1. We have audited the accompanying standalone
financial statements of Antony Waste Handling
Cell Limited (the ‘Company’), which comprise the
Standalone Balance Sheet as at 31 March 2026, the
Standalone Statement of Profit and Loss (including
Other Comprehensive Income), the Standalone
Statement of Changes in Equity, and the Standalone
Statement of Cash Flows for the year then ended,
and notes to the standalone financial statements,
including material accounting policy information and
other explanatory information.
2. In our opinion and to the best of our information
and according to the explanations given to us, the
aforesaid standalone financial statements give the
information required by the Companies Act, 2013 (the
‘Act’) in the manner so required and give a true and
fair view in conformity with the Indian Accounting
Standards (‘Ind AS’) specified under section 133 of
the Act read with the Companies (Indian Accounting
Standards) Rules, 2015 (as amended) and other
accounting principles generally accepted in India, of
the state of affairs of the Company as at 31 March
2026, and its profit (including other comprehensive
income), its cash flows and the changes in equity for
the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the
Standards on Auditing specified under section
143(10) of the Act. Our responsibilities under those
standards are further described in the Auditor’s
Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are
independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered
Accountants of India (the ‘ICAI’) together with the
ethical requirements that are relevant to our audit
of the standalone financial statements under the
provisions of the Act and the rules thereunder, and
we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code
of Ethics issued by the ICAI. We believe that the
audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Emphasis of Matter - Search operation by
income tax department
4. We draw attention to note 41(A)(i) to the
accompanying standalone financial statements
regarding the search operation carried out by the
Income Tax Department in October 2021 and demand
orders received by the Company thereafter. Given the
uncertainty and pending outcome of the assessment
proceedings, the adjustment, if any, required to the
accompanying standalone financial statements
owing to the impact of aforesaid matter, is presently
not ascertainable. Our opinion is not modified in
respect of this matter.
Emphasis of Matter - Common control business
combination
5. We draw attention to note 49 to the accompanying
standalone financial statements, which describes that
pursuant to the scheme of merger by absorption (the
‘Scheme’) between the Company and AG Enviro Infra
Projects Private Limited (wholly owned subsidiary
of the Company) (the ‘Transferor Company’), as
approved by the Hon’ble National Company Law
Tribunal, Mumbai vide its order dated 18 December
2025, the business of the Transferor Company has
been transferred and merged with the Company
and accounted for in accordance with the approved
scheme and Appendix C to Ind AS 103 "Business
Combinations”, applicable to common control
business combination. Accordingly, the comparative
financial information for the previous year presented
in the accompanying standalone financial statements
has been restated from the beginning of the
preceding period, being 1 April 2024. Our opinion is
not modified in respect of this matter.
Key Audit Matters
6. Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the standalone financial statements of
the current period. These matters were addressed in
the context of our audit of the standalone financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion
on these matters.
7. We have determined the matters described
below to be the key audit matters to be
communicated in our report.
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Key audit matters
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How our audit addressed the key audit matters
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Recoverability of amounts and claims from municipal
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Our audit procedures to address this key audit matter
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corporations
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included, but not limited to the following:
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As described in notes 9 and 11 to the standalone financial
statements, the Company has significant balances outstanding
as at 31 March 2026 in the nature of trade receivables amounting
to Rs. 20,483.25 lakhs and other financial assets (including
reimbursement receivables) from various municipal corporations
amounting to Rs. 1,204.23 lakhs respectively, arising from
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Obtained an understanding of the Company’s
processes for monitoring recoverability of
receivables and claims from municipal corporations
and evaluated the design and tested the operating
effectiveness of relevant internal financial controls
over such assessments.
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invoices raised, claims for escalation (including minimum wages),
and other contractual recoveries in respect of ongoing as well as
completed projects. Refer notes 2F(iv) and 2F(ix) for the related
material accounting policy information.
Certain of these balances have been outstanding for extended
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Assessed the appropriateness of the Company’s
accounting policy for recognition of loss allowance
in accordance with the requirements of Ind
AS 109, including the application of expected
credit loss method.
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periods and, in specific cases, are subject to ongoing discussions,
reviews, or dispute resolution processes with the respective
municipal authorities. The timing of recoverability of such
amounts is inherently uncertain and is dependent on factors such
as the outcome of discussions, status of claims, developments in
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Tested, on a sample basis, the underlying contractual
documentation, invoices raised and supporting
claim computations to evaluate the contractual
tenability of amounts recognised as receivable.
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legal proceedings (where applicable), and the financial position
of the counterparties.
Management exercises significant judgement in assessing the
recoverability of such balances and in determining the associated
loss allowance in accordance with the expected credit loss (‘ECL’)
model under Ind AS 109 "Financial Instruments” (‘Ind AS 109’).
