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Antony Waste Handling Cell Limited Q1FY27 Investor Presentation 25 ANTONY WASTE HANDLING CELL LTD 50 23
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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 …. Q1FY27 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* Q1FY27 ~1.40 MMT1 Sale of Refuse Derived Fuel Q1FY27 ~40,000 Tonnes2 Sale of Compost Q1FY27 ~6,000 Tonnes3 Green Units generated through PCMC WTE Plant Q1FY27 ~20 Mn+ Units4 Avoided tonnes of Co2e Q1FY27 ~2,780+ Tonnes5 Training Provided Q1FY27 ~8,310+ Hours6
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5Sustainability with Growth …. 233 227 249 250 254 265 269 296 269 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Total Revenue (₹ in Cr) 55 49 59 58 62 57 50 68 45 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 EBITDA (₹ in Cr) 21 15 18 22 23 17 15 37 1 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 PAT after excluding exceptional item (₹ in Cr) 0.4x 0.4x 0.5x 0.4x 0.4x 0.4x 0.4x 0.3x 0.4x Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Net Debt/Equity Current Ratio 115 112 105 101 114 114 115 108 114 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Debtor Days 1.3x 1.2x 1.1x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Quarterly Highlights
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6Sustainability with Growth …. Profit and Loss (₹ in Cr) Q1FY27 Q1FY26 Y-o-Y Revenue from MSW C&T 166.3 151.4 10% Revenue from MSW Processing 74.7 72.2 3% Revenue from other operating income 19.1 22.4 (14%) Total Operating Revenue 260.1 246.0 6% Contract & Others 8.7 8.4 Total Revenue 268.8 254.4 6% Employee Cost 91.1 77.3 Project Expenses 0.8 1.2 Other Expenses 131.9 113.7 EBITDA 45.0 62.1 (27%) EBITDA Margin 16.8% 24.4% Depreciation 22.3 20.6 EBIT 22.8 41.5 (45%) EBIT Margin 8.5% 16.3% Finance Cost 21.4 15.9 Profit before Tax 1.3 25.6 (95%) Profit before Tax Margin 0.5% 10.1% Tax 0.6 2.7 PAT 0.7 23.0 (97%) PAT Margin % 0.3% 9.0% Less: PAT for Non-controlling interest 0.0 5.2 PAT for Owners of the Company 0.8 17.8 (96%) EPS 0.27 6.27 Consolidated Profit & Loss Statement
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7Sustainability with Growth …. Who We Are
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8Sustainability with Growth …. Our Sustainability Commitments
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9Sustainability with Growth …. (1) Power Generation in Pimpri Chinchwad (2) As on 30th June 2026 Note: Maps not to scale. All data, information, andmaps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness. Operational Excellence Market Leader Leading Player in SWM Industry 25 Years of Operational Excellence 4.82 Mn+ Household & other Establishments Served Everyday Revenue FY26 ₹ 1,084 cr. Strong Financial Performance Net Profit FY26 ₹ 92 cr. Net Debt / Equity FY26 0.3x CARE BBB+; Stable LT Bank Facility CARE A3+ ST Bank Facility Credit Rating ~24.01 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 ~227 million+ Green Units(1) Since inception of the project till June 2026 ~90% Processing of waste generated in Mumbai 10 States (Projects executed till date) 10,946 Full-time employees(2) Committed to Sustainability with Growth ~2,639 Vehicle fleet(2) 40+ Completed & On-going projects
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10Sustainability 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 2 Large C&T projects from BMC ✓ Awarded Pre-processing project from TMC ✓ Formed Strategic Partnership with JFE Engineering Corporation Over 25 years of Journey
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11Sustainability 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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12Sustainability with Growth …. Door to Door collection Involves collection of over 8,330 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 imal transportation of MSW Segregation We facilitate segregation of waste into organic, recyclable, and inert categories, supported by infrastructure capable of han dling 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 1.77 lakh tonnes of RDF, during FY26, to cement companies, as a sustainable alternative to fossil fuels Composting Over 15,500 tonnes of high-quality compost derived from organic waste have been sold in FY26, supporting environmental sustainab ility and enhancing soil health Waste to Energy We operate 3 integrated Waste -to-Energy plants, that converts municipal solid waste into renewable energy, contributing to envi ronmentally responsible waste management 1 2 3 4 5 6 7
