Antony Waste Handling Cell Limited — Call Transcript 2025

Aug 18, 2025

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CIN: L90001MH2001PLC130485West) - 400601 Phone: 022 – 4213 0300 | Email: info@antonyasia.com | Website:

Ref.: AW/COMP/SE/2025-26/36

Date: August 18, 2025

To, To, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No.C-1, Dalal Street, Fort Block G, Bandra-Kurla Complex, Mumbai – 400001 Bandra (E), Mumbai 400 051

Scrip Code: 543254 Symbol: AWHCL

Sub : Transcript of Earnings call held on August 11, 2025 Ref. : Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations")

Pursuant to Regulation 30 of the SEBI Listing Regulations and in continuation to our letters having reference number AW/COMP/SE/2025-26/25 dated July 28, 2025- regarding intimation of Earnings Call and AW/COMP/SE/2025-26/32 dated August 11, 2025 - regarding uploading of Audio Recording of Earnings Call, please find enclosed the transcript of the discussion held during the said Earnings Call held on August 11, 2025, at 3:00 pm (IST) w.r.t. discussion of operational and financial performance for Q1FY26 of the Company.

• The transcript is also uploaded on the website of the Company at https://www.antony waste.com/investors/financial/

This is for your information and records please.

Thanking You,

Yours faithfully, For and on behalf of ANTONY WASTE HANDLING CELL LIMITED

HARSHAD Digitally signed by HARSHADA A PRADEEP PRADEEP RANE RANE Date: 2025.08.18 18:46:02 +05'30' HARSHADA RANE COMPANY SECRETARY & COMPLIANCE OFFICER A34268

Enc. a/a

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

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“Antony Waste Handling Cell Limited Q1 FY '26 Earnings Conference Call”

August 11, 2025

Disclaimer: E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the stock exchange on 11[th] August 2025 will prevail.

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– MANAGEMENT: MR. SUBRAMANIAN N. G. GROUP CHIEF FINANCIAL OFFICER, ANTONY WASTE HANDLING CELL LIMITED

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Moderator:

Ladies and gentlemen, good day and welcome to Antony Waste Handling Cell Limited Q1 FY '26 Earnings Conference Call.

This conference may contain forward-looking statements about the Company which are based on beliefs, opinions and expectations of the Company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict.

As a reminder, all participant line will be in listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing ‘*’, then ‘0’ on your touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Subramanian N. G. - Group CFO from Antony Waste Handling Cell Limited. Thank you and over to you, sir.

Subramanian N. G.:

Thank you. Good afternoon everyone and thank you for joining us on our Q1 FY '26 Earnings Conference Call. I have with me SGA, our Investor Relations Advisors. Our investor presentation for the first quarter FY '26 is available on Stock Exchanges and on our Company's Website.

For the first quarter of financial year 2026, the Company had a strong start, reaching peak operational and financial performance across all verticals. This performance reflects the resilience of our business model and the efficiency of our operations and our unwavering focus on sustainable growth.

During the quarter, our collection and transportation operations efficiently handled approximately 0.52 million tons of waste, while at our processing facilities we handled around 0.81 million tons of municipal solid waste, reflecting a year-on-year growth of 10% and 13% respectively. Overall, total tonnage for the first quarter FY '26 reached about 1.33 million tons, marking a 13% increase compared to the previous year same quarter.

Our waste-to-energy plant delivered a strong performance as always, operating at a healthy PLF of about 84%. This not only surpassed our expectations but also set new industry benchmarks for a project which is up for more than a year and a half, underscoring our capability to consistently convert waste into clean energy. In Q1 FY '26, our PCMC-WTE generated over 25 million green units, underscoring our commitment to reducing fossil fuel dependency and cutting carbon emissions. These efforts resulted in the avoidance of approximately 3,432 tons of CO2 emissions, further demonstrating our focus on sustainability and responsible environmental stewardship.

I would like to highlight the commercial launch of our extended producer responsibility initiative in the WTE division. With the PCMC-WTE project registered to qualify for EPR credits, we have monetized 20% of the first-year allocation of over 94,400 metric tons. These achievement

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positions are at the forefront of India's circular economic transition, seamlessly integrating environmental responsibility.

