Antony Waste Handling Cell Ltd Management Discussions

Management Discussion and Analysis Report

Economic Overview

Global Economy¹

The global economy expanded by 3.4% in CY2025, compared to 3.3% in CY2024. This growth is supported by resilient private consumption, continued investments in technology and digital infrastructure and improving capital expenditure across select sectors. On the other hand, the year saw considerable headwinds in the form of escalating trade and tariff-related conflicts among major economies of the world.

Nevertheless, the global economy continued to gain gradual momentum, aided by front-loaded trade activity, particularly in manufacturing and logistics, alongside sustained investments in artificial intelligence, semiconductors and energy transition projects across North America and parts of Asia. Global trade activity remained supported by technology-related exports and resilient demand for digital infrastructure, while increasing regional trade integration and supply chain diversification partially offset trade-related uncertainties.

Private consumption remained relatively stable across major economies, supported by easing labour market pressures and improving income levels, although elevated borrowing costs continued to adversely impact discretionary spending in certain regions. Governments and Central Banks across major economies continued to support economic activity through targeted fiscal measures, infrastructure spending and calibrated monetary easing. Meanwhile, headline inflation rose to 4.1% in CY2025, reflecting persistent supply-side pressures and geopolitical disruptions, although inflationary trends moderated compared to peak levels seen in prior years.

Despite the moderation in inflation compared with recent highs, financial conditions remained relatively restrictive across several economies. Elevated sovereign debt levels, particularly across emerging and developing economies, continued to constrain fiscal flexibility and increase borrowing costs, limiting Governments ability to support investment and infrastructure development.

Growth patterns remained divergent across regions, with emerging economies continuing to outperform advanced markets. Advanced economies grew by 1.9%, led by the United States at 2.1%, supported by resilient consumption, stable labour markets and continued investment activity despite elevated interest rates and inflationary pressures, while Europe recorded comparatively moderate growth of 1.4% amid weak industrial activity and external uncertainties, partially offset by fiscal support measures. In contrast,

Emerging Market and Developing Economies (EMDEs) expanded by 4.4%, driven largely by strong growth in China and India. China registered 5.0% growth, supported by government stimulus, infrastructure spending and exports. On the other hand, India benefited from robust domestic consumption, public capex and strong services activity. However, several smaller economies continued to face challenges arising from elevated debt levels, currency volatility and constrained fiscal capacity.

The global environment continues to grapple with risks emanating from geopolitical developments. In particular, tensions in West Asia have increased risks to critical energy supply routes, including through the Strait of Hormuz, contributing to uncertainty in global energy markets. This has contributed to volatility in oil prices, with a consequential impact on fuel costs, logistics and industrial output across economies.

Outlook

Risks to growth remain tilted to the downside, stemming primarily from potential escalations in trade tensions and a deterioration in financial sentiment. Global growth is expected to moderate at 3.1% in CY 2026 then marginally improving to 3.2% in CY 2027. Over the longer term, this reflects the impact of easing inventory cycles, trade-related pressures and softer consumption trends across major economies.

Global headline inflation is projected to touch 4.4% in CY 2026 before easing to 3.7% in CY 2027, with upward adjustments made to forecasts for both years². The uptick in projections is due to the rapidly changing geopolitical developments that particularly impact energy markets and supply chains, resulting in temporary cost pressures and supply-side disruptions.

Going forward, supportive policy measures, diversification of trade partnerships and continued investment in emerging technologies are expected to support economic activity. In addition, improving digital infrastructure, greater private sector participation in investment and ongoing efforts to enhance energy security are expected to contribute to medium-term growth prospects. Policymakers will also need to balance inflation management with growth objectives while maintaining fiscal sustainability amid evolving global uncertainties. At the same time, improved trade integration, structural reforms and stronger investment-led expansion across emerging markets will play a crucial role in the long run.

In addition to these structural growth drivers, sustainability-led investments are increasingly shaping long-term economic priorities across regions.

The growing emphasis on sustainability, resource efficiency and climate resilience is expected to drive investments in environmental infrastructure, waste management, renewable energy and circular economy initiatives across both developed and emerging markets.

Indian Economy

Despite global headwinds, India continued its strong economic momentum in FY 2026, supported by stable macroeconomic fundamentals, sustained policy support and broad-based positive performance of both the manufacturing sector and the services sector. The countrys GDP growth is estimated at 7.7%, up from 7.1% in FY 2025, with GDP per capita reaching USD 3,000³. Resilient rural consumption, robust industrial and agricultural output, along with PLI programmes and continued investment in public infrastructure and services have underpinned this growth.

Headline inflation remained controlled, as reflected in the latest CPI data of 3.40%⁴ on the revised 2024 base, which made the RBI to maintain the repo rate at 5.25%, following a series of cuts in FY 2026 aimed at boosting growth. The rate was reduced by a cumulative 125 basis points through the year to support economic expansion while keeping inflation within target and support real income growth and consumption across both urban and rural markets. Further, government-led initiatives in infrastructure, including airport modernisation, regional connectivity and tourism development, continue to strengthen the broader mobility ecosystem.

Recent developments, including the India-EU Free Trade Agreement and ongoing trade discussions with the US, are strengthening Indias inclusion into global value chains. These initiatives are expected to promote exports, facilitate technology transfer and support long-term growth. In parallel, India has responded prudently by diversifying its crude import sources and strengthening alternative supply channels to safeguard its energy security and national interests.

Outlook

Supported by strong government capital spending and a notable increase in private consumption, India is projected to remain one of the fastest-growing major economies, with real GDP growth for FY 2026-27 expected in the range of 6.6%⁵. The inflation outlook remains moderate, supported by favourable supply-side conditions, GST rationalisation, structural reforms, updated and new free trade agreements as well as strategic initiatives to boost the business environment.

Despite global trade and geopolitical uncertainties, the RBI retains flexibility to maintain a supportive monetary stance as inflation remains manageable on the revised base. In an increasingly fragmented global financial environment, Indias strong regulatory framework, institutional resilience and growing reliance on domestic financial channels provide stability. Fiscal consolidation has progressed alongside sustained capital expenditure and the financial system remains well-capitalised, supporting credit expansion and financial inclusion.

