Antony Waste swings to Rs -1.73 cr loss despite 24.68% revenue growth
Costs grew faster than revenue year on year, while negative other income turned a positive operating result into a pre-tax loss.
Filed 05 Nov 2026, 19:37 IST · after market close · Antony Waste Handling Cell Ltd (AWHCL)
Key takeaways
- Antony Waste posted a consolidated net loss of Rs -1.73 cr despite revenue growth of +24.68% year on year.
- Operating margin narrowed 4.07 percentage points year on year as expenses grew +30.98%, faster than revenue.
- Negative other income of Rs -10.83 cr accounted for 910.08% of pre-tax profit and pushed the company into a Rs -1.19 cr pre-tax loss.
Price around the results
Revenue grew, but earnings fell into the red
Consolidated revenue rose +24.68% year on year and +23.08% sequentially, but operating profit slipped -1.54% year on year. The sequential improvement was sharper, with operating profit up +32.18% as revenue grew faster than expenses. After interest and depreciation, negative other income of Rs -10.83 cr left pre-tax profit at Rs -1.19 cr.
Costs explain the year-on-year margin squeeze
Expenses grew +30.98% year on year against revenue growth of +24.68%, narrowing operating margin by 4.07 percentage points. Sequentially, revenue grew +23.08% while expenses grew +21.57%, lifting margin by 1.05 percentage points. Interest expense fell -26.08% sequentially, but the company still reported a tax charge of Rs 0.54 cr despite the pre-tax loss.
Margin remains below the Utilities peer median
Operating margin has recovered from 14.26% in Q1FY27 to 15.31%, but it remains below the 19.38% recorded in Q2FY26. The margin is also 13.59 percentage points below the 28.9% median among 25 Utilities peers that have reported, placing Antony Waste ninth from the bottom. The broader trend is uneven: margin fell from 22.26% in Q1FY26 to 16.28% in Q3FY26, recovered to 19.93% in Q4FY26, and then weakened again in Q1FY27 before this quarter's sequential recovery.
Results came after the market closed
The company filed these consolidated results after market close, so there is no post-results share-price move to assess yet. In the eight previous results reactions tracked, the stock fell seven times and rose once; the median absolute move was 4.01%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹321 cr | ₹261 cr | +23.08% | +24.68% |
| Other income | ₹-11 cr | ₹8 cr | — | — |
| Expenses | ₹272 cr | ₹224 cr | +21.57% | +30.98% |
| Operating profit | ₹49 cr | ₹37 cr | +32.18% | -1.54% |
| Operating margin (%) | 15.31% | 14.26% | — | — |
| Interest | ₹16 cr | ₹21 cr | -26.08% | +2.46% |
| Depreciation | ₹24 cr | ₹22 cr | +6.33% | +10.19% |
| Profit before tax | ₹-1 cr | ₹1 cr | — | — |
| Tax | ₹1 cr | ₹1 cr | -8.47% | -81.44% |
| Net profit | ₹-2 cr | ₹1 cr | — | — |
| EPS (₹) | ₹-0.64 | ₹0.27 | — | — |
Operating margin of 15.31% compares with a Utilities sector median of 28.90% across 25 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 15.31% after the sequential recovery.
- Whether other income moves back from negative Rs -10.83 cr.
- Whether pre-tax profit returns above the Rs -1.19 cr loss.