Company Overview

Aegis Vopak Terminals Limited (AVTL) is India's largest third-party liquid and gas storage tank terminal owner and operator. The company offers secure storage and associated infrastructure for products including petroleum, chemicals, lubricants, vegetable oil, and LPG (propane and butane). AVTL operates through two segments: Liquid and Gas terminalling. The company is a joint venture between Aegis Logistics (listed Indian conglomerate) and Royal Vopak (global tank storage company headquartered in the Netherlands).

FY26 Financial Performance

Profitability Metrics:

  • Revenue from Operations: ₹9,230.78 million (FY25: ₹7,892.12 million)
  • EBITDA: ₹6,864.53 million with 74.37% margin (FY25: ₹5,748.41 million, 72.84% margin)
  • PAT: ₹3,419.21 million with 37.04% margin, up 52% YoY (FY25: ₹2,248.41 million, 28.49% margin)
  • Profit Before Tax: ₹4,064.55 million (FY25: ₹2,653.95 million)

Segment Revenue Breakdown:

  • Revenue from Liquid terminalling: ₹4,404.74 million
  • Revenue from Gas terminalling: ₹4,826.04 million

Balance Sheet Position (as of March 31, 2026):

  • Total Assets: ₹84,501 million (FY25: ₹67,548 million)
  • Property, Plant and Equipment: ₹66,355 million (FY25: ₹50,326 million)
  • Capital Work in Progress: ₹2,105 million (FY25: ₹1,675 million)
  • Total Equity: ₹44,185 million (FY25: ₹14,939 million)
  • Equity Share Capital: ₹11,080 million (FY25: ₹9,888 million)
  • Other Equity: ₹31,826 million (FY25: ₹3,535 million)
  • Borrowings: ₹21,176 million (₹3,469 million non-current + ₹17,707 million current)
  • Cash and Cash Equivalents: ₹3,023 million (FY25: ₹7,213 million)

Cash Flow Statement:

  • Net Cash from Operating Activities: ₹7,020 million (FY25: ₹5,763 million)
  • Net Cash used in Investing Activities: ₹(30,774) million (FY25: ₹(3,811) million)
  • Net Cash from Financing Activities: ₹19,565 million (FY25: ₹3,853 million)
  • Net decrease in Cash: ₹(4,190) million

Operational Milestones and Expansions

Terminal Commissioning and Capacity Additions:

  • Commissioned 82,000-metric-ton cryogenic LPG terminal at Mangalore Port in June (Q2 FY26)
  • Inaugurated 48,000 metric ton cryogenic LPG terminal in July 2025 at Pipavav Port, increasing total LPG capacity to 70,800 metric tons
  • Pipavav Port surpassed 1 million ton volume milestone during the year
  • VLGC berth at Kandla commenced operations in Q3 FY26
  • Announced construction of India's first independent 36,000-MT Ammonia Terminal with completion expected by Q1 FY27

Strategic Acquisition:

  • Completed acquisition of 75% stake in Hindustan Aegis LPG Ltd (HALPG), making it a subsidiary of AVTL
  • Acquisition adds 25,000 MT of LPG capacity at Haldia and provides strategic entry into the East Coast
  • Includes LPG terminal, attached bottling plant, and exclusive HPCL terminalling agreement valid until 2038
  • Board approval received on October 29, 2025 (subject to shareholder approval)
  • Share Purchase Agreement entered on January 2, 2026

Connectivity Infrastructure:

  • JLPL connection completed at Kandla
  • KGPL connection at Pipavav expected in Q2 FY27
  • Constructing Rail Gantry for LPG at Mangalore and for Liquid Products at Pipavav

Capital Expenditure and Financing

Major Expansion Projects:

  • JNPA expansion with capex of ₹1,675 crores, including:
  • Augmentation of existing 101,900 m³ liquid capacity with 318,100 m³ additional liquid storage
  • 77,286 MT of LPG storage
  • 35,000 MTPA LPG bottling plant
  • Evaluating 36,000+ MT Cryogenic Gas tank to enhance gas infrastructure

Fundraising Activities:

  • Successfully raised and listed two NCDs on NSE
  • Raised ₹660 crores in series 1
  • Raised ₹1,030 crores in series 2
  • Total raised: ₹1,690 crores

Strategic Partnerships and Agreements

Long-term Contracts:

  • Signed 15-year take-or-pay agreement with a large conglomerate to manage petroleum products at Pipavav, handling over half a million metric tons annually starting by end of current calendar year
  • Signed 15-year take-or-pay agreement to serve HZL upcoming DAP plant

Strategic Investments:

  • Entered non-binding MoU to invest approximately ₹20,000 crores in the Vadhavan Port project
  • Signed non-binding MoU with L&T to develop Ammonia Terminals for their upcoming green ammonia facilities at Kandla
  • Strategic partnership with Itochu in Ammonia Project – Initially 10%, eventually 25% in 3 years time

Land Allocation:

  • Allotment of new plots at Kandla, Mangalore, Haldia and Kochi for future expansions

Credit Rating Update

  • India Ratings upgraded Group's outlook from Stable to Positive and reaffirmed its AA rating in June 2025

Dividend Declaration

  • Recommendation of Final dividend @ 2% i.e. ₹0.20 per share (face value of ₹10 each) for the financial year ended March 31, 2026

Business Overview and Strategy

AVTL can store and handle 30+ chemicals of various categories and classes; 10+ products in edible and non-edible oil category; and LPG. Tanks have a designed life of approximately 40 years with connectivity infrastructure including pipelines to jetty, ship loading and unloading infrastructure, and multimodal evacuation through road, rail and pipeline.

Growth Strategy focuses on four pillars:

1. Strategically expand network of terminals at existing locations

2. Establish Industrial Terminals connected to multiple production units

3. Invest in capabilities to address alternative energies (feedstock and ammonia terminals)

4. Pursue inorganic growth opportunities for expansion and entry into newer locations

ESG and Safety Commitments

Health and Safety Measures:

  • Pre-installation risk assessment
  • Intensive safety measures (gas monitor, firefighting systems)
  • Pipeline overpressure protection
  • First aid facility
  • Comprehensive safety training
  • Emergency response plans

Environmental Stewardship:

  • Plantation drives
  • Energy efficient LED lights
  • Rainwater harvesting
  • Waste handling and treatment

Security Protocols:

  • Perimeter manning and surveillance
  • Security Plan and Patrols
  • CCTV Coverage