Slides
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Antony Waste Handling Cell Limited Q3 & 9MFY26 Investor Presentation
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2Sustainability with Growth …. This presentation and the accompanying slides (the “Presentation”), which have been prepared by Antony Waste Handling Cell Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever . No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company . This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation . This Presentation may not be all inclusive and may not contain all of the information that you may consider material . Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded . Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward - looking statements . Such forward - looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict . These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world - wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks . The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation . The Company assumes no obligation to update any forward - looking information contained in this Presentation . Any forward - looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections . Safe Harbor
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3Sustainability with Growth …. Q3FY26 Highlights
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4Sustainability with Growth …. * Tonnage handled by the C&T business excludes projects billed based on fixed shifts, trips, or household counts. Key Updates Waste Managed* Q3FY26 / 9MFY26 ~1.42 MMT / ~4.01 MMT 1 Sale of Refuse Derived Fuel Q3FY26 / 9MFY26 ~37,840 Tonnes / ~1,33,661 Tonnes 2 Sale of Compost Q3FY26 / 9MFY26 ~4,359 Tonnes / ~14,217 Tonnes 3 Green Units generated through PCMC WTE Plant Q3FY26 / 9MFY26 ~ 2.5 3 Mn+ Units / ~ 44.2 2 Mn+ Units 4 Avoided tonnes of Co 2 e Q3FY26 / 9MFY26 ~1,215 Tonnes / ~6,994 Tonnes 5 Training Provided Q3FY26 / 9MFY26 ~12,000+ Hours / ~31,820+ Hours 6
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5Sustainability with Growth …. 223 218 233 227 249 250 254 265 269 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Total Revenue (₹ in Cr) 50 44 55 49 59 58 62 57 50 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 EBITDA (₹ in Cr) 16 30 21 15 18 22 23 17 15 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 PAT after excluding exceptional item (₹ in Cr) 0.5x 0.5x 0.4x 0.4x 0.5x 0.4x 0.4x 0.4x 0.4x Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Net Debt/Equity Current Ratio 102 103 115 112 105 101 114 114 115 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Debtor Days 1.3x 1.3x 1.3x 1.2x 1.1x 1.2x 1.2x 1.2x 1.2x Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Quarterly Highlights
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6Sustainability with Growth …. Profit and Loss ( ₹ in Cr) Q3FY26 Q3FY25 Y - o - Y 9MFY26 9MFY25 Y - o - Y Revenue from MSW C&T 174.5 162.7 7% 486.4 440.0 11% Revenue from MSW Processing 65.5 58.3 12% 209.7 178.9 17% Total operating Revenue 239.9 221.0 9% 696.1 618.9 12% Contract & Others 29.4 28.2 91.7 90.4 Total Revenue 269.3 249.2 8% 787.8 709.3 11% Employee Cost 85.9 71.2 248.9 212.2 Project Expenses 5.2 5.7 8.4 23.3 Other Expenses 128.7 113.8 361.7 311.5 EBITDA 49.6 58.5 (15%) 168.9 162.3 4% EBITDA Margin 18.4% 23.5% 21.4% 22.9% Depreciation 22.0 18.1 64.2 51.8 EBIT 27.6 40.4 (32%) 104.7 110.5 (5%) EBIT Margin 10.2% 16.2% 13.3% 15.6% Finance Cost 14.5 15.0 45.8 40.5 Profit before Tax 13.1 25.4 (48%) 58.9 70.0 (16%) Profit before Tax Margin 4.9% 10.2% 7.5% 9.9% Tax - 1.5 7.3 4.0 15.3 PAT 14.6 18.1 (19%) 54.8 54.7 0% PAT Margin % 5.4% 7.3% 7.0% 7.7% Less: PAT for Non - controlling interest 3.1 2.3 11.9 9.3 PAT for Owners of the Company 11.5 15.8 (27%) 42.9 45.4 (5%) EPS 4.1 5.6 15.1 16.0 Consolidated Profit & Loss Statement
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7Sustainability with Growth …. About Us
