Antony Waste han H1FY27 Results (NSE: AWHCL)
Signal: Slipped to loss
The read
The trajectory is a margin and earnings-quality setback: H1 revenue grew 15.29% to 58222.05 lakh, but expenses grew 22.31%, reducing derived EBITDA margin by 749bps to 13.30%; the 1992.88 lakh exceptional loss converted 4021.74 lakh of prior-year PAT into a 97.95 lakh loss despite lower finance costs.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹582.22 Cr | +15.29% | N/A |
| Net profit | ₹-0.98 Cr | -102.44% | |
| EPS | ₹-0.37 | -103.34% | |
| EBIT margin | 13.30% |
P&L walk
Revenue increased 15.29% to 58222.05 lakh, but total expenses grew 22.31% to 57907.68 lakh, reducing the derived EBITDA margin to 13.30% from 20.79%; a 1992.88 lakh exceptional charge then turned PAT from 4021.74 lakh profit into a 97.95 lakh loss.
Key positives
- Revenue increased 15.29% year on year to 58222.05 lakh, maintaining double-digit H1 growth.
- Finance costs declined 9.74% to 2828.77 lakh, while operating cash flow rose 11.65% to 3959.52 lakh.
- Property, plant and equipment increased to 43405.12 lakh and CWIP to 2996.86 lakh, with depreciation rising 9.19% to 4597.07 lakh, indicating that the asset base is expanding alongside depreciation.
Key concerns
- Total expenses rose 22.31% to 57907.68 lakh, 7.02 percentage points faster than revenue, driving the derived EBITDA margin down 749bps to 13.30%.
- The 1992.88 lakh exceptional loss turned H1 PAT from a 4021.74 lakh profit into a 97.95 lakh loss and EPS from 11.08 INR to negative 0.37 INR.
- Net debt was approximately 66339.01 lakh on a derived basis, while H1 capex of 10584.52 lakh substantially exceeded operating cash flow of 3959.52 lakh.
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