Antony Waste Handling Cell Ltd Management Discussions

Economic Overview

Global Economy1

The global economy faced significant volatility in CY 2024, driven by persistent geopolitical tensions, trade uncertainties, and shifts in monetary policy. These pressures have carried into the first half of CY 2025, marked by fragile investor sentiment, uneven growth, and continued policy adjustments. Despite economic turbulences, the global economy grew at an estimated 3.3% in CY 2024. The US economy exhibited steady growth owing to good profitability of corporates and high employability. The economy of Europe faced stagnation resulting from weak demand, persisting tensions and heightened geo-economic fragmentation.

The growth in CY 2024 can largely be credited to the stringent monetary policies adopted by central banks and an increased energy supply, both of which played key roles in stabilising prices and encouraging economic expansion. The emerging economies registered a growth rate of an estimated 4.3% while their developed counterparts managed to grow by an estimated 1.8%. This strong performance was driven by robust domestic demand, higher foreign investments and continued growth in key sectors like manufacturing and technology. Despite the various challenges, these economies ability to maintain growth highlights the resilience and strength of the global economic landscape.

Outlook

The outlook for global economy is marked by a sense of cautious optimism driven by supportive monetary policies and reduced inflation. Global GDP growth is expected to remain moderate at 2.8 % in CY 2025 and 3.0 % in CY 2026.2 The global headline inflation is expected to decline to 4.2% in CY 2025 and further to 3.5% in CY 2026. This decline is envisioned to positively affect economic sentiments around the world. Further, accommodative monetary policies are expected to create an environment conducive to long-term growth. However, the new tariff laws implemented by the US administration will pose threats to the stability of global trade and bilateral relations among nations. With de-escalation of conflict, government interventions and monetary changes implemented by central banks worldwide, experts remain optimistic about a more stable and equitable growth.

Indian Economy

Indias economy grew at a rate of 6.5% in FY 2025 despite facing problems like global conflicts, supply chain disruptions and changes in international trade landscape.3 These performances can be credited to a robust performance of the domestic services sector and steady improvement in digital infrastructure. In addition, strong performance of the agriculture sector and a resilient manufacturing sector augmented the overall economic activity.

Inflation dropped from 5.4% in the previous fiscal to an estimated 4.9%, making the economy more stable.4 Reduced prices enhanced consumer sentiment and spending, increasing demand across many industries. The government also played a key role by introducing important reforms, making it easier to do business and invested heavily in infrastructure. These steps helped build trust in the market, especially in sectors like infrastructure that require a lot of investment.

Prudent fiscal discipline and adeptly calibrated monetary policies have underpinned macroeconomic stability in India. Structural reforms targeting persistent inefficiencies, coupled with an enhanced ease of doing business, continue to draw robust global investment flows. These strategic policy interventions are fortifying the foundations for sustainable economic expansion and bolstering the economys resilience. As comprehensive reforms and targeted capital allocation persist, India is poised for durable, long-term growth prospects.

Outlook

Despite persistent global economic turbulences, the economy of India is expected to sustain its trajectory of growth bolstered by strong demand, disinflationary changes and an overall positive economic environment. Further growth is foreseen in sectors like retail, logistics and digital services due to increasing consumer demand, enhanced connectivity and more efficient supply chains.

With the policy repo rate under the liquidity adjustment facility (LAF) was reduced by 50 basis points to 5.50% with immediate effect. In addition, the Government of India is maintaining a cautionary stance towards the shifting tariff scenario and calibrating its response that best serves the economic interests of the country.

Industry Overview

Global Waste Management Industry

In 2025, the global waste management market was valued at an estimated USD 1.28 trillion and is expected to grow at a rate of 6.72% each year until 2034. This growth is foreseen to be facilitated by rising urbanisation, industrial activities and increasing population, especially in the Asia Pacific region, which led the market with a 59.14% share in 2024.5 Further, the Middle East and Africa are exhibiting robust growth owing to ongoing infrastructure development and heightened focus on effective waste management.

Municipal waste, mainly from households and public places, made up about 32.3% of the global market in 2024.6 Of all waste categories, e-waste has witnessed the fastest growth. Despite smaller volume, hazardous waste is critical owing to its harmful effects to health and the environment. This kind of waste demands very careful handling and disposal.

Waste generation is closely linked to income levels and the pace of urban growth. High-income countries tend to generate

more waste per person but usually have better systems in place to manage it. On the other hand, low- and middle-income countries are witnessing a sharp rise in waste production. Waste generation in low-income countries is expected to triple by 2050.7 Regions like Sub-Saharan Africa, South Asia and the Middle East and North Africa are particularly at risk. Many of these areas lack proper waste management infrastructure, with more than half of the waste currently being dumped openly— posing serious risks to both people and the environment.

Addressing the escalating waste challenge demands a comprehensive and decisive strategy—one that prioritizes waste reduction at the source, strengthens collection and recycling systems, and advances safer, more sustainable disposal methods. Equally critical are targeted investments in modern waste infrastructure, robust policy frameworks, and widespread public engagement. Together, these efforts can drive the transformation toward cleaner, healthier, and more resilient communities, particularly in rapidly expanding urban centers.