Furthermore, our construction and demolition waste recycling sites continue to operate smoothly, setting a new industry benchmark with an impressive 96% recycling rate. This achievement not only showcases our capability to convert waste into valuable resources but also strengthens our confidence in successfully entering and operating new businesses, further advancing our circular economic goals. Resource recovery emerged as a key highlight this quarter, with the segment recording its highest ever sales.

Compost sales stood at approximately 6,600 tons, up 10% Y-o-Y, while refuse-derived fuel sales surged by an impressive 62% to around 55,500 tons. These achievements reflect our steadfast progress in advancing circularity, reducing reliance on landfills and fostering a greener and cleaner environment.

On the ESG front, Scope-1 and Scope-2 emissions for the year were approximately 6,616 tons and 564 tons of CO2 emissions respectively, while avoided emissions stood at about 3,432 tons as I mentioned earlier. Our ground staff strength totaled around 10,300 plus, underscoring our continued investment in a skilled workforce to drive operational excellence and advance our sustainability goals.

A point on the legal aspect, by its order dated 1st August 2025, the Supreme Court has stayed the Bombay High Court's judgment of May 2, 2025, in the PIL #20 of 2013. This stay maintains the status quo at the Kanjurmarg Landfill, allowing landfill operations to continue and safeguarding the concessionaires i.e. Antony Lara, which is a significant subsidiary of the Company's rights under the concession agreement, including the right to seek compensation for losses arising from any premature halt in operations. The special leave petitions against the High Court's decision filed by our subsidiary, the Municipal Corporation of Greater Mumbai and the State of Maharashtra challenged the quashing of the 2009 de-notification of about 120 hectares at Kanjurmarg and the restatement of its protected forest status under the Forest Conservancy Act, 1980. The High Court held the notification ultra-vice, ordered the restoration of the forest. Given the Supreme Court's stay, we believe long-term revenue visibility under the contract remains strong. Together with the Company's liquidity and strong net asset base, we remain very robust to handle the waste of the City of Mumbai.

Now, coming to the financial performance: Our operating revenue increased by 13%, reaching around Rs. 224 crores in Q1 FY '26 compared to the same period last year. In Q1 FY '26, we observed a notable shift in our revenue composition. MSW C&T contributed 60%, processing accounted for 28% and contracts and others comprised the remaining 12%. This marks a change from Q1 FY '25 where the respective contributions were 59%, 26% and 15% respectively. Our diversified revenue streams continue to offer strategic flexibility and position the Company for sustained long-term growth. Our focus to concentrate more on the processing segment has yielded these results. In Q1 FY '26, our C&T witnessed a strong growth in revenue, reaching Rs. 151 crores, registering a growth of 11% on a Y-o-Y basis. At the processing division, we

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showed a growth of 17% with revenue reaching Rs. 72 crores. This growth was driven by steady power sales from PCMC WTE, ramp-up of our CIDCO Bio-mining project and revenue from our C&D waste processing entity. These results highlight our integrated waste management strategy, blending operational excellence with strategic infrastructure investments, which have now started delivering consistent returns.

The group reported an EBITDA of Rs. 62 crores for the quarter, representing a robust 12% Y-o-Y growth with margins at 24% in line with the Company's expectations. The PAT for the quarter was Rs. 23 crores, which is a growth of 8% as compared to Q1 FY '25. As of June 2025, the group's gross debt stood at approximately Rs. 448 crores, cash and bank balances of around Rs. 87 crores, results in a net debt of Rs. 361 crores. This indicates a net debt-to-equity ratio of 0.4x. The group's weighted cost of debt is approximately 9.2% and our daily sales outstanding remained stable, which ended at the quarter at 114. Our robust track record, coupled with trust that municipalities place in us, backed by strong and improving Swachh Bharat rankings of the cities that we operate in, positions us well to capture emerging opportunities in the fast-evolving municipal solid-waste sector.

