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

• Market Cap: ₹12.67B
• Dividend Yield: N/A
• Average Volume (3M): 4.65K
• Price to Earnings (P/E): 29.9
• Beta (1Y): 1.31
• Revenue Growth: 13.12%
• EPS Growth: 24.71%
• Country: IN
• Employees: 9,648
• Sector: Services
• Sector Strength: N/A
• Industry: Waste Management
• EPS (TTM): 4.10
• 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): 26.7
• Revenue Forecast (FY): ₹10.26B

• Rating: 72 Outperform
• Price Target: ₹495.00 ▼(-4.36% Downside)
• Action: Reiterated Date: 01/24/26
• Date: Action: Reiterated 01/24/26

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

Revenue Growth

Consistent multi-year revenue growth, supported by the company's municipal and PPP long-term service contracts, provides predictable volumes and contracted fees. This durable contract profile underpins steady top-line expansion, reduces cyclicality, and enables multi-year capacity planning and reinvestment.

Gross Margin Strength

A robust gross profit margin across collection, processing and disposal services shows enduring operational efficiency. Sustained gross margins support reinvestment into processing infrastructure, provide a buffer against input cost swings, and preserve long-term operating leverage in core MSW operations.

Balance Sheet Stability

A healthy equity ratio and moderate leverage deliver a stable capital structure that helps the company bid on large municipal contracts and withstand cyclical stresses. This balance sheet resilience supports access to financing for required capex without immediate need for dilutive capital.

Negative Factors

Rising Total Debt

An increasing total debt trend elevates refinancing and interest-rate risk over the medium term. Higher leverage can reduce financial flexibility when bidding for new PPP contracts, raise funding costs, and magnify cash-flow stress if contract receipts or tonnage fall short of expectations.

Weak Free Cash Flow

Significant capital expenditures have pressured free cash flow despite positive operating cash flow. Persistently weak FCF constrains the company's ability to self-fund expansions and maintenance, increasing reliance on external financing and raising execution and liquidity risk for long-lived infrastructure investments.

Margin Volatility

Fluctuating EBIT/EBITDA and inconsistent net margins undermine earnings predictability and complicate capital-allocation decisions. Margin volatility may stem from contract mix, ramp-up costs or occasional operational issues, making long-term profitability forecasts and sustainable return assumptions less certain.

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 primarily earns revenue by executing municipal solid waste management projects for cities/urban local bodies under long-term contracts and public-private partnership (PPP) frameworks. Key revenue streams typically include: (1) Service/operations fees for collection and transportation—payments (often based on contracted rates linked to tonnage handled, fleet deployment, routes, or performance parameters) for moving waste from collection points to processing or disposal sites; (2) Processing and treatment fees—contracted payments for operating waste-processing facilities such as material recovery/segregation lines, composting, biomethanation or other treatment systems, usually linked to quantities processed and service-level compliance; (3) Landfill/disposal charges—fees for developing, operating, and maintaining engineered landfills and receiving waste for disposal, again generally tied to tonnage and performance obligations; and (4) Sale of by-products—where permitted/available, additional income may come from sale of recovered recyclables, compost or soil conditioner, or other outputs from processing facilities; if such sales exist in a contract, they can be an ancillary revenue line relative to service fees. The company’s earnings are influenced by (a) the size and duration of municipal contracts, (b) volume of waste handled (tonnage), (c) contract structures that may include escalation clauses, viability gap support, or performance-linked payments/penalties, and (d) operational efficiency in fleet, labor, and facility uptime. Specific material partnerships, customer-wise contract terms, and the exact split of revenue by stream are null.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	9.90B	9.34B	8.73B	8.51B	6.45B	4.64B
Gross Profit	8.82B	5.47B	5.12B	2.83B	6.44B	4.62B
EBITDA	2.60B	2.44B	1.92B	1.65B	1.66B	1.30B
Net Income	871.98M	853.59M	862.08M	680.83M	678.92M	450.43M
Balance Sheet
Total Assets	16.97B	16.54B	14.62B	12.58B	9.65B	7.93B
Cash, Cash Equivalents and Short-Term Investments	1.38B	1.31B	839.48M	706.01M	898.35M	1.17B
Total Debt	4.71B	5.05B	4.47B	3.55B	1.75B	1.54B
Total Liabilities	8.38B	8.35B	7.44B	6.42B	4.32B	3.50B
Stockholders Equity	6.91B	6.59B	5.74B	4.86B	4.17B	3.48B
Cash Flow
Free Cash Flow	85.75M	-538.17M	-174.96M	-1.78B	-30.40M	928.00M
Operating Cash Flow	324.94M	1.49B	1.40B	899.93M	1.06B	1.12B
Investing Cash Flow	-229.78M	-1.50B	-1.52B	-2.60B	-1.40B	-327.70M
Financing Cash Flow	-575.05M	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: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 above the 20-day moving average (MA) of 482.19, above the 50-day MA of 503.17, and below the 200-day MA of 547.21, indicating a bearish trend. The MACD of -15.36 indicates Positive momentum. The RSI at 35.58 is Neutral, neither overbought nor oversold. The STOCH value of 8.19 is Positive, 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	₹12.67B	29.95	―	―	13.12%	24.71%
WABAG	69 Neutral	₹76.57B	22.21	―	0.31%	19.23%	22.61%
HATHWAY	60 Neutral	₹17.88B	25.35	―	―	3.88%	-3.40%
SPMLINFRA	58 Neutral	₹12.94B	17.55	―	―	-35.16%	115.70%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SNOWMAN	50 Neutral	₹5.97B	-89.54	―	2.44%	9.91%	-66.86%

Antony Waste Handling Cell Ltd. Corporate Events

Antony Waste Handling Cell Clears Q3 FY2025 Unaudited Results

Antony Waste Handling Cell Ltd’s board has approved the company’s unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 at its meeting held on 30 January 2026. The results, along with the statutory auditors’ limited review report, have been filed with the stock exchanges and made available on the company’s website, reflecting ongoing regulatory compliance and providing investors and other stakeholders with an interim view of the company’s financial performance for the current financial year.

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.