Antony Waste Handling Cell Ltd (NSE: AWHCL) Q4 2025 Earnings Call dated May. 30, 2025
Corporate Participants:
Jose Jacob — Chairman & Managing Director
Mahendra Ananthula — Group President, Operation Business Development and Diversification
Subramanian N. G. — Group Chief Financial Officer
Analysts:
Atul Daga — Analyst
Rupam Jaiswal — Analyst
Rohit Maheshwari — Analyst
Ketan R Chheda — Analyst
Karan Sharma
Soumya S — Analyst
Unidentified Participant
Ronak Shah — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to Q4 FY ’25 Earnings Conference Call of Anthony Waste Handling Cell Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on-date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star on your touchstone phone.
I now hand the conference over to Mr Jose Jacob, Chairman and Managing Director from Antony Waste Handling Cell Limited. Thank you, and over to you, sir.
Jose Jacob — Chairman & Managing Director
Good afternoon, everyone, and thank you for joining us for our Q4 and FY ’25 earnings conference call. With me, I have Mr Mahindra Anantula, our Group President, Operation, Business Development and Diversification. MR., our Group CFO; and SGA, our Investor Relations Advisors. Our investor presentation for Q4 and FY ’25 is now available on the stock exchange and on our company website.
For the full-year, the company has exhibited strong operational performance across the all sites, efficient management, efficiently managing high tonnage volumes, demonstrated — demonstrating the strength and scalability of its operations. The company has successfully demonstrated exceptional operational efficiencies, achieving an impressive plant load factor of approximately 82% in its flagship waste-to-energy facility at PCMC. Highlighting the plans with reliability and effectiveness in generating clean-energy from waste.
Additionally, our construction and demolition waste recycling initiative set a new industry benchmark, reaching a remarkable recycling rate of 96% additionally, the successful conclusion of an arbitration process has resulted in a favorable settlement, yielding substantial one-time gains of INR28 crores and the fund has been credited to our account. These extraordinary line items has further supported the company’s financial position and our overall stability. This favorable outcome not only affirms our unwaving commitment to strict adherent to tender conditions, but also strengthens our confidence that the remaining amounts currently involved in ongoing arbitration proceeding will be resolved in a similarly Positive manner. Now let me begin with the financial performance for the 4th-quarter and for the full-year 2025. We closed the Q4 with a high record operating revenue of INR223 crores, reflecting a solid growth of 14% compared to the Q4 FY ’24. This achievement highlights the continued strength of our operating model and the effective execution across all business segments. For the full-year, we reported operating revenue of INR842 crores, representing a healthy 10% increase over FY ’24. This performance was boosted by multiple factors, including higher-volume, increased sales of compost and fuel, tipping fees, steady power generation from our energy facility, contribution from the Bio mining and the commercial commencement of our construction deli project in, Mumbai., collectively, these drivers contribute significant — significantly to our top-line growth and positions us well for the continued success in the upcoming fiscal year. During the quarter, our C&C business revenue stood at INR141 crores and for FY ’25 stood at INR581 crores. The processing entities showed robust progress, posting 48% year-on-year growth this quarter with revenue of around INR82 crores. And for FY ’25 processing revenue growth was by impressive 25%, reaching to INR261 crores compared to FY ’24. This growth was driven by higher-power sales from PCMC waste-to-energy plant, steady contribution from the mining project and revenue from our construction and demolition-based processing. These results highlighted our integrated waste management strategy, blending operational excellence with strategic infrastructure investments that are now delivering consistent returns. Our EBITDA for Q4 stood at INR58 crores, reflecting a still significant 33% year-on-year growth with margins standing at 23%. And for FY ’25, EBITDA stood at INR220 crores, reflecting a year-on-year growth of 9% with margins standing at 23%, consistent with our steady guidance. This strong financial performance highlights our continued focus on operational excellence and our enhanced efficiency in base processing operations. So showcasing our ability to effectively utilize assets while reinforcing our unwavering commitment to sustainable waste management practices. Actually, our wholly-owned subsidiary, AP has commenced worldwide operation under the recent renewed Navi Pumbai Corporation contract. This this strategic renew showcases the company’s strong foothold in the region and showcases its ability to effectively rein secure and manage collection and transportation projects. Furthermore, as part of a strategic initiative aimed at optimizing both operational performance and financial strength, the company has commenced the processing of merging, its large only oil subsidiary with the publicly-listed holding company. This plan restructuring of integrating into the holding company. The organization anticipates significant improvement in operational synergies, cost-effectiveness and overall financial stability, positioning itself for sustained growth. Looking ahead, we remain steadfast in our commitment to scaling up investment in sustainable waste management projects and enhancing operational excellence. By leveraging our expertise in MSW management, optimizing operational efficiency and pursuing strategic expansion opportunities, we are dedicated to delivering strong, sustainable and long-term value. Through these efforts, we aim to build a cleaner, greener future, positively impacting the communities we saw and setting new standards in responsible waste management. Thank you, and I’m now turning to the operational aspect, let me give my highlight overview. Thank you.
