Aegis Vopak Terminals Limited (AEGISVOPAK)
₹276.00 -2.09% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Aegis Vopak's revenue was ₹234 Cr (+12.4% year on year, -3.8% on the previous quarter), and net profit ₹69.4 Cr (-12.1% year on year); the operating margin was 76.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹234 | +12.4% | -3.8% |
| Operating profit | ₹179 | +15.8% | +0.2% |
| Net profit | ₹69.4 | -12.1% | -6.2% |
| EPS (₹) | 0.60 | -6.3% | -3.2% |
| Operating margin | 76.8% | — | — |
AEGISVOPAK delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 30.88% of the AEGISVOPAK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.39%. The price fell 2.09% on unusually low delivery. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 48.3% · 38.2% · 51.9% · 42.3% · 30.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Aegis Vopak Terminals Limited has received approval from the Ministry of Corporate Affairs on September 25, 2026, to incorporate a new wholly owned subsidiary named Aegis Energy Terminals Limited. The new unit has an authorized share capital of Rs 10 lakh and a paid-up share capital of Rs 5 lakh. It has been formed to operate storage and terminalling facilities for LPG, oil, petroleum, and chemical products, though it has not commenced operations yet. The immediate capital outlay is negligible relative to the company's Rs 30,009 crore market capitalization.
- Incorporated wholly owned subsidiary 'Aegis Energy Terminals Limited' on September 25, 2026
- Authorised share capital established at Rs 10,00,000
- Paid-up share capital stands at Rs 5,00,000 with 100% ownership by the parent
- Target business segment is storage and terminalling for LPG, oil, petroleum, and chemical products
Aegis Vopak Terminals Limited has received credit ratings from India Ratings and Research Private Limited. The agency assigned 'IND AA/Positive/IND A1+' for its bank loan facilities (Long Term/Short Term). Additionally, India Ratings affirmed the rating of 'IND AA/Positive' for the company's Non-Convertible Debentures (NCDs). The high-grade rating and positive outlook reflect strong creditworthiness as the company pursues its long-term storage expansion plans.
- Bank loan facilities (Long Term/Short Term) assigned 'IND AA/Positive/IND A1+' by India Ratings
- Non-Convertible Debentures (NCDs) rating affirmed at 'IND AA/Positive'
- Rating action announced on September 18, 2026
- Company trades at a market cap of Rs 31,930 Cr with TTM revenue of Rs 725 Cr
Aegis Vopak Terminals Limited announced that company officials will attend the CLSA Hong Kong Conference in person from September 23 to September 24, 2026. The company stated that no unpublished price sensitive information (UPSI) will be discussed during these investor interactions. An updated investor presentation is already accessible via the exchanges and the company's official website.
- Officials participating in-person at CLSA Hong Kong Conference
- Scheduled conference dates: September 23, 2026 to September 24, 2026
- Company confirmed that no UPSI will be shared during meetings
- Investor presentation has been uploaded to stock exchanges and company website
Aegis Vopak Terminals Limited has informed the exchanges that company officials will participate in-person at the CLSA Hong Kong Conference on September 23 and 24, 2026. The company stated that no unpublished price sensitive information (UPSI) will be discussed during the interactions. The investor presentation has already been made available on the stock exchanges and the company's website.
- Officials participating in-person at the CLSA Hong Kong Conference
- Conference dates scheduled from September 23, 2026 to September 24, 2026
- No unpublished price sensitive information (UPSI) to be shared
- Current Market Cap of the company stands at Rs 30,798 Cr with TTM revenue of Rs 725 Cr
Aegis Vopak Terminals Limited's subsidiary, Aegis Terminal (Pipavav) Limited (ATPL), has executed a Business Transfer Agreement (BTA) to acquire a specialized 36,000 MT static capacity Ammonia storage terminal at Pipavav Port from promoter Aegis Logistics Limited (ALL). The acquisition is structured on a slump sale basis for a total consideration of ₹525 Cr (representing ~72.4% of TTM revenue of ₹725 Cr). The transaction is effective from August 24, 2026, and is funded through internal accruals and debt. This acquisition marks the company's strategic diversification into ammonia storage to cater to fertilizer, industrial, and energy transition sectors.