Indian Waste Management Industry

Heightened public awareness around sustainability, combined with the pressures of fast-paced urbanisation, has positioned Indias waste management sector on a strong growth trajectory. In 2024, the market was valued at approximately USD 13.60 billion and is projected to grow to USD 19.26 billion by 2030, with an annual growth rate of about 7.21%.8 The surge in waste generation from cities and industries has led to an elevated focus on better waste handling solutions. Industrial waste currently holds the largest share, while municipal solid waste is growing the fastest. This focus on better waste management is also fuelled by government initiatives like the Swachh Bharat Abhiyan and increased public awareness.

Further to this, technological advancements are reshaping the Indian Waste Management industry, with the integration of digital tools into solid waste management systems. This integration is enhancing efficiency and strengthening accountability across the industry.

Opportunities and Challenges

Opportunities

Strong Market Growth

The waste management sector continues to demonstrate strong growth, driven by rapid urbanization, heightened environmental awareness and the enforcement of stringent government regulations. These factors are collectively driving increased demand for efficient and sustainable waste management solutions.

Technological Advancements

The industry is witnessing accelerated adoption of advanced technologies, including WtE plants and automated collection systems. These innovations are significantly enhancing operational efficiency and reducing environmental impact. Furthermore, the integration of data analytics and real-time monitoring solutions is enabling the optimization of collection routes and overall process efficiency.

Emphasis on Circular Economy and Recycling

Emphasizing a circular economy in municipal solid waste management shifts the focus from disposal to resource recovery through recycling, composting, and energy generation. This approach reduces landfill reliance, cuts pollution, and lowers emissions. Success hinges on strong infrastructure, innovative technologies, enabling policies, and public involvement. Scaled effectively, it can drive economic growth, create green jobs, and promote cleaner, healthier urban communities.

Government Initiatives and Policy Support

Government initiatives, such as the Swachh Bharat Abhiyan, are playing a pivotal role in shaping the industry landscape. These programmes enforce compliance through fines and actively encourage sustainable waste management practices. Policy frameworks are also promoting public-private partnerships (PPP), incentivising the development of waste- to-energy projects, and supporting the expansion of recycling infrastructure.

Challenges Infrastructure Gaps

Despite ongoing efforts, significant gaps remain in waste management infrastructure, particularly in smaller cities and rural areas. The lack of adequate facilities for waste collection, transportation and processing continues to delay the effectiveness of waste management initiatives. Addressing these infrastructure deficits is essential to ensure comprehensive waste coverage and environmental protection.

Financial and Regulatory Constraints

The sector faces persistent financial and regulatory challenges. The high capital expenditure required for the deployment of advanced waste processing technologies and WtE plants remains a major barrier to large-scale adoption. Additionally, concerns regarding air pollution and stringent regulatory compliance further complicate implementation. Regional disparities in both regulatory enforcement and infrastructure investment intensify these challenges, leading to uneven progress across different geographies.

Integration of the Informal Sector

The informal sector continues to play a significant role in waste collection and recycling activities. However, limited integration with formal waste management systems affects overall operational efficiency and traceability. Enhancing collaboration and formalization of the informal sector is critical to improving the effectiveness and transparency of waste management practices.

E-waste and Hazardous Waste Management

The rapid increase in e-waste and hazardous waste generation presents new challenges for the sector. Specialized handling, processing, and disposal solutions are required to manage these waste streams safely and sustainably. Such solutions remain underdeveloped in many regions, highlighting the need for targeted investments and capacity building in this area.

Major Types of Wastes

Municipal Waste

Indias Municipal Solid Waste (MSW) management sector is undergoing rapid change. This is due to the growing momentum of urbanisation, rising population and shift in lifestyle trends. The government, through programmes like the Swachh Bharat Mission, is working to improve waste collection, sorting and processing. In spite of this, challenges such as inadequate infrastructure, low processing capacity and weak enforcement— especially in handling plastic and old (legacy) waste continue to persist. More companies, both big and small, are now entering this sector to offer complete waste management services. New technologies are also being tested, like using drones to monitor waste and producing bio-CNG from biodegradable waste, to make the process more efficient. Even with these efforts, creating a clean, sustainable and well-managed waste system continues to be a major challenge for cities across India.

Plastic Waste

Indias waste management infrastructure is under severe strain from the surging volume of plastic waste. Widespread reliance on open burning and landfilling exacerbates environmental degradation and poses significant public health risks. Despite regulatory bans, single-use plastics continue to dominate the market, driven by weak enforcement and the absence of cost-effective alternatives, underscoring an urgent need for robust policy action and innovation. Additionally, discrepancies in data reporting hinder effective policy-making and waste management strategies.

In response to these challenges, operational efforts have focused on improving infrastructure and expanding service coverage across urban and semi-urban areas. Emphasis has been placed on integrating advanced technologies, optimising collection and processing operations and enhancing traceability through digital platforms. Alongside this, there is a concerted push towards incorporating the informal sector, promoting sustainable alternatives and raising public awareness about responsible waste disposal. These measures aim to build a more efficient and environmentally sound waste management ecosystem.

