Antony Waste Handling Cell Limited is the second largest player in the Indian municipal solid waste management industry with end-to-end capabilities. The company’s biggest project – MSW processing site at Kanjurmarg is Asia’s largest single location waste processing site, located in Mumbai with a capacity of handling 7,000 TPD MSW. The site currently handles 5,000 TPD of Mumbai’s MSW waste and would be processing 70% of the total waste generated in Mumbai over next few years

Antony Waste Handling Cell Limited

Wants To Apply Online

Issue Details

Objects of the issue
  • Part-financing for PCMC WTE Project through investment in the Subsidiaries,
  • AG Enviro and Reduction of the consolidated borrowings of the company by infusing debt in the Subsidiary – AG Enviro for repayment /prepayment of portion of their outstanding debtedness General corporate purpose
Issue Size Issue Size – 300 Crore
Offer for Sale- 215 Crore
Fresh Issue- Rs.85 Crore
Face value  

Rs.5 Per Equity Share

Issue Price Rs. 313 – Rs. 315
Bid Lot 47 shares
Listing at  BSE, NSE
Issue Opens: 15th21 st December2020 – 23 rd December 2020
QIB 50% of Net Issue Offer
Retail 35% of Net Issue Offer


Financial Performance:



  • A leading service provider in MSW management sector

  • Strong track record of project execution

  • Diversified business model

  • Access to technology backed vehicles and equipment

Key Highlights:

  • As of November 15, 2020 they have undertaken more than 25 projects out of which 18 are on going comprising 12 MSW C&T projects, 2 MSW processing projects and 4 mechanized sweeping projects.

  • During the period FY18-20 it reported a 28% percent CAGR rise in consolidated revenue to Rs 450.51 crore in FY20. EBITDA increased by 28.6 percent CAGR to Rs 139.6 crore in FY20. EBITDA margin expanded by 104bps over the period to stood at 30.06 percent in FY20.

  • The top five clients contributed 81.76% of total revenue in Fiscal year 2020 .

Risk Factors:

  • The company is largely dependent on municipalities for a substantial proportion of its business and revenue

  • Business and financial condition may be adversely affected if new MSW projects are not awarded to the company

  • Majority portion of the revenue comes from limited clients. According to RHP, the top five clients contributed 81.76% in FY 2020.


Antony Waste has an established track record of 19 years in executing solid waste projects. The MSW Management market is estimated at ₹ 5,000 crore for Fiscal 2020 and is expected to reach ₹ 9,800 crore by Fiscal 2025 at a CAGR of 14.4%. As per the report from Frost & Sullivan, only 30-35% of municipal solid waste generated in India gets processed. Swachh Bharat Mission aims to achieve 100% collection, transportation, processing and disposal of municipal waste across 4,041 cities/towns in the country.The MSW management sector in India is poised for significant expansion and the company intends to part in the sectoral growth. MSW generation in India is expected to grow at 8.9% CAGR from 75mnTPA in FY20 to 115mnTPA by FY25E. At the higher end of the price band of Rs. 315, the stock will be available at a PE multiple of 12.6x on FY20 post issue EPS.Company does not have any listed industry peers in India. We would recommend subscribe to this IPO consdering strong revenue visibilty from existing Projects.


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