Mahendra Ananthula — Group President, Operation Business Development and Diversification
Thank you,. Before I get on to the operational performance of Anjoni Waste Limited, let me give a short brief on the recent Bombay High Court order ruling around the project. On 2nd May 2025, Bombay High Court set-aside the 2009 denotification of approximately 120 hectares at the, thereby restoring its such status as a protected forest under the Forest Conservation Act 1980 and the Indian Forest Act 1927. The Court found this denotification to be non-compliant with statutory procedure holding the 2008 notification conferring mangro forest status was based on due process and factor assessment, not clinical letter as suggested by the State of Maharashtra and BMC.
The BMC is directed to restoration of forest status within three months during which waste disposal may continue. Municipal solid waste management, including collection, transportation, treatment and disposal is considered essential service under the Essential Services Maintenance Act 1981. This order significantly impairs Mumbai’s waste management regime as the site processes majority of the city’s solid waste and no immediate alternative equipment. The State of Maharashtra and BNC intend to challenge the order before the Supreme Court, while landfill operations and concessionist rights and protection under the competition agreement remain intact, which includes seeking compensation for losses from premature, decommissioning costs, third-party claims, invested capital and foregone revenue for the remaining concession period. In short, the state government and BMC have decided to challenge their precisions in Supreme Court.
They are exploring legal options on the subject because BMC, other than the site has no other option in the city for scientific disposal of MSW. Now on to the operational aspect, the company’s waste energy facility in PCMC delivered exceptional operational performance, achieving a remarkable plant growth factor of approximately 90%, a significant increase from 76% in the prevening quarter. For FY ’25, the maintained a strong average PLF of about 82%, reflecting sustained operational excellence and robustness of the underlying technologies. This performance highlights the plant’s reliability and efficiency in converting waste into clean-energy, reaffirming the company’s confidence in its WTE capabilities.
Furthermore, Waste Construction and demolition waste recycling initiative established a new industry benchmark by achieving an impressive 96% recycling rate, effectively transforming waste into valuable resources and advancing the circular economy goals. During the quarter, our collection and transportation operations efficiently managed about 0.49 million tonnes of waste and processed around 0.87 million tonnes of municipal foreig waste, showcasing the year-on-year growth of 7% and 30% respectively. The total tonnage for quarter-four of FY ’25 stood at about 1.36 million tonnes, representing a notable 20% year-on-year increase.
Over the course of FY ’25, we managed total volume of about 4.93 million tons, reflecting a 6% year-on-year growth. This robust performance highlights the strength of our operation and strengthens our confidence in achieving our internal volume growth targets. In-quarter four FY ’25, we started the new Mobile collection and transportation contract in a sales manner and all the will be fully operational in-quarter one of FY ’26. On the waste front, our waste plant generated over 26 million green units in-quarter four of FY ’25, highlighting our ongoing commitment to reduce reliance on fossil fuels and lowering carbon emissions.