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13Sustainability with Growth …. Note : Revenue contribution as on FY26 ✓ 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 60.0% 25.0% 15.0% Revenue Distribution MSW Collection & Transportation MSW Processing Contracts & Others
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14Sustainability with Growth …. Revenue from Operations (₹ in Cr) 109 95 465 1,084 FY10 FY15 FY20 FY26 14 15 16 30 FY10 FY15 FY20 FY26 Number of Projects Average ongoing contract durations (in years) 8 6 20 MSW C&T Sweeping Waste Processing 297 417 468 558 581 646132 151 175 209 261 274 22 27 40 62 64 122 29 72 193 67 54 42 FY21 FY22 FY23 FY24 FY25 FY26 Contract & Other income Revenue from other Operating Income MSW Processing C&T of MSW (₹ in Cr) % Revenue ContributionRevenue 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% 63% 54% 62% 61% 60% 27% 23% 20% 23% 27% 25% 5% 4% 5% 7% 7% 11% 6% 11% 22% 7% 6% 4% FY21 FY22 FY23 FY24 FY25 FY26 Contract & Others Revenue from other Operating Income MSW Processing C&T of MSW
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15Sustainability with Growth …. Our Strategy Cluster based approach for growth ✓ Traditionally we have followed cluster-based approach to bid for projects – ✓ 11 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 4Rs of Waste Management
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16Sustainability with Growth …. *Source: report titled “India Solid Waste Management Overview” dated September 22, 2020, issued by Frost & Sullivan (India) Private 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 June 2026 ~20.15 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 ~40,000 tonnes in Q1FY27 ✓ Recorded compost sale of ~6,000 mt in Q1FY27 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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17Sustainability 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 CO2 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 1st Integrated Waste-to-Energy Project formerly known as Hitachi Zosen Corporation
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18Sustainability 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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19Sustainability 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 1,583 105 570 37 12 127 143 62 Access to Technology Backed Vehicles & Equipment 2,484 out of 2,639 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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20Sustainability 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 Promoters & Directors Directors
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21Sustainability with Growth …. 12.4% As on 31st March 2020 10.1% As on 30th June 2026 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 Antony Lara Enviro Solutions Crisil A-/Watch Developing 3,280 Term Loan A2+/Watch Developing 20 Overdraft Facility A2+/Watch Developing 2,500 Bank Guarantee Antony Lara Renewable Energy Crisil BBB+/Watch Developing 15,200 Term Loan BBB+/Watch Developing 800 Cash Credit A2/Watch Developing 1,200 Bank Guarantee Credit Rating
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22Sustainability with Growth …. Group Structure Antony Waste Handling Cell (AW) Antony Lara Enviro Solutions (AL) AW 73% | Lara Central, Brazil 27% Antony Recycling AW 100% Varanasi Waste Solutions AW 98% | Kerzellion 2% Mumbai Eco Solutions AW 51% | Jigar Transport 29% | MK Ent. 20% Antony Lara Renewable AW 49% | AL 51% Kadapa Renew Energy AL 75% | JFE, Japan 25% Kurnool Renew Energy AL 75% | JFE, Japan 25% AL Bio Remediation LLP AW 49% | AL 51% Operates Waste-to-Energy Projects Provides Waste Management Solutions to corporates to meet their EPR requirements Collection & Transportation of waste, Mechanized Sweeping of roads and Toilet Cleaning Collection & Transportation of waste Operates Bio-Mining projects
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23Sustainability with Growth …. Leading Player in Indian Municipal Solid Waste Management Industry 27th Nagpur >10 Lakh Population 22nd Nashik >10 Lakh Population Super Swachh League City Navi Mumbai >10 Lakh Population 07th Pimpri Chinchwad >10 Lakh Population Ranking Category Source: Swachh Survekshan 2025 31st Delhi >10 Lakh Population 17th Varanasi >10 Lakh Population 17th Jhansi <10 Lakh Population Super Swachh League City Noida <10 Lakh Population 15th Thane >10 Lakh Population Ranking Category 06th Panvel <10 Lakh Population All India Ranking as per Swachh Bharat Survey – 2025
