Financial Performance Highlights

  • Revenue from operations increased by 12.4% year-on-year to ₹233.8 crores in Q1 FY27.
  • Liquid terminaling business contributed ₹126.5 crores, growing 31% year-on-year.
  • Gas terminaling business contributed ₹107.2 crores, declining 3.5% year-on-year.
  • Operating EBITDA increased by 15.6% year-on-year to ₹179.4 crores, with an EBITDA margin of 76.7%.
  • Cash profit after tax (PAT) stood at ₹124.9 crores.
  • Revenue mix: Liquid terminaling (54.1%), Gas terminaling (45.9%).
  • Gas throughput stood at approximately 0.9 million metric tons for the quarter.

Operational Developments and Capacity Expansions

JNPA (Maharashtra):

  • Current liquid storage capacity: 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: ₹1,675 crores.
  • First phase (100,000 cubic meters liquid storage) expected commissioning in Q3 FY27.
  • Board approved new 51,998 metric ton (approximately 52,000 MT) refrigerated double-wall steel LPG storage tank.

Haldia Port:

  • Completed acquisition of 75% stake in Hindustan Aegis LPG Limited, adding 25,000 metric tons LPG storage capacity.
  • Exclusive terminaling agreement with HPCL extends through 2038.
  • Existing liquid storage capacity: 226,890 cubic meters.
  • Acquired additional three acres of land for potential liquid storage expansion.

Kandla Port:

  • Current capacity: 952,000 cubic meters liquid storage + 48,000 metric tons static LPG capacity.
  • Became VLGC (Very Large Gas Carrier) compliant terminal.
  • CRL4 liquid terminal (94,148 cubic meters) targeted for commissioning later next year.
  • Signed non-binding MoU with Larsen & Toubro for potential ammonia terminals development.
  • Pipeline developments: Jamnagar-Loni LPG pipeline operational; Kandla-Gorakhpur LPG pipeline expected connection in H1 FY27.

Pipavav Port:

  • Commissioned 48,000 metric ton cryogenic LPG terminal in June 2025, total capacity now 70,800 metric tons.
  • New VLGC-compliant liquid jetty being developed by APM Terminals, expected completion during the year.
  • Developing additional liquid rail gantry with 15-year take-or-pay agreement with leading conglomerate for petroleum product handling (committed volumes >0.5 MMTpa).
  • Operations expected to commence by year-end.
  • Commissioned specialized ammonia storage and terminaling facility with 36,000 metric tons static storage capacity.
  • Signed 15-year take-or-pay agreement with Hindustan Zinc for ammonia capacity.

Kochi Port:

  • Current capacity: 82,545 cubic meters liquid storage.
  • Board approved expansion of 49,577 cubic meters additional liquid capacity.
  • Expected commissioning by early next financial year (FY28).
  • Total capacity post-expansion: 132,122 cubic meters.

Mangalore Port:

  • Commissioned 82,000 metric ton cryogenic LPG terminal in June 2025.
  • Developing LPG rail loading gantry and bottling infrastructure (investment: ₹52.5 crores).
  • Liquid capacity: 193,000 cubic meters (75,000 cubic meters added last year fully operational).
  • Evaluating additional 60,000 cubic meters liquid storage at the site.

New Port Development - Vadhavan:

  • Signed non-binding MoU to participate in port development with potential investment of approximately ₹20,000 crores.
  • Subject to necessary approvals, land allocation, and regulatory clearances.

Strategic Outlook and Growth Initiatives

  • Company targeting 25% year-on-year volume growth.
  • Multiple pipeline connections expected: Jamnagar-Loni (operational), Kandla-Gorakhpur (H1 FY27), Haldia-Panagarh (expected October-November 2026).
  • Focus on multimodal evacuation infrastructure including rail gantries and pipeline connectivity.
  • Evaluating inland depots, strategic storage projects, and industrial terminals.
  • Long-term objective of $5 billion capex by 2030-31.
  • Funding strategy: Maintain debt gearing limit of 0.6 and cap of 3.5x EBITDA; planned equity infusion to meet 25% public shareholding mandate by June 2, 2028.

Management Commentary

  • Geopolitical events in Strait of Hormuz affected gas throughput but company diversified sourcing strategy helped mitigate impact.
  • LPG throughput charges standardized at approximately ₹1,175-1,200 per metric ton across terminals.
  • Ammonia terminal realizations 2.5-3 times higher than LPG realizations.
  • Company well-positioned to benefit from India's growing energy infrastructure needs and transition to cleaner fuels.