Synopsis:
- Antony Waste reiterated its target of approximately 20% revenue CAGR over the next three to five years.
- Management expects the Moshi waste-to-energy facility to become operational again by December 2026.
- Two Andhra Pradesh waste-to-energy projects are expected to begin contributing revenue from Q1 FY29.
- The company’s order book stands at approximately ₹18,000 crore, supporting its long-term revenue visibility.
Antony Waste Handling Cell Limited has outlined an ambitious growth roadmap, targeting approximately 20% revenue CAGR over the next three to five years. During its Q2 FY27 earnings call, management highlighted the restoration of its Moshi waste-to-energy facility, the expansion of Mumbai collection and transportation operations, and upcoming projects in Andhra Pradesh as key drivers of its next growth phase.
The outlook comes as the company works through temporary operational and margin pressures. Management believes the resumption of power generation at Moshi and improving contributions from newer contracts could support a gradual recovery in profitability.
₹18,000 Crore Order Book Supports Growth Visibility
Management reiterated its revenue growth guidance of approximately 20% CAGR over the next three to five years. The company’s order book stands at around ₹18,000 crore, providing visibility over future business opportunities.
The company expects growth to come from three primary areas: ramp-up of recently commenced operations, participation in new bids and tenders, and the development of waste-to-energy projects in Andhra Pradesh.
Its Q2 FY27 performance already reflected growth in its collection and transportation business. Revenue from this segment increased 42% year-on-year to ₹227.5 crore, while total revenue from operations rose 25% to ₹330.3 crore.
For the first half of FY27, revenue from operations increased 15% to ₹599.2 crore. However, EBITDA declined 13% to ₹103.3 crore, while the company reported a consolidated net loss of ₹1 crore compared with a profit of ₹40.2 crore in the corresponding period last year. These figures highlight the difference between revenue growth and the company’s current profitability challenges.
Moshi Restoration Could Support Margin Recovery
One of the most closely watched developments is the restoration of the Pimpri-Chinchwad Municipal Corporation (PCMC) waste-to-energy facility at Moshi.
Following an incident in July 2026, power generation at the facility remained suspended. However, material recovery and composting operations resumed, with approximately 33,600 tonnes of waste processed during Q2 FY27.
Management expects the facility to become functional by December 2026. The absence of power sales has affected profitability because electricity generation represents a higher-margin revenue stream.
The company reported an EBITDA margin of 17.6% in Q2 FY27, compared with 21.6% in the year-ago quarter. Management attributed the pressure partly to the absence of Moshi power sales and an expected credit loss provision against previously approved escalation claims.
The CFO indicated that margins could progressively recover as Moshi resumes operations, new projects absorb their initial costs and the revenue mix improves. The company is working towards returning to its historical margin levels, although the pace of recovery will depend on execution and operational normalisation.
Andhra Pradesh Projects and Mumbai Contracts Add to the Pipeline
Beyond the Moshi facility, Antony Waste is preparing for future contributions from its waste-to-energy projects in Andhra Pradesh. Management expects these projects to begin generating revenue from the first quarter of FY29.
The two projects are expected to contribute approximately ₹150 crore in annual revenue once operational, according to the earnings-call discussion. This represents a longer-term growth opportunity rather than an immediate revenue addition.
Mumbai’s collection and transportation contracts are another important contributor. The ramp-up of operations awarded by the Brihanmumbai Municipal Corporation has supported the company’s recent growth. Management also highlighted the contribution expected from these contracts as operations scale.
The construction and demolition waste processing facility in Mumbai is showing traction as well. Processing volumes increased approximately 70% year-on-year during Q2 FY27, while the facility achieved a recycling rate of 96%.
Diversification and Execution Remain Important
Antony Waste is also expanding its presence across resource recovery and related waste-management activities. Its broader growth strategy includes strengthening recycling capabilities and developing additional business opportunities beyond conventional municipal waste collection and transportation.
The company reported that recycled fuel sales reached approximately 49,000 tonnes in Q2 FY27, an increase of 23% year-on-year. This reflects the importance of resource recovery within its operating portfolio.
For investors tracking the waste-management sector, Antony Waste’s outlook brings together several potential growth drivers: an established order book, expanding municipal contracts, the restoration of an affected facility and projects expected to contribute over the longer term.
The next milestones will be the December 2026 restoration target for Moshi, continued execution of Mumbai contracts and progress towards the expected FY29 contribution from Andhra Pradesh. Whether these developments translate into the targeted revenue growth and margin recovery will depend on timely execution.
The company’s roadmap offers several developments to watch as it enters the next phase of expansion.
Source: Antony Waste Q2 FY27 Earnings Call Transcript | Company Q2 FY27 Results | Investor Presentation
Disclaimer: This article is for information purposes only and is not investment advice.
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