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24Sustainability 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% WtE 13% Compost 10% Open dumping 77% Compost 18% Recycled 5% MSWM is expected to double in India in the next 5 yrs 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% Source – PWC Industry Dynamics 1,211 1,714 2025 2030 7.2% CAGR Growth
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25Sustainability 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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26Sustainability with Growth …. An ESG Centric Business Our Ratings: Crisil - ESG 54 SES – ESG 65.2
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27Sustainability 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 227 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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28Sustainability 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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29Sustainability 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 41 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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30Sustainability with Growth …. ESG Performance at a Glance Q1FY27 E N V I R O N M E N T A L S O C I A L G O V E R N A N C E 6,601 tCO2e Scope 1 Emission 825 tCO2e Scope 2 Emission 2,782 tCO2e Emissions Avoided Gender Diversity Staff – 4.90% Swachhta Warrior – 2.32% Retention Rate Staff – 98.87% Swachhta Warrior – 98.26% Human Resources Staff – 1,164 Swachhta Warrior – 9,782 < 24 Hrs turnaround time Community Grievance Redressal Diversity in Leadership Board – 17% KMP – 33% 8,312 Hours Training Imparted The data shown here is for/as of end of Q1FY27
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31Sustainability with Growth …. Historical Financial Highlights
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32Sustainability with Growth …. 297 417 470 558 581 646 132 151 175 209 261 274 52 99 232 129 117 164 FY21 FY22 FY23 FY24 FY25 FY26 Contract & Others MSW Processing Collection and transportation of municipal solid waste 481 667 875 895 959 1,084 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 23627.1% 25.0% 19.2% 22.5% 23.0% 21.8% FY21 FY22 FY23 FY24 FY25 FY26 71 113 102 109 95 9014.7% 16.9% 11.7% 12.2% 9.9% 8.3% FY21 FY22 FY23 FY24 FY25 FY26 0.1x 0.1x 0.5x 0.5x 0.4x 0.3 FY21 FY22 FY23 FY24 FY25 FY26 591 704 969 1,133 1,292 1,308 16.7% 18.9% 13.3% 13.1% 11.6% 11.5%14.5% 17.0% 13.7% 13.9% 12.3% 10.0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 200 400 600 800 1000 1200 FY21 FY22 FY23 FY24 FY25 FY26 Capital Employed RoCE RoE Consolidated Financial Highlights
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33Sustainability with Growth …. ^Exceptional item of ₹ 23.9 crores on the account of settlement from arbitration Profit and Loss (₹ in Cr) FY26 FY25 FY24 FY23 FY22 FY21 Revenue from MSW C&T 646.4 580.6 557.5 468.4 417.2 297.3 Revenue from MSW Processing 273.7 260.9 208.6 174.5 150.8 131.9 Total operating Revenue 920.0 841.5 766.1 643.0 568.0 429.2 Contract & Others 164.0 117.3 128.8 232.2 98.7 51.5 Total Revenue 1,084.1 958.8 894.8 875.2 666.8 480.8 Raw Material 0.0 0.0 0.0 0.5 1.0 1.2 Employee Cost 346.2 291.2 268.0 220.4 191.5 154.1 Project Expenses 9.8 25.8 39.7 156.8 49.1 12.1 Other Expenses 491.8 421.5 385.4 329.6 258.6 183.1 EBITDA 236.3 220.2 201.7 167.9 166.5 130.3 EBITDA Margin 21.8% 23.0% 22.5% 19.2% 25.0% 27.1% Depreciation 85.8 70.0 53.3 39.0 33.3 31.2 EBIT 150.6 150.3 148.5 128.9 133.2 99.0 EBIT Margin 13.9% 15.7% 16.6% 14.7% 20.0% 20.6% Finance Cost 60.8 55.8 39.5 26.6 20.5 28.5 Profit before Tax Exceptional Items 89.7 94.5 109.0 102.3 112.7 70.6 Profit before Tax Margin 8.3% 9.9% 12.2% 11.7% 16.9% 14.7% Exceptional items [(income) / expense]^ 0.0 (23.9) 0.0 0.0 0.0 0.0 Profit before Tax 89.7 118.4 109.0 102.3 112.7 70.6 Profit before Tax Margin 8.3% 12.4% 12.2% 11.7% 16.9% 14.7% Tax -2.0 17.8 9.2 17.7 22.3 6.5 PAT 91.7 100.6 99.8 84.6 90.4 64.1 PAT Margin % 8.5% 10.5% 11.2% 9.7% 13.6% 13.3% Less: PAT for Non-controlling interest 16.3 15.3 13.7 16.5 22.5 19.0 PAT for Owners of the Company 75.4 85.4 86.1 68.1 67.9 45.0 EPS 26.6 30.1 30.4 24.1 24.0 17.1 Consolidated Profit & Loss Statement