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8Sustainability with Growth …. (1) Power Generation in Pimpri Chinchwad (2) As on 31 st December 2025 Note: Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy , timeliness or completeness. Operational Excellence Market Leader Leading Player in SWM Industry > 2 decades Operational Excellence 40+ Completed & On - going projects Revenue FY25 ₹ 959 cr. Strong Financial Performance Net Profit FY25 ₹ 101 cr. Net Debt / Equity FY25 0.4x CARE BBB+; Stable LT Bank Facility CARE A3+ ST Bank Facility Credit Rating ~21.97 mmt MSW managed since inception of the projects (2) Operates Largest Single location waste processing plant in Asia 25+ Municipal Corps & conglomerate worked, since inception ~ 18 2 million+ Green Units (1) Since inception of the project till December 2025 ~90% Processing of waste generated in Mumbai 10 States (Projects executed till date) 10,951 Full - time employees (2) Committed to Sustainability with Growth ~2,670 Vehicle fleet (2)
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9Sustainability with Growth …. 2000 - 2002 2003 - 2008 2009 - 2010 2015 - 2018 2011 - 2014 2019 - 2020 2021 - 2022 2023 - 2026 ✓ Inception of Antony Waste Handling Cell ✓ First Project - Manual Sweeping awarded by BMC ✓ Awarded Mechanized Sweeping contract by BMC ✓ Awarded C&T contract in R Central ward of BMC & in GNIDA ✓ Awarded C&T project by GNIDA ✓ Entered a new city (Delhi) - Contract awarded by MCD ✓ Awarded C&T project by NMMC ✓ Raised private equity funding ✓ Wins Kanjurmarg landfill project ✓ Partnership with Brazil based LARA ✓ Incorporation of ALESPL to expand the integrated MSW facility at Kanjurmarg ✓ Awarded C&T project by TMC ✓ Awarded Power sweeping project for NMMC ✓ Awarded mechanized sweeping project for GNIDA ✓ Received 2nd runner up at CII, JCB Clean Earth Award for excellence in SWM ✓ Awarded a new C&T project for NMMC ✓ Awarded mechanized sweeping project for GNIDA ✓ Began operations at Kanjurmarg ✓ Entered the WTE segment by entering into concession agreement with PCMC ✓ Awarded new C&T project by the Nagpur Municipal Corporation ✓ Awarded a new C&T project by the Varanasi Municipal Corporation ✓ Began operations at Pimpri Chinchwad and C&T operations at Noida ✓ Awarded 4 C&T projects by various municipalities ✓ Awarded a new Bio - mining contract by GNIDA ✓ Listed on NSE and BSE ✓ Awarded Power Sweeping by Nagpur Municipal Corp. ✓ Commencement of WTE project Inaugurated by the Honorable PM, Shri Narendra Modi, and started power sale to PCMC ✓ Awarded C&T project from Panvel Municipal Corp & Navi Mumbai Municipal Corp ✓ Awarded CIDCO Bio - Mining Project ✓ Received Mechanized Sweeping Project from PCMC ✓ Awarded WTE project at Kadapa & Kurnool, Andhra Pradesh ✓ Awarded India Risk Management Awards by ICICI Lombard & CNBC - TV18 ✓ Awarded 2 Large C&T projects from BMC ✓ Awarded Pre - processing project from TMC Over 25 years of Journey
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10Sustainability with Growth …. Our Waste Management Solutions Waste Processing and Treatment Comprehensive Hygiene Solutions for all Spaces Municipal Waste Collection and Transportation Waste to Energy Mechanised and Non - Mechanised Sweeping Construction and Demolition Waste management
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11Sustainability with Growth …. Door to Door collection Involves collection of over 7,100 tonnes of MSW per day, from households, commercial establishments, institutions, public pla ces , and other urban sources End - to - end waste management capabilities… Transportation Our operations are supported by a fleet of over 2,600 specialized vehicles, integrated with advanced technology to ensure opt ima l transportation of MSW Segregation We facilitate segregation of waste into organic, recyclable, and inert categories, supported by infrastructure capable of han dli ng over 5,000 tonnes daily Construction and Management of Landfills At our Kanjurmarg facility in Mumbai, we operate one of Asia’s largest bio - reactor landfills, currently managing approximately 6 ,000 tonnes per day Resource Recovery We channel recyclables to processing partners and supply over 1.48 lakh tonnes of RDF, during FY25, to cement companies, as a su stainable alternative to fossil fuels Composting Over 21,000 tonnes of high - quality compost derived from organic waste have been sold in FY25, supporting environmental sustainab ility and enhancing soil health Waste to Energy We operate 3 integrated Waste - to - Energy plants, with total installed capacity of 44 MW, that converts municipal solid waste into renewable energy, contributing to environmentally responsible waste management 1 2 3 4 5 6 7