- Acquisition of specialized 36,000 MT static capacity Ammonia storage terminal at Pipavav Port
- Total transaction consideration of ₹525 Cr (INR 5,250,000,000) payable upon BTA execution
- Consideration represents ~72.4% of TTM revenue of ₹725 Cr
- Deal executed as a slump sale on going concern basis effective August 24, 2026
- Funded via a mix of internal accruals and debt
Aegis Vopak Terminals Limited's subsidiary, Aegis Terminal (Pipavav) Limited (ATPL), has executed a Business Transfer Agreement with promoter Aegis Logistics Limited (ALL) to acquire a specialized 36,000 MT static capacity Ammonia storage terminal at Pipavav Port. The transaction is structured as a slump sale on a going concern basis for an aggregate consideration of ₹525 crore, financed through internal accruals and debt. The capacity addition is effective immediately from August 24, 2026. This acquisition scales AVTL's diversification into high-demand ammonia handling for fertilizer, industrial, and energy transition sectors.
- Acquisition of specialized Ammonia terminal with static capacity of 36,000 MT at Pipavav Port
- Total transaction consideration of ₹525 crore (representing ~72.4% of TTM revenue of ₹725 crore)
- Capacity addition effective immediately from August 24, 2026
- Funded via a combination of internal accruals and debt
Aegis Vopak Terminals released its Q1 FY27 earnings conference call transcript, reporting a 12.4% YoY revenue growth to ₹233.8 crore and a 15.6% YoY increase in operating EBITDA to ₹179.4 crore. The board approved a new 52,000 MT refrigerated LPG tank at JNPA along with 49,577 CBM liquid storage at Kochi, adding to its ongoing ₹1,675 crore JNPA expansion project. Management reiterated a long-term target of $5 billion capex by 2030-31, targeting at least 25% YoY volume growth while maintaining debt gearing below 0.6x.
- Q1 FY27 revenue rose 12.4% YoY to ₹233.8 crore; Operating EBITDA grew 15.6% YoY to ₹179.4 crore.
- Liquid terminaling revenue grew 31% YoY to ₹126.5 crore, while gas terminaling contributed ₹107.2 crore.
- Board approved a ~52,000 MT refrigerated LPG storage tank at JNPA and 49,577 CBM liquid storage at Kochi.
- Progressing on ₹1,675 crore JNPA expansion, with Phase 1 (100,000 CBM liquid) commissioning targeted for Q3 FY27.
- Secured a 15-year take-or-pay agreement at Pipavav for >0.5 MMTPA petroleum product handling.
Aegis Vopak Terminals Limited has released the audio recording of its earnings conference call held on August 14, 2026. The call addressed the company's unaudited financial results for the quarter ended June 30, 2026, where it reported a revenue of Rs 233.77 crore and a net profit of Rs 69.41 crore. This filing is a standard procedural requirement under SEBI (LODR) Regulations. Investors can access the recording to understand management's progress on 'Project GATI' and its $5 billion capex target by 2030.
- Earnings conference call conducted on August 14, 2026, at 03:00 P.M. IST.
- Covers financial performance for the quarter ended June 30, 2026.
- Q1 FY27 revenue of Rs 233.77 crore accounts for approximately 32.2% of TTM revenue.
- Net profit for the quarter stood at Rs 69.41 crore with an operating profit of Rs 179.43 crore.
Aegis Vopak Terminals Limited (AVTL) has successfully passed all six resolutions at its 13th Annual General Meeting held on August 7, 2026. Key approvals include a final dividend of Rs 0.20 per share (2% of face value) for FY 2025-26 and material related party transactions (RPTs) with its promoter, Aegis Logistics, and fellow subsidiaries. Despite the promoter's high 86.9% stake, RPT resolutions were passed with over 99.5% of the public/institutional votes cast in favor. The company reported a TTM PAT of Rs 183 Cr and is currently trading at a P/E of 147.7.
- Final dividend of Rs 0.20 per equity share (2% of Rs 10 face value) approved for FY 2025-26.
- Material Related Party Transactions with promoter Aegis Logistics Limited approved with 99.58% majority of votes polled.
- Material RPTs with fellow subsidiaries Aegis Gas (LPG) Pvt Ltd and Sea Lord Containers Ltd also received 99.58% approval.
- Total of 1,05,17,80,814 votes were polled for the adoption of FY26 financial statements.
- Record date for shareholder eligibility was July 31, 2026, with 54,584 total shareholders on record.