Industry Overview

Global Waste Management Industry

The global waste management industry continued to witness steady expansion during the year, supported by rapid urbanisation, rising consumption levels, industrial growth and increasingly stringent environmental regulations across both developed and emerging economies. As waste generation continued to outpace the capacity of existing collection, processing and disposal infrastructure in many regions, governments and urban local bodies accelerated investments in organised waste management systems. This structural demand, coupled with growing emphasis on sustainability and resource efficiency, supported long-term growth across collection, transportation, recycling, treatment and disposal services. Reflecting these favourable fundamentals, the global waste management market was valued at approximately USD 1.52 trillion in CY 2025 and is estimated to reach around USD 1.60 trillion in CY 2026.⁶

The industrys growth trajectory was underpinned by a sustained increase in global waste generation. Municipal solid waste volumes continued to rise, reflecting the combined impact of population growth, urbanisation and evolving consumption patterns. The industry is projected to grow at a CAGR of approximately 5.5%, with the market expected to reach nearly USD 2.45 trillion by 2034⁷. Global waste volumes are projected to increase to nearly 3.86 billion tonnes by 2050, representing growth of approximately 50% over current levels. The sharp increase in waste generation, particularly across rapidly urbanising regions such as South Asia and Sub-Saharan Africa, is expected to drive substantial investments in collection networks, waste processing facilities, recycling infrastructure, landfill remediation and resource recovery solutions.⁸

Growing municipal solid waste generation, rising household consumption and increasing industrial waste volumes are strengthening demand for advanced waste treatment and recovery solutions. Governments across regions are intensifying their focus on landfill diversion targets, EPR frameworks, plastic waste regulations and circular economy initiatives to improve resource utilisation and reduce environmental impacts. These policy measures are accelerating investments in recycling infrastructure, waste-to-energy facilities, material recovery systems and scientific waste processing technologies.

The industry is progressively transitioning from traditional collection-and-disposal models towards integrated circular economy frameworks focused on resource recovery, recycling, composting, RDF generation and waste-to-energy solutions. At the same time, technological advancements such as Al-driven sorting systems, loT-enabled monitoring platforms, automation and data analytics are improving operational efficiency, enhancing recovery rates and enabling more sustainable waste management practices. These developments are expanding opportunities for integrated waste management companies capable of providing end-to-end waste processing and valorisation services.

Significant service gaps continue to exist across emerging economies, particularly in waste collection, scientific processing and landfill remediation. The need to improve collection coverage, reduce reliance on uncontrolled dumping and strengthen waste treatment infrastructure is expected to support sustained investments across developing regions. Growing regulatory focus on plastic waste management, recycling mandates and resource recovery is further creating opportunities across material recovery, plastic recycling and circular economy-linked infrastructure.

Regionally, North America remained the largest waste management market in CY 2025, supported by mature recycling ecosystems, advanced waste treatment infrastructure and stringent environmental regulations. Asia Pacific emerged as the fastest-growing region, driven by rapid urbanisation, expanding municipal infrastructure and increasing environmental investments across major economies such as China and lndia.

The long-term outlook for the industry remains favourable. Rising waste generation, expanding regulatory oversight, increasing adoption of circular economy principles, growing investments in sustainable waste infrastructure and continued technological innovation are expected to drive long-term industry growth. Strategic partnerships, acquisitions and technology-led expansion initiatives by leading global waste management companies are further supporting industry transformation and creating significant opportunities across the waste management value chain.

Indian Waste Management Industry

The Indian waste management industry continued to witness strong growth during FY 2025-26, driven by rapid urbanisation, rising population density, increasing industrial activity and growing environmental awareness. The domestic waste management market was estimated at approximately USD 15.82 billion in 2025, with the industry expected to grow at a CAGR of nearly 6.5% through 2035. Rising municipal solid waste generation, increasing plastic consumption, expanding healthcare waste and growing electronic waste volumes continued to strengthen demand for efficient waste collection, recycling and disposal infrastructure.

Government initiatives such as the Swachh Bharat Mission, Plastic Waste Management Rules, EPR regulations and increasing emphasis on source segregation have accelerated the transition towards a more organised and sustainable waste management ecosystem. Regulatory focus on circular economy principles, resource recovery and landfill diversion has further strengthened long-term growth prospects for the sector.

Indias waste management infrastructure continued to witness meaningful improvement during the year. Scientific processing of municipal solid waste has increased significantly over the past decade, supported by investments in material recovery facilities, composting plants, biomethanation facilities and waste-to-energy projects. The growing adoption of advanced technologies, including IoT-enabled monitoring systems, AI-based waste sorting, automated material recovery systems and digital waste tracking platforms, is enhancing operational efficiency, improving traceability and supporting higher resource recovery rates.

Legacy waste remediation and biomining have emerged as important growth areas within the sector. Municipal authorities across the country are increasingly prioritising

the scientific closure and remediation of legacy dumpsites, creating substantial opportunities for specialised waste management operators. The focus on reclaiming valuable urban land through biomining and landfill remediation is expected to remain a key industry growth driver over the medium term.

The industry also witnessed growing momentum in circular economy initiatives through the expansion of Extended Producer Responsibility frameworks covering plastic waste, e-waste, battery waste, waste tyres and used oil. Increasing producer accountability and investments in organised recycling infrastructure are strengthening resource recovery ecosystems while reducing environmental impact. Recycling continues to represent the largest segment within the waste management value chain, while composting, biomethanation and waste-to-energy solutions are gaining prominence as municipalities seek sustainable alternatives to landfill disposal.

The introduction of the Solid Waste Management Rules, 2026 is expected to further support sector formalisation by promoting four-stream waste segregation at source, digital monitoring across the waste management value chain and greater accountability among bulk waste generators. In addition, increasing utilisation of RDF by cement and industrial sectors is creating new avenues for waste-to- resource conversion and strengthening the commercial viability of integrated waste processing operations.

Private sector participation and PPPs continue to play a critical role in expanding waste management infrastructure across India. Supported by favourable policy initiatives, increasing environmental compliance requirements and growing ESG-focused investments, the industry is well positioned to benefit from sustained demand for modern, technology-driven and environmentally responsible waste management solutions.