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12Sustainability with Growth …. Note : Revenue contribution as on FY25 ✓ Door to door collection through primary collection vehicles ✓ Transportation of waste to processing facility, transfer station or a landfill disposal site ✓ Revenue calculation based on No . of trips/ Per tonnes/ Fixed per day ✓ Escalation based on flat rate/ inflation/ tender conditions ✓ Currently 19 on - going contracts ✓ Average on - going contract duration is 7 . 7 years ✓ Involves sorting & segregating waste received from MSW C&T ✓ Followed by composting, recycling, shredding & compressing into RDF ✓ Revenue calculation based on Per hectare/ Km/ hour ✓ Escalation based on flat rate/ inflation ✓ Currently, there are 6 Waste Processing and 1 C&D ongoing contracts ✓ Average on - going contract duration is 23 years ✓ Integrated mechanical & manual sweeping , sale of compost, RDF, EPR, etc ✓ Contract revenue arising from IND - AS treatment for capex incurred at DBOOT projects ✓ Revenue calculation based on Per hectare/ Km/ hour ✓ Escalation based on flat rate/ inflation ✓ 5 DBOOT projects & 4 Mechanical Sweeping projects Detailed viability analysis of the project ✓ Focus on contracts with pass - through escalations for major costs ✓ Rational bidding after background research Client Selection Focus on municipal corporations with strong financials/ credit ratings User Fees Reducing collections risk through user fee collection from waste generators in NOIDA, Jhansi and Varanasi Limited project & counter - party credit risk Strategic Revenue Diversification 61.0% 27.0% 12.0% Revenue Distribution MSW Collection & Transportation MSW Processing Contracts & Others
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13Sustainability with Growth …. Revenue from Operations ( ₹ in Cr) 109 95 465 959 FY10 FY15 FY20 FY25 14 15 16 26 FY10 FY15 FY20 FY25 Number of Projects Average ongoing contract durations (in years) 7.7 7 23 MSW C&T Sweeping Waste Processing 297 417 470 558 581 132 151 175 209 261 52 99 232 129 117 FY21 FY22 FY23 FY24 FY25 C&T of MSW MSW Processing Contract & Others (₹ in Cr) % Revenue Contribution Revenue from Performance Factors de - risking the business model Staggered revenue stream Projects diversified across timelines Operational de - risking Projects diversified across activities Partially hedged against major costs, with tipping fees incorporating built - in escalations Limited counter - party risk Targeting municipalities with stable financials Financial viability aligned with internal hurdle rate for bidding De - risked business model 1 2 3 4 5 62% 62% 54% 62% 61% 27% 23% 20% 23% 27% 11% 15% 26% 14% 12% FY21 FY22 FY23 FY24 FY25 C&T of MSW MSW Processing Contract & Others
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14Sustainability with Growth …. Our Strategy Cluster based approach for growth ✓ Traditionally we have followed cluster - based approach to bid for projects – ✓ 10 on - going projects in MMR ✓ 6 on - going projects in NCR ✓ Continue to focus on bidding projects in new states in clusters to increase profitability and efficiency ✓ Well - positioned to seize growth opportunities arising from industry expansion and accelerating privatization in MSW management Rational Selection of Projects For Expansion ✓ WTE – Driving growth in the Waste - to - Energy segment through assured raw material availability and secured power offtake arrangements ✓ Focus on selling recyclables and RDF as an added source of revenue ✓ Focused on bio - mining segment aimed at reclaiming legacy dump sites across Tier 1 and Tier 2 cities, which present significant potential given the large number of sites accumulated over the past 15 years WTE, Segregation and Bio Mining ✓ Experience, credentials & financial strength makes us eligible to bid for most projects in MSW sector ✓ Continue focus on calibrated growth with selection of projects which are viable ✓ Pursue a broad range of projects in urban or semi - urban area with limited counter party risks and healthy operating margins Ensuring a Steady Source of Revenue from Clients of Proven Economic Position Adopting Advanced Technology Exploring Business Opportunities within Existing Clientele Enhancing Non - Municipal Source of Revenue Sustainability and the 3Rs of Waste Management
