Can Its ₹18,000 Cr Order Book Drive 20% Growth for the Next 5 Years?

Synopsis: Antony Waste enters its next growth phase with a record Rs 18,000 crore order book, expanding waste-to-energy projects, rising processing volumes, and new revenue streams such as EPR credits. Supported by a strong balance sheet and long-term contracts, the company is targeting 15-20% revenue CAGR over the next five years.

India’s waste management sector is evolving rapidly as urbanisation, environmental regulations, and scientific waste processing gain greater importance. Antony Waste Handling Cell has positioned itself at the centre of this transformation through investments in collection, processing, recycling, and waste-to-energy infrastructure. 

With a record order book, growing operational scale, and diversification into new revenue streams, the company is building a platform for long-term growth. The key question for investors is whether execution of this pipeline can translate into sustained revenue and earnings expansion. With a market cap of Rs 1,270 crore, the shares of Antony Waste Handling Cell Ltd are trading at Rs 450 and are trading at a PE of 17 compared to their industry’s PE of 24. 

A Landmark Year Marks the Beginning of a New Growth Cycle

In FY26, Antony Waste Handling Cell marked their 25th anniversary and set the stage for future growth. Starting off as a simple waste collector, they’ve grown into a big waste management company that now does everything from recycling to producing energy from trash. 

This year, they made key moves by getting into the Extended Producer Responsibility business and locking in waste-to-energy projects in Andhra Pradesh. They bagged deals in Mumbai and opened a new preprocessing site in Thane. 

Because of these successes, their order book hit a record Rs 18,000 crore. This achievement gives long-term clarity on revenues and backs up their bold claim of hitting a 15-20% revenue jump every year for the next five years.

The Rs 18,000 Crore Order Book Offers Unprecedented Visibility

The big takeaway from the earnings call is the massive size of the order book, a whopping Rs 18,000 crore, which is a record for the company. This represents a huge revenue pipeline. 

Management said about 60% of orders come from processing-related stuff, while the other 40% covers collection and transport. Processing work typically needs more tech and offers better profit potential.

A tonne of these contracts last for years, some even extending to 20 years. Around 40% of that order book will get done within the next five to seven years, with the rest stretching out further down the line. This setup means steady revenue visibility that not many infra firms can match. It lets the company predict stable growth for the foreseeable future too.

Waste-to-Energy Projects Could Become the Biggest Growth Driver

Among all the growth initiatives, the waste-to-energy projects in Andhra Pradesh stand out the most. Management really emphasises these projects because they’re a big part of the company’s future plans. 

To pull off these projects, Antony Waste teamed up with Japan’s JFE Engineering. This partnership provides much-needed tech support for turning the ambitious ideas into reality.

Antony Waste expects these projects to boost earnings considerably when they become operational. They’ll start seeing revenue from selling electricity to distribution firms right after completion. In addition, it’ll open up a steady stream of income from these power sales. 

These endeavours not only enhance their stance in the eco-friendly business sector but also link it with reliable earnings. With India’s cities on the hunt for efficient ways to handle garbage, waste-to-energy plants might become crucial. This puts Antony Waste in a great spot to benefit from this growing need.

Processing Volumes Reflect Strong Underlying Demand

The company’s growth potential is already clear from its recent performance. In FY26, collection and transportation saw a 9% bump year-over-year, hitting 2.12 million tonnes. Even better, processing volumes shot up 19%, landing at 3.6 million tonnes. So, the total municipal solid waste rose 15%, up to 5.69 million tonnes.

This growth picked up speed in the fourth quarter too. Processing volumes rocketed by 32%, closing in at 1.15 million tonnes, helped by higher use at biomining and material recovery sites. 

The total municipal solid waste during that time jumped 23%, reaching 1.67 million tonnes. This shows that demand for waste processing is climbing, and the company’s investments in processing are clearly paying off. The expansion in RDF operations and biomining added to the strong processing results as well.

Multiple Revenue Streams Are Emerging Beyond Municipal Contracts

Historically, Antony Waste’s bread and butter came from municipal contracts. But recently, the team emphasised plans to branch out and earn money in different ways. One of these is their EPR business, through which they cashed in around 20% of their allocated credits in the first year.

They made roughly Rs 2.2 crore from selling those EPR credits. Even though that sum isn’t huge yet, the bosses think these credits could one day add up to about 10% of the income from the waste-to-energy plant in PCMC. 

Moreover, the company keeps growing income from other sources like RDF sales, compost, recycling, and power production. They’ve also launched Click2Clean, a service catering to B2B needs including pest control, recycling, and cleaning. All these efforts aim to lower dependence on city contracts and kickstart extra revenue flows down the line.

A Strong Balance Sheet Supports Expansion Plans

Executing a large order book demands significant capital, and management plans to invest roughly Rs 750 crore in new projects. Most of this spending will go towards waste-to-energy facilities in Andhra Pradesh, the Atkoli processing project, and some newly acquired contracts.

Antony Waste is tackling this expansion from a solid financial spot. As of March 2026, their gross debt was around Rs 426 crore, and cash balances sat at about Rs 123 crore, leading to net debt of roughly Rs 302 crore. Their net debt-to-equity ratio came in at just 0.3 times, giving them decent borrowing room for more ventures. 

Management highlighted that borrowing costs stay under 10%, and that long-term contracts add enough security for them to take on more debt if needed. This financial wiggle room lowers execution risks and lets them chase growth without overwhelming their balance sheet.

Revenue Growth Is Being Supported by Operational Execution

Antony Waste has delivered steady growth over the last decade, with revenue increasing from Rs 934 crore in FY25 to Rs 1,053 crore in FY26. Despite higher depreciation and interest costs associated with new waste-to-energy and collection assets, the company maintained an operating margin of 20%. 

In Q4 FY26, revenue grew to Rs 286 crore compared to Rs 243 crore, while operating profit increased to Rs 57 crore from Rs 51 crore. Net profit for the quarter fell to Rs 37 crore from Rs 46 crore in Q4 FY25.

FY26 net profit stood at Rs 92 crore, down from Rs 101 crore in FY25. The financial performance reflects strong operational execution, though higher interest and depreciation expenses have moderated profit growth despite consistent revenue and EBITDA expansion.

Future Growth Will Depend on Execution and Project Delivery

The order book gives us good visibility, but sustaining a 15-20% growth rate depends on execution. Management knows a big part of their growth is tied to finishing the Andhra Pradesh waste-to-energy projects on time and wisely spending the planned capital expenses.

They aren’t just sitting still either. The company’s in the running for three collection and transportation contracts up north and one waste-to-energy project in the south. If they win those, it’ll refill the order book and extend their growth.

Plus, policy support keeps getting better. New rules from the Brihanmumbai Municipal Corporation bumped up authorised waste processing volumes in the construction and demolition waste segment, opening more doors for the company to grow.

Can the Order Book Sustain 20% Growth?

Antony Waste’s Rs 18,000 crore order book creates a solid base for expanding over the long term. Backed by lengthy contracts and new income sources like EPR and power sales, along with two big waste-to-energy projects, the company’s growth is set for a while. Plus, their strong financials and smart use of funds give them what they need to pull this off.

The main test is turning those orders into actual revenue without delay. With everything falling into place, if management keeps things on track, hitting a 15-20% yearly revenue growth for five years seems doable. All the pieces are there; they just have to make it happen.

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