| Municipal Solid Waste Collection & Transportation | Door-to-door waste collection, transportation using a fleet of ~2,670 vehicles, including mechanized sweeping across multiple cities. | Strong municipal relationships, large fleet, technological integration (GPS), and operational experience. | B2G contracts with municipal corporations like Mumbai, Navi Mumbai, Thane, Delhi, Greater Noida etc. | Contracts with assured pass-through costs and user fee models ensure better margins. | 580 | 61 | Primarily revenue from municipal contracts based on tonnes of waste collected or trips made, with contract-based escalations. | Fixed or variable pricing based on waste volume or trips, with inflation-linked escalation clauses. | Urban expansion, new municipal projects, increased waste generation, and contract renewals sustain growth. | |
| Municipal Solid Waste Processing | Waste segregation, composting, recycling, refuse-derived fuel (RDF) production, bio-mining, and landfill management at flagship sites like Kanjurmarg. | Proprietary bioreactor landfill technology, integration with WtE projects, and operational scale. | Municipal authorities and waste-to-energy plants; B2G primarily. | RDF and compost sales, landfill management with proprietary technology. | 261 | 27 | Revenue from processing and sale of outputs like compost, RDF to cement industries, and landfill construction contracts. | Contracts based on volume treated or output produced, often long tenure with pass-through costs. | Environmental regulations, demand for processed waste products, commissioning of new WtE plants. | |
| Other Contracts & Services | Mechanized sweeping, waste-to-energy operations, bio-remediation, and other ancillary waste management services. | First-mover advantage in integrated WtE and bio-mining; long-term concession agreements. | Primarily B2G with some B2B elements. | Waste-to-energy power generation and mechanized sweeping services. | 117 | 12 | Contracts with municipal corporations and private players for sweeping, power sales from WtE plants, and bio-mining projects. | Mix of fixed, usage based and performance linked contracts. | Growing mechanization mandates, energy demand from WtE, and government bio-mining initiatives. | |
