2023
2026
2029
2032
2035
Tonnage
Revenue
Customer
Brihanmumbai
Municipal
Corporation
We operate one of the largest single location waste
processing plants in Asia
Total waste generated in
Mumbai is handled at
Kanjurmarg site
90%
Balance Tenure
~13
Years
Currently managing waste
per day
~6,000
Tonnes
Since project inception till
September 2025
~18.26
mmt
Project scope
✓Design, Construction, operation & maintenance of integrated waste
management facilities on DBOOT basis
Capacity
✓Bio -reactor Landfill with 6,500 TPD capacity
✓Sanitary Landfill of
250 TPD
✓Material Recovery & Composting Facility
(capacity of 1,000 TPD)
✓Gas to Energy plant
– 0.97 MW
Project Tenure
2010 -2036
(25 years)
✓TPD of MSW: Capable of handling
~7,500 TPD
✓It is one of the largest facility producing
refuse -derived fuel (RDF) with a
gross calorific value of over 4,000
cal /g*
✓Recorded sales of RDF stood at ~
40,081 tonnes in Q2FY26
✓Recorded compost sale of ~
3,251 mt in Q2FY26
One of the largest single location plant in Asia*
Experienced JV Partner for
the scientific landfill at
Kanjurmarg
Waste Processing
Technology
18
Sustainability with Growth ….
Integrated Project
Pre -processing, Composting, Power
generation and Landfill Management
Inaugurated
on August 1, 2023 by Shri Narendra Modi, Hon’ble
Prime Minister of India
14 MW of Clean and Green Energy
– PCMC to purchase power at
₹ 5 per unit during
concession period
Commencement
of commercial power sale to PCMC in Oct’23
Estimated CO
2 savings
~7 lakh Tonnes annually, equivalent to ~1.5 lakh
passenger cars' emissions.
Project Tenure
2019 -2040
Processing
over 1,000 Tonnes Per Day of Municipal
Solid Waste
First municipality
to buy power under the Green Energy Open
Access Rules
30 acres
of land provided by corporation
Eliminating need for fresh
-water
dependency
Entire project utilizes recycled water from the
Chikali Sewage Treatment Plant (STP),
Technology
Partner
Maharashtra’s 1
st Integrated Waste
-to-Energy Project
Formerly known as
Hitachi Zosen Corporation
19
Sustainability with Growth ….
Collection and
Transportation
Greater Noida
Jaypee International Sports
Jhansi
Mumbai – Borivali & Dahisar
Nagpur
Nashik
Navi Mumbai
Noida
North Delhi
Panvel
Pimpri -Chinchwad
Thane
Mechanised Sweeping
Greater Noida
Nagpur
Pimpri Chinchwad
Waste Processing &
Disposal
CIDCO
Kadapa
Kurnool
Mumbai
Pimpri -Chinchwad
Construction and
Demolition Waste
Mumbai
27
Ongoing projects
10
States
(Projects executed till
date)
17 Projects
5 Projects
1 Project
4 Projects
Varanasi
Proven Expertise in Project Execution
20
Sustainability with Growth ….
Collection and Transportation Technological Intervention
Key equipment vendors
Waste processing technology
✓Aerobic
process
using
MRF
and composting
facility at Kanjurmarg Plant
✓Anaerobic
process
using
Bioreactor
landfill
technology at Kanjurmarg Plant
✓A combination of Dry and wet line technology is
used
in Construction
and
Demolition
waste
management at the Dahisar Plant, Mumbai .
Key Processes
Small Tipper
Electric Vehicle
Compactor
Dumper Placer
Power Sweeping
Machine
Big Tipper
Drain Stilt Machine
& Others
Hook Loader
1,574
85
582
47
12
111
130
58
Access to Technology Backed Vehicles & Equipment
2,212 out of 2,599 vehicles fitted with
GPS tracking devices
GPS allows movement tracking to
optimize route & achieve
higher vehicle
utilization
Vehicles & Equipment's procured from leading international suppliers including the likes of
Compost Systems GMBH
21
Sustainability with Growth ….