Aegis Vopak Terminals Limited (AVTL) reported a 12.4% YoY revenue growth in Q1 FY27, reaching Rs 233.8 Cr, with EBITDA margins expanding to 76.75%. The liquid terminalling segment was the primary driver, growing 30.6% YoY to Rs 126.5 Cr. Most significantly, the company reaffirmed an ambitious growth roadmap targeting $1.2 billion in capex by next year and $5 billion by 2030-31. The filing also corrected a typographical error in Q1 FY26 gas revenue, now accurately reflected as Rs 111.1 Cr.
- Q1 FY27 Revenue from operations increased 12.4% YoY to Rs 2,337.74 Mn
- Liquid terminalling revenue grew 30.6% YoY to Rs 1,265.35 Mn, offsetting a 3.5% dip in gas revenue
- Targeting $5 billion in aggregate capex by 2030-31, funded by internal accruals and debt
- Upcoming capacity includes 51,998 MT LPG storage at JNPA and 36,000 MT Ammonia terminal at Pipavav
- Debt gearing ratio for expansion is strategically capped at 3.5x EBITDA
Aegis Vopak Terminals reported a strong FY26 with consolidated revenue growing 17% to ₹923.07 Cr and PAT increasing 52% to ₹341.92 Cr. The company successfully doubled its LPG static storage capacity to 152,800 MT through strategic acquisitions in New Mangalore and Pipavav. A major ₹1,675 Cr Greenfield J2 project at JNPA is currently underway, with Phase-I liquid storage expected to commission in Q1 FY27. Shareholders approved a final dividend of ₹0.20 per share and several material related-party transactions with the parent company, Aegis Logistics.
- Consolidated PAT increased 52.07% YoY to ₹341.92 Cr for the full year FY26.
- LPG static storage capacity expanded from 70,800 MT to 152,800 MT following terminal acquisitions.
- Greenfield J2 Project at JNPA involves a total capital outlay of ₹1,675 Cr, targeting LPG and liquid storage.
- Debt-to-equity ratio improved to a low 0.08 as of March 31, 2026, following IPO and debt repayment.
- Acquisition of India's first independent 36,000 MT ammonia terminal at Pipavav expected to close in H1 FY27.
Aegis Vopak Terminals Limited (AVTL) reported a strong Q1 FY27 with revenue of ₹233.8 Cr, up 12.4% YoY, and EBITDA margins expanding to 76.75%. The Gas segment was a major driver, with revenue growing 59.8% YoY to ₹107.2 Cr. The company announced significant new projects at JNPA (51,998 MT LPG storage) and Kochi (49,577 cbm liquid storage). Management has set an aggressive long-term growth target, aiming for $1.2 billion in capex by next year and $5 billion by 2030-31.
- Q1 FY27 Revenue increased 12.4% YoY to ₹233.8 Cr (2,338 Mn INR)
- EBITDA margins improved to 76.75% from 74.65% in the previous year
- Announced new 51,998 MT LPG storage tank at JNPA and 49,577 cbm liquid storage at Kochi
- Targeting $5 billion aggregate capex by 2030-31 with a debt gearing cap of 0.6x
- Gas segment revenue surged 59.8% YoY to ₹107.2 Cr
Aegis Vopak Terminals Limited (AVTL) has entered into a Framework Agreement with its promoter, Aegis Logistics Limited (ALL), for the construction of a 51,998 MT refrigerated propane storage tank at JNPA. The company will pay an upfront sum of Rs 142.50 crore for the development of this facility. This capex represents approximately 23% of the company's TTM revenue of Rs 621 crore. Upon completion, the asset will be transferred to AVTL via a separate Asset Transfer Agreement, supporting the company's 'Project GATI' expansion strategy.
- Construction of a 51,998 MT refrigerated double steel wall storage tank for propane.
- Upfront payment of Rs 142.50 crore to promoter entity Aegis Logistics Limited.
- Strategic location at the Jawaharlal Nehru Port Authority (JNPA) tank farm area.
- Capex value of Rs 142.50 Cr is ~23% of the TTM revenue of Rs 621 Cr.
- Asset to be transferred to the company via a separate agreement upon project completion.
Aegis Vopak Terminals Limited (AVTL) has entered into a Framework Agreement with its promoter, Aegis Logistics Limited (ALL), for the construction of a new propane storage facility. The project involves a 51,998 MT refrigerated double steel wall storage tank and allied facilities at the JNPA tank farm area. AVTL will pay Rs 142.50 Cr upfront to ALL for the development, which represents approximately 23% of its TTM revenue of Rs 621 Cr. Upon completion, the assets will be formally transferred to AVTL via a separate agreement.
