Event Type: Q1 FY '27 Earnings Conference Call

Date and Time: The conference call was held on Friday, August 14, 2026, at 05:00 p.m. (IST)

Purpose: Discussion of Q1 FY '27 financial performance and business updates, including operational highlights, capacity expansions, and strategic initiatives across the company's port terminals.

Management Participants:

  • Mr. Raj Chandaria – Chairman and Managing Director
  • Mr. Murad Moledina – Chief Financial Officer
  • Ms. Payal Dave – Investor Relations (MUFG Intime) as Moderator

Financial Period Discussed: Q1 FY '27 (Quarter ending June 2026)

Forward-Looking Statements: The call contained forward-looking statements based on the company's beliefs, opinions, and expectations as of the call date, with the standard disclaimer that these are not guarantees of future performance and involve risks and uncertainties.

Availability of Materials: The transcript of the earnings conference call was submitted to the Bombay Stock Exchange and National Stock Exchange of India on August 19, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication is also available on the company's website at www.aegisindia.com.

Compliance Language: The document contains the standard forward-looking statement disclaimer but does not explicitly state that no unpublished price sensitive information (UPSI) will be shared.

Financial Highlights

Record Q1 FY27 Performance:

  • Profit After Tax: INR545 crores, up 212% YoY from INR175 crores in Q1 FY26
  • Normalized EBITDA: INR727 crores, up 184% YoY from INR256 crores
  • Earnings Per Share: INR13.80 compared to INR3.74 in Q1 FY26 (54% of full year FY26 EPS)
  • Revenue from Operations: INR2,357 crores, up 37% YoY

Segment-wise Performance:

Gas Division:

  • EBITDA: INR591 crores, up 296% YoY
  • Sequential EBITDA growth: 8% over Q4 FY26
  • Distribution volumes: 277,000 metric tons, up 91% YoY and 19% sequentially
  • Logistics throughput: 1.124 million metric tons (resilient despite geopolitical challenges)
  • Sourcing volumes: 121,000 metric tons (marginal YoY growth)

Liquid Division:

  • Revenue: INR178 crores, up 24% YoY
  • EBITDA: INR136 crores, up 28% YoY
  • Consecutive quarters of EBITDA growth: 5 quarters

Operational Updates and Capacity Expansions

Mumbai Port:

  • Current capacity: 334,000 cubic meters liquid storage, 21,000 metric tons static LPG
  • Expansion: Additional 64,000 cubic meters liquid storage at INR125 crores investment
  • Commissioning targeted: First half of FY27

JNPA Port:

  • Current liquid storage: 101,900 cubic meters
  • Major expansion underway: 318,100 cubic meters additional liquid storage, 77,236 metric tons LPG capacity, LPG bottling plant (35,000 metric tons annual capacity)
  • Total capital outlay: ~INR1,675 crores
  • First phase (100,000 cubic meters liquid storage): Commissioning expected Q3 FY27
  • New approval: 52,000 metric ton refrigerated double-walled steel LPG tank

Haldia Port:

  • Operations: 25,000 metric ton LPG terminal with exclusive terminaling agreement with HPCL through 2038
  • Liquid storage: 226,890 cubic meters
  • Land acquisition: Additional 3 acres acquired for liquid business expansion

Kandla Port:

  • Current capacity: 952,000 cubic meters liquid storage, 48,000 metric tons static LPG
  • VLGC compliant since last year
  • CRL 4 liquid terminal: 94,148 cubic meters additional storage, commissioning targeted next year
  • MoU with Larsen & Toubro for potential joint development of ammonia terminals
  • Pipeline developments: Jamnagar-Loni LPG pipeline operational; Kandla-Gorakhpur LPG pipeline expected in first half of FY27

Pipavav Port:

  • LPG capacity: 70,800 metric tons (48,000 metric tons commissioned June 2025)
  • Infrastructure improvements: VLGC-compliant liquids jetty by APM Terminals; additional liquid rail gantry with 15-year take-or-pay agreement for petroleum products (>0.5 MMTpa); pipeline connectivity
  • Ammonia terminal: 36,000 metric tons specialized storage commissioned
  • 15-year take-or-pay agreement with Hindustan Zinc for DAP plant servicing
  • ITOCHU Corporation acquired 10% stake in Aegis Terminal Pipavav Limited, with intention to increase to 25% over next 3 years

Kochi Port:

  • Current capacity: 82,545 cubic meters liquid storage
  • Expansion approved: Additional 49,577 cubic meters storage
  • Commissioning: Early next financial year
  • Total capacity post-expansion: 132,122 cubic meters

Mangalore Port:

  • LPG terminal: 82,000 metric tons commissioned June 2025
  • Development underway: LPG rail loading gantry and bottling plant (INR52.5 crores investment)
  • Liquid capacity: 193,000 cubic meters (75,000 cubic meters added last year, fully operational)
  • Evaluating additional 60,000 cubic meters liquids expansion

New Port Development:

  • Non-binding MoU for participation in Vadhavan Port development
  • Potential investment: ~INR20,000 crores (subject to approvals)

Capital Expenditure Guidance

  • Current fiscal year capex: Approximately $1.2 billion
  • Identified capex pipeline through FY30-31: Approximately $5 billion
  • Funding approach: Balanced mix of equity, internal accruals, and debt
  • Target gearing ratio: Approximately 0.6
  • Liquidity reserves: INR5,940 crores

Business Outlook and Strategy

  • Distribution business target: 2 million tons (aiming for 1.5 million tons next year)
  • Distribution margin outlook: INR7,000+ per ton sustainable (upgraded from historical INR4,000)
  • Logistics volume growth benchmark: 25% annually, with potential for step-up growth from infrastructure enablers
  • EPS growth trajectory: 25%+ CAGR expected to continue from current INR26 EPS base
  • Ammonia distribution: To commence immediately (within weeks), industrial distribution focus

Additional Notes

Attachments: The regulatory filing includes the full transcript of the earnings conference call held on August 14, 2026.

Financial Data Disclosure: The announcement contains extensive financial data including Q1 FY27 results, segment performance metrics, volume data, and capital expenditure figures.