✓> 25 years experience in waste management
✓Majorly responsible for the business development
initiatives
✓Authentic Leader Development Course from Harvard
Business School, Boston and B.E. in Mechanical Eng.
from Bharati Vidyapeeth’s College of Eng., Univ. of
Mumbai
Jose Jacob
Kallarakal
Chairman & Managing Director
✓> 25 years of experience in waste management
✓Overlooks the business development with the legal
functions of the company
✓B.E. in Chemical from Bharati Vidyapeeth’s College of
Eng., Univ. of Mumbai
Shiju Jacob
Kallarakal
Executive Director & Chief Risk Officer
✓> 25 years of experience in automobile sector and more
than 6 years in waste management sector
✓Oversees waste processing operations at the
Kanjurmarg Project and the Waste to Energy Projects at
PCMC & Andra Pradesh
Shiju Antony Kallarakal
Non -Executive Director & Chief Sustainability Officer
✓Director of Environment Research Foundation
✓Holds Master’s degree in chemistry, Agra University &
political science, Meerut University & Master’s degree in
social science, University of Birmingham
Ajit Kumar Jain
Independent Director
✓> 35 years experience in financial & infrastructure sector
and in public -private partnerships & currently Partner of
Udvik Infrastructure Advisors LLP
✓Holds MBA from the Symbiosis Institute of Business
Management from the University of Pune
Suneet K Maheshwari
Independent Director
✓> 10 years experience in securities market
✓Previously associated with Lehman Brothers, Barclays
Securities (India) and Barclays Capital Services
✓Holds a PGDM from IIM, Ahmedabad
Priya Balasubramanian
Independent Director
Promoters & Board of Directors
22
Sustainability with Growth ….
12.4%
As on 31
st March
2020
9.4%
As on 30 th
September 2025
Consolidated Average Cost of Borrowings
Company Name
Agency
Rating
Amount
(in Lakh)
Instrument
Antony Waste Handling Cell
CARE Rating
CARE BBB+; Stable
1,350
Working Capital Limits
CARE A3+
2,200
Bank Guarantee
AG Enviro Infra Projects
CARE Rating
CARE BBB; Stable*
4,200
Term Loan
CARE BBB; Stable*
2,700
Cash Credit
CARE A3+*
3,800
Bank Guarantee
Antony Lara Enviro Solutions
Crisil
A-/Stable
1,848
Fund -Based Bank Limits
A-/Stable
3,442
Term Loan
CRISIL A2+
100
Overdraft Facility
CRISIL A2+
500
Bank Guarantee
Antony Lara Renewable Energy
Crisil
BBB+/Stable
15,200
Term Loan
BBB+/Stable
800
Cash Credit
CRISIL A2
1,200
Bank Guarantee
Credit Rating
Rating Under Watch with Developing Implications due to pending merger.
23
Sustainability with Growth ….
Providing Waste
Management
Solutions to
corporates to meet
their EPR
requirements
51%
49%
27%
Integrated waste
Management facility
100%
Bio -mining
Collection &
Transportation of waste,
Mechanized Sweeping of
roads and Toilet Cleaning
Kerzellion Facility
Management Services
Pvt. Ltd.
2%
98%
Collection and
transportation of waste
Mechanical power
sweeping of roads
Lara Central De
Tratamento De
Residuos LTDA,
Brazil
JV Partner
73%
100%
Waste to Energy
100%
Pre Merger Group Structure
24
Sustainability with Growth ….
Providing Waste
Management
Solutions to
corporates to meet
their EPR
requirements
Integrated waste
Management facility
Bio -mining
Collection &
Transportation of waste,
Mechanized Sweeping of
roads and Toilet Cleaning
Kerzellion Facility
Management Services
Pvt. Ltd.
98%
Merged into Holdco
100%
2%
27%
73%
51%
49%
Waste to Energy
100%
Post Merger Group Structure
Lara Central De
Tratamento De
Residuos LTDA,
Brazil
JV Partner
25
Sustainability with Growth ….
Leading Player in Indian Municipal Solid Waste Management Industry
27 th
Nagpur
>10 Lakh
Population
22 nd
Nashik
>10 Lakh
Population
Super Swachh
League City
Navi Mumbai
>10 Lakh
Population
07 th
Pimpri Chinchwad
>10 Lakh
Population
Ranking
Category
Source: Swachh Survekshan
202 5
31 st
Delhi
>10 Lakh
Population
17 th
Varanasi
>10 Lakh
Population
17 th
Jhansi
<10 Lakh
Population
Super Swachh
League City
Noida
<10 Lakh
Population
15 th
Thane
>10 Lakh
Population
Ranking
Category
06 th
Panvel
<10 Lakh
Population
All India Ranking as per Swachh Bharat Survey
– 2025
26
Sustainability with Growth ….