With all these efforts combined with a resilient business model, a disciplined execution and a committed team, we are confident in our ability to deliver sustainable growth and long-term value to our stakeholders in the quarters ahead.

This concludes our remarks. We would now like to open the floor for Q&A. Thank you.

Moderator:

Thank you very much. We will now begin with the question-and-answer session. The first question comes from the line of Gaurav Gandhi from Glorytail Capital Management. Please go ahead.

Gaurav Gandhi:

Thanks for the opportunity, sir. Congratulations on a good set of numbers. Just one question, as we have achieved good success in PCMC Waste to Energy plants, and the government is also focusing on such energy projects, are there any more such opportunities visible?

Subramanian N. G.:

Good afternoon, Gaurav. Yes, we are definitely looking at WTE to be the next growth focus for the Company. There are a few tenders which are already out. We have already participated in a few of them. We expect those to be declared shortly. So, we will be able to get back on that growth path.

Gaurav Gandhi:

All right, sir. Thank you.

Moderator:

Thank you. The next question comes from the line of Bhavya Gandhi from Dalal & Broacha Stock Broking. Please go ahead.

Bhavya Gandhi:

Hi, thanks for the opportunity. Hope I am audible.

Subramanian N. G.:

Yes, loud and clear.

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Bhavya Gandhi: Sir, just wanted to understand which are the upcoming projects whose revenue we have still not booked in? And historically, we have been guiding for a 25% CAGR. But in the last 2-3 years, we have not seen that number coming across. So, if you can just provide some light on that front? Subramanian N. G.: Yes, Bhavya. So, we have bid for a few projects. A few of them are from the southern part of the country and two of them are from the western part of the country. We would not like to name the projects since they are in the bidding process. Going back to our guidance of 25% CAGR growth that spread over 4-5 years. So, if you look at the numbers from 2022 onwards, we have been able to grow our revenue from Rs. 600 crores to around Rs. 900 crores and we would be likely to show positive trends once the new project that we bid for gets into the billing cycle for us. So, the numbers that are shown today, for example, Q1 core operating revenue growth of 13%, those are all from contracts that have already been executed today. There are no upcoming projects revenue which has been baked into those numbers. So, any future growth which we are confident to bag will help us achieve the target that the management set itself for. Bhavya Gandhi: Sure. And are there any contracts which are going to expire in the current revenue that we have already put in? Just wanted to get some understanding or flavor for next 2-3 years. I understand that new contracts are underway, but from the existing ones, are there any contracts which are going to expire? Subramanian N. G.: There is one contract which we are executing in the city of Mumbai. This is a collection and transportation contract, which contributes to not more than 3% of the consol number. So, that is expiring by December 2025. But the new tenders are already out. We have already submitted our bid stage for that. Bhavya Gandhi: Any quantum you can provide on the newer tenders? What size are we looking out for? What would be the ROCE and some metrics if you can provide? Subramanian N. G.: The size would be similar to the ones that are expiring or slightly more given the fact that all of them are expecting higher amounts of capital employment. And the return metrics would be equal if not better than what we already have in the books. Bhavya Gandhi: Fair enough. And sir, on the construction debris, how much has been the revenue booked in this quarter if you can provide some number? Subramanian N. G.: This quarter is soft because it is monsoon. So, we do not see significant traction coming in the first quarter part till the month of July. So, the numbers are very soft. It won’t be more than Rs. 8 crores from my estimate because of the tonnage that has been shipped is very low. We expect tonnage to improve from the end of 2nd Quarter till the end of 4th Quarter. That is the seasonality in the C&D business. Bhavya Gandhi: Got it. Any risk that we envisage from the Mumbai waste processing facility that we have if the stay order gets removed? What would be the inherent risk if at all one has to shift this location?

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Subramanian N. G.:

So, from the tender's condition, the risk for the concessionaire that is Antony's subsidy is almost zero. The reason is zero because the tender kind of absolves us as an operator from the risk related to the usage of land because that is under the purview of BMC and Maharashtra government. Once the land has to be identified for fresh waste processing. We would have to move the assets to fresh land. The cost involved in moving our assets to the fresh area will be borne by BMC or refunded to the Company. So, the cost of movement, the cost associated with the time delay and loss of profit are all captured in the existing tender.

