AI-generated · cited to primary sources · not investment advice
Antony Waste han (543254) Nov 2025 Filing Analysis
Does management do what it says?
The company reported an EBITDA margin of 18.4% for Q3 FY26, which is significantly below the guided range of 22.5% to 23%. Management attributed this to higher employee costs from annual appraisals and incremental manpower additions. (1 missed, 1 met across 2 tracked commitments)
“We expect these things to improve in the second half of the financial year.”
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How durable is the business?
The company is expanding its footprint beyond its traditional strongholds in Mumbai and Delhi, specifically targeting Southern and Eastern India with a massive Rs. 3,200 crore WtE win in Andhra Pradesh. (1 expanding)
“Furthermore, we are delighted to share that we have secured two new Waste to Energy projects in Andhra Pradesh with a combined value of around Rs.3,200 crores.”
The moat is strengthening through the monetization of Extended Producer Responsibility (EPR) credits, creating a new regulatory-driven revenue stream. (1 expanding)
“So we are working in a way where we can increase the non-municipal corporation pipe... wherein the revenue from sale of power from the Waste to Energy projects and from EPR credits... keep increasing.”
The company is diversifying its technical capabilities into Construction and Demolition (C&D) waste recycling, achieving a 96% recycling rate. (1 expanding)
“Our Construction and Demolition Waste Recycling Facility also continued to operate efficiently, achieving an industry-leading recycling rate of 96%.”
See the full cited Business Model analysis of Antony Waste han
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