Source – DNA Consult - Industry Reports
India’s Waste Management Industry has enormous growth potential
On average India practices higher open dumping vs global average
Landfill
52%
Recycled
25%
W2E
13%
Compost
10%
Open
dumping
77%
Compost
18%
Recycled
5%
MSWM is expected to double in India in the next 5
yrs
Geography wise Vehicle Scrapping Market by size (
₹ in Cr.)
India Waste Management Market (in
₹ billion)
Note: Maps not to scale. All data, information, and
maps are provided "as is" without warranty or any representation of accuracy
, timeliness or completeness.
60
65
71
78
86
95
41.0
45.0
49.5
55.5
62.0
70.0
FY21
FY22
FY23
FY24
FY25
FY26
Waste generation (mn TPA)
CAGR - 9.6%
MSW market (INR bn)
CAGR - 11.3%
2,403
1,940
1,757
1,711
1,440
1,429
1,157
1,149
983
820
1,724
718
4,792
4,442
3,600
3,406
3,323
3,307
2,589
1,730
1,970
1,820
3,537
1,524
2023
2030
Source – PWC
Industry Dynamics
1,211
1,714
2025
2030
7.2%
CAGR Growth
27
Sustainability with Growth ….
`
➢Refers to residual dry combustible fraction of municipal solid waste such as leather, paper,
textile, rubber, non -recyclable plastic etc.
➢Used as a substitute for coal in energy intensive processes such as cement kilns,
power production and steel manufacturing
Refuse Derived Fuel
➢Loosened layers of old waste are sprayed with composting bio cultures and then formed
into conventional aerobic windrows on the site, the waste is then sterilized, stabilized, and
readied for segregation using machinery as organic and inorganic substances to be later
sent for recycling, re
-using or composting
➢World’s largest Biomining project on 24 hectares of land was started in 2018 at Mulund
dumping ground
➢Other cities like Indore, Delhi, Mangalore, Coimbatore, Pune, Kolhapur and Kolkata
have started Bio mining projects recently
Bio -mining
➢Anaerobic fermentation of bio
-degradable waste in an enclosed space
- generates
methane rich bio -gas fuel and sludge, used for making compost
➢Like composting,
biomethanation is also a technically suitable option for Indian
municipal waste due to high organic and moisture content
➢Plants can be of small scale (5 TPD, for population size of 5,000 to 25,000)
Biomethanation
Population
(‘000)
Waste Qty
(TPD)
Treatment option
Approx. Capex
(₹ in lakh/TPD)
Products
15 – 50
3 – 10
Bio -methanation & conventional
composting
20
Bio -gas & manure
Vermi composting
8
Compost
Conventional composting
10
Compost
50 – 100
10 – 20
Bio -Methanation & conventional
composting/ vermi composting
10
Bio -gas & Compost
100 – 1,000
20 – 350
Integrated waste processing
–Bio -
methanation /
Compost/ RDF
4
Bio -gas, Compost &
RDF
1,000 –
20,000
350 – 8,000
Integrated waste processing
–Bio -
methanation / compost/ RDF/
WTE
15 – 20
Bio -gas, Compost,
RDF & Electricity
Emerging areas of growth
28
Sustainability with Growth ….
An ESG Centric
Business
Our Ratings:
Crisil - ESG 54
SES – ESG 65.2
29
Sustainability with Growth ….
Sustainable Synergy : Our Commitment to Environmental
Stewardship
2
4
5
6
1
3
At Kanjur , we make
Refuse Derived Fuel to
generate green energy
Specialized Fleet
comply with latest
Environmental
Emission Norms
138 Mn+ of Green
Units generated since
the inception of the
WtE Project
Air Emissions are
within permissible
limits set by regulatory
authorities
Greenhouse gases
captured from BLF
stations & leachate
treatment plan
Company and two of its
material subsidiaries
have
ISO 14001 certifications
Leachate treatment
process aimed at
reducing Biochemical
Oxygen Demand
(BOD) levels
30
Sustainability with Growth ….
People -First Principles : Fostering Social Growth and
Inclusion
2
4
5
6
1
3
Implementation of
Regular Training on
Work-Related Hazards,
Waste Protocols, and
Vehicle/Machinery Safety
>80% of our sites are
having supportive
infrastructure for
female employees
Responsible & Ethical
Suppliers Code of
Conduct that require our
suppliers & subcontractors
to comply with
All sites adhere to best
practices in community
grievance redressal
POSH policy is
implemented with
100% coverage across
the organization
All our employees and
workers are fully
covered by Health and
Accident Insurance
CSR initiatives focused
on Health, Education,
and Environment
31
Sustainability with Growth ….