Electronic Waste

The India e-waste recycling market size was valued at USD 1.60 Billion in 2024. Projections indicate that this figure will escalate to USD 2.80 billion by 2033, reflecting a Compound Annual Growth Rate (CAGR) of 6.60% from 2025 to 2033.9 This upward trajectory is largely driven by stringent government policies, increased consumer awareness and advancements in recycling infrastructure. Collectively, these factors promote responsible disposal practices, efficient resource recovery and environmentally sound waste management, thereby contributing to the development of a sustainable circular economy.

Government initiatives, such as the implementation of The E-Waste (Management) Rules, 2022, have been instrumental in this progress. These regulations mandate manufacturers to adopt Extended Producer Responsibility (EPR), ensuring the collection and recycling of electronic waste. The establishment of authorised recycling facilities and the promotion of legal waste management channels have further strengthened the sector. Additionally, awareness campaigns and collaborations with urban local bodies and private sector entities have enhanced the efficiency of e-waste collection and processing. Financial incentives and subsidies aimed at developing recycling infrastructure are also accelerating growth, positioning India to effectively address the challenges posed by increasing electronic waste.

Biomedical Waste10

The biomedical waste management market in India is growing quickly, with its market size expected to rise from USD 2.32 billion in 2024 to USD 3.53 billion by 2030. This steady annual growth rate of 7.11% is largely driven by the swift expansion of healthcare services throughout the country. As more medical facilities open and patient care expands, the volume of biomedical waste being generated is also increasing. At the same time, theres a stronger focus on proper handling and disposal of this waste to prevent the spread of infections and to follow strict health and environmental rules. As a result, many healthcare providers are now choosing to outsource their waste management needs to professional companies that offer complete solutions.

Biomedical waste management involves several steps: sorting the waste, proper collection, safe transportation, storing it temporarily, treating it to remove hazards and then finally proper disposal. Due to the complexity and strict regulations of these processes, hospitals and clinics typically depend on specialized experts equipped with the necessary equipment and knowledge. Government rules in India are also pushing healthcare facilities to follow strict guidelines, which has led to more investment in advanced technologies that make the treatment and disposal of biomedical waste cleaner and more efficient. This safeguards public health and reduces harm to the environment.

Construction and Demolition Waste11

Globally, the Construction and Demolition (C&D) waste management market is growing fast, growing from USD 204.48 billion in 2024 to USD 217.91 billion in 2025, with a steady annual growth rate of 6.6%. This rise is mainly due to the heightened awareness of companies and individuals of the need for sustainable practices, especially as cities grow rapidly and landfill space becomes limited. Looking ahead, the global market is expected to reach USD 292.65 billion by 2029, growing at an even faster pace of 7.7% each year. This growth is foreseen to be facilitated by stricter environmental rules, the shift toward green building methods and the increasing focus on reusing and recycling construction materials.

Environmental concerns like global warming and climate change are also playing a big role in this shift. With the construction industry experiencing accelerated growth, companies are turning to smart technologies and innovation and making strategic moves to strengthen their green efforts. In terms of regions, the Asia-Pacific is leading the way because of rapid growth in places such as China, India and Japan. The market offers various services, from waste collection to recycling and serves both commercial and residential sectors, handling materials like wood, glass, plastics and more.

Hazardous Waste12

in some places we are refering to the size of the Indian market and in some segments, we are referring to Global size. lets standardize. This growth is driven by stricter environmental regulations, increased industrial activities and a growing awareness of the health and environmental risks associated with hazardous waste. Industries such as manufacturing, healthcare and energy are major contributors to hazardous waste, necessitating effective management solutions.

The market encompasses various services, including collection, transportation, storage, treatment and disposal of hazardous waste. Companies are focusing on developing innovative and sustainable waste management practices to meet regulatory standards and reduce environmental impact. The Asia-Pacific region, particularly countries like China and India, is anticipated to witness substantial growth due to rapid industrialisation and urbanisation. Overall, the hazardous waste management market is poised for robust expansion, driven by the need for safe and efficient waste handling solutions.

Battery Waste

The battery recycling market in India is undergoing notable expansion, with experts expecting it to expand by nearly 9% every year from 2025 to 2033. This growth is expected to be facilitated rising environmental concerns, more stringent regulations around battery disposal and emergence of new recycling technologies. As battery utilisation witnesses rapid rise in cars, factories and everyday gadgets, proper recycling is now more important than ever. Recycling helps recover valuable metals like lithium, cobalt and lead, which reduces the need to mine new materials and prevents harmful chemicals from polluting the soil and water.

Recycling of batteries benefits the environment and also augments economic efficiency. It reduces dependence on imported raw materials and supports the idea of a circular economy. In addition, it creates jobs and encourages investment in green technologies. Despite these benefits, the market continues to face hurdles as much of the battery waste is handled by informal sectors that dont always follow proper safety or environmental rules. India needs better recycling infrastructure, stronger policies and heightened public awareness of how to safely dispose of batteries. The successful mitigation of these issues is essential for the creation of a bright future of the industry.

