• The document contains the transcript of the Q4 and FY26 Earnings Conference Call held on Tuesday, June 9, 2026 at 02:00 P.M. (IST).
  • Management participants included Mr. Raj Chandaria (Chairman and Managing Director) and Mr. Murad Moledina (Non-Executive Director).
  • The call discussed the company's first full year results since listing, with an investor presentation available on exchanges and the company website.
  • The company explicitly stated that the conference call may contain forward-looking statements about the company based on beliefs, opinions, and expectations as of the call date.

Financial Performance Highlights

Full Year FY26 Performance:

  • Revenue from operations: INR923.1 crores (up 17% YoY)
  • Liquid terminaling: INR440.5 crores (up 27.8% YoY)
  • Gas terminaling: INR482.6 crores (up 8.6% YoY)
  • Operating EBITDA: INR686.5 crores (up 19.4% YoY)
  • Net profit: INR341.9 crores (up 52.1% YoY)
  • Gas throughput: 3.9 million tons (up from 3.3 million tons in FY25)

Q4 FY26 Performance:

  • Revenue from operations: INR243.5 crores (up 22.2% YoY)
  • Liquid terminaling: INR121.1 crores (up 31% YoY)
  • Gas terminaling: INR122.4 crores (up 14.6% YoY)
  • Operating EBITDA: INR179.2 crores (up 24.2% YoY)
  • Net profit: INR73.9 crores (up 15.3% YoY)
  • Quarterly gas throughput: 1 million metric tons

Operational Updates and Expansion Plans

Project GATI (Gateway Access to India):

  • Since JV formation in November 2021, liquid storage capacity grew 3.75x and LPG static capacity grew 4.5x
  • Current aggregate capex: Approximately USD1.2 billion by end of next year
  • Planned capex pipeline: Roughly USD5 billion by 2030
  • Target gearing ratio: Approximately 0.6x

Port-wise Capacity Expansion:

  • Haldia: 226,890 cubic meters liquid storage; acquired 75% stake in Hindustan Aegis LPG (25,000 MT LPG capacity)
  • JNPT: 106,900 cubic meters current capacity; adding 318,100 cubic meters liquid storage + 77,236 MT LPG capacity + 35,000 MT bottling plant (INR1,675 crores capex)
  • Kochi: 82,545 cubic meters current capacity; plans to add 60,000 cubic meters
  • Kandla: 952,000 cubic meters liquid storage + 48,000 MT LPG capacity; VLGC-compliant terminal achieved
  • Pipavav: Commissioned cryogenic LPG terminal (48,000 MT capacity); total LPG capacity 70,800 MT
  • Mangalore: 193,000 cubic meters liquid storage; commissioned cryogenic LPG terminal (82,000 MT capacity)

New Projects and Partnerships:

  • Ammonia terminal at Pipavav: 36,000 MT static capacity with 15-year take-or-pay agreement with Hindustan Zinc
  • ITOCHU Corporation acquired 10% stake in Aegis Terminal Pipavav Limited (ammonia subsidiary), plans to increase to 25% over three years
  • Non-binding MoU with Larsen & Toubro for potential joint development of ammonia terminals at Kandla
  • Non-binding MoU for Vadhvan port development with potential project outlay of ~INR20,000 crores

Dividend Declaration

  • Board recommended final dividend of INR0.2 per share (~2.0% on face value of INR10 share) for FY26

Funding Strategy

  • Raised INR660 crores through Series 1 non-convertible debentures (NSE listed)
  • Raised INR1,030 crores through Series 2 NCDs (NSE listed)
  • Funding strategy combines internal accruals with measured use of debt

Additional Notes

  • The document is a regulatory filing pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • FY25 and FY26 financials were restated following consolidation of Hindustan Aegis LPG Limited
  • The transcript includes Q&A session with analysts from K16 Advisors, SK Finance, JM Financial, Bajaj Alternates, Incred Equities, IIFL Capital, and others
  • The company does not provide specific financial guidance but indicated expectation of 30-40% throughput growth year-on-year