Through these efforts, we also avoided 2,629 tonnes of CO2 equivalent, reinforcing our dedication to sustainability and environmental stewardship. The company achieved record annual sales for both Compost and RDS, underscoring the growing momentum of our waste valorization initiatives. In the March quarter itself, RDF sales reached about 45,200 tons, while composed sales stood at around 4,500 tons. For the first fiscal year, RDF sales increased to about 1,48,000 tonnes and composed sales nearly doubled to around 21,200 tons compared to 1,46,000 tonnes and 10,000 tons respectively in the previous year. This robust — this robust growth reflects our continued commitment to transforming waste into valuable resources, while also indicating rising Market acceptance and demand for our high-quality sustainable products. On the ESG front, our Scope 1 and Scope 2 emission for the year totaled about 26,000 tonnes and 2,700 tons of carbon dioxide equivalent respectively with avoided emissions amounting to around 12,000 liquid tons. Additionally, our ground staff rent currently stands at 10,0766, reflecting our continued investment in a skilled workforce to support our operations and sustainability initiatives. Going-forward, the company remains deeply committed to fostering sustainable growth while continually enhancing operational efficiency. Our journey is anchored in a robust track-record of performance underpinned by a culture of adaptability and an unfavoring dedication to excellence. These core strengths position us to not only meet but exceed our internal objectives as we align our operations with evolving environmental standards. Thank you. And I’ll now hand over the call to NJ for financial highlights.
Subramanian N. G. — Group Chief Financial Officer
Thank you, Mahindra. Good afternoon, everyone. For the 4th-quarter ending March ’25, our operating revenue witnessed a strong growth of 14%, reaching a record-high of INR223 crores compared to the same-period last year. For the full-year, the sugar stood at INR842 crores, a growth of 10% on a year-on-year basis. The total operating revenue, which includes income from sale of recyclables and RDF that excludes contract revenue stood at INR247 crores for the quarter, reflecting a 15% year-on-year growth. And for the full-year, this number stood at INR933 crores, a growth of 8%. In FY ’25, we have observed a shift in our revenue composition. MSW CNT contributed 61% of the revenue with processing accounting for 27% and contracts and other at 12%. This reflects the change from FY ’24 where these numbers were 62%, 23% and 14% respectively.
Our diversified revenue streams continue to offer strategic flexibility and position the company for long-term sustained growth. The Group reported an EBIT of INR58 crores for the quarter, which is a 33% year-on-year growth with margins at 23%. For ’25, the EBITDA stood at INR220 crores, reflecting a year-on-year growth of 9% and EBITDA margin of 23%, in-line with our stated guidance. These results underscore its efficiency and the financial discipline adopted by the company. For the quarter, the profit before-tax — before exceptional items stood at INR25 crores, reflecting a substantial growth of 90% on a year-on-year basis. And for the full-year, the profit before-tax was INR95 crores versus INR109 crores.
On a year-on-year basis, this decline was primarily attributable to higher interest and depreciation expenses following the commissioning of WT and the CATE projects. Notably, cash profit before taxes has increased by 16% to INR188 crores further enhancing our financial flexibility and resilience. The PAT for the quarter was INR46 crores, a growth of 53% on a year-on-year basis and for FY ’25 stood at INR101 crores, a marginal growth of 1%. During 4th-quarter, the company achieved an extraordinary gain of INR23.9 crores, a direct result of our decisive victory and arbitration procedures upheld by the Bombay High Court. This landmark outcome reaffirms our uncompromising commitment to affording tender conditions and sets a strong precedent for our continued adherence to the highest standards of compliance.
As of March ’25, the Group’s gross debt stood at approximately INR473 crores with cash and bank balances of around INR132 crores, resulting in a net-debt of approximately INR341 crores. This indicates a net-debt to equity of 0.4x. The Group’s weighted cost of debt is approximately 9.1% and the DSOs remained stable at INR101. Cash-flow from operations post taxes has improved by 34% year-on-year to INR187 crores from INR140 crores last year. Looking ahead, we remain steadfast in our commitment to operational efficiency and excellence. The efficient performance of our WT project, the successful commercial launch of our CNG project, the commencement of revenue generation from our new CNT contract effectively helps us to report stable and growth going-forward.
Escalations, which is a part of business has been slightly sticky in the last period, which we feel can be made-up with approved approach coming in time. We anticipate steady and sustainable progress in the upcoming fiscal years, which is aided by a healthy order book position of approximately INR8,300 crores, which further reinforces our confidence in achieving the company’s long-term strategic objectives. That concludes our remarks. We would now like to open the floor for Q&A.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star then one on their touchstone phone. If you wish to remove yourself from the question queue, you may press star then to. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Again, to register for a question, please press star then 1. You. Our first question comes from the line of Atul Daga from Daga Securities. Please go-ahead, please.
