Antony Waste han Q1 FY27 Results (NSE: AWHCL)
Signal: Growth decelerated
The read
The trajectory deteriorated sharply in Q1FY27: revenue grew only 5.52% YoY to ₹26,099.07 lakh, while finance costs rose 34.91% YoY to ₹2,142.62 lakh and PAT collapsed 96.74% to ₹74.88 lakh; the quarter also breaks the recent Q4FY26 revenue momentum of +17.7% YoY, and the July force-majeure event could further affect the next quarter even though core processing infrastructure was reportedly unaffected.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹260.99 Cr | +5.52% | -8.67% |
| Net profit | ₹0.75 Cr | -96.74% | |
| EPS | ₹0.27 | -95.69% |
P&L walk
Revenue from operations was ₹26,099.07 lakh, +5.52% YoY but -8.67% QoQ, while PAT fell to ₹74.88 lakh, -96.74% YoY, as total expenses of ₹28,749.08 lakh exceeded total income of ₹26,882.64 lakh; finance costs rose 34.91% YoY to ₹2,142.62 lakh and depreciation rose 8.10% to ₹2,227.82 lakh.
Key positives
- Revenue from operations increased 5.52% YoY to ₹26,099.07 lakh despite declining 8.67% QoQ, retaining positive year-on-year growth.
- The Supreme Court dismissed the Municipal Corporation's Special Leave Petition and upheld the conciliation arrangement covering ₹1,500.00 lakh of receivables; management expects recovery under the court's order.
- The Pimpri-Chinchwad force-majeure event damaged the administrative building, but management stated that core waste-processing and power-generation infrastructure was not affected; MRF/composting operations resumed on 28 July 2026.
Key concerns
- PAT declined 96.74% YoY to ₹74.88 lakh even though revenue grew 5.52% YoY, showing severe earnings conversion weakness.
- Finance costs increased 34.91% YoY to ₹2,142.62 lakh and 42.57% QoQ, making financing burden a major drag on pre-tax profit.
- Revenue growth slowed to 5.52% YoY in Q1FY27 from 17.7% YoY in Q4FY26 and 7.8% in Q3FY26.
- Employee benefits plus other expenses totaled ₹22,256.11 lakh, or 85.27% of revenue, leaving limited operating headroom.
- A force-majeure event at the Pimpri-Chinchwad waste-to-energy facility caused loss of life and injuries; the financial impact, including asset damage and support costs net of insurance, remains unquantified and is expected to be recognized in Q2FY27 if applicable.
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