Opportunities and Challenges

Opportunities

Categories	Description
Expansion of Recycling Infrastructure	Increasing focus on circular economy practices and sustainability initiatives is accelerating investments in recycling infrastructure across India. Growing volumes of plastic, paper, metal and electronic waste are creating demand for advanced material recovery facilities. Improved recycling ecosystems are also supporting resource efficiency and reducing landfill dependence.
Waste-to-Energy Development	Rising municipal solid waste generation is strengthening the need for alternative waste disposal and energy recovery solutions. Waste-to-energy projects are gaining traction as municipalities focus on reducing landfill usage and generating renewable energy. Government support for sustainable energy infrastructure is further encouraging investments in this space.
Smart Waste Management Solutions	Adoption of digital technologies such as IoT-enabled monitoring, AI-based sorting systems and smart collection networks is transforming waste management operations. These technologies improve route optimisation, operational efficiency and waste segregation accuracy. Increasing smart city development initiatives are also supporting technology integration across urban waste management systems.
Public-Private Partnerships	Collaboration between municipal authorities and private operators is improving waste collection, transportation and treatment capabilities. PPPs are speeding up infrastructure development by bringing private funding and advanced technology into public projects. These collaborations improve daily operations and ensure projects remain successful over the long term.
E-waste and Battery Recycling	Rising use of consumer electronics, electric vehicles and lithium-ion batteries is generating significant demand for organised recycling solutions. Recovery of valuable metals and materials from electronic waste is creating new business opportunities within the circular economy ecosystem. Increasing environmental regulations and sustainability commitments are further strengthening growth prospects in this segment.
Dumpsite Remediation and Biomining	Government initiatives targeting scientific closure of legacy dumpsites and remediation of accumulated waste are creating significant opportunities for specialised waste management companies. Increasing municipal investments in biomining, landfill reclamation and land recovery projects are expected to drive long-term sector growth.

Challenges

Categories	Description
Inadequate Segregation at Source	Limited segregation of waste at household and commercial levels continues to impact recycling efficiency and waste processing quality. Mixed waste streams increase operational complexity and reduce the recovery of reusable materials. Lack of public awareness and inconsistent implementation remain major concerns across several regions.
Insufficient Infrastructure	Many urban and rural areas continue to face shortages of scientific landfills, recycling centres and modern waste treatment facilities. Existing infrastructure often struggles to manage rising waste volumes generated by rapid urbanisation and industrialisation. Delays in project execution and funding constraints further affect sector development.
High Operational and Collection Costs	Rising fuel prices, labour expenses and transportation costs continue to increase the financial burden on waste management operators. Collection and processing activities require significant investments in logistics, equipment and technology upgrades. Maintaining profitability while ensuring environmental compliance remains a key industry challenge.
Informal Waste Management Sector	A significant portion of waste collection and recycling activities is still handled by the unorganised sector. Lack of formal integration results in inefficiencies, limited worker safety and inconsistent waste handling standards. The absence of structured systems also affects traceability and regulatory compliance across the value chain.

Major Types of Wastes

Municipal Waste

Indias MSW management sector is entered a phase of transformation in FY 2025-26, driven by the implementation of the SWM Rules, 2026, which mandates four-stream waste segregation at source and by the governments increasing focus on circular economy practices. Under Swachh Bharat Mission-Urban 2.0 and the Lakshya Zero Dumpsites initiative, remediation of legacy waste is accelerating, while the Plastic Waste Management (Amendment) Rules, 2026 are promoting mandatory recycled content usage and reuse obligations for brand owners. The sector is also witnessing rising adoption of Bio-CNG plants, RDF-based energy recovery and digital waste tracking systems, alongside increasing participation from organised private players. Although infrastructure gaps remain in Tier-2 and Tier-3 cities, the industry is steadily transitioning from a compliance-led model towards sustainable resource recovery and energy generation.

Plastic Waste

Plastic waste has emerged as one of the most significant environmental challenges in India, driven by rising consumption of packaging materials, consumer products, industrial plastics and single use applications. The country generates over 9 million tonnes of plastic waste annually, creating substantial challenges for collection, segregation, recycling and resource recovery across the value chain¹⁰. India accounts for a significant share of global plastic waste generation, with nearly half comprising single use plastics such as water bottles, sachets, packaging materials and disposable products. Despite progress in select segments such as PET recycling, overall plastic circularity remains constrained due to low collection efficiency, inadequate segregation and limited recycling infrastructure. The informal sector continues to play a critical role in plastic waste management, handling a majority of collected plastic waste, while substantial volumes continue to leak into the environment.

A key challenge lies in the widespread use of plastic materials that are not designed for recyclability. Multilayer plastics and mixed polymer packaging formats remain difficult and economically unviable to recycle, limiting recovery rates across the value chain. In addition, the extensive use of customised colours, additives and material combinations increases sorting complexity and processing costs. While the transition towards mono material packaging and design for recyclability is gaining momentum, adoption remains gradual due to cost considerations and performance requirements. Going forward, strengthening collection systems, improving segregation technologies, promoting standardised packaging designs and enhancing stakeholder collaboration will be critical to improving plastic circularity. Greater deployment of advanced sorting technologies, supportive policy measures and effective implementation of Extended Producer Responsibility frameworks will be essential to ensure plastic waste is diverted from landfills and reintegrated into productive use within the circular economy.

Electronic Waste

Electronic waste (E-waste) emerged as one of the fastest-growing waste streams in India, driven by increasing digitalisation, rising consumption of electrical and electronic equipment and shorter product replacement cycles. The sector gained importance within the circular economy due to its potential for recovering valuable metals and critical raw materials from end-of-life products. Regulatory measures such as the E-Waste Management Rules, 2022 and the Extended Producer Responsibility framework continued to promote the development of a more organised collection and recycling ecosystem. However, challenges related to collection efficiency, informal processing and consumer awareness continued to impact resource recovery rates. Going forward, stronger regulatory enforcement, expanding recycling infrastructure and growing focus on sustainable resource management are expected to support the formalisation and growth of the electronic waste management sector.

The sector is witnessing increasing policy attention and infrastructure development to address these challenges. As of February 2025, India had 322 registered e-waste recyclers with an aggregate processing capacity of approximately 2.21 million metric tonnes per annum, indicating continued investments in organised recycling infrastructure. Strengthening EPR compliance, improving digital traceability across the value chain, integrating informal collection networks into formal systems and expanding advanced material recovery capabilities remain key priorities for the industry. With growing focus on circular economy principles, resource recovery and critical mineral recycling, the e-waste management segment is expected to remain an important long-term growth opportunity within Indias broader waste management landscape.

Biomedical Waste

Indias biomedical waste management sector had a steady growth in FY 2025-26, supported by expanding healthcare infrastructure, diagnostics penetration and stricter regulatory oversight under the SWM Rules, 2026. The revised framework has strengthened segregation, handling and disposal norms for special care waste, while increasing accountability for bulk waste generators through enhanced compliance requirements. The sector is also adopting centralised digital traceability systems, including barcode-enabled tracking, GPS-monitored transportation and online tracking platforms, improving transparency across the biomedical waste disposal chain.