Integrity in Leadership: Governing with Transparency
and Accountability
Audit, CSR, Nomination &
Remuneration, and
Stakeholders Relationship
Committee, are chaired by an
Independent Director
Code of Conduct for Board of
Directors and Senior
Management extends to the
core management team one
level below the Board
There are no
unresolved investor
complaints as of the
end of the quarter
2
4
1
6
5
3
Diverse 6 -member Board, led
by the Chairman & MD,
includes 3 Independent
Directors, one of whom is an
Independent Woman Director
Vigil Mechanism/
Whistleblower Policy to
facilitate reporting of genuine
concerns or grievances
The Anti -Corruption and
Bribery Policy applies to all
dealings with internal and
external stakeholders
Oversight on contribution to all the
Sustainable Development Goals
32
Sustainability with Growth ….
The data shown here is for/as of end of H1FY26
ESG Performance at Glance
Scope 1 Emission
13,322 (tCO 2e)
Scope 2 Emission
1,445 (tCO 2e)
Emissions Avoided
5,779 (tCO 2e)
Human Resources
Staff – 1,168
Swachhta
Warrior – 9,387
Gender Diversity
Staff – 7.88%
Swachhta
Warrior – 7.68%
Retention Rate
Staff – 93.26%
Swachhta
Warrior – 97.64%
Training Imparted
19,811 Hrs
Community Grievance
Redressal Mechanism
< 24 Hrs turnaround time
Diversity in Leadership
Board - 17%
KMP - 33%
33
Sustainability with Growth ….
Historical Financial
Highlights
34
Sustainability with Growth ….
297
417
470
558
581
132
151
175
209
261
52
99
232
129
117
FY21
FY22
FY23
FY24
FY25
Contract & Others
MSW Processing
Collection and transportation of municipal solid waste
481
667
875
895
959
Revenue ( ₹ in Cr)
EBITDA (₹ in Cr) & EBITDA Margin (%)
PBT before exceptional item
(₹ in Cr) & PBT Margin (%)
Capital Employed
(₹ in Cr); ROCE & ROE (%)
Net Debt / Equity
130
167
168
202
220
27.1%
25.0%
19.2%
22.5%
23.0%
FY21
FY22
FY23
FY24
FY25
71
113
102
109
95
14.7%
16.9%
11.7%
12.2%
9.9%
FY21
FY22
FY23
FY24
FY25
0.1x
0.1x
0.5x
0.5x
0.4x
FY21
FY22
FY23
FY24
FY25
591
704
969
1,133
1,292
16.7%
18.9%
13.3%
13.1%
11.6%
14.5%
17.0%
13.7%
13.9%
12.3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0
200
400
600
800
1000
1200
FY21
FY22
FY23
FY24
FY25
Capital Employed
RoCE
RoE
Consolidated Financial Highlights
35
Sustainability with Growth ….
^Exceptional item of ₹ 23.9 crores on the account of settlement from arbitration
Profit and Loss (
₹ in Cr)
FY25
FY24
FY23
FY22
FY21
Revenue from MSW C&T
580.6
557.5
468.4
417.2
297.3
Revenue from MSW Processing
260.9
208.6
174.5
150.8
131.9
Total operating Revenue
841.5
766.1
643.0
568.0
429.2
Contract & Others
117.3
128.8
232.2
98.7
51.5
Total Revenue
958.8
894.8
875.2
666.8
480.8
Raw Material
0.0
0.0
0.5
1.0
1.2
Employee Cost
290.9
268.0
220.4
191.5
154.1
Project Expenses
25.8
39.7
156.8
49.1
12.1
Other Expenses
421.8
385.4
329.6
258.6
183.1
EBITDA
220.2
201.7
167.9
166.5
130.3
EBITDA Margin
23.0%
22.5%
19.2%
25.0%
27.1%
Depreciation
70.0
53.3
39.0
33.3
31.2
EBIT
150.3
148.5
128.9
133.2
99.0
EBIT Margin
15.7%
16.6%
14.7%
20.0%
20.6%
Finance Cost
55.8
39.5
26.6
20.5
28.5
Profit before Tax Exceptional Items
94.5
109.0
102.3
112.7
70.6
Profit before Tax Margin
9.9%
12.2%
11.7%
16.9%
14.7%
Exceptional items [(income) / expense]
^
(23.9)
0.0
0.0
0.0
0.0
Profit before Tax
118.4
109.0
102.3
112.7
70.6
Profit before Tax Margin
12.4%
12.2%
11.7%
16.9%
14.7%
Tax
17.8
9.2
17.7
22.3
6.5
PAT
100.6
99.8
84.6
90.4
64.1
PAT Margin %
10.5%
11.2%
9.7%
13.6%
13.3%
Less: PAT for Non
-controlling interest
15.3
13.7
16.5
22.5
19.0
PAT for Owners of the Company
85.4
86.1
68.1
67.9
45.0
EPS
30.1
30.4
24.1
24.0
17.1
Consolidated Profit & Loss Statement
36
Sustainability with Growth ….