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15Sustainability with Growth …. *Source: report titled “India Solid Waste Management Overview” dated September 22, 2020, issued by Frost & Sullivan (India) P riv ate Limited 2011 2014 2017 2020 2023 2026 2029 2032 2035 Tonnage Revenue Customer Brihanmumbai Municipal Corporation We operate one of the largest single location waste processing plants in Asia Total waste generated in Mumbai is handled at Kanjurmarg site 90% Balance Tenure ~11 Years Currently managing waste per day ~6,000 Tonnes Since project inception till December 2025 ~18.86 mmt Project scope ✓ Design, Construction, operation & maintenance of integrated waste management facilities on DBOOT basis Capacity ✓ Bio - reactor Landfill with 6,500 TPD capacity ✓ Sanitary Landfill of 250 TPD ✓ Material Recovery & Composting Facility (capacity of 1,000 TPD) ✓ Gas to Energy plant – 0.97 MW Project Tenure 2010 - 2036 (25 years) ✓ TPD of MSW: Capable of handling ~7,500 TPD ✓ It is one of the largest facility producing refuse - derived fuel (RDF) with a gross calorific value of over 4,000 cal /g* ✓ Recorded sales of RDF stood at ~ 37,840 tonnes in Q3FY26 ✓ Recorded compost sale of ~ 4,359 mt in Q3FY26 One of the largest single location plant in Asia* Experienced JV Partner for the scientific landfill at Kanjurmarg Waste Processing Technology
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16Sustainability with Growth …. Integrated Project Pre - processing, Composting, Power generation and Landfill Management Inaugurated on August 1, 2023 by Shri Narendra Modi, Hon’ble Prime Minister of India 14 MW of Clean and Green Energy – PCMC to purchase power at ₹ 5 per unit during concession period Commencement of commercial power sale to PCMC in Oct’23 Estimated CO 2 savings ~7 lakh Tonnes annually, equivalent to ~1.5 lakh passenger cars' emissions. Project Tenure 2019 - 2040 Processing over 1,000 Tonnes Per Day of Municipal Solid Waste First municipality to buy power under the Green Energy Open Access Rules 30 acres of land provided by corporation Eliminating need for fresh - water dependency Entire project utilizes recycled water from the Chikali Sewage Treatment Plant (STP), Technology Partner Maharashtra’s 1 st Integrated Waste - to - Energy Project Formerly known as Hitachi Zosen Corporation
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17Sustainability with Growth …. Collection and Transportation Greater Noida Jhansi Mumbai Nagpur Nashik Navi Mumbai Noida North Delhi Panvel Pimpri - Chinchwad Thane Mechanised Sweeping Greater Noida Nagpur Pimpri Chinchwad Waste Processing & Disposal CIDCO Kadapa Kurnool Mumbai Pimpri - Chinchwad Thane Construction and Demolition Waste Mumbai 30 Ongoing projects 10 States (Projects executed till date) 19 Projects 6 Projects 1 Project 4 Projects Varanasi Proven Expertise in Project Execution
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18Sustainability with Growth …. Collection and Transportation Technological Intervention Key equipment vendors Waste processing technology ✓ Aerobic process using MRF and composting facility at Kanjurmarg Plant ✓ Anaerobic process using Bioreactor landfill technology at Kanjurmarg Plant ✓ A combination of Dry and wet line technology is used in Construction and Demolition waste management at the Dahisar Plant, Mumbai . Key Processes Small Tipper Electric Vehicle Compactor Dumper Placer Power Sweeping Machine Big Tipper Drain Stilt Machine & Others Hook Loader 1,596 105 587 40 12 127 145 58 Access to Technology Backed Vehicles & Equipment 2,484 out of 2,670 vehicles fitted with GPS tracking devices GPS allows movement tracking to optimize route & achieve higher vehicle utilization Vehicles & Equipment's procured from leading international suppliers including the likes of Compost Systems GMBH
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19Sustainability with Growth …. ✓ > 25 years experience in waste management ✓ Majorly responsible for the business development initiatives ✓ Authentic Leader Development Course from Harvard Business School, Boston and B.E. in Mechanical Eng. from Bharati Vidyapeeth’s College of Eng., Univ. of Mumbai Jose Jacob Kallarakal Chairman & Managing Director ✓ > 25 years of experience in waste management ✓ Overlooks the business development with the legal functions of the company ✓ B.E. in Chemical from Bharati Vidyapeeth’s College of Eng., Univ. of Mumbai Shiju Jacob Kallarakal Executive Director & Chief Risk Officer ✓ > 25 years of experience in automobile sector and more than 6 years in waste management sector ✓ Oversees waste processing operations at the Kanjurmarg