Third-party environmental audits have further strengthened regulatory supervision, although infrastructure development is increasingly focused on sustainable and low-emission treatment technologies such as Plasma Arc systems and microwave-based sterilisation solutions. Initiatives supporting safe disposal of expired medicines and the continued expansion of Common Bio-Medical Waste Treatment Facilities (CBWTFs) are strengthening the organised waste management ecosystem. However, addressing infrastructure gaps in smaller towns and integrating informal waste workers into the formal healthcare waste value chain remain core priorities for the sector.

Construction and Demolition Waste¹¹

Construction and Demolition waste continued to be one of Indias largest and fastest-growing waste streams during FY 2025-26, driven by rapid urbanisation, infrastructure expansion and real estate development across the country. The increasing scale of construction and redevelopment activities generated significant volumes of C&D waste across major cities.

Despite its considerable recycling potential, the sector continued to face challenges related to collection, segregation and processing, resulting in substantial quantities of waste being disposed of through dumping or landfilling.

The low utilisation of recycled C&D materials has further constrained resource recovery and circular economy outcomes. As a result, valuable construction materials are lost while urban landfills and open spaces face increasing pressure from unmanaged debris.

To address these challenges, the Government notified the Construction and Demolition Waste Management Rules, 2025, which has come into force from April 1, 2026. The regulations introduce an EPR framework requiring eligible builders and developers to achieve recycling targets of 25% of waste generated in FY2025-26 as base year, increasing progressively to 100% by FY2028-29.

The rules also mandate the use of processed C&D waste in construction projects, beginning at 5% and rising to 25% by FY2030-31. Supported by tradable EPR certificates, digital compliance mechanisms and standardisation initiatives for recycled materials, the reforms are expected to strengthen recycling adoption and support the development of a more circular and resource-efficient construction sector.

Hazardous Waste

Indias hazardous waste management sector is undergoing a significant transformation in FY 2025-26, driven by stringent environmental regulations, rising industrial activity and the growing focus on sustainability under the Viksit Bharat 2047 vision. The implementation of the Hazardous and Other Wastes (Management and Transboundary Movement) Amendment Rules, 2025 has strengthened compliance requirements across the sector, particularly through the introduction of an EPR framework for non-ferrous metals and mandatory incorporation of secondary raw materials into manufacturing processes. Centralised digital portals for registration, reporting and EPR certificate trading are further improving traceability, transparency and regulatory monitoring across the hazardous waste value chain.

The sector is increasingly adopting industrial symbiosis practices, such as utilising waste materials as alternative resources, including co-processing hazardous waste and RDF in cement kilns. Advanced treatment technologies such as zero-liquid discharge (ZLD) systems and plasma gasification are gaining traction for management of complex industrial and chemical waste streams.

Additionally, the implementation of environmental compensation mechanisms under the polluter pays principle is accelerating investments in scientific treatment, storage and disposal facilities (TSDFs), supporting the development of a more organised, technology-driven and environmentally sustainable hazardous waste management ecosystem.

Battery Waste¹²

Indias battery waste management sector is growing rapidly due to rising electric vehicle adoption, increasing energy storage requirements and stringent regulatory focus on circular economy practices. The battery recycling market in India is estimated at around USD 152.68 million in 2025 and is projected to grow at a CAGR of 9.06% through 2030, driven by increasing demand for lithium-ion battery recycling and recovery of critical minerals such as lithium, cobalt and nickel. Strengthened implementation of Battery Waste Management Rules and EPR norms, along with QR/barcode-enabled traceability systems and centralised digital monitoring platforms, are improving compliance, transparency and organised recycling across the value chain.

The sector is also witnessing significant investments in advanced recycling infrastructure, including hydrometallurgical and pyrometallurgical processing technologies capable of recovering up to 90% of valuable battery materials. Government initiatives such as PLI schemes, battery recycling incentives and the growing focus on domestic manufacturing are accelerating the development of an integrated circular battery ecosystem while reducing import dependence on critical raw materials. At the same time, increasing establishment of large-scale recycling facilities, Circular Economy Parks and digital EPR certificate trading platforms is supporting the transition towards a more formalised, technology-driven and resource-efficient battery waste management industry in India.

B) Tyre and Rubber Waste

The domestic tyre and rubber waste management sector witnessed a structural transformation in FY 2025-26, driven by stricter regulatory oversight, rising domestic waste generation and an increasing focus on circular economy practices. The country generated nearly 1.5—1.8 million metric tonnes of waste tyres annually, while total addressable volumes crossed 3 million metric tonnes, supported by increasing imports and replacement demand. The implementation of the Extended Producer Responsibility framework for waste tyres, with compliance targets reaching 100%, significantly strengthened

organised recycling, digital traceability and formal market participation through the CPCB Waste Tyre EPR Portal and tradable EPR certificates.

The sectors increasing adoption of advanced recycling technologies such as devulcanization, automated shredding and recovery of value-added products including crumb rubber, reclaimed rubber and recovered carbon black. Regulatory restrictions on low-value disposal methods and growing utilisation of recycled tyre materials in road construction and industrial applications are further improving resource recovery and sustainability across the value chain. additionally, the emergence of technology-enabled collection systems and Tyre-as-a- Service (TaaS) models is enhancing collection efficiency and supporting the development of a more organised, technology-driven and circular tyre waste management ecosystem in India.

End of Life Vehicle Waste

The End-of-Life Vehicle management sector in India entered a new phase of organised growth during FY 2025-26, supported by stronger regulatory enforcement, increasing vehicle scrappage volumes and a growing focus on sustainable resource recovery within the automotive ecosystem. During the year, the sector continued its transition from an unorganised dismantling ecosystem towards a digitally monitored and compliance-driven framework through the integration of the VAHAN database with Registered Vehicle Scrapping Facilities (RVSFs).

The introduction of an Extended Producer Responsibility mechanism for vehicle manufacturers and importers, along with mandatory material recovery targets such as steel recovery from scrapped vehicles, is strengthening organised recycling and resource recovery across the value chain. In addition the number of authorised scrapping facilities expanded significantly across multiple states, supported by government incentives aimed at accelerating replacement of ageing vehicle fleets.