Assets (₹ in Cr)
Mar-25
Mar-24
Mar-23
Mar-22
Mar-21
Non - Current Assets
1,204.2
1,059.2
893.0
618.5
481.2
Property Plant & Equipment
388.1
271.8
190.3
114.4
123.9
CWIP
38.1
31.2
31.3
8.9
0.8
Right -of-Use Assets
29.7
31.8
1.6
2.3
2.2
Other Intangible Assets
302.8
358.4
117.4
121.3
127.2
Intangible assets under development
17.7
9.6
218.3
51.8
5.1
Financial Assets
(i) Trade Receivables
68.4
57.0
47.7
38.0
43.3
(ii) Other Financial Assets
258.3
214.0
199.8
193.9
146.5
Deferred Tax Assets
65.1
56.1
40.4
33.5
17.8
Income Tax Assets
12.4
8.3
9.5
8.7
10.5
Other Non -Current Assets
23.6
20.9
36.7
45.7
3.8
Current Assets
449.7
402.8
365.4
346.3
311.6
Inventories
0.0
0.0
0.1
0.1
0.1
Financial Assets
(i) Trade Receivables
265.4
251.9
216.4
178.3
110.1
(ii) Cash
124.0
70.9
51.5
70.6
100.5
(iii) Bank
8.3
15.0
21.5
22.2
27.7
(v) Other financial assets
39.5
53.4
66.6
60.5
57.7
Other Current Assets
12.6
11.5
9.3
11.1
12.1
Asset classified as held for sale
0.0
0.0
0.0
3.5
3.3
Total Assets
1,654.0
1,462.0
1,258.4
964.7
792.8
Equity & Liabilities
(₹ in Cr)
Mar-25
Mar-24
Mar-23
Mar-22
Mar-21
Total Equity
819.2
718.4
616.8
532.7
442.6
Share Capital
14.2
14.2
14.1
14.1
14.1
Reserves & Surplus
645.0
559.5
471.6
402.6
333.7
Non -Controlling Interest
160.0
144.7
131.1
115.9
94.8
Non -Current Liabilities
466.0
429.3
363.1
194.8
156.1
Financial Liabilities
(i) Borrowings
331.3
307.1
261.4
102.4
84.5
(ii)Lease Liabilities
29.0
28.4
1.2
3.2
3.3
Provisions
92.7
81.4
80.4
68.2
56.1
Deferred Tax Liabilities
13.1
12.4
20.0
21.1
12.1
Current Liabilities
368.7
314.3
278.5
237.2
194.1
Financial Liabilities
(i) Borrowings
141.8
107.4
90.4
68.6
65.4
(ii)Lease Liabilities
3.4
3.9
2.4
1.1
1.1
(ii) Trade Payables
106.7
95.0
92.4
75.7
60.9
Other Financial Liabilities
61.0
57.3
64.7
56.5
38.7
Other Current Liabilities
12.3
9.9
9.6
10.3
10.2
Income Tax Liabilities
8.2
10.2
6.1
13.5
6.5
Provisions
35.4
30.6
13.0
11.5
11.3
Total Equity & Liabilities
1,654.0
1,462.0
1,258.4
964.7
792.8
Consolidated Balance Sheet
37
Sustainability with Growth ….