Project and the Waste to Energy Projects at PCMC & Andra Pradesh Shiju Antony Kallarakal Non - Executive Director & Chief Sustainability Officer ✓ Director of Environment Research Foundation ✓ Holds Master’s degree in chemistry, Agra University & political science, Meerut University & Master’s degree in social science, University of Birmingham Ajit Kumar Jain Independent Director ✓ > 35 years experience in financial & infrastructure sector and in public - private partnerships & currently Partner of Udvik Infrastructure Advisors LLP ✓ Holds MBA from the Symbiosis Institute of Business Management from the University of Pune Suneet K Maheshwari Independent Director ✓ > 10 years experience in securities market ✓ Previously associated with Lehman Brothers, Barclays Securities (India) and Barclays Capital Services ✓ Holds a PGDM from IIM, Ahmedabad Priya Balasubramanian Independent Director Promoters & Board of Directors
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20Sustainability with Growth …. 12.4% As on 31 st March 2020 9.1% As on 31 st December 2025 Consolidated Average Cost of Borrowings Company Name Agency Rating Amount (in Lakh) Instrument Antony Waste Handling Cell CARE Rating CARE BBB+; Stable 1,350 Working Capital Limits CARE A3+ 2,200 Bank Guarantee AG Enviro Infra Projects CARE Rating CARE BBB; Stable 4,200 Term Loan CARE BBB; Stable 2,700 Cash Credit CARE A3+ 3,800 Bank Guarantee Antony Lara Enviro Solutions Crisil A - /Stable 1,848 Fund - Based Bank Limits A - /Stable 3,442 Term Loan CRISIL A2+ 100 Overdraft Facility CRISIL A2+ 500 Bank Guarantee Antony Lara Renewable Energy Crisil BBB+/Stable 15,200 Term Loan BBB+/Stable 800 Cash Credit CRISIL A2 1,200 Bank Guarantee Credit Rating
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21Sustainability with Growth …. Providing Waste Management Solutions to corporates to meet their EPR requirements Integrated waste Management facility Bio - mining Collection & Transportation of waste, Mechanized Sweeping of roads and Toilet Cleaning Kerzellion Facility Management Services Pvt. Ltd. 98% Merged into Holdco 100% 2% 27% 73% 51% 49% Waste to Energy 100% Group Structure Lara Central De Tratamento De Residuos LTDA, Brazil JV Partner Mumbai Eco Solutions Pvt. Ltd. 51% Collection & Transportation of waste
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22Sustainability with Growth …. Leading Player in Indian Municipal Solid Waste Management Industry 27 th Nagpur >10 Lakh Population 22 nd Nashik >10 Lakh Population Super Swachh League City Navi Mumbai >10 Lakh Population 07 th Pimpri Chinchwad >10 Lakh Population Ranking Category Source: Swachh Survekshan 202 5 31 st Delhi >10 Lakh Population 17 th Varanasi >10 Lakh Population 17 th Jhansi <10 Lakh Population Super Swachh League City Noida <10 Lakh Population 15 th Thane >10 Lakh Population Ranking Category 06 th Panvel <10 Lakh Population All India Ranking as per Swachh Bharat Survey – 2025
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23Sustainability with Growth …. Source – DNA Consult - Industry Reports India’s Waste Management Industry has enormous growth potential On average India practices higher open dumping vs global average Landfill 52% Recycled 25% W2E 13% Compost 10% Open dumping 77% Compost 18% Recycled 5% MSWM is expected to double in India in the next 5 yrs Geography wise Vehicle Scrapping Market by size ( ₹ in Cr.) India Waste Management Market (in ₹ billion ) Note: Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy , timeliness or completeness. 60 65 71 78 86 95 41.0 45.0 49.5 55.5 62.0 70.0 FY21 FY22 FY23 FY24 FY25 FY26 Waste generation (mn TPA) CAGR - 9.6% MSW market (INR bn) CAGR - 11.3% 2,403 1,940 1,757 1,711 1,440 1,429 1,157 1,149 983 820 1,724 718 4,792 4,442 3,600 3,406 3,323 3,307 2,589 1,730 1,970 1,820 3,537 1,524 2023 2030 Source – PWC Industry Dynamics 1,211 1,714 2025 2030 7.2% CAGR Growth