The sector is also witnessing increasing adoption of technology-driven dismantling and recycling solutions focused on efficient recovery of ferrous metals, non-ferrous materials and hazardous automotive waste. Incentive structures including scrap value pay-outs, road tax rebates and registration fee waivers are improving participation in formal scrappage channels, while centralised digital platforms and certificate-based monitoring systems are enhancing traceability and compliance. With the automotive recycling market expected to acheive sustained long-term growth, the industry is steadily evolving into a more organised, resource-efficient and environmentally sustainable mobility recycling ecosystem in India.

Waste Management Process

Municipal Solid Waste

MSW follows a comprehensive approach that encompasses source segregation, collection, transportation, treatment and final disposal. The emphasis is placed on minimising waste generation and promoting practices such as reuse and recycling, with incineration and landfill disposal considered as last options.

Source Segregation

Source segregation is crucial for efficient waste management, ensuring that waste is separated directly at the point of generation, such as households, offices and commercial establishments. Proper segregation of recyclable materials, organic waste and other waste streams improves recycling efficiency, minimises contamination and enables better recovery of valuable resources. This process supports sustainable waste management practices, conserves natural resources and reduces the environmental impact associated with waste disposal and landfill dependency.

Recycling and Composting

Recycling and composting are vital for sustainable waste management systems, driving circular economy by enabling materials such as paper, plastic, glass and metals to be reprocessed into new products. This process conserves resources, reduces reliance on raw materials and lowers environmental impacts by keeping materials in use rather than discarding. Concurrently, composting converts biodegradable waste into nutrient-rich compost that enhances soil quality and supports sustainable agricultural practices. Together, these approaches help reduce landfill volumes, improve resource efficiency and contribute to environmental sustainability.

Waste-to-Energy

Waste-to-Energy technologies convert non-recyclable municipal solid waste into usable forms of energy such as electricity and heat. Through processes such as incineration, waste is thermally treated to generate steam that powers turbines for electricity production. In addition to reducing landfill burden, WtE facilities support energy recovery and help lower greenhouse gas emissions through advanced emission control systems. Domestically, the growing recognition of WtE as a renewable energy source, supported by policy incentives and subsidies, is encouraging wider adoption of sustainable waste-to-energy solutions.

Landfills

Sanitary landfills remain an important component of integrated waste management systems for the safe disposal of non-recyclable waste. Modern landfill facilities are designed with engineered liners, leachate collection systems and gas recovery mechanisms to minimise the contamination of soil and groundwater. Methane generated during waste decomposition is captured and utilised for energy generation, helping reduce greenhouse gas emissions. Continuous environmental monitoring and scientific waste management practices further ensure safe operations and improved environmental protection.

Construction and Demolition Waste

Segregation at Source

Efficient management of Construction and Demolition waste begins with segregation at the point of generation. Materials such as concrete, metals, wood, plastics and other debris are separated directly at construction or demolition sites to improve recycling efficiency and ensure appropriate handling of each waste stream. This approach helps reduce contamination and supports effective processing and recovery of reusable materials.

Deconstruction and Salvaging

Deconstruction involves the systematic dismantling of structures to maximise recovery of reusable materials while minimising waste generation. Components such as doors, windows, metal fixtures, plumbing systems, concrete slabs and structural elements are carefully extracted for reuse in future construction activities. Advanced equipment and modern demolition technologies further enhance efficiency of material recovery and support sustainable construction practices.

Reuse and Recycling

Dedicated processing facilities play a key role in recycling large volumes of C&D waste through activities such as crushing, screening, washing and material cleaning. Recovered materials, including recycled concrete aggregates and processed construction debris, are reused in applications such as road construction, landscaping and other infrastructure developments. This process promotes resource efficiency, reduces dependence on virgin materials and supports circular economy objectives within the construction sector.

Landfill Disposal

Non-recyclable and residual C&D waste that cannot be reused or processed is disposed of at authorised landfill facilities. Landfilling remains the final stage within the waste management hierarchy for materials that are unsuitable for recovery or recycling.

Tyre and Rubber Waste

Mechanical Recycling

Mechanical recycling continued to remain a fundamental component of the circular economy during the year, driven by increasing adoption of advanced tyre recycling and material recovery processes. High-precision recycling technologies enabled the conversion of end-of-life tyres into quality crumb rubber and recovered steel, supporting applications such as rubberised roads, industrial flooring, athletic tracks and playground surfaces. The growing utilisation of recycled rubber in infrastructure and industrial applications contributed towards reducing landfill waste, lowering dependence on virgin raw materials and supporting sustainability objectives under extended producer responsibility frameworks.

Tyre-Derived Fuel

Tyre-Derived Fuel continued to gain traction as an efficient alternative fuel solution across energy-intensive industries such as cement and paper manufacturing. Owing to its high calorific value, shredded tyre waste was increasingly utilised to improve thermal efficiency, reduce dependence on conventional fossil fuels and lower greenhouse gas emissions. Advanced processing techniques including multi-stage shredding and magnetic de-beading enhanced fuel quality and enabled higher substitution rates in industrial kilns and boilers, supporting cost optimisation and sustainability objectives.

End-of-life Vehicle Waste

Authorised Dismantling Facilities

Government-authorised dismantling facilities play an important role in the environmentally responsible disposal of End-of-Life Vehicles. These facilities ensure systematic dismantling in controlled environments, enabling the safe removal and treatment of hazardous materials such as oils, fluids, refrigerants and batteries.

Material Recovery and Recycling

ELVs contain recoverable materials including steel, aluminium, copper and rubber that can be reintroduced into the manufacturing value chain. Advanced recovery processes help extract and channel these materials towards recycling applications, supporting resource efficiency and circular economy initiatives.

Shredding and Auto Shredder Residue Processing

Vehicle bodies are shredded into smaller fragments to facilitate efficient separation of metallic and non-metallic materials. Auto Shredder Residue processing enables recovery of valuable metals such as steel and aluminium while ensuring proper handling of plastics, glass and rubber residues. This process enhances recycling efficiency and promotes sustainable waste management practices.

Scientific Landfill Disposal

Following dismantling, recycling and material recovery activities, only limited quantities of non-recyclable waste are directed towards landfill disposal. This approach minimises environmental impact, reduces landfill dependency and strengthens sustainable waste management practices within the automotive recycling ecosystem.

Key Initiatives in Waste Management

Enhancing Waste Segregation at Source

Increasing regulatory focus on source-level waste segregation and adoption of IoT-enabled smart bins is driving improvements in waste collection efficiency. Awareness initiatives across urban and semi-urban regions, along with partnerships involving educational institutions and corporate organisations, are encouraging responsible waste disposal practices and strengthening public participation in sustainable waste management.

