AI-generated · cited to primary sources · not investment advice
Antony Waste han (543254) Aug 2025 Filing Analysis
Does management do what it says?
The company reaffirms the estimated CO2 savings of ~7 lakh tonnes annually for the PCMC WTE project. (2 met across 2 tracked commitments)
“Project is estimated to save ~7 lakh Tonnes of CO2 annually, equivalent to ~1.5 lakh passenger cars' emissions.”
Management is taking a conservative approach to further monetization until waste characterization for the full cycle is completed to accurately quantify EPR generation. (1 in progress across 1 tracked commitment)
“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.”
The PCMC WTE plant experienced an 82-day shutdown for technical modifications during the quarter, leading to lower power sales and a drop in PLF. The plant only resumed operations on December 18. (1 missed across 1 tracked commitment)
“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.”
Management is targeting the bio-mining segment to reclaim legacy dump sites across Tier 1 and Tier 2 cities. (+3 more commitments)
“Focus on Bio mining which can be used to reclaim dump sites in Tier 1 & Tier 2 cities which has huge potential w.r.t number of dump sites over last 15 years”
The company is targeting a doubling of the Municipal Solid Waste Management (MSWM) market in India over the next 5 years. — target: Double the market size
“MSWM is expected to double in India in the next 5 yrs”
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What could break the thesis?
EBITDA margins have recovered to 24%, which is a 6-quarter high, up from the 18.4% reported in the previous period. (1 easing)
“The group reported an EBITDA of Rs. 62 crores for the quarter... with margins at 24% in line with the Company's expectations... We are now at our last 6 quarter high EBITDA number.”
See the full cited Risk analysis of Antony Waste han
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