Tyre and Rubber Waste13

Indias waste tyre imports have surged dramatically, rising from 264,000 Metric Tonnes (MT) in FY21 to 1.40 million MT in FY24, underscoring the countrys increasing significance in the global tyre waste management sector, according to the Automotive Tyre Manufacturers Association (ATMA). India can import used tires for the purpose of recycling, but its a tightly regulated process with specific conditions. The import is permitted only for recovery, recycling, or reuse, and not for disposal. The Ministry of Environment, Forest and Climate Change (MoEF&CC) is the authorizing body. This dramatic five-fold increase presents a unique opportunity for India to position itself as a regional hub for tyre recycling, leveraging strong domestic infrastructure and capacity to close the loop on end-of-life tyre (ELT) management. By channeling these resources into established recycling systems, India can reduce environmental harm and stimulate investment in circular economy initiatives, create new jobs and strengthen environmental sustainability, reinforcing its leadership in responsible tyre lifecycle management.

End of Life Vehicle Waste

An End-of-Life Vehicle (ELV) refers to a vehicle that is no longer fit for use and has reached the end of its useful life. This includes vehicles that have failed the mandatory fitness test conducted at an Automated Testing Station as per the Central Motor Vehicles (Twenty-First Amendment) Rules, 2021 and the Eighth Amendment Rules, 2022. It also covers vehicles whose registration has been cancelled under Chapter IV of the Motor Vehicles Act, 1988, or those declared unfit by a competent authority or court. Additionally, a vehicle may be considered an ELV if the registered owner voluntarily identifies it as waste due to reasons such as fire, accident, natural calamity or severe damage that renders it unserviceable.

India is increasingly grappling with the challenge of managing the waste produced by ELVs. With the rapid expansion of the automotive industry over recent decades, the number of ELVs in the country is projected to rise significantly. These vehicles consist of a complex mix of materials such as metals, plastics, rubber, glass and hazardous substances including lead, mercury and cadmium. If not handled correctly, these materials pose serious environmental and health hazards.

Currently, the ELV waste management ecosystem in India operates primarily in an informal and unorganised manner. Addressing this issue requires strategic investments in modern recycling infrastructure, the adoption of eco- friendly recycling technologies and enhanced awareness among key stakeholders—such as vehicle manufacturers, dismantlers and consumers.

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 a crucial component of effective waste management, focused on separating waste according to its point of origin—homes or commercial establishments. This separation simplifies recycling and ensures proper disposal. Municipal waste typically includes a wide range of materials, from recyclables like paper, plastic, glass and metals to organic waste such as food remnants and garden clippings. When waste is sorted at the source, it becomes easier to process and reduces the risk of contamination, enhancing the recovery of useful materials. This approach not only helps conserve natural resources but also lessens the environmental footprint of waste disposal, promoting a more sustainable and greener society.

Recycling and Composting

In the complex realm of waste management, recycling and composting have emerged as fundamental strategies. These practises are thoughtfully designed to ensure that recyclable materials are not simply discarded but are instead transformed into innovative new products, supporting the principles of a circular economy. At the same time, organic waste is repurposed through composting, converting it into nutrient-rich soil enhancers that improve soil health and support sustainable agriculture. This two-fold approach significantly reduces the amount of waste sent to landfills while simultaneously tackling issues like resource scarcity and environmental harm. It represents a shift towards a more integrated and sustainable approach to waste management, where every type of waste is valued for its potential to contribute to a greener future.

Waste-to-Energy

Waste-to-Energy (WtE) is an innovative waste management technique that transforms non-recyclable MSW into usable energy forms like electricity or heat. The most common method is incineration, where waste is burned at high temperatures to produce steam, which drives turbines for electricity generation. This process not only reduces the volume of waste destined for landfills but also recovers valuable materials and minimizes emissions through advanced pollution control systems.

In India, non-recyclable MSW poses a significant challenge for effective waste management. However, the adoption of WtE technologies is gaining momentum, especially as the government has officially recognized it as a renewable energy source. This policy shift is supported by financial incentives and subsidies, highlighting a strategic move towards sustainable waste and energy solutions. By integrating it into the national framework, India aims to address both waste reduction and energy generation while supporting circular economy principles and reducing greenhouse gas emissions.

Landfills

Sanitary landfills are a key component of MSW management, serving as the final destination for non-recyclable waste. Designed to protect the environment and public health, these facilities follow strict regulations and use engineered systems to control pollution.

Modern landfills feature layered liners (clay and synthetic) to prevent leachate from contaminating soil and groundwater, along with collection and treatment systems for safe leachate management. In addition, these facilities capture the methane gas released during decomposition and convert it into energy, helping reduce greenhouse gas emissions.

Regular monitoring of air, water and soil, along with proper compaction and covering, ensures safe operation and minimal environmental impact. Overall, sanitary landfills offer a responsible solution for waste disposal, balancing waste management needs with environmental protection.

