• Event Type: Q2 FY27 Earnings Conference Call for both Aegis Logistics Limited and Aegis Vopak Terminals Limited
  • Date and Time: Tuesday, November 03, 2026 at 04:00 p.m. IST
  • Purpose: Discussion of quarterly results, strategic update on the Tristar Holdings acquisition, and port-by-port expansion progress
  • Management Participants:
  • Mr. Raj Chandaria – Chairman and Managing Director – Aegis Logistics & Aegis Vopak Terminals Limited
  • Mr. Murad Moledina – Chief Financial Officer – Aegis Logistics | Non-Executive Director - Aegis Vopak Terminals Limited
  • Ms. Payal Dave – Investor Relations – Cygnus Partners
  • Financial Period Discussed: Q2 FY27 (Quarter ended September 2026) and H1 FY27 (April-September 2026)
  • Forward-looking Statements: The call contained forward-looking statements about the company based on beliefs, opinions and expectations as of the call date, with the disclaimer that these statements do not guarantee future performance

Financial Highlights

Aegis Logistics Limited Performance:

Q2 FY27 (Quarterly):

  • Revenue: INR 2,213 crores (vs INR 2,294 crores in Q2 FY26)
  • Normalized Segment EBITDA: INR 456 crores, up 32% YoY (vs INR 347 crores)
  • Profit After Tax: INR 321 crores, up 32% YoY (vs INR 244 crores)
  • Earnings Per Share: INR 7.42, up 45% YoY

H1 FY27 (Half-Yearly):

  • Revenue: INR 4,570 crores, up 14% YoY (vs INR 4,013 crores)
  • Normalized Segment EBITDA: INR 1,184 crores, up 97% YoY (vs INR 602 crores)
  • Profit After Tax: INR 866 crores, up 108% YoY (vs INR 417 crores)
  • Earnings Per Share: INR 21.23, up 140% YoY (vs INR 8.86)

Segment-wise Performance (Aegis Logistics):

LPG Division (Gas Business):

  • Q2 FY27 EBITDA: INR 309.25 crores, up 34% YoY
  • H1 FY27 EBITDA: INR 900 crores, up 137% YoY
  • Distribution volumes: 2.41 lakh metric tons in Q2 (up 25% YoY), 5.18 lakh metric tons in H1 (up 54% YoY)
  • Logistics throughput: 1.34 million metric tons in Q2 (down 5% YoY but up 19% from previous quarter)
  • Sourcing volumes: 0.9 lakh metric tons in Q2, 2.1 lakh metric tons in H1
  • EBITDA per ton in distribution: Approximately INR 7,000

Liquid Division:

  • Q2 FY27 Revenue: INR 187 crores, up 21% YoY
  • H1 FY27 Revenue: INR 366 crores, up 22% YoY
  • Realization: Over INR 3,600 per CBM
  • Q2 FY27 EBITDA: INR 147 crores, up 27% YoY
  • H1 FY27 EBITDA: INR 284 crores, up 28% YoY
  • EBITDA margin: 78%
  • Expected EBITDA realization: INR 3,000 per CBM for the year

Aegis Vopak Terminals Limited Performance:

Q2 FY27:

  • Revenue: INR 271 crores, up 17% YoY
  • EBITDA: INR 212 crores, up 22% YoY
  • EBITDA Margin: 78.6% (vs 74.7% in Q2 FY26)
  • Profit After Tax: INR 96.4 crores (vs INR 100.2 crores in Q2 FY26)
  • Throughput: 1.1 million tons

H1 FY27:

  • Revenue: INR 505 crores, up 15% YoY
  • EBITDA: INR 392 crores, up 19% YoY
  • EBITDA Margin: 77.7% (vs 74.7% in H1 FY26)
  • Profit After Tax: INR 165.8 crores
  • Earnings Per Share: INR 1.38

Strategic Update: Tristar Holdings Acquisition

  • Transaction Details: Signed definitive agreement on October 13, 2026 to acquire 89.8% stake in Tristar Holdings Limited for US$809 million
  • Tristar Profile: Integrated energy logistics company headquartered in Dubai with global operations, including storage terminals, ships, trucks, and distribution business
  • Strategic Rationale: Transformational step from India-focused business to global integrated energy logistics platform, combining domestic infrastructure with international network
  • Expected Benefits: Enhanced scale, geographic diversification, earnings potential, and operational/commercial synergies
  • Timeline: Expected completion in Q4 FY27, subject to regulatory approvals and customary closing conditions
  • Funding: Already passed EGM resolution for INR 6,000 crores funding; company has INR 6,400 crores cash available

Port-by-Port Expansion Update

Mumbai:

  • Operating at high utilization levels
  • Developing additional 64,000 cubic meters liquid storage with INR 125 crores investment
  • Expected gradual commissioning during the year

JNPT (Jawaharlal Nehru Port Trust):

  • Commissioned LPG bottling plant with 35,000 metric tons annual capacity on October 15, 2026
  • Current liquid storage capacity: 101,900 cubic meters performing well
  • Greenfield expansion: INR 1,675 crores investment for 318,000 cubic meters liquids + 77,286 metric tons LPG storage
  • First phase (100,000 cubic meters) commissioning in Q3 FY27
  • Additional 51,000 metric ton refrigerated double-wall LPG storage tank announced

Haldia Port:

  • Operations continuing well
  • Acquired additional 3 acres of land for future expansion

Kandla:

  • Strategic terminal with 952,000 cubic meters liquid storage and 48,000 metric tons static LPG storage
  • Developed VLGC handling capability
  • CRL-4 liquid terminal expansion adding 94,148 cubic meters, commissioning targeted for next financial year
  • Kandla-Gorakhpur LPG pipeline (1,958 km) 96% physically complete, Kandla-Lucknow section charged with LPG

Pipavav Port:

  • Three infrastructure initiatives: VLGC-compliant jetty development, Kandla-Gorakhpur pipeline connection, existing rail/truck loading infrastructure
  • Commissioned ammonia terminal with 36,000 metric tons specialized storage
  • 15-year take-or-pay agreement with Hindustan Zinc
  • ITOCHU Corporation acquired 10% stake in Aegis Terminal Pipavav Limited, intending to increase to 25% over 3 years

Kochi:

  • Existing storage: 82,000 cubic meters operating well
  • Expansion: 49,577 cubic meters additional storage (total 132,000 cubic meters, 60% increase)
  • Expected commissioning in early FY28

Mangalore Port:

  • 75,000 cubic meters liquid storage added last year now fully operational at 100% utilization
  • Total capacity: 193,000 cubic meters
  • Secured additional land, evaluating addition of 60,000 cubic meters liquid storage

Capital Allocation Framework

  • Cumulative capex expected to reach approximately US$1.2 billion by next year
  • Planned aggregate capex investment of approximately $5 billion through 2030-31
  • Funding through balanced mix of equity, internal accruals, and debt
  • Target gearing: no more than 0.6x
  • Aegis Vopak capex self-funded by equity dilution and listing of shares

Additional Notes

  • The transcript was submitted to BSE and NSE pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • The communication is also available on the company website at www.aegisindia.com
  • The document contains forward-looking statements that do not guarantee future performance