Atul Daga
Hello.
Jose Jacob
Good afternoon.
Atul Daga
Yes, good afternoon. Sir, just two questions from my side. Have we recently submitted any bids for new contracts if could you provide some insights into? And which projects are we focusing on collection and transportation on — or processing considering that processing is better margin products.
Jose Jacob
Yes, hi. Good afternoon. So when it comes to processing projects, we have already submitted two waste-to-energy tenders in South of India. And currently, three actually, we have submitted two in South and one in western part of the country and two more waste energy projects we are currently working on the tenders on. So there are five progressing projects to answer your question. And in the commercial transportation segment, as we speak, we are currently working on the — on the Mumbai CNT tenders. The eight packages in Mumbai, they have come up for tender last week. So we are working for that. We’ll be bidding for it. And apart from this, there is also one package in South of India, which will be bidding for.
Atul Daga
Okay. Sir, another question from my end. As our objective, which is to reduce dependency on municipal corporations. So are we actively looking on any new opportunities? And if we are, then can you please share the update on the tire recycling and vehicle scrapping front as well?
Jose Jacob
Thank you for asking this question because as we had always maintained that we are also — we are always trying to look for non-municipal clients. So as we speak, we are in the advanced-stage of discussion with a very large Indian corporate to supply — for a project. So unlike a waste-to-energy waste-to-energy project where we process RDF to generate electricity, this would be producing process steam and this corporate would be using it for their captive manufacturing facility. So this is a project that we are very excited about. And coming to the end-of-life vehicle scrapping and so on, as we had mentioned in the previous earnings call, we wanted to buy land for the project. So we are pleased to say — to announce that we have identified one-piece of land and we should be closing this deal in the next couple of months. And hopefully in the next earnings call, we will be giving an update on that.
Atul Daga
Okay. Okay. That was helpful. Thank you so much. All the best.
Operator
Thank you. A reminder to all the participants, if you wish to register for a question, you may press star then 1. Thank you. Our next question comes from the line of Rupam from Investwealth Agent. Please go-ahead.
Rupam Jaiswal
Hello.
Jose Jacob
Yeah. Yeah.
Rupam Jaiswal
Good afternoon, sir. Sir, I just had one question, like in this current — like in this current quarter, you bought a receivable, long due receivable of INR4 crores and you got an interest payment around INR23 crores. So like this, how many cases are pending with you all like the long due cases? Thank you
Jose Jacob
So we have one large-case which is pending in the Supreme Court for the final hearing. So that would be to the tune of around INR15 crores. And additionally, there are around INR19 crores of revenues waiting confirmation from the clients. So these are the two large revenue blocks, which is still outside for which we are awaiting clarification and confirmation from the — from the legal body and from the clients.
Rupam Jaiswal
So in a way like you — like how long was this case spending, like this INR4 crores was just the book, but you got an interest payment of INR23 crores. Like how long was this case spending for which you also close to 14 years for us, 14 years. And the cases, which you have said about INR15 crores And the rest the unbilled revenue. So overall the book-value.
Jose Jacob
No, the increase of the INR15 crore odd, we don’t expect any interest payouts from that because this has been cleared from the standing committee of that particular municipal corporation. So we don’t foresee any additional revenue from that. And on the amount, I think this will keep on adding as and when the time increases.
Rupam Jaiswal
Okay. So these are the only two cases which are with you all guys as of now.
Jose Jacob
Yes, these are only two points that these are all pre-2016 events. So as and when we — post 2016, our contracts have been much more cleaner and much more transparent in terms of interpretation. So that helps the tendering team and the clients.
Rupam Jaiswal
Okay. Okay. That was my only question. Thank you, sir.
Operator
Thank you. Our next question comes from the line of Rohit Maheshwari from Tata EIG General Insurance. Please go-ahead.
Rohit Maheshwari
Good evening, sir.
Jose Jacob
Good evening, Rohi.