Growth in Waste-to-Energy Infrastructure

Expansion of Waste-to-energy facilities across metropolitan and Tier-1 cities is supporting both waste reduction and renewable energy generation. Adoption of advanced technologies such as pyrolysis and bio-methanation is increasing, supported by favourable government policies, rising infrastructure investments and greater participation from private sector players.

Increasing Focus on Circular Economy and Recycling

Strengthening of Material Recovery Facilities and broader implementation of EPR frameworks for plastics, packaging and electronic waste are supporting resource recovery and recycling activities. Growing support for recycling and upcycling start-ups is also contributing towards the development of a more circular and sustainable waste management ecosystem.

Digitalisation and Smart Waste Management Solutions

The industry is increasing deployment of digital technologies and data-driven waste management systems to improve operational efficiency. AI-enabled monitoring platforms, GPS-based fleet tracking and GIS-supported route optimisation tools are enhancing waste collection, traceability and infrastructure planning while improving transparency and decision-making capabilities across the value chain.

Landfill Reclamation and Legacy Waste Treatment:

Accelerated efforts towards bioremediation and scientific treatment of legacy landfill sites are gaining momentum across several urban centres. Reclaimed landfill areas are increasingly being repurposed into green spaces, renewable energy parks and public infrastructure zones, while municipal authorities continue to focus on reducing long-term landfill dependency through sustainable waste treatment alternatives.

Growth factors

Key Growth Drivers	Description
Rapid Urbanisation	Rising urban population and expanding cities are significantly increasing municipal solid waste generation across India. Growing residential and commercial activities are creating increased demand for organised waste collection and disposal systems. Urban infrastructure development is further accelerating investments in modern waste management solutions.
Government Regulations and Policy Support	Government initiatives such as Swachh Bharat Mission, Plastic Waste Management Rules and EPR frameworks are strengthening the waste management ecosystem. Increasing regulatory focus on recycling, waste segregation and landfill reduction is supporting organised sector growth. Policy- driven sustainability mandates are also encouraging private sector participation.
Growing Environmental Awareness	Increasing awareness regarding environmental sustainability and pollution control is driving demand for responsible waste disposal practices. Consumers, industries and municipalities are adopting recycling and waste reduction initiatives more actively. Greater focus on ESG and sustainability goals is further supporting long-term industry expansion.
Expansion of Recycling and Circular Economy Practices	Rising emphasis on circular economy models is encouraging reuse, recycling and resource recovery across industries. Demand for recycled plastics, metals, paper and electronic components is creating opportunities for organised waste processing businesses. Recycling infrastructure investments are also improving material recovery efficiency.

Growth factors

Key Growth Drivers	Description
Technological Advancements	Integration of AI-based sorting systems, IoT-enabled tracking platforms, automated collection systems and smart bins is improving operational efficiency. Advanced technologies are helping optimise waste segregation, route planning and recycling processes. Digital transformation is also enhancing monitoring and compliance capabilities across the sector.
Growth in E-waste and Battery Recycling	Growing adoption of consumer electronics, renewable energy systems and electric vehicles is driving rapid growth in e-waste and battery waste generation. Demand for recovery of valuable materials such as lithium, cobalt and rare earth metals is creating new recycling opportunities. Organised recycling facilities are witnessing increasing investments to address this emerging waste stream.
EPR-driven Plastic Waste Management	The implementation of EPR regulations for plastic packaging is creating a significant growth opportunity for organised waste management companies. Brand owners, manufacturers and producers are increasingly partnering with authorised recyclers and waste processors to meet regulatory compliance requirements. Growing demand for plastic collection, segregation, recycling and traceability solutions is supporting investments in recycling infrastructure and strengthening the formal waste management ecosystem.
C&D Waste Management	Rapid urbanisation, infrastructure development, smart city projects and real estate construction activities are generating substantial volumes of Construction & Demolition waste across India. Government regulations promoting scientific processing and recycling of C&D waste are driving investments in specialised collection, processing and recycling facilities. Increasing utilisation of recycled aggregates, manufactured sand and recovered construction materials is supporting circular economy objectives while creating new business opportunities for organised waste management operators.
Public-Private Partnerships and Infrastructure Investments	Collaboration between government bodies and private operators is accelerating development of waste collection, treatment and Waste-to-energy infrastructure. Investments in recycling plants, sanitary landfills and composting facilities are improving sector capabilities. PPP models are also supporting technology adoption and operational efficiency improvements across municipalities.

Company Overview

As AWHCL celebrates 25 years of excellence in Indias MSW management sector, the Company stands as a trailblazer with more than two decades of operational experience, delivering integrated waste management solutions that have reshaped how Indian cities confront their most pressing environmental challenge. Among the most prominent players in Indias MSW sector, AWHCL offers a comprehensive integrated portfolio encompassing waste collection, transportation, processing, and scientific disposal for over 25 municipal corporations across 10 states. Beyond foundational services, the Company has strategically diversified into high-value advanced technologies including RDF, bio-mining, and Waste-to-Energy solutions, positioning itself at the forefront of Indias transition from traditional waste disposal to circular economy models. This strategic diversification reflects AWHCLs deep understanding that value extraction from waste streams has become as critical as waste disposal itself, creating a competitive moat that few competitors can match while simultaneously delivering superior environmental outcomes through resource recovery and energy generation.

AWHCLs enduring success is built on technology-driven operations that have consistently set industry benchmarks for efficiency, safety, and environmental compliance, transforming municipal waste management from a labour-intensive utility into a technology-enabled critical infrastructure service. The Companys continued emphasis on sustainability and environmental stewardship is an operational imperative that guides every business decision, from minimizing greenhouse gas emissions through scientific landfill management to maximizing resource recovery through advanced processing technologies. As AWHCL completes its 25^th year in the MSW space, it enters its next phase uniquely positioned to capitalize on Indias secular growth opportunity, with the MSW market projected to surge from 62 million tonnes annually to 165 million tonnes by 2030. The Companys institutional knowledge, proven execution capabilities across diverse geographies, and track record of successfully delivering complex projects position Antony not merely as a waste management company, but as a critical enabler of Indias urban sustainability transformation, supporting cleaner and more sustainable urban ecosystems while directly improving the quality of life for tens of millions of urban residents.

Core Strength

Management Team with Strong Domain Expertise

• Led by an experienced management team with deep understanding of the MSW industry.

