Subscribe to Antony Waste Handling Cell: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher IPO report on Antony Waste Handling Cell.

However, we remain cautious on its long term growth based on factors like large dependency on projects from State government authorities primarily Municipal Corporations (unstable budget allocation for MSW management), highly competitive market (with presence of local, national and global players), untested and still emerging business model, huge capex required for growth and rich valuation (19.6x FY20 EPS vs PL Infra coverage universe at an average of ~12x. AWHCL emerged as a strong player providing full spectrum of Municipal Solid Waste (MSW) management services with a diversified project portfolio across segments, geographies and clientele. It is one of the top five players in Indian MSW management industry having resources to handle large-scale projects for municipalities and private players. Over FY16-20, AWHCL’s revenues/ EBITDA/ Adj. PAT grew at a CAGR of 18.7%/ 19.5%/ 27.6% respectively. At upper end of the price band, this issue is trading at a P/E of 19.6x and an EV/EBITDA of 8.5x as on FY20 earnings.

Valuation and Outlook

We recommend SUBSCRIBE rating on Antony Waste Handling Cell (AWHCL) IPO issue on a near term basis as we see reasonable listing gains given strong market sentiment and enormous outperformance of the recent public issues.

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