Great in-depth write-up.
The most significant risk is Regulatory. The government may cap the earnings per tonnage of waste.
Waste management is an essential commodity business, and the government may not allow companies to profit excessively from it.
A few past examples - IEX, Noida Toll bridge
I also love this waste management ( or even water management) space, but the regulatory risk is just TOO MUCH.
I am not invested. I’m just putting my thoughts.
dr.vikas