Antony Waste Handling Cell Ltd. (AWHCL) AI Stock Analysis

• Market Cap: ₹15.96B
• Dividend Yield: N/A
• Average Volume (3M): 4.65K
• Price to Earnings (P/E): 17.3
• Beta (1Y): 1.46
• Revenue Growth: 13.12%
• EPS Growth: 24.71%
• Country: IN
• Employees: 9,648
• Sector: Services
• Sector Strength: N/A
• Industry: Waste Management
• EPS (TTM): 3.60
• Shares Outstanding: 28,382,100
• 10 Day Avg. Volume: 6,202
• 30 Day Avg. Volume: 4,651
• PEG Ratio: -18.83
• Price to Book (P/B): 2.33
• Price to Sales (P/S): 1.64
• P/FCF Ratio: -28.49
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ₹635.00 ▲(22.69% Upside)

Overall score is driven primarily by solid financial performance (strong revenue growth and stable balance sheet, offset by weak free cash flow) and constructive technicals (uptrend with positive momentum). Valuation is reasonable but not strongly supported by income factors due to missing dividend yield data.

Positive Factors

Contracted, recurring revenue model

Long-term municipal and PPP contracts create recurring, contractually backed revenue tied to tonnage and performance. This structural model produces predictable cash flows, high customer stickiness and resilience to economic cycles, supporting durable business stability.

Revenue growth and gross margin strength

Consistent multi-year revenue expansion alongside a robust gross margin indicates sustained demand and effective cost control. Strong gross margins provide a structural buffer against input cost swings and help fund reinvestment, supporting medium-term profitability resilience.

Improving profitability metrics

Double-digit revenue growth and outsized EPS improvement point to operational leverage and improving per-share profitability. If sustained, this reflects scalable operations and rising returns on capital, strengthening long-term shareholder value prospects.

Negative Factors

Weak free cash flow from high capex

Sustained high capital expenditure needs for fleets, processing and landfill infrastructure have compressed free cash flow despite positive operating cash flow. This structural cash conversion weakness limits self-funded growth, deleveraging or distributions without new financing.

Rising total debt

An increase in total debt raises refinancing and interest-rate exposure. Higher leverage can constrain capital allocation, elevate funding costs and increase sensitivity to contract payment timing or delays, weakening financial flexibility over the medium term.

Margin volatility and recent EBIT compression

Fluctuating EBIT/EBITDA and a recent decline in EBIT margin indicate margin compression risks. In competitive municipal tendering, inconsistent margins may reflect limited pricing power or cost pass-through issues, undermining the durability of reported earnings.

Antony Waste Handling Cell Ltd. Business Overview & Revenue Model

Company Description

Antony Waste Handling Cell Ltd. (AWHCL) is a leading player in the waste management industry in India, specializing in providing integrated waste management solutions. The company operates across various sectors, including municipal solid waste management, construction and demolition waste management, and waste-to-energy projects. AWHCL offers a range of services, including collection, transportation, processing, and disposal of waste, along with consultancy services for waste management and environmental compliance.

How the Company Makes Money

AWHCL generates revenue primarily through contracts with municipal corporations and government bodies for waste collection and management services. The company has established a diversified revenue model that includes service fees for waste management operations, revenue from the sale of recyclables, and income from waste-to-energy projects. Additionally, AWHCL benefits from partnerships with local authorities and private sector entities, which provide a steady stream of contracts. The company's focus on expanding its operational capabilities and entering new geographic markets further enhances its earning potential.

Antony Waste Handling Cell Ltd. Financial Statement Overview

Summary

Income statement strength is supported by strong multi-year revenue growth and a robust gross margin (Income Statement Score: 78). Balance sheet is stable with moderate leverage but rising total debt is a watch item (Balance Sheet Score: 72). Cash flow is the key weakness due to pressured free cash flow from high capex despite positive operating cash flow (Cash Flow Score: 65).