- New storage capacity of 51,998 MT for propane at the Jawaharlal Nehru Port Authority (JNPA) terminal
- Upfront payment of Rs 142.50 Cr to promoter Aegis Logistics Limited for construction and development
- Agreement value represents ~22.9% of the company's TTM revenue of Rs 621 Cr
- Facility features specialized refrigerated double steel wall, full containment, and insulated storage technology
- Transaction is classified as a related party transaction conducted at arm's length
Aegis Vopak Terminals Limited has scheduled its Q1 FY27 earnings conference call for Friday, August 14, 2026, at 3:00 PM IST. The call will be led by Chairman & Managing Director Mr. Raj Chandaria and Non-Executive Director Mr. Murad Moledina. This follows a TTM revenue of ₹621 Cr and a robust operating profit margin of 83.6%. Investors will likely seek updates on the company's 'Project GATI' and its ₹5 billion USD capex target by 2030.
- Earnings conference call for Q1 FY27 scheduled for August 14, 2026, at 3:00 PM IST
- Management participation includes Chairman & Managing Director Mr. Raj Chandaria
- Company reported TTM revenue of ₹621 Cr and TTM PAT of ₹183 Cr
- Operating profit margin remains high at 83.6% as per latest TTM data
- Call will likely address the 75% stake acquisition in HALPG and Kandla VLGC project status
Financial Performance
Revenue Growth by Segment
In Q2 FY26, the Liquid Terminalling segment grew 28.3% YoY to INR 106.04 Cr, while the Gas Terminalling segment grew 23.7% YoY to INR 81.59 Cr. For the full year FY25, total revenue grew 10.6% to INR 621.08 Cr compared to INR 561.76 Cr in FY24.
Geographic Revenue Split
Revenue is derived from assets located across 6 major ports on both the East and West coasts of India, including Kandla, Pipavav, Haldia, Mangalore, Kochi, and Mumbai. The strategic entry into the East Coast market is being strengthened by the acquisition of a 75% stake in HALPG at Haldia.
Profitability Margins
PAT margin for FY25 stood at 20.5%, up 508 bps from 15.4% in FY24. Q2 FY26 PAT grew 141.8% YoY to INR 53.94 Cr, driven by a 61% reduction in interest costs following substantial debt repayment.
EBITDA Margin
Operating EBITDA margin was 73.3% in Q2 FY26, a slight decrease from 73.5% in Q2 FY25. For the full year FY25, the EBITDA margin was 73.7%, representing a 293 bps improvement over FY24's 70.8%.
Capital Expenditure
The company is executing a massive expansion under 'Project GATI' with a planned cumulative CAPEX of USD 1.2 billion (approx. INR 10,000 Cr) by 2026 and an aggregate target of USD 5 billion (approx. INR 42,000 Cr) by 2030.
Credit Rating & Borrowing
The company maintains a credit rating of IND AA / Stable for its bank facilities. Interest costs decreased by 61% YoY in Q2 FY26 due to the full-quarter impact of debt repayment, with a target gearing ratio of 0.6x and a maximum cap of 3.5x EBITDA.
Operational Drivers
Raw Materials
As a terminalling and logistics provider, the company does not consume traditional raw materials; its primary 'inputs' are the commodities handled, specifically LPG (Liquefied Petroleum Gas), Ammonia, and various Liquid chemicals/petrochemicals which constitute 100% of throughput volume.
Import Sources
Commodities are sourced globally by clients and received at major Indian ports including Gujarat (Kandla, Pipavav), West Bengal (Haldia), Karnataka (Mangalore), and Kerala (Kochi).
Key Suppliers
The company maintains strategic agreements with major PSUs and global entities, including an exclusive terminalling agreement with HPCL for the HALPG terminal valid until 2038.
Capacity Expansion
Current expansion includes the consolidation of 25,000 MT of LPG capacity at Haldia through the HALPG acquisition. Kandla is being upgraded for VLGC (Very Large Gas Carrier) berthing by Q3 FY26, and 3 acres of land were newly allotted at Haldia for liquid expansion.
Raw Material Costs
Operating expenses, which include power and port charges, were INR 163.39 Cr in FY25, representing approximately 26.3% of revenue. These costs remained stable YoY despite a 10.6% increase in revenue, indicating improved operational leverage.