Bhavya Gandhi: Got it. And sir, just last thing on the EBITDA guidance, if you can provide, historically, you have been saying 25% odd levels. You can still guide for next 2-3 years. What is the broad number that one should walk out with?

Subramanian N. G.: I think over the last 3 quarters, we have been able to capture a slight increase in EBITDA margin. We are now at our last 6 quarter high EBITDA number on the reported front. So, we would like to go with the same number for now for the next 2-3 quarters before we bag significantly large contracts. So, 23%-23.5% EBITDA margin is something that is there for us.

Bhavya Gandhi: Fair enough, sir. Thank you so much. Really appreciate all the answers and I will get back in the queue.

Moderator: Thank you. The next question comes from the line of Neerav Dalal from MIB Securities India. Please go ahead. Neerav Dalal: Hello. Thank you for the opportunity. I would just want to continue with the Kanjurmarg, High Court, Supreme Court ruling or stay. So, I believe that contract would be material to our operations at the moment. So, any change there, though it might be part of the contract, but wouldn't it have a material impact on the operations of the Company and what are the remediation measures that we would be taking?

Subramanian N. G.: Good afternoon, Neerav. So, let me put things into perspective. Now, if you look at the Kanjurmarg facility that is the only facility for the entire city of Mumbai, which can handle 6500 tons of waste a day. So, if you were to ask or go by the High Court's order of shutting it down, the first question that has been raised is, where will this waste go? And to answer that, the Supreme Court Chief Justice asked, where will this waste go? So, that is the response which nobody has today. So, the plan of action from BMC and from Maharashtra government is to get those ruling out and squash the High Court order and also try and remedy the denotification order that was erroneously passed. So, that is on the existential question of Kanjur as a waste processing site for the city of Mumbai. B, as operators of the site, we are kind of absolved in the entire issue, mainly because we are an operator on land which has been assigned to handle waste by the client. So, tomorrow, the client is forced to shift the operation to some other site. Till that day, we will continue doing the operation which is witnessed by the facts of the matter the way it is today. And the day the corporation identifies a new land, we have to move our operation to that new site and for which all costs will be refunded by the client to us. So, from a cash flow

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point of view, from a revenue point of view and from a liability and a risk point of view, everything is hedged completely end-to-end. So, we don't see any risk to our project over here.

Neerav Dalal:

Got that. My second question was, so BMC has also come out with another bio-mining project. Is there any specific reason why we did not participate in that contract or is it because the margins were lower, if you could just elaborate on that?

Subramanian N. G.: You are referring to the one which was awarded in Deonar and backed by a Company called Navayuga Engineering, right?

Neerav Dalal:

Yes.

Subramanian N. G.:

So, the contract specifications were too stringent, one. Second is, we technically didn't qualify because one of the main conditions is the Company should have handled 18.5 million tons of waste in 3-4 years, which we have not done. So, technically, we were not qualified. Neither have we had the experience of moving earth or soil of that magnitude in our experience. So, on technical parameters, we were not being able to breach the mark, neither could we form a JV to achieve the same because the tender didn't allow JVs to be formed. So, on technical parameters, we were not able to qualify for that contract. And also, on operational side note, 18.5 million tons to be bio-mined in 3 years, including monsoon, effectively means 20,000 tons of waste to be bio-mined from the city center and shipping it out requires a large amount of focus, which we felt, A, we didn't qualify on the tender aspect and B, we felt it is at the price that it was granted and the costing worked out, we found it to be sub-optimal.

Neerav Dalal: So, just for an example, the CIDCO project, what would be the size of that?

Subramanian N. G.:

The CIDCO project is 1.4 million tons.

Neerav Dalal:

It is 1.4 million tons over 3 years?

Subramanian N. G.:

Over 2 years.

Neerav Dalal:

Over 2 years. The other question I had was on this, the EPR thing that you have spoken about for the Pune project. If you could elaborate, is the amount material to the scheme of things or how should one look at it? That is number one. Number two is RDF and compost, where would those revenues sit and what would be the percentage of that if you could just elaborate on this two, please?