• Strong technical expertise and strategic leadership enable effective handling of operational and industry-specific challenges.

• Leadership continuity and industry knowledge support long-term growth, stability and business sustainability.

• Proven management capabilities strengthen the Companys position within the waste management sector.

Diversified Business Model

• Operates across the entire waste management value chain with integrated service offerings.

• Provides end-to-end solutions including waste collection, transportation, treatment and scientific disposal.

• Serves a diversified client base comprising municipal corporations as well as industrial customers.

• Broad service portfolio enhances operational resilience and supports sustainable revenue generation.

Technological Edge and Infrastructure Strength

• Continuously adopts advanced technologies to improve operational efficiency and service quality.

• Deploys GPS-enabled telematics for real-time fleet optimization, engineered landfill protocols with leachate and energy-optimized waste processing utilizing advanced thermal and biological conversion technologies.

• Collaborates with global technology partners to strengthen operational capabilities and innovation.

• Technology-driven approach supports regulatory compliance, operational optimisation and sustainable growth.

Strong Track Record of Project Execution

• Demonstrated capability to execute projects within stipulated timelines and budgeted costs.

• Established a strong reputation for quality execution and dependable service delivery.

• Consistent operational performance has strengthened client relationships and stakeholder confidence.

• Proven execution capabilities support repeat business opportunities and long-term partnerships.

Integrated End-to-End Capabilities

• Manages the complete MSW lifecycle from collection to scientific disposal.

• Offers integrated services including waste transportation, segregation, recycling, composting and waste-to-energy processing.

• Operates a large fleet of vehicles, many equipped with GPS systems for enhanced operational monitoring and efficiency.

• Comprehensive service capabilities contribute towards cleaner cities and environmentally sustainable waste management practices.

Financial Performance

FY2025-26 witnessed continued growth across the Companys integrated waste management operations, supported by higher project execution, improved capacity utilisation and expansion across key business segments. Collection & Transportation volumes increased by approximately 9% year-on-year to 2.12 million tonnes, while processing volumes grew by around 19% to 3.60 million tonnes. Growth was driven by new project additions, contract renewals and sustained ramp-up of biomining and RDF operations. Consequently, total MSW managed by the Company increased by approximately 15% to 5.69 million tonnes during the year, reflecting the continued scale-up of its operating platform.

Operating expenses have scaled proportionately with business growth and project expansion, reflecting workforce augmentation, statutory wage adjustments, and incremental overhead infrastructure necessary to sustain operational execution standards across an enlarged asset portfolio. Despite these cost pressures, the Company maintained EBITDA margins at around 22%, supported by operational discipline, route optimisation initiatives, efficient project execution and contractual cost pass-through mechanisms.

The Companys diversified project portfolio, integrated operating platform and focus on operational excellence enabled it to deliver sustained profitability while continuing to invest in strengthening infrastructure and execution capabilities. Supported by prudent financial management and stable cash generation from long-term municipal contracts, the Company remains well positioned to support future growth opportunities.

Revenue Composition and EBITDA Margin Analysis

Revenue growth during FY2025-26 was broad-based across business segments and supported by higher project execution across the Companys operating portfolio. The Collection & Transportation activities remained the largest contributor, accounting for approximately 65% of consolidated revenue, while processing activities contributed around 24% and contract and other income accounted for the balance 11%.

Revenue expansion was supported by new project additions, including two large BMC C&T contracts valued at approximately HI,300 crore, contract renewals with tariff revisions and higher contributions from biomining, RDF and waste processing operations. The Companys diversified revenue mix across collection, transportation, processing and remediation activities continued to provide business stability and operating leverage.

Despite higher employee costs arising from annual salary revisions, incremental manpower deployment across projects and increased RDF transportation expenses, the Company maintained full-year EBITDA of approximately H231 crore and an EBITDA margin of around 22%. Margin resilience was supported by disciplined cost management, efficient project execution and contractual cost passthrough mechanisms. Profitability remained healthy despite higher depreciation associated with new project mobilisations and concession-related assets.

Cash Flow Generation and Balance Sheet Strength

The Company continued to generate healthy operating cash flows, with cash flow from operations before working capital changes of approximately H221 crore during FY 2025-26, reflecting the cash-generative nature of its integrated waste management business model and long-term concession contracts. Working capital management remained a key focus area, with Days Sales Outstanding improving to approximately 108 days during the year from elevated levels seen earlier, supported by proactive collection efforts and continued engagement with municipal customers.

The Company maintained its focus on balance sheet strengthening and deleveraging during the year. Cash outflows towards debt servicing and repayments amounted to approximately H 92 crore. As of March 31, 2026, gross debt stood at approximately H426 crore, while cash and bank balances were around H123 crore, resulting in net debt of approximately H304 crore. Consequently, the net debt-to-equity ratio improved to 0.3x from 0.5x in FY24, reflecting prudent financial management, strong cash generation and growth in net worth.

The Companys liquidity position and capital structure remain well aligned to support ongoing operations and future growth initiatives. Capital allocation continues to be guided by a balanced approach towards maintaining adequate liquidity, strengthening the balance sheet and funding growth opportunities across waste processing, scientific remediation and waste-to-energy projects. Continued emphasis on receivables management, disciplined capital deployment and financial flexibility is expected to support sustainable growth while preserving balance sheet resilience.

Order Book, Business Development and Growth Pipeline

During FY2025-26, the Company achieved a significant milestone in business development, securing new contracts and concessions with an aggregate value of approximately H4,800 crore. These wins strengthened the Groups order book to approximately H18,000 crore as of March 2026, providing strong multi-year revenue visibility and reinforcing the Companys position across the municipal solid waste management value chain.

The year was marked by several notable contract awards across collection and Should we say two 7-year C&T contracts from BMC, a 10-year pre-processing, and two 20-year WtE (add the tenure of the project to further support the long-term nature of business), reinforcing the long-term nature of the Companys business portfolio.

A key strategic development during the year was the Companys expansion in the WtE space through the award of two integrated WtE projects in Kadapa and Kurnool, Andhra Pradesh, through its subsidiary Antony Lara Enviro Solutions Private Limited. These projects represent an important step in broadening the Companys resource recovery capabilities and strengthening its presence in the circular economy ecosystem. The projects also attracted strategic participation from JFE Engineering Corporation, Japan, reflecting confidence in the Companys execution capabilities and the long-term potential of Indias waste-to-energy sector.