Construction and Demolition Waste Segregation at Source

Effective waste management starts with segregating C&D waste at the source. This includes the separation of materials like concrete, wood, metals and plastics directly at the construction or demolition site. This process significantly facilitates the recycling and processing of these materials, ensuring that each type of waste is managed properly and efficiently.

Deconstruction and Salvaging

This approach focuses on the careful dismantling of buildings to optimise the retrieval of valuable materials, thereby minimising the amount of waste produced. Items typically salvaged include windows, doors, metal components, plumbing fixtures, concrete slabs, wall panels and flyover parapets. Advanced technologies, such as robotic concrete eaters and wall-cutting saws, are used to efficiently extract these materials, allowing them to be reused in new construction projects.

Reuse and Recycling

Centralised processing facilities are set up to manage significant amounts of C&D waste. These facilities are equipped with machinery for crushing, screening, washing and cleaning materials, resulting in the production of Recycled Concrete Aggregates (RCA) and other reusable resources. Any leftover concrete, asphalt, or masonry debris is crushed and processed into usable aggregates that can be applied in road construction, landscaping, or other purposes, thereby supporting circular economy initiatives.

Landfill Disposal

Residual materials from C&D waste that are unsuitable for recycling or repurposing are sent to designated landfills, making landfilling the final option in the waste management hierarchy for this sector.

Tyre and Rubber Waste

Mechanical Recycling

Scrap tyres can be processed using mechanical recycling techniques, which involve grinding them into fine crumb rubber. This rubber is then utilised in a range of industries, such as playground surfacing and athletic tracks, supporting the circular reuse of rubber materials.

Tyre-Derived Fuel (TDF)

TDF is a product created by shredding or chopping up of tyres. Tyres are an excellent source of energy because of their high calorific value. By transforming them into TDF, their energy can be utilised as a source of alternative fuel in industries such as cement manufacturing, paper production and power generation. The process includes breaking down the tyres into small fragments, removing contaminants like metal or steel wires and then either using the shredded material directly as fuel or refining it further into a finer, more consistent product.

End-of-life Vehicle Waste

Authorised Dismantling Facilities (ADFs)

ADFs approved by the government play a vital role in the safe disposal of End-of-Life vehicles (ELVs). These facilities dismantle vehicles in a controlled environment, ensuring the safe extraction and proper disposal of hazardous substances like fluids, refrigerants and batteries.

Material Recovery

ELV waste contains valuable resources like steel, aluminium, copper and rubber, which can be extracted and reused. Effective material recovery processes are employed to extract these materials and redirect them into recycling pathways.

Shredding and Auto Shredder Residue (ASR) Processing

Once the vehicle hulls are shredded into smaller fragments, they form Auto-Shredder Residue (ASR). This material undergoes further processing to separate metals, such as steel and aluminium, from non-metallic components like plastics, glass and rubber. This process ensures the efficient recycling of valuable metals and proper management of non- metallic residues. By effectively managing both shredding and ASR processing, industries can contribute significantly to sustainable waste management practices and the promotion of a circular economy

Landfill Disposal

After dismantling, processing and recovery of recyclable materials, only a small amount of non-recyclable waste should be sent to landfills. This strategy reduces the environmental impact of ELV waste and promotes sustainable waste management practices in the automotive industry.

Extended Producer Responsibility (EPR)

EPR has emerged as a key regulatory framework in managing end-of-life vehicles in an environmentally sound manner. Under this approach, producers are accountable for ensuring that vehicles, once no longer in use, are systematically collected, dismantled and recycled in compliance with sustainability norms. This process enables the recovery of valuable components such as metals, plastics, and rubber, while ensuring the safe disposal of hazardous materials.

India has initiated steps to implement EPR mechanisms in the automobile sector, especially in alignment with the Vehicle Scrappage Policy and related rules under the Motor Vehicles Act and Hazardous Waste Management framework. These developments encourage producers to design vehicles that are easier to disassemble and recycle, support the establishment of Registered Vehicle Scrapping Facilities (RVSFs) and contribute to a circular economy in the auto sector. Further, integration of digital platforms for tracking scrappage certificates and material recovery is being explored to ensure transparency and compliance. Such initiatives help mitigate environmental impact while also creating economic value through the recovery and resale of recyclable and reusable materials.

Key Initiatives in Waste Management I

Strengthening Segregation at Source:

Stricter waste segregation rules and promotion of Internet of Things (IoT) enabled smart bins are gaining momentum. Awareness campaigns in urban and semi-urban areas, along with collaborations with schools and corporations will be instrumental in building a culture of waste responsibility.

Expansion of Waste-to-Energy Projects:

New waste-to-energy plants in metropolitan and tier-1 cities will boost renewable energy capacity while managing waste. Advanced pyrolysis and bio-methanation technologies are being implemented facilitated by government policies and an encouraging private sector involvement.

Focus on Circular Economy and Recycling:

Material Recovery Facilities (MRFs) and expanded Extended Producer Responsibility (EPR) frameworks for plastics, e-waste and packaging are promoting sustainability. Support for startups in recycling and upcycling is helping close the production- consumption loop.