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24Sustainability with Growth …. `➢ Refers to residual dry combustible fraction of municipal solid waste such as leather, paper, textile, rubber, non - recyclable plastic etc. ➢ Used as a substitute for coal in energy intensive processes such as cement kilns, power production and steel manufacturing Refuse Derived Fuel ➢ Loosened layers of old waste are sprayed with composting bio cultures and then formed into conventional aerobic windrows on the site, the waste is then sterilized, stabilized, and readied for segregation using machinery as organic and inorganic substances to be later sent for recycling, re - using or composting ➢ World’s largest Biomining project on 24 hectares of land was started in 2018 at Mulund dumping ground ➢ Other cities like Indore, Delhi, Mangalore, Coimbatore, Pune, Kolhapur and Kolkata have started Bio mining projects recently Bio - mining ➢ Anaerobic fermentation of bio - degradable waste in an enclosed space - generates methane rich bio - gas fuel and sludge, used for making compost ➢ Like composting, biomethanation is also a technically suitable option for Indian municipal waste due to high organic and moisture content ➢ Plants can be of small scale (5 TPD, for population size of 5,000 to 25,000) Biomethanation Population (‘000) Waste Qty (TPD) Treatment option Approx. Capex (₹ in lakh/TPD) Products 15 – 50 3 – 10 Bio - methanation & conventional composting 20 Bio - gas & manure Vermi composting 8 Compost Conventional composting 10 Compost 50 – 100 10 – 20 Bio - Methanation & conventional composting/ vermi composting 10 Bio - gas & Compost 100 – 1,000 20 – 350 Integrated waste processing – Bio - methanation / Compost/ RDF 4 Bio - gas, Compost & RDF 1,000 – 20,000 350 – 8,000 Integrated waste processing – Bio - methanation / compost/ RDF/ WTE 15 – 20 Bio - gas, Compost, RDF & Electricity Emerging areas of growth
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25Sustainability with Growth …. An ESG Centric Business Our Ratings: Crisil - ESG 54 SES – ESG 65.2
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26Sustainability with Growth …. Sustainable Synergy : Our Commitment to Environmental Stewardship 2 4 5 6 1 3 At Kanjur , we make Refuse Derived Fuel to generate green energy Specialized Fleet comply with latest Environmental Emission Norms 138 Mn+ of Green Units generated since the inception of the WtE Project Air Emissions are within permissible limits set by regulatory authorities Greenhouse gases captured from BLF stations & leachate treatment plan Company and two of its material subsidiaries have ISO 14001 certifications Leachate treatment process aimed at reducing Biochemical Oxygen Demand (BOD) levels
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27Sustainability with Growth …. People - First Principles : Fostering Social Growth and Inclusion 2 4 5 6 1 3 Implementation of Regular Training on Work - Related Hazards, Waste Protocols, and Vehicle/Machinery Safety >80% of our sites are having supportive infrastructure for female employees Responsible & Ethical Suppliers Code of Conduct that require our suppliers & subcontractors to comply with All sites adhere to best practices in community grievance redressal POSH policy is implemented with 100% coverage across the organization All our employees and workers are fully covered by Health and Accident Insurance CSR initiatives focused on Health, Education, and Environment
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28Sustainability with Growth …. Integrity in Leadership: Governing with Transparency and Accountability Audit, CSR, Nomination & Remuneration, and Stakeholders Relationship Committee, are chaired by an Independent Director Code of Conduct for Board of Directors and Senior Management extends to the core management team one level below the Board There are no unresolved investor complaints as of the end of the quarter 2 4 1 6 5 3 Diverse 6 - member Board, led by the Chairman & MD, includes 3 Independent Directors, one of whom is an Independent Woman Director Vigil Mechanism/ Whistleblower Policy to facilitate reporting of genuine concerns or grievances The Anti - Corruption and Bribery Policy applies to all dealings with internal and external stakeholders Oversight on contribution to all the Sustainable Development Goals
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29Sustainability with Growth …. The data shown here is for/as of end of 9MFY26 ESG Performance at Glance Scope 1 Emission 19,866 (tCO 2 e ) Scope 2 Emission 2,646 (tCO 2 e ) Emissions Avoided 6,994 (tCO 2 e ) Human Resources Staff – 1,158 Swachhta Warrior – 9,793 Gender Diversity Staff – 4.92% Swachhta Warrior – 2.24% Retention Rate Staff – 91.32% Swachhta Warrior – 96.71% Training Imparted 31,829 Hrs Community Grievance Redressal Mechanism < 24 Hrs turnaround time Diversity in Leadership Board - 17% KMP - 33%
