Financial Performance Highlights

Full Year FY26 Results (Year ending March 2026)

  • Revenue from operations: ₹8,333 crores, up 23% year-on-year
  • Normalized EBITDA: ₹1,599 crores, up 36% year-on-year
  • Profit After Tax: ₹1,107 crores, up 41% year-on-year from ₹788 crores in FY25
  • Cash and investments on balance sheet: ₹5,939 crores (grown from ₹150 crores in FY22)
  • Earnings per share cumulative average growth rate: 32% over last 5 years

Q4 FY26 Results

  • Revenue from operations: ₹2,594 crores, up 52% year-on-year
  • Normalized EBITDA: ₹670 crores, up 54% year-on-year
  • Profit After Tax: ₹455 crores, up 43% year-on-year

Segment Performance FY26

LPG Business:

  • Revenue: ₹7,689 crores, up 26% year-on-year
  • EBITDA: ₹1,131 crores, up 68% year-on-year
  • Terminal throughput volumes: 5.15 million tons, up 14%
  • Distribution volumes: 7.54 lakh metric tons, up 45%
  • Sourcing sales: 6.07 lakh metric tons, up 2%

Liquid Business:

  • Revenue: ₹644 crores (broadly stable year-on-year)
  • EBITDA: ₹472 crores, down 5%

Q4 FY26 Segment Performance

LPG Segment:

  • Revenue: ₹2,410 crores, up 65% year-on-year
  • EBITDA: ₹549 crores, up 136% year-on-year
  • Distribution volumes: 2.34 lakh metric tons, up 71%
  • Throughput: 1.23 million tons (held steady despite West Asia disruptions)

Liquid Segment:

  • Revenue: ₹184 crores
  • EBITDA: ₹126 crores

Dividend Declaration

The Board has recommended a final dividend of ₹6.70 per share for FY26, bringing the aggregate dividend for the year to ₹8.7 per share.

Operational Updates by Port Location

Mumbai

  • Current capacity: 334,000 kilolitres liquid storage, 21,000 metric tons static LPG capacity
  • Additional 64,000 kilolitres liquid storage under development at project cost of ₹125 crores
  • Commissioning targeted for first half of FY27

JNPT

  • Current liquid storage: 106,900 cubic meters
  • Major expansion underway: 318,100 cubic meters additional liquid storage, 77,236 metric tons LPG capacity, LPG bottling plant with 35,000 metric tons annual capacity
  • Total capital outlay: approximately ₹1,675 crores
  • First phase of liquid capacity expected in first half of FY27
  • Evaluating further cryogenic gas tank of 36,000-50,000 metric ton capacity

Haldia

  • Completed acquisition of 75% stake in Hindustan Aegis LPG Limited through subsidiary Aegis Vopak Terminals Limited
  • Added approximately 25,000 metric tons LPG storage
  • Exclusive terminaling agreement with Hindustan Petroleum through 2038
  • Current liquid storage: 226,890 cubic meters
  • Acquired additional 3 acres of land for future expansion

Kandla

  • Current capacity: 952,000 cubic meters liquid storage, 48,000 metric tons LPG capacity
  • Achieved VLGC-compliant terminal status in December
  • Jamnagar-Loni LPG pipeline complete
  • Kandla-Gorakhpur LPG pipeline expected to be connected in H1 FY27
  • CRL 4 liquid terminal adding 94,148 cubic meters progressing well, commissioning targeted for next year
  • Signed non-binding MoU with Larsen & Toubro for potential joint development of ammonia terminals

Pipavav

  • Commissioned 48,000 metric ton cryogenic LPG terminal in June 2025
  • Total LPG capacity: 70,800 metric tons
  • New VLGC-compliant Jetty expected completion within calendar year 2026
  • KGPL pipeline connection following in Q2 FY27
  • Building additional rail gantry
  • Secured 15-year take-or-pay agreement with leading conglomerate for petroleum products (>0.5 million metric tons annually)
  • Operations expected to commence by year-end
  • Advancing India's first independent ammonia terminal: 36,000 metric ton static capacity
  • 15-year take-or-pay agreement with Hindustan Zinc for their DAP plant
  • Commissioning targeted for H1 FY27
  • Itochu Corporation acquired 10% stake in Aegis Terminal Pipavav Limited with intention to raise to 25% over next 3 years

Kochi

  • Current capacity: 82,545 cubic meters liquid storage
  • Evaluating additional 60,000 cubic meters on newly allotted land

Mangalore

  • Commissioned 82,000 metric ton cryogenic LPG terminal in June 2025
  • LPG rail gantry construction progressing
  • 75,000 cubic meters liquid capacity added last year now fully operational
  • Total liquid storage: 193,000 cubic meters
  • Secured additional land, evaluating further 60,000 cubic meters liquid storage

Vadhavan Port

  • Signed non-binding MoU to participate in port development
  • Potential investment: approximately ₹20,000 crores (subject to approvals and land allocation)

Capital Allocation Framework

  • Cumulative capex expected to reach approximately $1.2 billion by next year
  • Identified capex pipeline of approximately $5 billion through 2030
  • Funding through balanced mix of equity, internal accruals, and debt
  • Targeting gearing ratio of approximately 0.6x

Management Guidance and Commentary

Distribution Margins

  • FY26 distribution margins: ~₹7,000 per ton (vs. ~₹4,000 in previous year)- Expect ₹7,000 margins to be sustainable in FY27 and beyond
  • Procurement efficiencies from volume scale expected to compensate if energy prices stabilize or decline

Volume Outlook

  • Target of 2 million tons distribution volume by FY28 (includes LPG and ammonia)
  • Expect full normalization of LPG supply situation by Q2 FY27
  • Current improvement: May shortfall down to 30% from 50% in April

Ammonia Business Economics

  • Expected first-year utilization: ~25%, growing 30-40% year-on-year
  • Distribution target: 200,000 tons to begin with, growing 20-30% year-on-year
  • Throughput margins: ₹2,500-3,000 per ton
  • Distribution margins: up to ₹5,000 per ton
  • Pipavav ammonia terminal: One-third capacity take-or-pay, two-thirds open source

Growth Guidance

  • Maintain 25% CAGR growth guidance
  • FY27 expected to continue strong momentum
  • Base effect: EPS grown from ₹6 to ₹26 while maintaining CAGR guidance

Q&A Session Highlights

West Asia Supply Impact

  • LPG supply disruption improving month-on-month
  • Alternative supply sources being developed reducing Middle East dependency
  • Expect normalcy to return beginning Q2 FY27

Capex Phasing

  • FY27 capex: Part of $1.2 billion cumulative target by March 2027
  • FY28 capex: Approximately ₹5,000 crores
  • Heavy capex in FY29, FY30, FY31 to reach $5 billion total
  • Vadhavan port investment included in $5 billion pipeline

Business Structure

  • ALL develops assets then transfers to Aegis Vopak
  • Consolidated cash includes 100% subsidiaries
  • EPC done by ALL, capitalized at billing value

Market Outlook

  • Energy per capita in India among lowest globally
  • Significant transition opportunity from dirty fuels to clean fuels
  • Large addressable market with multiple energy sources needed

#Tags: #AegisLogistics #FY26Results #Regulation30 #SEBIDisclosure #LogisticsExpansion #Positive