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34Sustainability with Growth …. Assets (₹ in Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Non - Current Assets 1,229.9 1,206.0 1,059.2 893.0 618.5 481.2 Property Plant & Equipment 409.0 388.1 271.8 190.3 114.4 123.9 CWIP 28.8 38.1 31.2 31.3 8.9 0.8 Right-of-Use Assets 28.1 29.7 31.8 1.6 2.3 2.2 Other Intangible Assets 295.1 302.8 358.4 117.4 121.3 127.2 Intangible assets under development 10.0 17.7 9.6 218.3 51.8 5.1 Financial Assets (i) Trade Receivables 80.4 68.4 57.0 47.7 38.0 43.3 (ii) Other Financial Assets 263.2 260.1 214.0 199.8 193.9 146.5 Deferred Tax Assets 83.1 65.1 56.1 40.4 33.5 17.8 Income Tax Assets 19.6 12.4 8.3 9.5 8.7 10.5 Other Non-Current Assets 12.5 23.6 20.9 36.7 45.7 3.8 Current Assets 508.8 448.0 402.8 365.4 346.3 311.6 Inventories 0.0 0.0 0.0 0.1 0.1 0.1 Financial Assets (i) Trade Receivables 322.1 265.4 251.9 216.4 178.3 110.1 (ii) Cash 109.9 122.7 70.9 51.5 70.6 100.5 (iii) Bank 13.3 7.8 15.0 21.5 22.2 27.7 (v) Other financial assets 50.0 39.5 53.4 66.6 60.5 57.7 Other Current Assets 13.5 12.6 11.5 9.3 11.1 12.1 Asset classified as held for sale 0.0 0.0 0.0 0.0 3.5 3.3 Total Assets 1,738.7 1,654.0 1,462.0 1,258.4 964.7 792.8 Equity & Liabilities (₹ in Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Total Equity 915.2 819.2 718.4 616.8 532.7 442.6 Share Capital 14.2 14.2 14.2 14.1 14.1 14.1 Reserves & Surplus 724.7 645.0 559.5 471.6 402.6 333.7 Non-Controlling Interest 176.3 160.0 144.7 131.1 115.9 94.8 Non-Current Liabilities 392.3 466.0 429.3 363.1 194.8 156.1 Financial Liabilities (i) Borrowings 270.2 331.3 307.1 261.4 102.4 84.5 (ii)Lease Liabilities 29.2 29.0 28.4 1.2 3.2 3.3 Provisions 89.2 92.7 81.4 80.4 68.2 56.1 Deferred Tax Liabilities 3.7 13.1 12.4 20.0 21.1 12.1 Current Liabilities 431.2 368.7 314.3 278.5 237.2 194.1 Financial Liabilities (i) Borrowings 155.3 141.8 107.4 90.4 68.6 65.4 (ii)Lease Liabilities 3.9 3.4 3.9 2.4 1.1 1.1 (ii) Trade Payables 116.2 106.7 95.0 92.4 75.7 60.9 Other Financial Liabilities 76.3 61.0 57.3 64.7 56.5 38.7 Other Current Liabilities 9.3 12.3 9.9 9.6 10.3 10.2 Income Tax Liabilities 9.5 8.2 10.2 6.1 13.5 6.5 Provisions 60.7 35.4 30.6 13.0 11.5 11.3 Total Equity & Liabilities 1,738.7 1,654.0 1,462.0 1,258.4 964.7 792.8 Consolidated Balance Sheet
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35Sustainability with Growth …. Particulars (₹ in Cr) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Net Profit Before Tax 89.7 118.4 109.1 102.3 109.1 70.6 Adjustments for: Non -Cash Items / Other Investment or Financial Items 128.9 110.2 69.9 64.2 51.6 48.6 Operating profit before working capital changes 218.6 228.6 179.0 166.5 160.7 119.2 Changes in working capital -47.4 -13.1 -14.1 -42.5 -34.9 9.4 Cash generated from Operations 171.2 215.5 164.8 124.0 125.8 128.6 Direct taxes paid (net of refund) -31.8 -31.5 -26.7 -34.0 -20.7 -17.1 Net Cash from Operating Activities 139.4 184.0 138.2 90.0 105.1 111.5 Net Cash from Investing Activities -55.6 -147.5 -150.7 -260.4 -140.1 -32.8 Net Cash from Financing Activities -93.0 11.5 34.7 148.5 5.0 -3.7 Net Decrease in Cash and Cash equivalents -9.3 48.0 22.2 -21.9 -30.0 75.1 Add: Cash & Cash equivalents at the beginning of the period 118.8 70.9 48.7 70.6 100.6 25.5 Cash & Cash equivalents at the end of the period 109.6 118.9 70.9 48.7 70.6 100.6 Consolidated Cash Flow Statement
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36Sustainability with Growth …. Annexures
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37Sustainability 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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38Sustainability with Growth …. Material Recovery Facility Bio-reactor Landfill Gas Collection Composting Our Infrastructure at Kanjurmarg
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39Sustainability 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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40Sustainability 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 ▪ WtE: Waste to Energy Abbreviations
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41Sustainability with Growth …. ` Thank You ! Company: CIN: L90001MH2001PLC130485 Mr. Subramanian NG Email: Investor.relations@antonywaste.in www.antony-waste.com Investor Relations Advisor: CIN: U74140MH2010PTC204285 Mr. Jigar Kavaiya / Mr. Umang Shah Email: Jigar.kavaiya@sgapl.net / Umang.shah@sgapl.net T: +91 99206 02034 / +91 82918 32313 www.sgapl.net