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Obtained and examined ageing analysis of
balances and assessed management’s assumptions
and judgements used in ECL including their
evaluation of recoverability, historical recovery
patterns from municipal corporations and nature
and status of disputes.
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This assessment involves consideration of contractual tenability,
historical collection trends of receivables from municipal
corporations, progress of negotiations, status of disputes, and,
where relevant, legal opinions obtained from independent legal
counsel.
Given the materiality of balances involved, estimation uncertainty
associated with timing and extent of recoverability, involvement
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Held detailed discussions with management to
understand the status of significant outstanding
balances, including developments during the year
in respect of discussions, negotiations and disputed
matters, and corroborated such explanations with
underlying evidence, including correspondence
with municipal authorities.
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of management judgement in evaluating contractual positions
and legal outcomes, and the extent of audit effort required,
including evaluation of supporting documentation and legal
positions, we considered this matter to be of most significance
in our audit of the standalone financial statements for the current
year and accordingly identified it as a key audit matter.
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Obtained external confirmations on sample basis
and performed alternate substantive procedures
on test check basis by evaluating subsequent
realisations and developments post year-
end, where relevant, to assess their impact on
recoverability assumptions as at the reporting date.
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Further, out of the above, trade receivables and other current
financial assets amounting to Rs. 2,449.00 lakhs and Rs. 497.53
lakhs, respectively, represent amounts and claims recoverable
by the Company from a municipal corporation and are overdue
for a substantial period of time. Based on the discussion with
the municipal authority, these balances have been considered
as fundamental to the understanding of the users of standalone
financial statements and accordingly we draw attention to note
46 to the standalone financial statements, regarding uncertainties
relating to timing of recoverability of aforesaid receivables.
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Assessed the adequacy and appropriateness
of disclosures made in the standalone financial
statements in respect of these balances, including
disclosures relating to estimation uncertainty
and associated risks are in accordance with the
applicable financial reporting framework.
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Information other than the Standalone Financial
Statements and Auditor’s Report thereon
8. The Company’s Board of Directors are responsible
for the other information. The other information
comprises the information included in the Annual
Report but does not include the standalone financial
statements and our auditor’s report thereon. The
Annual Report is expected to be made available to us
after the date of this auditor's report.
Our opinion on the standalone financial statements
does not cover the other information and we will not
express any form of assurance conclusion thereon.
In connection with our audit of the standalone
financial statements, our responsibility is to read the
other information identified above when it becomes
available and, in doing so, consider whether the
other information is materially inconsistent with the
standalone financial statements or our knowledge
obtained in the audit or otherwise appears to be
materially misstated.
When we read the Annual Report, if we conclude
that there is a material misstatement therein, we
are required to communicate the matter to those
charged with governance.
Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements
9. The accompanying standalone financial statements have
been approved by the Company’s Board of Directors.
The Company’s Board of Directors are responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation and presentation of these
standalone financial statements that give a true and
fair view of the financial position, financial performance
including other comprehensive income, changes in
equity and cash flows of the Company in accordance
with the Ind AS specified under section 133 of the Act
and other accounting principles generally accepted in
India. This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal
financial controls, that were operating effectively
for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the standalone financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
10. In preparing the standalone financial statements,
the Board of Directors is responsible for assessing
the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related
to going concern and using the going concern
basis of accounting unless the Board of Directors
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
11. The Board of Directors is also responsible for
overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements
12. Our objectives are to obtain reasonable assurance
about whether the standalone financial statements as
a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a
high level of assurance but is not a guarantee that
an audit conducted in accordance with Standards on
Auditing will always detect a material misstatement
when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in
the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the basis of these standalone financial statements.
13. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of the
Act we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material
misstatement of the standalone financial
statements, whether due to fraud or error,
design and perform audit procedures responsive
to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a
material misstatement resulting from fraud
is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control;
• Obtain an understanding of internal control
relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the
Act, we are also responsible for expressing our
opinion on whether the Company has adequate
internal financial controls with reference to
standalone financial statements in place and the
operating effectiveness of such controls;
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by Company’s management;
• Conclude on the appropriateness of Company’s
Board of Directors’ use of the going concern basis
of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists
related to events or conditions that may cast
significant doubt on the Company’s ability to
continue as a going concern. If we conclude that
a material uncertainty exists, we are required
to draw attention in our auditor’s report to the
related disclosures in the standalone financial
statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of
our auditor’s report. However, future events or
conditions may cause the Company to cease to
continue as a going concern; and
• Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.
14. We communicate with those charged with
governance regarding, among other matters, the
planned scope and timing of the audit and significant
audit findings, including any significant deficiencies
in internal control that we identify during our audit.