The Companys existing WtE operations at Pimpri-Chinchwad continued to contribute to renewable energy generation and resource recovery objectives. Operational improvements following scheduled maintenance activities enhanced plant performance, providing valuable experience and operational learnings that can be leveraged across future WtE projects.

The Company also continued to strengthen its position in the C&D waste management space, which remains an important growth opportunity supported by increasing urban infrastructure development and regulatory focus on scientific waste processing. Management remains focused on expanding its presence in this space through new project opportunities and concession awards.

Further, the merger of AG Enviro Infra Projects Limited with the Company, effective during FY2025-26 pursuant to NCLT approval, represents an important step towards simplification of the Group structure, improved operational efficiency and enhanced synergies across business verticals.

With a diversified order book spanning collection, transportation, processing, biomining, recycling and waste-to-energy operations, the Company remains well positioned to capitalise on the growing opportunities emerging from Indias evolving waste management sector.

Financial Outlook

The Company enters FY2026-27 with a strong order book of approximately H18,000 crore, providing substantial multi-year revenue visibility across collection & transportation, processing, biomining, remediation and waste-to-energy operations. Recent contract wins, ongoing project ramp-ups and capacity additions are expected to support sustained business growth and strengthen earnings visibility over the coming years.

Management remains focused on delivering profitable growth through disciplined execution, operational excellence and selective capital deployment. Growth is expected to be supported by the ramp-up of recently secured municipal contracts, increasing processing volumes, expansion of resource recovery activities and the gradual scaling of waste-to-energy projects.

Over the medium term, the Company aims to enhance the contribution of higher-value processing and resource recovery businesses while maintaining a balanced approach towards growth, profitability and capital allocation. Supported by a healthy balance sheet, stable operating cash flows and a diversified project portfolio, the Company remains well positioned to pursue long-term growth opportunities while creating sustainable value for stakeholders.

Key Financial Ratios

	Standalone
Particulars	FY 2025-26	FY 2024-25	%Change	Reason
Current Ratio (in times)	1.09	1.24	12.21%	-
Debt Equity Ratio (in times)	0.62	0.75	17.78%	-
Net Profit Margin (in %)	1.78%	6.66%	73.30%	The Company recorded an exceptional gain of Rs.2,388.64 lakhs in the previous year, which was not repeated in the current year. This absence of the gain resulted in a lower profit figure and a corresponding decline in the ratios.
Return on Net Worth (in %)	3.05%	10.34%	70.53%
Interest Coverage Ratio (in times)	1.46	2.71	46.18%

 

Particulars	Consolidated
	FY 2025-26	FY 2024-25	%Change	Reason
Current Ratio (in times)	1.18	1.21	2.50%	-
Debt Equity Ratio (in times)	0.58	0.72	20.02%	-
Net Profit Margin (in %) Return on Net Worth (in %)	8.71% 12.42%	10.78% 15.27%	19.19% 18.68%	-
Interest Coverage Ratio (in times)	2.47	2.70	8.35%	-

For further details, please to the Financial Capital Section forming part of this Integrated Annual Report, on page 72.

Company Outlook

AWHCL is well positioned to capitalise on the next phase of growth in Indias municipal solid waste management sector, supported by rapid urbanisation, increasing waste generation, stronger regulatory enforcement and growing adoption of circular economy principles. As municipalities intensify their focus on scientific waste collection, processing, landfill remediation, recycling and waste-to-energy infrastructure, the Companys integrated presence across the municipal solid waste value chain, established execution capabilities and long-standing municipal relationships provide a strong platform to pursue emerging opportunities across collection, transportation, processing and resource recovery.

The Company intends to strengthen its presence in high-growth and future-oriented segments of the waste management ecosystem, including resource recovery, RDF, biomining, waste-to-energy and opportunities arising from the implementation of EPR frameworks, particularly in plastics and construction & demolition waste. Continued investments in technology, digitalisation, GPS-enabled fleet optimisation, data analytics and real-time monitoring systems are expected to enhance operational efficiency, service quality, compliance standards and asset utilisation, reinforcing the Companys competitive positioning.

Backed by a 25-year operating track record, a specialised fleet, diversified project portfolio and a disciplined approach to capital allocation and risk management, AWHCL remains focused on delivering sustainable long-term growth. The Company believes that its integrated business model, financial discipline and commitment

to environmental stewardship position it favourably to support cleaner cities, stronger urban infrastructure and Indias transition towards a more circular and resource-efficient economy.

Human Resource

The Company continued to strengthen its human resource capabilities in alignment with its operational priorities and long-term growth strategy. During the year, it remained focused on employee development, workforce engagement, safety and talent retention to enhance productivity, operational effectiveness and service quality. Through a structured and people-centric approach, the Company continued to manage its diverse workforce efficiently while fostering a culture that supports sustainability, performance and long-term value creation

For further details, please to the Human Capital Section forming part of this Integrated Annual Report, from page 92 onwards.

Risk Management

The Company has implemented a structured risk management framework designed to identify, assess and mitigate potential risks across its operations. The framework is regularly reviewed by the Risk Management Committee to ensure alignment with the Companys strategic objectives and business priorities. It covers key risk areas such as environmental, operational, financial, technological, safety and regulatory risks, while taking into account the scale and complexity of the Companys operations.

For further details, please to the Risk Management Section forming part of this Integrated Annual Report, from page 33 onwards.

Cautionary Statement

There are ‘forward-looking statements in the Management discussion and analysis, which can be recognised by phrases like ‘plans, ‘expects, ‘will, ‘anticipates, ‘believes, ‘intends, ‘projects, ‘estimates, and so on, about the future business prospects and financial performance of AWHCL, within the meaning of the applicable securities laws and regulations. Forward-looking statements include all discussions of expectations or forecasts for the future, the Companys growth strategy, product development, market position, expenses and financial outcomes. The actual outcomes could significantly differ from those projected due to several risks and uncertainties that could affect all of these possibilities and predictions.

These statements are subject to a number of risks and uncertainties, including, but not limited to, risks and uncertainties relating to changes in earnings, the ability to manage growth, competition (both domestically and internationally), economic growth in India and the target countries globally, the ability to recruit and retain highly skilled professionals, time and cost overruns on contracts, the ability to manage international operations and changes in government policies and actions with respect to these matters. It is possible that past performance will not predict future performance. The Company does not commit to updating any forward-looking statements made sometimes by or on its behalf, nor does it undertake to do so in the event that any of these forward-looking statements prove to be materially inaccurate in the future.