Digitalisation and Data-Driven Waste Management:

A national waste management dashboard is set to monitor real-time waste activities, leveraging Artificial Intelligence (AI) to optimize waste collection and facility planning. Complementing this, digital tools such as GPS-enabled fleet tracking and GIS-based route optimization are being deployed. These technologies enhance traceability, improve transparency, and support data-driven decision-making across the entire waste management ecosystem.

Landfill Remediation and Legacy Waste Management:

Aggressive timelines for bioremediation of legacy dumpsites aim to convert reclaimed sites into green zones or solar parks. Urban local bodies are being held accountable to reduce landfill reliance, promoting sustainable waste alternatives.

Growth factors

Rapid Urbanisation and Industrialisation

With the rapid pace of urbanisation and industrial growth, particularly in developing nations like India, the volume of waste being generated is rising sharply. As cities expand and industries flourish, the need for more efficient and effective waste management solutions becomes increasingly critical. Industrial activities, in particular, contribute a substantial share to the overall waste, highlighting the needs to manage this sector.

Stricter Environmental Regulations

Stricter environmental regulations are playing a pivotal role in shaping the waste management landscape. In India, the inclusion of C&D waste under the EPR framework marks a significant step toward formalising recycling practices in the sector. Waste management entities are increasingly participating in EPR-led initiatives by ensuring the scientific handling and reuse of construction debris, in line with regulatory requirements. Simultaneously, efforts are underway to maximise the use of Refuse-Derived Fuel (RDF) generated from municipal solid waste by integrating it into industrial applications such as cement kilns and waste-to-energy facilities. These regulatory developments are enhancing environmental compliance and unlocking new avenues for resource recovery.

Technological Advancements in Waste Management

New technologies such as Artificial Intelligence (AI) and smart sensors are transforming waste management. These technologies allow for better monitoring of waste, more efficient collection routes and improved recycling, leading to cost savings and more efficient utilisation of resources.

Growth of the Circular Economy

The circular economy focuses on reducing waste by reusing, recycling and designing products in a more sustainable way. This approach helps reduce environmental damage and creates new business opportunities in recycling and waste management. The growth of the circular economy is further driving expansion in the waste management industry.

Extended Producer Responsibility

Antony Waste sees growth opportunities in managing end- of-life plastic waste through waste-to-energy solutions and expanding recycling avenues. This includes converting recycled plastics for textile applications as well as using them in food- grade materials, such as bottle-to-bottle processes and recycled PET (RPET).

Expanding B2B and B2C Operations

Enhancing business-to-business (B2B) recycling and material supply networks to build strong partnerships and enable scalable impact, driving growth and efficiency of the Company.

Futher, the Company is expanding its growth by developing business-to-consumer (B2C) channels, exemplified by initiatives such as Click2Clean. These efforts enable consumers to engage directly in circular solutions while broadening the Companys customer base, supporting a more diverse and resilient business model within the waste management industry.

Extended Producer Responsibility (EPR) for Construction and Demolition (C&D) waste

Antony Waste is focusing on the implementation of EPR for C&D waste , positioning it as a key growth driver. By adopting EPR, the Company aims to enhance waste management efficiency, promote sustainable practices, and create new opportunities within the C&D waste sector, contributing to overall industry growth.

Need for Waste Segregation Awareness

There is an increasing need to promote awareness about waste segregation at the source. Targeted education and outreach programmes can significantly improve recycling efficiency and overall waste management practices. Empowering communities with the knowledge of proper segregation methods plays a vital role in reducing the volume of unmanaged waste.

Demand for Organic Waste Management

As the production of organic waste exhibits elevation, there is a need for better solutions to handle it. Methods like composting and bio-digestion are gaining prominence. These solutions help in processing waste in an eco-friendly way.

Government Support

Governments are introducing policies to reduce waste and encourage recycling. They are also promoting practices that support a circular economy. These policies create more opportunities for waste management businesses.

Technological Advancements in Waste Processing

Integration of new technologies like AI for sorting waste and smart systems for waste management are creating a significant impact. These innovations can augment waste processing and are paving the way to new solutions in waste management.

Public-Private Partnerships

Partnerships between government bodies and private companies are enhancing waste management services. These collaborations allow them to build better infrastructure as both entities bring their respective strengths and expertise to the table. This results in more efficient management of the entire waste disposal and management process.

Challenges

Rising Operational Costs

The increasing cost of fuel, labour, and compliance with evolving environmental regulations has placed pressure on operational margins. Efficient cost management while maintaining service quality remains a major challenge.

Infrastructure and Technology Upgradation

Modernizing waste collection, segregation, and processing infrastructure to align with smart city initiatives and circular economy goals requires substantial investment. Integrating advanced technologies while ensuring seamless scalability is an ongoing concern.

Waste Segregation and Public Awareness

Low levels of source segregation and limited public awareness continue to hinder efficient waste processing. Driving behavioural change through sustained outreach and education programmes is essential but remains a slow and resource-intensive process.

