Antony Waste Reports Steep Profit Fall in Q1 FY27

Profit After Tax (PAT) at Rs 0.7 crore (down from Rs 23 crore YoY); Revenue at Rs 269 crore (up 6% YoY).

Reader Takeaway: Profitability pressure from one-off costs; New contract offers future revenue growth.

What just happened

Antony Waste Handling Cell Ltd reported a significant decline in profit for the first quarter of FY27, with PAT dropping to Rs 0.7 crore from Rs 23 crore in the same period last year. This was despite a 6% year-on-year increase in revenue, which reached Rs 269 crore. The company's EBITDA also saw a substantial decrease of 27% YoY to Rs 45 crore, with margins compressing to 16.8%.

Why this matters

The sharp fall in profitability was largely attributed to non-recurring expenses. A one-time prepayment charge of Rs 7 crore for refinancing a term loan and deferred costs of approximately Rs 10 crore impacted the results. Additionally, increased operating expenses, higher employee costs, and a tragic landslide at the PCMC Waste-to-Energy (WtE) facility, which led to a temporary suspension of operations, contributed to the financial strain.

The backstory

In Q1 FY27, Antony Waste Handling Cell experienced operational challenges. A landslide at its PCMC WtE facility on July 8, 2026, caused a temporary halt to WtE operations, which are expected to resume by early October. The company anticipates an impairment charge of Rs 22-24 crore in Q2 related to this incident, though insurance claims may offset this. The company also saw higher vehicle hiring and transport costs at the CIDCO plant and an 18% rise in employee costs.

What changes now

Antony Waste has secured a new 5-year contract worth Rs 243 crore from the Greater Noida Industrial Development Authority for mechanical road sweeping, expected to commence in Q3 FY27. The company also successfully refinanced its Lara Renewable Energy loan, reducing the interest rate from 10.25% to 8.25%, which is expected to yield recurring savings. Management expects margins to normalize in subsequent quarters as the one-off pressures subside and new contracts scale up.

Risks to watch

Investors will be closely watching the timeline for the full restart of the PCMC WtE plant and the actual impact of the anticipated Rs 22-24 crore impairment charge in Q2 results. The company's ability to manage operating expenses and control employee costs will be crucial for margin recovery.

Peer comparison

(No specific peer comparison data was provided in the filing.)

Context metrics (time-bound)

• Q1 FY27 Revenue: Rs 269 crore (up 6% YoY)
• Q1 FY27 EBITDA: Rs 45 crore (down 27% YoY)
• Q1 FY27 PAT: Rs 0.7 crore (down from Rs 23 crore YoY)
• Q1 FY27 Tonnage Processed: Approx. 1.4 million tons (up 5% YoY)
• Gross Debt: Rs 435 crore
• Net Debt: Rs 324 crore
• Net Debt-to-Equity Ratio: 0.4x
• Lara Renewable Energy Loan Rate: Reduced from 10.25% to 8.25%
• Greater Noida Contract Value: Rs 243 crore (5 years)

What to track next

Focus will be on the restart of the PCMC WtE facility, the finalization of insurance claims, and the margin recovery in the coming quarters. The scaling up of the Greater Noida and BMC contracts will be key drivers for future volume growth and profitability.