Rohit Maheshwari
Okay, sir, I have first question I have, you said in your opening remarks that you have an order book of INR8,300 crores, yes.
Jose Jacob
Yeah.
Rohit Maheshwari
So can you give a breakup of this INR8,300 crores and the time give a duration of this INR8,200 crores to get executed?
Jose Jacob
Okay. So we of the inbound INR8,300 crores on a percentage basis at close to 58% is having a long-tail, which will expire by 2040. The balance would be executed over the next 12 years.
Rohit Maheshwari
Next
Jose Jacob
12 years.
Rohit Maheshwari
Well, yes, develop it has a 15-year on an average it will be 13 to 14 odd years.
Jose Jacob
Yeah,
Rohit Maheshwari
Okay. So just to understand, because you are in a sector where the TAM is too large, can I don’t think so the TAM is a problem. But I guess the problem is, considering the size of your company, we are not seeing a growth of like, 13% 17% type of growth at a top-line at the bottom-line level. So like I — like does the expectation of investor from your company of 15% 17% is wrong and we should tore it down to 7%, 8% type of growth for something I’m going to wrong management.
Jose Jacob
So let me put this into perspective. If you were to look at our last five-year trend, I mean, my revenue in 2021 was INR480 odd crores and I’m doing around INR960 odd crores today. So in a span of five years, I think I’ve almost doubled my revenue. Now if you were to look at on a year-on-year basis, FY ’24 was INR890 crores and FY ’25 was INR960 crores, so not a big number. As we have been reiterating at time at, we cannot show a linear growth of 15% 20% on a year-on-year basis. We will be showing a scaggered growth, which will be stepped-up growth for us because as and when we bag a contract, the revenue starts coming in C&D business after eight months and in case of processing after two years. So we will not be able to show a 10%, 15% 20% year-on-year growth, but if you look at a CAGR growth, that’s the historical trend and that is the pathway that we have. The company’s balance sheet also supports such kind of large jumps in new projects and that’s how you will see the net-debt to be kept at 0.4 and it’s not at 1.1 consistently.
So the moment we get new contract, which meets our threshold returns, which meets our risk parameters, which meets our internal milestones, then we go to those projects and we deploy the capital adequately. This is a very tough industry when it comes to managing waste and it’s also — it’s a tough industry given the fact that it’s a B2G kind of a concept.
Rohit Maheshwari
So basically,, if I got you right, so basically I think it’s not a company to see from a year-end perspective, you need to see the company from a five-year perspective. And on a five-year perspective, the CAGR can be 15% to 17 odd percent year-on-year cannot be a CAGR of 15%. So this is what the key takeaway I can take on?
Subramanian N. G.
Yeah, that’s a good way to summarize this.
Rohit Maheshwari
Okay. Sir, second is me — I guess I’ve read somewhere in FY ’25, you had some revenue from construction and devaluation, yes,
Subramanian N. G.
Yes.
Rohit Maheshwari
So what was that amount?
Subramanian N. G.
We normally don’t comment on unit-wise numbers, but it’s on a broad basis, we handled around 450 to 300 tonnes per day for the last four months and the average realization would be around INR1,405 per ton. That’s our trend. So we expect to jump from most. So we expect that in the next six months, I mean this number of 250 to 300 tonnes per day kind of polysing will increase to 600 to 700 tonnes. So the plant is designed or capable of processing close to tonnes per day but you know we are — but the quantity here will ramp-up over a period of time. It’s a 20-year project cost
Rohit Maheshwari
But the contract value will always be between INR50 crores to INR75 crores, correct?
Jose Jacob
Okay. That assumes only tonnage for fees. There is also additional revenue from sale of byproducts like and your rocks and aggregates. So realization of that will also be something that will add to the top-line. I will say that in our business plan, we have — we are working with a 600 tons per day kind of number. So with the kind of fee that we have, so we’ll have about INR30 crores to INR32 crores of annual revenue.
Rohit Maheshwari
Okay. Okay. Okay. And the — can I — just to let go one-step before I was asking 15% 17%. So do you see your company in next five years to be a top-line of INR2,000 crore type of top-line and a bottom-line of INR200 — like INR200 odd crores plus top — bottom-line.