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30Sustainability with Growth …. Historical Financial Highlights
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31Sustainability with Growth …. 297 417 470 558 581 132 151 175 209 261 52 99 232 129 117 FY21 FY22 FY23 FY24 FY25 Contract & Others MSW Processing Collection and transportation of municipal solid waste 481 667 875 895 959 Revenue ( ₹ in Cr) EBITDA (₹ in Cr) & EBITDA Margin (%) PBT before exceptional item (₹ in Cr) & PBT Margin (%) Capital Employed (₹ in Cr); ROCE & ROE (%) Net Debt / Equity 130 167 168 202 220 27.1% 25.0% 19.2% 22.5% 23.0% FY21 FY22 FY23 FY24 FY25 71 113 102 109 95 14.7% 16.9% 11.7% 12.2% 9.9% FY21 FY22 FY23 FY24 FY25 0.1 x 0.1 x 0.5 x 0.5 x 0.4 x FY21 FY22 FY23 FY24 FY25 591 704 969 1,133 1,292 16.7% 18.9% 13.3% 13.1% 11.6% 14.5% 17.0% 13.7% 13.9% 12.3% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 200 400 600 800 1000 1200 FY21 FY22 FY23 FY24 FY25 Capital Employed RoCE RoE Consolidated Financial Highlights
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32Sustainability with Growth …. ^ Exceptional item of ₹ 23.9 crores on the account of settlement from arbitration Profit and Loss ( ₹ in Cr) FY25 FY24 FY23 FY22 FY21 Revenue from MSW C&T 580.6 557.5 468.4 417.2 297.3 Revenue from MSW Processing 260.9 208.6 174.5 150.8 131.9 Total operating Revenue 841.5 766.1 643.0 568.0 429.2 Contract & Others 117.3 128.8 232.2 98.7 51.5 Total Revenue 958.8 894.8 875.2 666.8 480.8 Raw Material 0.0 0.0 0.5 1.0 1.2 Employee Cost 290.9 268.0 220.4 191.5 154.1 Project Expenses 25.8 39.7 156.8 49.1 12.1 Other Expenses 421.8 385.4 329.6 258.6 183.1 EBITDA 220.2 201.7 167.9 166.5 130.3 EBITDA Margin 23.0% 22.5% 19.2% 25.0% 27.1% Depreciation 70.0 53.3 39.0 33.3 31.2 EBIT 150.3 148.5 128.9 133.2 99.0 EBIT Margin 15.7% 16.6% 14.7% 20.0% 20.6% Finance Cost 55.8 39.5 26.6 20.5 28.5 Profit before Tax Exceptional Items 94.5 109.0 102.3 112.7 70.6 Profit before Tax Margin 9.9% 12.2% 11.7% 16.9% 14.7% Exceptional items [(income) / expense] ^ (23.9) 0.0 0.0 0.0 0.0 Profit before Tax 118.4 109.0 102.3 112.7 70.6 Profit before Tax Margin 12.4% 12.2% 11.7% 16.9% 14.7% Tax 17.8 9.2 17.7 22.3 6.5 PAT 100.6 99.8 84.6 90.4 64.1 PAT Margin % 10.5% 11.2% 9.7% 13.6% 13.3% Less: PAT for Non - controlling interest 15.3 13.7 16.5 22.5 19.0 PAT for Owners of the Company 85.4 86.1 68.1 67.9 45.0 EPS 30.1 30.4 24.1 24.0 17.1 Consolidated Profit & Loss Statement
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33Sustainability with Growth …. Assets (₹ in Cr) Mar - 25 Mar - 24 Mar - 23 Mar - 22 Mar - 21 Non - Current Assets 1,204.2 1,059.2 893.0 618.5 481.2 Property Plant & Equipment 388.1 271.8 190.3 114.4 123.9 CWIP 38.1 31.2 31.3 8.9 0.8 Right - of - Use Assets 29.7 31.8 1.6 2.3 2.2 Other Intangible Assets 302.8 358.4 117.4 121.3 127.2 Intangible assets under development 17.7 9.6 218.3 51.8 5.1 Financial Assets (i) Trade Receivables 68.4 57.0 47.7 38.0 43.3 (ii) Other Financial Assets 258.3 214.0 199.8 193.9 146.5 Deferred Tax Assets 65.1 56.1 40.4 33.5 17.8 Income Tax Assets 12.4 8.3 9.5 8.7 10.5 Other Non - Current Assets 23.6 20.9 36.7 45.7 3.8 Current Assets 449.7 402.8 365.4 346.3 311.6 Inventories 0.0 0.0 0.1 0.1 0.1 Financial Assets ( i ) Trade Receivables 265.4 251.9 216.4 178.3 110.1 (ii) Cash 124.0 70.9 51.5 70.6 100.5 (iii) Bank 8.3 15.0 21.5 22.2 27.7 (v) Other financial assets 39.5 53.4 66.6 60.5 57.7 Other Current Assets 12.6 11.5 9.3 11.1 12.1 Asset classified as held for sale 0.0 0.0 0.0 3.5 3.3 Total Assets 1,654.0 1,462.0 1,258.4 964.7 792.8 Equity & Liabilities (₹ in Cr) Mar - 25 Mar - 24 Mar - 23 Mar - 22 Mar - 21 Total Equity 819.2 718.4 616.8 532.7 442.6 Share Capital 14.2 14.2 14.1 14.1 14.1 Reserves & Surplus 645.0 559.5 471.6 402.6 333.7 Non - Controlling Interest 160.0 144.7 131.1 115.9 94.8 Non - Current Liabilities 466.0 429.3 363.1 194.8 156.1 Financial Liabilities (i) Borrowings 331.3 307.1 261.4 102.4 84.5 (ii)Lease Liabilities 29.0 28.4 1.2 3.2 3.3 Provisions 92.7 81.4 80.4 68.2 56.1 Deferred Tax Liabilities 13.1 12.4 20.0 21.1 12.1 Current Liabilities 368.7 314.3 278.5 237.2 194.1 Financial Liabilities (i) Borrowings 141.8 107.4 90.4 68.6 65.4 (ii)Lease Liabilities 3.4 3.9 2.4 1.1 1.1 (ii) Trade Payables 106.7 95.0 92.4 75.7 60.9 Other Financial Liabilities 61.0 57.3 64.7 56.5 38.7 Other Current Liabilities 12.3 9.9 9.6 10.3 10.2 Income Tax Liabilities 8.2 10.2 6.1 13.5 6.5 Provisions 35.4 30.6 13.0 11.5 11.3 Total Equity & Liabilities 1,654.0 1,462.0 1,258.4 964.7 792.8 Consolidated Balance Sheet
