Whalesbook
Revenue Grows 13% on Higher Waste Volumes and RDF Sales
Antony Waste Handling Cell reported a 13% increase in core operating revenue for the fourth quarter and the full fiscal year 2026. This growth was driven by higher volumes of municipal solid waste (MSW) handled at its facilities, with total MSW volumes climbing 15% year-on-year to approximately 5.69 million tonnes in FY26. The company also achieved record sales of refuse-derived fuel (RDF), up about 20% from the previous year, boosting its non-MSW revenues.
Collection and transportation (C&T) volumes rose roughly 9% for the fiscal year to 2.12 million tonnes, while processing volumes expanded by 19% to 3.6 million tonnes. In the fourth quarter, total MSW handled jumped 23% year-on-year to 1.67 million tonnes. C&T volumes increased about 6% to 0.52 million tonnes, and processing volumes climbed 32% to 1.15 million tonnes during the same period.
Input cost inflation put pressure on margins, but this was partly offset by better prices for the company's value-added outputs. Compost sales declined to around 15,500 tonnes, attributed to prolonged monsoon conditions that affected demand.
JFE Engineering Backs Waste-to-Energy Projects
Antony Waste Handling Cell is set to begin fiscal year 2027 with a strategic investment from Japan's JFE Engineering Corporation. JFE Engineering committed approximately Yen 750 million (around ₹44 crore) for a 25% stake in two waste-to-energy (WtE) projects. Each project is designed to process about 1,000 tonnes of waste daily and generate approximately 15 MW of power.
These WtE projects have an estimated combined revenue potential of around ₹3,200 crore over a 20-year concession period. Operations are expected to start by the first quarter of fiscal year 2029. This move diversifies the company's revenue into energy generation.
Stock Performance and Investor Holdings
Antony Waste Handling Cell's stock has shown mixed performance across different periods. Over the past year, its share price has dropped 0.92%, and it has fallen 0.66% over two years. This contrasts with a significant gain of 94.51% over three years. The stock has traded between ₹379.25 and ₹682.40 in the last 52 weeks.
Institutional investor holdings show slight shifts. Foreign institutional investor (FII) holdings were 11.78%, down 1.03 percentage points from 12.81%. Domestic institutional investor (DII) holdings saw a small increase to 3.72% from 3.68%.