Jose Jacob
Rohit, if you were to look at the kind of project that we’re bidding for, it will be very ambitious for us to say those numbers today. So I think as the time evolves, we will be in a better position to say numbers and stick our neck out.
Rohit Maheshwari
Okay. Thank you, sir. And thank you.
Operator
Thank you for participants, you may press star and one to ask a question. Our next question comes from the line of Ketan R Chheda from who is a retail investor. Please go-ahead.
Ketan R Chheda
Yeah, hi. Thank you for the opportunity. My first question is with regards to the debt and the cash that we have on the balance sheet. So I believe we have about INR130 odd crores of cash. Do we have any plans to retire any of the debt so that our interest cost can reduce in the next financial year.
Jose Jacob
So hi. So of the INR132 crores of debt, bulk of them have been given as collateral for bank and harnessed money deposit for ongoing contract. INR28 crores of cash is recently received as of the month and from the arbitration proceeds that we won. So the plan is to use the capital in a very judicious manner. There are a couple of upcoming projects, which Mahindra had mentioned. So we will be using this as an equity contribution towards those new projects. And if nothing fructifies, then yes, we will be applying the same towards debt repayment.
Ketan R Chheda
Okay. And just a continuation to that, we were to receive the VGF amount for our PCMC WTE plant. Have we received the full consideration of the GAAP funding amount?
Subramanian N. G.
So we have received out-of-the INR50 crores, we have received INR45 crores of the VGF funds and the same has been used to retire debt and provide collateral to the lender. The balance INR5 crores is due in the next six months’ time, which the company is following enough.
Ketan R Chheda
Okay. And my another question is with respect to the Kanjur court case. Now again this is a very hypothetical scenario. So please bear with me. But say for example, in a worst-case basis if the would also kind of give a similar verdict and we have to cancel the project at the. So what is it that we will receive for the permination of the contract, what would be the amount, the quantum of the amount that you would receive?
Subramanian N. G.
So we have — we are actually engaging one of the big four for doing an independent valuation exercise for the same for exactly the same reason. But as you rightly said, I mean this is a hypothetical situation because as you would have noticed that BMC officially had made a statement that the city will come to a standstill if this project had to stop because they have no other alternative side to sell. But we are very clear and as we said also in In our commentary that in case the worst-case scenario is the project is terminated, then we will be then we will get and as per the convention agreement our rights are predicted and we will seek the commissioning cost, the third-party claims
Ketan R Chheda
Hello.
Subramanian N. G.
Yeah. So the amount — the amount is invested and the loss of revenue. So we will be looking at all that thing. So anyway for to get to a number we are taking help of a, you know, one of the big four audit funds.
Jose Jacob
And then sir mentioned the legal opinion clearly states that the — session of work, any decommissioning cost incurred that will be reimbursed, any third-party claims from lenders will also be reimbursed, invested capital and forebound revenue for the remaining concession period will also be paid. So basically, I mean, the operator doesn’t have anything to lose here. The city will.
Ketan R Chheda
Sure, sure. And my last question is on your tire recycling and the vehicle project. So is there a tentative timeline by when we can start commercializing and start booking revenues for that project? I know it’s delayed due to your land acquisition process, but just any timeline that you have set right now as of now?
Mahendra Ananthula
Yeah. As I mentioned, I mean, we have already identified the land. We expect to close the land deal in the next four months, okay. And then it’s a six months, six to eight months, six to nine months process for commissioning of — for implementation of the project. So you can say from FY ’26 onwards, it will be the operational phase for the project. FY ’27, FY ’27, it will be operational.
Ketan R Chheda
Sure. Sure, sure. All right. Thank you so much. All the best. Thank you. Thank you. Those are my questions.
Operator
Thank you. A reminder to all the participants, if you wish to register for a question, you may press star then 1 on your touchstone phone. Our next question comes from the line of Karan Sharma from KF Capital. Please go-ahead.
Karan Sharma
Hello, am I audible?
Jose Jacob
Yeah.
Karan Sharma
Yeah. Thanks for the opportunity, sir. I just had one question. So we have always guided to the market that we would be growing our operating revenue by around 20%, but this year we could achieve only 10%. So what’s the future outlook as in like for next year and the years to come?