Subramanian N. G.:

Right. On the EPR aspect, it is not material at the consol level, but it is definitely material at the operating Company level, which is Antony Lara Renewables, which is the entity which is executing the PCMC WTE. It definitely adds to the EBITDA profile, and it will be a slightly material amount going forward. On the sale of recyclables like compost and RDF, that would sit in our other income line and today they contribute close to 4% of our consol revenue, which was 0.2% to last year, which has increased to 2.3%. Now it is around a shade below 4%.

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Neerav Dalal: But it will be part of the other income and not the contracts and other things? Subramanian N. G.: No, it won't be part of the contract. Neerav Dalal: And lastly, have we seen a decline in debt in this quarter? Subramanian N. G.: Yes, we have repaid close to Rs. 60 crores of debt from March onwards till June. That is part of the normal procedural aggressive debt repayment policy that we adopt. So, we have repaid close to Rs. 62 crores of debt in the first quarter of the financial year. Neerav Dalal: Yes, correct, sir. Because it has come down to 448 again, more than Rs. 500 crores last year. Got that. I will come back for more questions. Thank you. Moderator: Thank you. The next question comes from the line of Prachi Sharma from ACE Investors. Please go ahead. Yes, Ms. Sharma, your line has been unmuted. Prachi Sharma: Hi, sir. Good afternoon, sir. Just two questions. One that we have been talking about vehicle scrapping and tyre recycling business for quite some time now. Just wanted an update, what are your views? What are we doing on that front? And secondly, if I just go ahead with the question. Also, we are planning to reduce our C&T contribution and increasing the processing contribution. Any actions that we are taking, anything over there? Subramanian N. G.: Yes, Prachi. So, to answer your first part of auto scrapping and tyre recycling, we are definitely working on those parameters. We have already been given a market study report; we have started scouting the areas and the management view that we would like to go slightly slower given the market maturity at this point of time. But we expect to work on these parameters as one of the broad management views to de-risk the business model by getting into a non-municipal revenue. So, those two parameters of auto and tyre recycling are definitely still under consideration by the management. The pace of growth and focus would be slightly slower given the market opportunities the way it is today and the margin profile, the way it is being exhibited by the existing players. On the aspect of growing our processing component versus the C&T operation, if you look at our Q1 FY '26 numbers, we have definitely seen an increase in the profile of revenue generation from processing versus C&T. If you look at last year's performance, we were looking at 59% and 26% from processing. Now, the processing is now contributing to 28%, which has been a slight increase over those parameters and C&T is remaining flat. So, the larger chunk of growth is coming from processing contracts for the Company in the current financial year as compared to last year.

Prachi Sharma:

Understood, sir. Sir, on the first question, you want to comment on any timeline here?

Subramanian N. G.:

There is no point talking about timeline till the time the Company has a viable project which can be scalable. As a waste management Company, our focus continues to remain in MSW space given the fact that it is still the need of the hour and that gives us a double-digit EBITDA margin and a single-digit PAT margin. We are not able to replicate the same profile in a non-municipal

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business today. So, our growth focus continues to remain in MSW, but we are always scouting for opportunities. Till the time we are convinced internally that this profile of non-municipal business is commensurate to the return on a rupee basis for our existing business, we would like to be very cautious before spending money into a project about which we are not convinced about it.