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34Sustainability with Growth …. Particulars (₹ in Cr) Mar - 25 Mar - 24 Mar - 23 Mar - 22 Mar - 21 Net Profit Before Tax 118.4 109.1 102.3 109.1 70.6 Adjustments for: Non - Cash Items / Other Investment or Financial Items 112.8 69.9 64.2 51.6 48.6 Operating profit before working capital changes 231.3 179.0 166.5 160.7 119.2 Changes in working capital - 11.8 - 14.1 - 42.5 - 34.9 9.4 Cash generated from Operations 219.4 164.8 124.0 125.8 128.6 Direct taxes paid (net of refund) - 32.2 - 26.7 - 34.0 - 20.7 - 17.1 Net Cash from Operating Activities 187.2 138.2 90.0 105.1 111.5 Net Cash from Investing Activities - 149.7 - 150.7 - 260.4 - 140.1 - 32.8 Net Cash from Financing Activities 11.7 34.7 148.5 5.0 - 3.7 Net Decrease in Cash and Cash equivalents 49.2 22.2 - 21.9 - 30.0 75.1 Add: Cash & Cash equivalents at the beginning of the period 70.9 48.7 70.6 100.6 25.5 Cash & Cash equivalents at the end of the period 120.1 70.9 48.7 70.6 100.6 Consolidated Cash Flow Statement
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35Sustainability with Growth …. Annexures
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36Sustainability with Growth …. Tender Evaluation Initial Assessment & Analysis WTE, Segregation and Bio - mining Post - Bidding Process Post bidding stage Post completion stage ▪ Peruse the RFP ▪ Understand scope size & scale of project ▪ Tender conditions & stipulation analysis ▪ Geography study ▪ Financial & Non - financial viability ▪ Project area analysis ▪ Feasibility study - Project report ▪ Key Execution & Admin. risks ▪ Route map study ▪ Previous contracts in the site area ▪ Local laws and taxes ▪ Pre - bid meeting ▪ Actual bidding ▪ Technical criteria fulfillment ▪ Eligibility ▪ Quote the rate ▪ Meeting all the criteria ▪ Contract award ▪ Provide project plans, structural/architectural designs ▪ LoA or LoI by the client for contract award ▪ Post award, begin mobilizing manpower, vehicles & equipment resources & setting up of site offices, stores & other ancillary facilities ▪ Compliance with various covenants for project closure ▪ For projects on operation and maintenance basis, entire vehicle fleet is required to be returned to municipality (not required for DBOO & BOO contracts) ▪ For projects involving landfills, requirement of restoring the land to its original condition at company’s own cost Pre - Bidding Process Post - Bidding Process Quality Cum Cost Based Bidding Process
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37Sustainability with Growth …. Material Recovery Facility Bio - reactor Landfill Gas Collection Composting Our Infrastructure at Kanjurmarg
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38Sustainability with Growth …. Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Our Infrastructure at PCMC Waste to Energy Plant
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39Sustainability with Growth …. ▪ ALESPL: Antony Lara Enviro Solutions Private Limited ▪ AWHCL: Antony Waste Handling Cell Limited ▪ BN : Billion ▪ BLF: Bio - Reactor Landfill ▪ C&T: Collection and Transportation ▪ DBOOT : Design, Build, Own Operate and Transfer ▪ GNIDA: The Greater Noida Industrial Development Authority ▪ GPS : Geo Positioning System ▪ LARA: Lara Central De Tratamento De Rediduous LTDA ▪ LoA : Letter of Acceptance ▪ LoI : Letter of Intent ▪ KCAL : Kilocalorie ▪ MCD: Municipal Corporation of Delhi ▪ MRF: Material Recovery and Compost Facility ▪ MSW: Municipal solid waste ▪ MSWM: Municipal Solid Waste Management ▪ MMT: Million Metric Tonnes ▪ MW : Megawatt ▪ NMMC: The Navi Mumbai Municipal Corporation ▪ RDF : Refuse Derived Fuel ▪ SLF: Sanitary Landfill ▪ SWM: Solid Waste Management ▪ TMC: The Thane Municipal Corporation ▪ TPD: Tonne / Day ▪ UMC: The Ulhasnagar Municipal Corporation ▪ W2E: Waste to Energy Abbreviations
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40Sustainability with Growth …. ` Thank You ! Company: CIN: L90001MH2001PLC130485 Mr. Subramanian NG E: Investor.relations@antonywaste.in www.antony - waste.com Investor Relations Advisor: CIN: U74140MH2010PTC204285 Mr. Jigar Kavaiya / Mr. Umang Shah E:mail: jigar.kavaiya@sgapl.net / umang .shah@sgapl.net T: +91 9920602034 / +91 8291832313 www.sgapl.net