Subramanian N. G.
Yes. So we have been guiding a 20% to 25% CAGR growth on our operating cash-flow, not a year-on-year growth. As I mentioned, I mean, it’s very difficult for us to maintain that kind of a year-on-year growth. So if you look at a bunch of three to five years, I would say, if a total CAGR growth is what we have been guiding and that is something that we feel 20% to 25% is achievable based on the project pipeline that we have. In the current financial year, if you look at the soft of core operating revenue of 10%, that’s mainly because of few of the clients’ escalation amounts not getting recognized in the reported period because we are still awaiting clarification and from the client. So once the same were to come, the same will be recorded in the current financial year.
Karan Sharma
Okay, got it. Got it. That’s all from my side. Thank you so much, sir.
Operator
Thank you. Thank you. Our next question comes from the line of Samya S from Insightful Investments. Please go-ahead.
Soumya S
Hi, sir. Thank you for the opportunity. I just wanted to clarify the 250 to 300 ton per day collection that we do. What was the realization that you set for the same?
Jose Jacob
We have paid fee for the waste collected, transported and processed.
Soumya S
Yeah.
Jose Jacob
So the chipping fee for that is INR1,400 rupees per ton which us.
Soumya S
Yeah. And another clarification was, when you spoke about the INR800 — INR8,300 crore order, which is to be split completion by FY 40 and over the next 12 years, what was that exactly regarding which project is it?
Jose Jacob
So this is a cumulative of all the projects that we have. We have 26 projects of different tenures and we have a existing tonnage and we have an existing rate. So if you multiply that, this is the total value of project that we need to execute based on contracts that we already signed or executing as of today.
Soumya S
I understand,
Mahendra Ananthula
But this is the value of the project, which is still — which still needs to be executed over the years.
Soumya S
Okay, fair understood. Thank you.
Operator
Thank you. Participants, you may press star then 1 to ask a question. A reminder to all the participants. If you wish to register for a question, please press star then 1 now. Our next question comes from the line of Sevant Bowman Nagarvesh, an investor. Please go-ahead.
Unidentified Participant
Yeah, am I audible?
Operator
Yes, sir. Please go-ahead.
Unidentified Participant
Yes, sir, my question is like based on more direction-wise. So generally, the more is in the processing contracts, right? It’s not in the CNT. CNT is like a price war, right? So why are we not winning or more processing-based contracts like the consumer plant?
Jose Jacob
We are currently bidding for five projects, four of which are waste-to-energy projects and one is a — one is a waste pre-processing project. So there are five processing for tenders that we are currently bidding. Over and above that, as I mentioned, we also are in advance discussion with a private corporate for waste to steam pulp. So that would be, you can say a private entity merchant plant.
Unidentified Participant
So any revenue size from that?
Jose Jacob
I’m sorry.
Unidentified Participant
Any revenue size for that corporate deal?
Subramanian N. G.
No, so it’s too early. I mean, we are currently finalizing the technical and the commercial conditions, okay. And as and when it matures, I mean, we will be happy to share the details.
Unidentified Participant
Okay. My second question is, what’s the revenue from WTE plant in FY ’25?
Subramanian N. G.
It is INR62 crores.
Unidentified Participant
Okay. Can I consider EBITDA of 40%?
Subramanian N. G.
I — we normally don’t comment on plant-wise EBITDA numbers over here, but 40% is in the low range for such projects.
Unidentified Participant
Okay, okay. My last question is, so from now on, we’ll bid more for WPE plans than collection and transportation and processing contracts because the more contracts are being bid for WTE plants. Is that the right statement?
Jose Jacob
No, I mean, we actually want to have a balance of the two because both are there advantages and. So in — but in collection and transportation contracts, we are also very choosy. Okay. So that’s why we are bidding only for large cities, for large municipalities who have the ability to pay and have a good track-record of payments.
Unidentified Participant
Yeah, can I ask one more question. So in your opinion, how many cities are doing processing like Mumbai
Jose Jacob
I have already mentioned right. So I mean you can say another, maybe another four or five are in advanced-stage of tender preparation. So you should say 10 maybe.