Manufacturing Efficiency
Gas throughput reached 0.68 million metric tons in Q2 FY26, up from 0.52 million in Q1 FY26. Efficiency is driven by high-capacity utilization of static storage and rapid evacuation via new pipeline links.
Logistics & Distribution
Distribution is handled via integrated pipeline networks (KGPL/JLPL) and road/rail connectivity. The company aims to leverage its position as India's largest independent tank storage operator to capture higher throughput fees.
Strategic Growth
Expected Growth Rate
26%
Growth Strategy
Growth will be achieved through 'Project GATI', focusing on expanding storage footprints and diversifying into Ammonia and new liquid products. Key drivers include the 75% stake acquisition in HALPG, the operationalization of new LPG terminals at Pipavav and Mangalore, and connecting the Kandla terminal to the 12 MMTPA combined capacity of the KGPL and JLPL pipelines.
Products & Services
The company provides terminalling and storage services for LPG, Ammonia, and liquid chemicals, as well as LPG bottling services through the HALPG plant.
Brand Portfolio
Aegis Vopak Terminals Limited (AVTL), Hindustan Aegis LPG Limited (HALPG), Aegis Logistics, Royal Vopak.
New Products/Services
Expansion into Ammonia storage and handling is a key new focus area, alongside the consolidation of LPG bottling services via the HALPG acquisition.
Market Expansion
Strategic entry into the East Coast market via Haldia and expansion of existing footprints in Kandla and Pipavav. Target is to reach USD 5 billion in CAPEX by 2030.
Market Share & Ranking
AVTL is India's largest independent owner and operator of tank storage terminals for LPG and liquid products.
Strategic Alliances
A joint venture between Aegis Logistics Limited (50.1% stake) and Royal Vopak (47.31% stake), combining local expertise with global terminal operating standards.
External Factors
Industry Trends
The industry is shifting toward cleaner energy, with LPG and Ammonia seeing 15-20% growth in demand. AVTL is positioning itself by expanding infrastructure to handle VLGCs and connecting to national pipeline grids to lower evacuation costs and increase throughput.
Competitive Landscape
Key competitors include PSU-owned terminals (IOC Kandla) and private players like Adani Mundra, though AVTL maintains leadership as the largest independent operator.
Competitive Moat
The moat is built on 'irreplaceable' port-based infrastructure, exclusive long-term contracts, and the unique JV parentage. These are highly sustainable due to the high CAPEX requirements and regulatory complexities of building new port terminals.
Macro Economic Sensitivity
Highly sensitive to India's energy demand and LPG consumption trends, which are influenced by GDP growth and government energy transition policies.
Consumer Behavior
Increasing domestic and industrial demand for LPG as a cleaner fuel alternative is driving higher terminal throughput.
Geopolitical Risks
Exposure to global energy supply chain disruptions which could affect the timing and volume of LPG/Ammonia imports into Indian ports.
Regulatory & Governance
Industry Regulations
Operations are subject to Petroleum and Explosives Safety Organization (PESO) norms, port authority regulations, and environmental clearances for terminal expansions.
Environmental Compliance
The company adheres to global safety and sustainability standards provided by Royal Vopak; specific ESG spend in INR is not disclosed.
Taxation Policy Impact
The company reported a current tax liability of INR 0.3 Cr as of September 2025. Deferred tax liabilities (net) stood at INR 136.8 Cr.
Legal Contingencies
The company reported no instances of non-compliance or penalties imposed by any statutory authority regarding capital markets or operations during the last three years.
Risk Analysis
Key Uncertainties
Key risks include project execution delays for the USD 5 billion CAPEX plan and potential changes in the exclusive terminalling agreement with HPCL, which could impact long-term revenue stability.
Geographic Concentration Risk
Concentrated in 6 major Indian ports, with a significant portion of revenue and growth tied to the Gujarat (Kandla/Pipavav) and West Bengal (Haldia) regions.
Third Party Dependencies
High dependency on port authorities for land allotments and on pipeline operators (KGPL/JLPL) for volume evacuation.
Technology Obsolescence Risk
Low risk due to the physical nature of storage; however, the company is digitizing operations to improve throughput efficiency.
Credit & Counterparty Risk
Low risk as primary customers are large PSUs and established industrial players. Trade payables were only INR 18 Cr as of September 2025.