Regulatory and Policy Dynamics

Frequent changes in environmental laws, municipal guidelines, and tendering processes create uncertainties in project planning and execution. Staying compliant while remaining competitive in bids demands adaptive strategic planning.

Company Overview

Antony Waste is one of the leading players in Indias MSW management industry. With over two decades of experience, the Company provides comprehensive range of services including the collection, transportation, processing and disposal of solid waste to various municipal corporations across the country. The Company is engaged in various projects across 9 states, having catered to over 23+ municipal corporations. Antony Waste has expanded into areas such as refuse-derived fuel, bio-mining and integrated waste-to-energy initiatives. By leveraging technology and maintaining a focus on environmental responsibility and operational excellence, it continues to play a crucial role in shaping cleaner, greener cities.

Core Strengths

Experienced Management Team with Strong Domain Expertise

The Company is managed by a seasoned management team with extensive domain knowledge and a strong grasp over the MSW industry. Their strategic vision, combined with technical expertise and vast experience, empowers the Company to effectively address complex challenges and seize new growth opportunities. This leadership strength encourages continuity, stability and sustainable long-term growth, reinforcing Antony Wastes position as a leading force in the waste management sector.

Diversified Business Model

The Company operates a comprehensive and diversified business model that spans the entire waste management value chain. It offers end-to-end solutions, from waste collection and transportation to treatment and final disposal, catering to the needs of both municipal bodies and industrial clients.

Technological Edge and Infrastructure Strength

The Company continuously integrates advanced technologies into operations from GPS tracking in vehicles to energy- efficient waste processing systems. Partnerships with global technology players and scientific landfill processes such as bio- reactor and composting enhance operational outcomes. This technology-first mindset ensures compliance, efficiency and innovation-led growth.

Strong Track Record of Project Execution

The Company has earned a distinguished reputation in the waste management sector through the timely and cost-effective execution of its projects. Its consistent emphasis on quality and dependable delivery has reinforced stakeholder confidence and client trust.

Integrated End-to-End Capabilities

The Company manages MSW through an end-to-end approach that includes collecting waste from homes and streets, transporting it, sorting it, processing it and turning it into useful products like compost or energy and also handle recycling and manage landfills in a safe and scientific way. The wide range of services helps keep cities cleaner and supports a healthier environment.

Leveraging data analytics

The Company leverages data analytics to optimise operational efficiency, enabling streamlined processes and informed decision-making that support consistent performance improvement and sustainable growth across the waste management industry.

Integrating IT tools to optimise fleet operations

The Company everages advanced IT tools to optimise fleet operations, enhancing efficiency, monitoring, and coordination. This approach strengthens operational control and supports scalable growth, positioning the Company to respond effectively to industry demands while improving overall resource management and service delivery.

Integrated Command and Control Centres (ICCC)

ICCC enables real-time monitoring and management of operations, enhancing efficiency, supporting timely decision- making, and streamlining waste management processes, serving as a key growth driver in the industry.

Innovation in vehicle technology

The Company leverages parental expertise to enhance vehicle technology, driving improved operational performance and supporting growth in the waste management industry.

Outlook

AWHCL has established itself as a leader in Indias solid waste management sector by providing comprehensive services throughout the municipal solid waste (MSW) value chain. By collaborating with municipalities that uphold robust financial governance and managing risks through staggered project schedules and built-in cost adjustments, the Company has remained resilient amid changing market conditions. Continued investments in technology, operational efficiency, and thorough project evaluations have positioned AWHCL to seize new opportunities in the waste management industry, all while upholding a strong commitment to environmental responsibility and long- term value for stakeholders. The Company demonstrates its dedication to sustainability through green energy initiatives, employee training programmes and ongoing efforts to reduce its carbon footprint.

The Company is focused on expanding Extended Producer Responsibility (EPR) efforts, particularly in the utilisation of end-of-life plastic for waste-to-energy and the development of advanced recycling for textile-grade and food-grade applications. To deepen engagement across the value chain, it is strengthening B2B supply chains and launching B2C initiatives such as Click2Clean to promote greater consumer participation in circular economy models. Further, its planned entry into EPR for C&D waste signals a step towards broader industry diversification.

Looking ahead, the Company will harness data analytics and IT-enabled fleet management to drive operational efficiency and optimise resource deployment. Real-time monitoring through Integrated Command and Control Centres (ICCC), combined with a culture of continuous innovation and strong parental backing, positions the Company to deliver scalable solutions with measurable environmental impact. With these strategic priorities, it remains firmly focused on long-term value creation and sustainable urban development.

Risk Management

The Company has established a comprehensive risk management framework that is integrated into its operational strategies to proactively identify, evaluate and address potential risks. This framework is periodically reviewed by the Risk Management Committee to ensure its continued alignment with the Companys mission and vision. It encompasses a broad spectrum of risk categories, including environmental, operational, financial, technological, safety and regulatory risks, while also considering the nature, scale and complexity of the business activities.