Particulars (₹ in Cr)
Mar-25
Mar-24
Mar-23
Mar-22
Mar-21
Net Profit Before Tax
118.4
109.1
102.3
109.1
70.6
Adjustments for: Non
-Cash Items / Other Investment or Financial Items
112.8
69.9
64.2
51.6
48.6
Operating profit before working capital changes
231.3
179.0
166.5
160.7
119.2
Changes in working capital
-11.8
-14.1
-42.5
-34.9
9.4
Cash generated from Operations
219.4
164.8
124.0
125.8
128.6
Direct taxes paid (net of refund)
-32.2
-26.7
-34.0
-20.7
-17.1
Net Cash from Operating Activities
187.2
138.2
90.0
105.1
111.5
Net Cash from Investing Activities
-149.7
-150.7
-260.4
-140.1
-32.8
Net Cash from Financing Activities
11.7
34.7
148.5
5.0
-3.7
Net Decrease in Cash and Cash equivalents
49.2
22.2
-21.9
-30.0
75.1
Add: Cash & Cash equivalents at the beginning of the period
70.9
48.7
70.6
100.6
25.5
Cash & Cash equivalents at the end of the period
120.1
70.9
48.7
70.6
100.6
Consolidated Cash Flow Statement
38
Sustainability with Growth ….
Annexures
39
Sustainability with Growth ….
Tender
Evaluation
Initial
Assessment
& Analysis
WTE,
Segregation
and Bio -
mining
Post -Bidding
Process
Post
bidding
stage
Post
completion
stage
▪
Peruse the RFP
▪
Understand scope size & scale of project
▪
Tender conditions & stipulation analysis
▪
Geography study
▪
Financial & Non -financial viability
▪
Project area analysis
▪
Feasibility study - Project report
▪
Key Execution & Admin. risks
▪
Route map study
▪
Previous contracts in the site area
▪
Local laws and taxes
▪
Pre-bid meeting
▪
Actual bidding
▪
Technical criteria fulfillment
▪
Eligibility
▪
Quote the rate
▪
Meeting all the criteria
▪
Contract award
▪
Provide project plans, structural/architectural
designs
▪
LoA or LoI by the client for contract award
▪
Post award, begin mobilizing manpower,
vehicles & equipment resources & setting up of
site offices, stores & other ancillary facilities
▪
Compliance with various covenants for project closure
▪
For projects on operation and maintenance basis, entire
vehicle fleet is required to be returned to municipality (not
required for DBOO & BOO contracts)
▪
For projects involving landfills,
requirement of restoring the
land to its original condition at
company’s own cost
Pre -Bidding Process
Post -Bidding Process
Quality Cum Cost Based Bidding Process
40
Sustainability with Growth ….
Material
Recovery
Facility
Bio -reactor
Landfill
Gas
Collection
Composting
Our Infrastructure at Kanjurmarg
41
Sustainability with Growth ….
Step 1
Step 2
Step 3
Step 4
Step 5
Step 6
Our Infrastructure at PCMC Waste to Energy Plant
42
Sustainability with Growth ….
▪
ALESPL: Antony Lara Enviro Solutions Private Limited
▪
AWHCL: Antony Waste Handling Cell Limited
▪
BN : Billion
▪
BLF: Bio -Reactor Landfill
▪
C&T: Collection and Transportation
▪
DBOOT : Design, Build, Own Operate and Transfer
▪
GNIDA: The Greater Noida Industrial Development Authority
▪
GPS : Geo Positioning System
▪
LARA: Lara Central De
Tratamento De Rediduous
LTDA
▪
LoA : Letter of Acceptance
▪
LoI : Letter of Intent
▪
KCAL : Kilocalorie
▪
MCD: Municipal Corporation of Delhi
▪
MRF: Material Recovery and Compost Facility
▪
MSW: Municipal solid waste
▪
MSWM: Municipal Solid Waste Management
▪
MMT: Million Metric Tonnes
▪
MW : Megawatt
▪
NMMC: The Navi Mumbai Municipal Corporation
▪
RDF : Refuse Derived Fuel
▪
SLF: Sanitary Landfill
▪
SWM: Solid Waste Management
▪
TMC: The Thane Municipal Corporation
▪
TPD: Tonne / Day
▪
UMC: The Ulhasnagar Municipal Corporation
▪
W2E: Waste to Energy
Abbreviations
43
Sustainability with Growth ….
`
Thank You !
Company:
CIN: L90001MH2001PLC130485
Mr. Subramanian NG
E: Investor.relations@antonywaste.in
www.antony -waste.com
Investor Relations Advisor:
CIN: U74140MH2010PTC204285
Mr. Jigar Kavaiya / Mr. Pratik Shah
E:mail: jigar.kavaiya@sgapl.net
/ p.s.shah@sgapl.net
T: +91 9920602034 / +91 9870030585
www.sgapl.net
