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 in two segments: Liquid and Gas terminalling.

AVTL is a Joint Venture between Aegis Logistics (listed Indian conglomerate providing sourcing, storage, distribution & third-party logistics services in oil, gas, and chemicals) and Royal Vopak (listed Netherlands-based global tank storage company with 400+ years of experience).

Q1FY27 Financial Performance

Revenue Performance

  • Revenue from Operations: ₹2,337.74 million in Q1FY27, up 12.4% YoY from ₹2,079.88 million in Q1FY26
  • Quarter-over-Quarter: Down 4.0% from ₹2,434.52 million in Q4FY26
  • Segment Breakdown:
  • Liquid Revenue: ₹1,265.35 million (up 30.6% YoY from ₹968.65 million)
  • Gas Revenue: ₹1,072.39 million (up 59.8% YoY from ₹671.46 million)

Profitability Metrics

  • EBITDA: ₹1,794.33 million (up 15.6% YoY from ₹1,552.63 million)
  • EBITDA Margin: 76.75% (improved from 74.65% in Q1FY26)
  • EBIT: ₹1,283.21 million (up 2.7% YoY from ₹1,249.68 million)
  • EBIT Margin: 54.89% (declined from 60.08% in Q1FY26)
  • PAT: ₹694.14 million (down 11.9% YoY from ₹787.88 million)
  • PAT Margin: 29.69% (declined from 37.88% in Q1FY26)

Expense Analysis

  • Operating Expenses: ₹543.41 million (up from ₹527.25 million YoY)
  • Employee benefit expenses: ₹127.04 million
  • Other expenses: ₹416.37 million
  • Depreciation and amortization: ₹554.71 million
  • Finance cost: ₹393.39 million (up from ₹302.91 million YoY)
  • Tax expense: ₹195.68 million

Annual Financial Performance (FY22-FY26)

Income Statement Trends

| Metric (INR mn) | FY22 | FY23 | FY24 | FY25 | FY26 |

| Revenue from Operations | - | 3,533.32 | 5,617.61 | 7,892.12 | 9,230.78 |

| EBITDA | (5.75) | 2,293.02 | 3,975.37 | 5,748.41 | 6,864.53 |

| EBITDA Margin | n.m. | 64.90% | 70.77% | 72.84% | 74.37% |

| PAT | (10.92) | (0.75) | 865.44 | 2,248.41 | 3,419.21 |

| PAT Margin | n.m. | (0.02%) | 15.41% | 28.49% | 37.04% |

Balance Sheet Position (as of Mar-26)

  • Total Assets: ₹84,501.29 million
  • Property, plants and equipment: ₹66,355.04 million
  • Cash and cash equivalents: ₹3,022.79 million
  • Total Equity: ₹44,185.38 million
  • Equity share capital: ₹11,079.92 million
  • Reserve and surplus: ₹31,825.79 million
  • Non-current liabilities: ₹20,407.64 million
  • Long-term borrowings: ₹3,469.07 million
  • Lease liabilities: ₹14,899.45 million

Cash Flow Performance

  • Net Cash from Operating Activities (FY26): ₹7,019.6 million
  • Net Cash from Investing Activities (FY26): (₹30,774.3) million
  • Net Cash from Financing Activities (FY26): ₹19,564.6 million
  • Net decrease in Cash (FY26): (₹4,190.1) million

Strategic Developments and Expansion

Capacity Expansion Projects

  • New 51,998 MT capacity refrigerated double steel LPG storage tank at JNPA
  • New 49,577 cbm capacity liquid storage tank in Kochi

Acquisition Activity

  • AVTL acquired 75% stake in Hindustan Aegis LPG Ltd (HALPG) from Aegis Gas (LPG) Pvt. Ltd. & Vopak India B.V.
  • Board approval date: 29 October 2025 (subject to shareholder approval)
  • Share Purchase Agreement entered: 2nd January, 2026
  • HALPG is now a subsidiary of AVTL
  • This acquisition enhances AVTL's national LPG infrastructure footprint

Growth Strategy

1. Strategically expand network of terminals at existing locations

2. Establish Industrial Terminals connected to multiple production units

3. Invest in capabilities for alternative energies (ammonia, hydrogen)

4. Pursue inorganic growth opportunities through acquisitions

Operational Highlights

  • Among multi-location third party players in LPG port terminalling, AVTL has one of the highest 'design throughput turns' of ~84.75x (as of December 31, 2024)
  • Expansion at Mangalore intended to augment market share in India's static storage capacity
  • Expansion in Pipavav to benefit from operations of Rail Gantry at the port
  • Connectivity to Jamnagar-Loni Pipeline & Kandla-Gorakhpur Pipeline
  • 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 ~40 years
  • Multimodal evacuation infrastructure through road, rail and pipeline

ESG and Safety Commitments

  • Comprehensive safety training programs
  • Environmental stewardship including plantation drives, energy efficient LED lights, rainwater harvesting
  • Intensive safety measures (gas monitors, firefighting systems)
  • Emergency response plans and safe working procedures
  • Security measures including perimeter manning, surveillance, and CCTV coverage