Human Resource

The Company continued to play a pivotal role in supporting the companys operational excellence and growth trajectory. The focus remained on fostering a skilled and engaged workforce through comprehensive training initiatives, promoting a culture of safety and sustainability, and ensuring robust employee engagement across all levels. The HR team prioritized talent development, retention, and well-being, aligning human capital strategies with the companys broader objectives of efficiency, innovation, and service quality. This approach has enabled the organization to effectively manage its large and diverse workforce, supporting the successful execution of projects and maintaining high standards in waste management operations.

Operational Performance

During FY25, the Company efficiently managed approximately 4.93 million metric tonnes of municipal solid waste (MSW), reflecting a 6% year-on-year growth. It achieved significant milestones, including the sale of 1,48,000 tonnes of Refuse Derived Fuel (RDF) and 21,200 tonnes of compost. The Company also generated over 10.10 crore green energy units at the PCMC Waste-to-Energy Plant and avoided around 12,801 tonnes of CO2e emissions, demonstrating a strong commitment to environmental sustainability.

This continued growth highlights the Companys dedication to transforming waste into valuable resources and meeting the rising demand for high-quality, sustainable products. Furthermore, its wholly owned subsidiary, AG Enviro, has begun ward-wise operations under a newly re-awarded contract from the Navi Mumbai Municipal Corporation. This strategic renewal not only strengthens the Companys presence in the region but also reaffirms its proven ability to secure and efficiently execute collection and transportation projects, supporting future revenue growth.

Revenue Performance

In FY2025, consolidated revenues reached H 95,879.29 lakh, reflecting a year-on-year increase of H 6,385.18 lakh, or 7.1%, compared to H 89,494.11 lakh in FY2024. This robust top-line growth was principally attributable to (i) enhanced operational yield stemming from elevated volumes handled in Collection & Transportation (C&T) projects. (ii) increased throughput in processing operations. (iii) incremental revenue streams from the sale of energy units generated from Municipal Solid Waste (MSW). These positive variances were partially offset by a decline in contract revenue and the scheduled roll-off of the Mangaluru C&T contract.

Operating Expense Analysis

Operating expenses for FY2025 totalled H 72,708.07 lakh, representing 75.8% of revenues—a notable improvement from the prior years 77.4% of revenue (H 69,309.13 lakh). This favourable expense-to-revenue ratio was achieved through a combination of pricing initiatives, operational efficiency gains, and reduction of lower-margin contract revenue which collectively mitigated the impact of inflationary pressures on wage structures and discretionary expenditures. The absolute increase in operating expenses was primarily driven by (i) heightened operational volumes (ii) inflationary escalation in labour and overhead costs (iii) elevated repair and maintenance (R&M) outlays (iv) augmented transportation costs, particularly for compost and RDF product sales (v) increased provisions for loss claim reserves as part of enhanced risk management framework.

Income from Operations

Income from operations for FY2025 amounted to H 22,024.32 lakh, or 23.0% of revenues, reflecting a YoY increase of 9.1% from H 20,184.98 lakh (22.6% of revenues) in FY2024. This margin expansion was primarily underpinned by robust revenue accretion and improved project-level performance, which effectively counterbalanced the adverse effects of wage inflation, escalated transportation and R&M costs, and other site-specific operational expenditures.

Exceptional Items and Arbitration Gains

During the year, the company recognized an exceptional gain of H 2,388.64 lakh, arising from the favourable resolution of an arbitration proceeding. This outcome underscores the organizations unwavering commitment to rigorous compliance with tender stipulations and contractual obligations.

Comprehensive Income and Earnings Per Share

Total comprehensive income for FY2025 stood at H 10,068.69 lakh (H 35.51 per diluted share), compared to H 9,925.67 lakh (H 35.00 per diluted share) in FY2024. The H 143.02 lakh YoY increase was principally attributable to the aforementioned growth in operating income and arbitration gains, partially offset by elevated interest expense and accelerated depreciation charges.

Cash Flow and Free Cash Flow Dynamics

Net cash provided by operating activities for FY2025 was H 18,721.98 lakh, reflecting a YoY increase of H 4,782.73 lakh from H 13,939.25 lakh in FY2024. This enhancement in operating cash generation was primarily driven by superior earnings performance from processing projects and favourable working capital movements. These positive factors were partially offset by increased cash outflows for interest and income tax obligations.

Free cash flow for FY2025 improved to H 3,747.92 lakh, a marked turnaround from the negative H 1,249.39 lakh reported in FY2024. This H 4,997.31 lakh YoY improvement was largely attributable to the aforementioned increase in operating cash flows and the receipt of capital grant proceeds, partially mitigated by elevated capital expenditures associated with ongoing investments in C&T and processing infrastructure.

Key Financial Ratios

Particulars	Standalone		Consolidated
	FY 2024-25	FY 2023-24	FY 2024-25	FY 2023-24
Current Ratio (in times)	2.81	2.07	1.22	1.30
Debt Equity Ratio (in times)	0.09	0.19	0.72	0.58
Net Profit Margin (in %)*	68.78	11.92	10.78	11.44
Net Profit Margin (in %)*	10.22	3.35	15.27	15.82
Interest Coverage Ratio (in times)	1.62	3.45	2.70	7.24

* includes exceptional gain

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.