Income Statement

Antony Waste Handling Cell Ltd. has demonstrated strong revenue growth over recent years, with a notable increase from 2020 to 2025. The gross profit margin remains robust, indicating effective cost management. However, the net profit margin has shown some inconsistency due to fluctuating EBIT and EBITDA margins, particularly in the latest year where EBIT margin decreased significantly.

Balance Sheet

The company's balance sheet reflects a stable financial position with a moderate debt-to-equity ratio, suggesting a balanced approach to leverage. The equity ratio is healthy, indicating strong equity financing. However, the increase in total debt in recent years could pose potential risks if not managed properly.

Cash Flow

Cash flow analysis reveals challenges in maintaining positive free cash flow, with significant capital expenditures impacting cash reserves. Although operating cash flow remains positive, the free cash flow to net income ratio is concerning. The company must focus on optimizing investment strategies to improve free cash flow metrics.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.54B	9.34B	8.73B	8.51B	6.45B	4.64B
Gross Profit	6.63B	5.47B	5.12B	2.83B	6.44B	4.62B
EBITDA	2.51B	2.44B	1.92B	1.65B	1.66B	1.30B
Net Income	856.33M	853.59M	862.08M	680.83M	678.92M	450.43M
Balance Sheet
Total Assets	0.00	16.54B	14.62B	12.58B	9.65B	7.93B
Cash, Cash Equivalents and Short-Term Investments	1.32B	1.31B	839.48M	706.01M	898.35M	1.17B
Total Debt	0.00	5.05B	4.47B	3.55B	1.75B	1.54B
Total Liabilities	-8.19B	8.35B	7.44B	6.42B	4.32B	3.50B
Stockholders Equity	8.19B	6.59B	5.74B	4.86B	4.17B	3.48B
Cash Flow
Free Cash Flow	0.00	-538.17M	-174.96M	-1.78B	-30.40M	928.00M
Operating Cash Flow	0.00	1.49B	1.40B	899.93M	1.06B	1.12B
Investing Cash Flow	0.00	-1.50B	-1.52B	-2.60B	-1.40B	-327.70M
Financing Cash Flow	0.00	507.37M	346.92M	1.49B	49.91M	-36.70M

Antony Waste Handling Cell Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 517.55
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AWHCL, the sentiment is Negative. The current price of 517.55 is below the 20-day moving average (MA) of 520.38, above the 50-day MA of 488.31, and below the 200-day MA of 555.10, indicating a neutral trend. The MACD of 13.73 indicates Positive momentum. The RSI at 48.72 is Neutral, neither overbought nor oversold. The STOCH value of 32.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:AWHCL.

Antony Waste Handling Cell Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AWHCL	72 Outperform	₹15.96B	17.35	―	―	13.12%	24.71%
WABAG	69 Neutral	₹67.14B	20.95	―	0.31%	19.23%	22.61%
HATHWAY	60 Neutral	₹18.82B	18.09	―	―	3.88%	-3.40%
SPMLINFRA	58 Neutral	₹12.19B	25.16	―	―	-35.16%	115.70%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SNOWMAN	50 Neutral	₹6.48B	222.11	―	2.44%	9.91%	-66.86%

Antony Waste Handling Cell Ltd. Corporate Events

Antony Waste Handling Confirms Full Demat Status, No Security Changes in Q3 FY26

Antony Waste Handling Cell Ltd. has informed the stock exchanges that, for the quarter ended December 31, 2025, it has obtained the requisite certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 from its registrar and share transfer agent, MUFG Intime India Private Limited. The registrar has confirmed that the regulation is not applicable to the company for the period under review because all its securities are held in dematerialised form and there were no requests for dematerialisation, mutilation or cancellation of securities during the quarter, underscoring a streamlined capital structure and ongoing compliance with securities market regulations.

Antony Waste Handling Cell Releases Q2 FY26 Earnings Call Transcript

Antony Waste Handling Cell Limited has released the transcript of its earnings call held on November 3, 2025, discussing the company’s operational and financial performance for the second quarter and first half of the fiscal year 2026. This release provides stakeholders with insights into the company’s financial health and strategic direction, potentially impacting its market positioning and investor confidence.