Prachi Sharma: Sure, sir. I will get back in the queue. All the best. Thank you. Moderator: Thank you. The next question comes from the line of Amit Agicha from HG Hawa. Please go ahead. Faisal Hawa: This is Faisal Hawa here. My question is with regard to our project in Pune. So, you feel that the PLF can further go up and what effect would it have on our EBITDA? Subramanian N. G.: Good afternoon, Faisal. So, the PLF for the first quarter was 84%. That is softer mainly because we took 11 days of planned maintenance shutdown. So, normally, if you look at an average PLF that we are targeting, it should be upwards of 88%-90% is what we look at. But normally, there will always be a planned maintenance shutdown because of the fact of feedstock and repairs and maintenance that is as per the norms given by Hitachi Zosen for us. So, any significant improvement in EBITDA would be offset by planned maintenance shutdown. But to say, if I were to look at a PLF of 90% versus 84%, there will be at least 250-300 bps expansion in my EBITDA of that particular operating asset. Faisal Hawa: What did you say would be the 300 percentage points? Subramanian N. G.: 300 bps, yes, if the PLF improves from 84%-90%. Faisal Hawa: And sir, we have been promising around 24%-25% CAGR. I know that it is over a period of 3- 4 years. But of late, the growth, at least in the sales, has been a little anemic. So, what are the steps that management is taking to address those? Subramanian N. G.: So, Mr. Hawa, what the management has done is, we have been very acutely looking at new contracts that have been put up for bidding. And we are definitely putting our hat in the ring in those contracts which ensure that the profitability and the margins and the client profile. You should remember that we work in municipal solid waste business. So, we do not want to swing at each and every order that has been put on the bidding stage. So, we are very conscious, we have been working with a few municipal corporations and we are actually actively chasing a few projects which we feel will help us achieve the targets that we have set ourselves, which we also communicated to all the stakeholders. So, we are working towards achieving these numbers and we will be able to give you some more color in the current or the next quarter. Faisal Hawa: Is it a right statement to make that at least in bio-mining now, we will be amongst the most recognizable players and we should be able to get even more contracts there?

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Subramanian N. G.: In the bio-mining space, we are definitely one of the serious contenders for any new projects. The only limiting factor for bio-mining project is the corporation's budget allocation for that activity and the availability of low-lying area to get rid of the rejects of soil which cannot be sold otherwise. So, to answer your question, yes, we are a very serious and a large contender in the bio-mining space in India and viability of the project is on a case-to-case basis. Faisal Hawa: Thank you so much, sir. Sure. Moderator: Thank you. The next question comes from the line of Neerav Dalal from MIB Securities India. Please go ahead. Neerav Dalal: Sir, thank you again for the opportunity. A very quick one. So, for the current year, say for the fiscal year 2027, we would maintain 4%-6% volume growth and then another 3%-4% value growth. Would that be a right assumption or there are certain contracts which are not at the moment fully operational? So, if you could just give us some indication on that? Subramanian N. G.: So, Neerav, on the existing profile, we have already shown 13% core operating revenue growth on the same platform. So, on a year-on-year basis, 8%-10% growth is something that is baked in the numbers the way it is stacked today. We expect the volumes at the construction and demolition ways to move upwards from the end of second quarter onwards. So, that will be the positive flip to the numbers to help us achieve those kinds of targeted revenue growth. Neerav Dalal: So, it would not be wrong in saying that an 8%-10% growth. So, we did 13% for this quarter? Subramanian N. G.: So, we are being conservative here given the fact that the existing RC/RN contract, the one in MCGM C&T contract, which is expiring in December. So, I am not including the last quarter’s revenue over there, just being conservative over here when we give these numbers. So, definitely, there will be an uptake when the new project kicks in. So, that will kind of more than compensate us to achieve these numbers that we have stated ourselves for. Neerav Dalal: Got that. So, one can say that the current quarter’s performance could be something that one can look ahead for the full year in terms of revenue growth and margins? Subramanian N. G.: Yes. Neerav Dalal: Got that. Thanks a lot. Thank you. Moderator: Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Subramanian N. G. for closing comments. Thank you and over to you, sir. Subramanian N. G.: Thank you. Hi. I would like to take a moment to thank our dedicated team for the incredible contribution to our success. The tireless effort has been essential in achieving our goals and we will continue to build on the momentum. We are committed to investing in innovation and leveraging our expertise to strengthen our market position and ensure that the clients' Swachh

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Bharat ranking remain the way they are or at least improve on the base of what they have achieved. I am particularly excited about our WTE section, which is showing all kinds of promises and growth going forward. Thank you and wish you all a very pleasant evening ahead. Thank you.

Moderator:

Thank you. On behalf of Antony Waste Handling Cell Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.

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