Unidentified Participant
Yeah. So no, my question was more based on for these Tier-2 and Tier-3 cities, right, they don’t process waste, they just come in the open, open ground site. So why are they not tendering processing contracts? I mean, what my question was
Jose Jacob
You know with the affordability of those cities. But it is not that every city is looking at only waste-to-energy. I mean, there are several cities which are looking at composting as an option. They are looking at MRF and composting and RDF and resolutions. They are looking at NG projects as a positive option. So there are combination — there are different cities are looking at different kind of waste processing technologies and process. It happens to be one of them, which is a good solution for a city of, let’s say size of 1 million-plus population.
Unidentified Participant
Yeah. Got it, sir. Thank you.
Operator
Thank you. Participants, you may press than one to ask a question. Our next question comes from Ronak Shah from Equiru Securities Private Limited. Please go-ahead.
Ronak Shah
Yeah, sir. Sir, my first question is regarding the volume. So when we look at the fourth quarter’s volume growth, the total per tonnage what we have handled Handled plus process is at around 19 odd percent. So is this a like-for-like comparison or something which I am missing?
Jose Jacob
Sorry, can you speak clearly?
Ronak Shah
Yeah, sir. So for the quarter, the total tonnage, including the collection and processing, the growth is at 19 odd percent. So this is a like-to-like comparison or something which we are missing over here?
Subramanian N. G.
Yeah. So this is not like-to-like comparison because we have adjusted the numbers for the Mangalore project, which had a runoff. So this is on our existing contracts that we’re talking about that this is a growth on our existing numbers of the live contracts. So that is why you see a disparity in the volumes growth versus the revenue growth.
Ronak Shah
Okay, sir. So from like-to-like basis, what can be the steady-state growth going-forward in next two to three years?
Mahendra Ananthula
If we were to work on our existing projects on the C&T business, this escalation and the volumes work, we will be looking at anywhere between 8% to 11%, depending on the escalation again. We normally see a volumes growth of around 3% to 4% and the escalation keeps an additional 3% to 8% depending upon the minimum wage change and HSB component price.
Ronak Shah
Okay, got it. And my sir, second question is regarding to the margin. So when we compare the guidance vis-a-vis the actual performance. So our operating — core operating EBITDA margin excluding the other income stoods between the range of 20% to 21 odd percent. So how we see this margin panning out over next two to three years?
Mahendra Ananthula
Yeah. So bulk of our capex at our processing unit almost at the fag end of our like. So I would say the core EBITDA margins and the reported EBITDA margins should kind of merge over the next two to 3/4. I think post-monsoon there may be an additional two quarters of capex, but post that we don’t foresee significant capex movements in our existing processing contracts.
Ronak Shah
Okay, so I can expect a similar 20% to 21% kind of the EBITDA margin in your —
Subramanian N. G.
Actually the core EBITDA margin will move towards 22% to 23%.
Ronak Shah
Okay, got you, go-ahead. Yeah, that’s it from my side, sir. Thanks a lot.
Operator
Thank you. As there are no further questions from the participants, I now hand the conference over to Mr Jose Jacob for closing comments.
Jose Jacob
I want to take a moment to thank our dedicated team for their incredible contributions to our success. Your tireless efforts have been essential in achieving our goals and we are building on that momentum. Our focus remains on delivering consistent results and creating long-term value for our shareholders. We are committed to investing in innovation and leveraging our expertise to strengthen our market position and drive sustainable growth. I’m particularly excited about our path towards a cleaner and greener future. Thank you for all
Operator
Ladies and gentlemen, the line for the management has been disconnected. Please stay connected while we reconnect the line for the management ladies and gentlemen, we have the management reconnected with us. Please go-ahead, sir.
Jose Jacob
I want to take a moment to thank our dedicated team for their incredible contribution to our success. Your tireless efforts have been essential in achieving our goals and we are building on that momentum. Our focus remains on delivering consistent returns and creating long-term value for our shareholders. We are committed to investing in innovation and leveraging our expertise to strengthen our market position and drive sustainable growth. I’m particularly excited about our path towards a and greener future. And I wish you all a very pleasant evening and thank you.
Operator
Thank you. On behalf of Antony Waste Handling Cell Limited, that concludes this conference. Thank you all for joining us. You may now connect your lines.