15. We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and
to communicate with them all relationships and
other matters that may reasonably be thought to
bear on our independence, and where applicable,
related safeguards.
16. From the matters communicated with those charged
with governance, we determine those matters
that were of most significance in the audit of the
standalone financial statements of the current period
and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or
regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated
in our report because the adverse consequences of
doing so would reasonably be expected to outweigh
the public interest benefits of such communication.
Report on Other Legal and Regulatory
Requirements
17. As required by section 197(16) of the Act, based
on our audit, we report that the Company has paid
remuneration to its directors during the year in
accordance with the provisions of and limits laid down
under section 197 read with Schedule V to the Act.
18. As required by the Companies (Auditor’s Report)
Order, 2020 (the ‘Order’) issued by the Central
Government of India in terms of section 143(11) of the
Act we give in the Annexure - I, a statement on the
matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
19. Further to our comments in Annexure - I, as required
by section 143(3) of the Act based on our audit, we
report, to the extent applicable, that:
a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purpose of our audit of the accompanying
standalone financial statements;
b) Except for the matters stated in paragraph 19(i)
(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended), in our opinion, proper books
of account as required by law have been kept
by the Company so far as it appears from our
examination of those books;
c) The standalone financial statements dealt
with by this report are in agreement with the
books of account;
d) In our opinion, the aforesaid standalone financial
statements comply with Ind AS specified under
section 133 of the Act;
e) The matter described in paragraphs 4 and 7
under the Emphasis of Matter and Key Audit
Matter sections, respectively, in our opinion,
may have an adverse effect on the functioning
of the Company;
f) On the basis of the written representations
received from the directors and taken on record
by the Board of Directors, none of the directors
is disqualified as on 31 March 2026 from being
appointed as a director in terms of section
164(2) of the Act;
g) The qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 19(b) above
on reporting under section 143(3)(b) of the
Act and paragraph 19(i)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended);
h) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements of the Company as on 31
March 2026 and the operating effectiveness
of such controls, to our separate report in
Annexure - II, wherein we have expressed an
unmodified opinion; and
i) With respect to the other matters to be included
in the Auditor’s Report in accordance with rule
11 of the Companies (Audit and Auditors) Rules,
2014 (as amended), in our opinion and to the
best of our information and according to the
explanations given to us:
i. The Company, as detailed in note 41(A) to
the standalone financial statements, has
disclosed the impact of pending litigations
on its financial position as at 31 March 2026;
ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as at 31 March 2026;
iii. There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company
during the year ended 31 March 2026;
iv. a. The management has represented
that, to the best of its knowledge and
belief, as disclosed in note 50(c) to the
standalone financial statements, no
funds have been advanced or loaned or
invested (either from borrowed funds or
securities premium or any other sources
or kind of funds) by the Company to
or in any persons or entities, including
foreign entities (the ‘intermediaries’),
with the understanding, whether
recorded in writing or otherwise,
that the intermediary shall, whether,
directly or indirectly lend or invest in
other persons or entities identified
in any manner whatsoever by or
on behalf of the Company (the
‘Ultimate Beneficiaries’) or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
b. The management has represented
that, to the best of its knowledge and
belief, as disclosed in note 50(c) to
the standalone financial statements,
no funds have been received by the
Company from any persons or entities,
including foreign entities (the ‘Funding
Parties’), with the understanding,
whether recorded in writing or
otherwise, that the Company shall,
whether directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party
(‘Ultimate Beneficiaries’) or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and
c. Based on such audit procedures
performed as considered reasonable
and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
management representations under
sub-clauses (a) and (b) above contain
any material misstatement.
v. As stated in note 36 to the accompanying
standalone financial statements, the Board
of Directors of the Company have proposed
final dividend for the year ended 31 March
2026 which is subject to the approval of the
members at the ensuing Annual General
Meeting. The dividend declared is in
accordance with section 123 of the Act to the
extent it applies to declaration of dividend.
vi. As stated in note 40 to the standalone
financial statements and based on our
examination, which included test checks,
the Company, in respect of financial year
commencing on 1 April 2025, has used
accounting software for maintaining its
books of account which have feature of
recording audit trail (edit log) facility.
However, the audit trail feature at the
database level in the accounting software
used for maintenance of accounting records
was not enabled up to 24 April 2025 and
the same did not operate throughout the
year for all relevant transactions recorded
in the software. During the course of our
audit, we did not come across any instance
of audit trail feature being tampered with
for the period where audit trail feature was
enabled. Further, the audit trail has been
preserved by the Company as per the
statutory requirements for record retention
where such feature was enabled.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm’s Registration No.: 001076N/N500013
Vijay D. Jain
Partner
Place: Mumbai Membership No.: 117961
Date: 29 May 2026 UDIN: 26117961UCLUIF4003
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