Aegis Logistics LimitedLogistics & TransportationAEGISLOG
Q1 FY27 concall · earnings callAegis Logistics Limited
Aegis delivered a record quarter driven by exceptional growth in its Gas division, significant infrastructure expansions, and a strong start to its new ammonia business.
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Profit After Tax (PAT) | ₹545 Cr | 212% | |
| Normalized EBITDA | ₹727 Cr | 184% | |
| Earnings Per Share (EPS) | INR13.80 | — | |
| Gas Division EBITDA | ₹591 Cr | 296% | |
| Gas Distribution Volume | 2.77 lakh metric tons | 91% |
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,706.99 Cr-8.9% YoY-2.5% QoQ | ₹159.52 Cr+4.8% YoY+4.9% QoQ | ₹3.54-4.6% YoY-1.4% QoQ |
| Q2 FY25 | ₹1,750.42 Cr+41.8% YoY+9.3% QoQ | ₹152.02 Cr+1.3% YoY-3.8% QoQ | ₹3.59-0.8% YoY-4.3% QoQ |
| Q1 FY25 | ₹1,601.34 Cr-23.8% YoY-12.8% QoQ | ₹158.06 Cr+19.1% YoY-33.4% QoQ | ₹3.75+13.6% YoY-32.9% QoQ |
| Q4 FY24 | ₹1,837.17 Cr-14.7% YoY-1.9% QoQ | ₹237.29 Cr+48.9% YoY+55.9% QoQ | ₹5.59+39.4% YoY+50.7% QoQ |
| Q3 FY24 | ₹1,873.36 Cr-10.2% YoY+51.7% QoQ | ₹152.22 Cr+6.6% YoY+1.5% QoQ | ₹3.71+3.9% YoY+2.5% QoQ |
- Record PAT of INR545 crores, up 212% YoY, with normalized EBITDA at INR727 crores, up 184%.
- Gas division EBITDA grew 296% YoY, with distribution volumes up 91%.
- Ammonia terminal at Pipavav commissioned, with a 15-year take-or-pay agreement signed.
- Multiple port expansions approved and underway across India, including at Mumbai, JNPA, Kochi, and Mangalore.
- Management sees sustainable distribution margins around INR7,000+ per ton, up from historical INR4,000.
“We delivered a record quarter, crossing the significant milestone of INR500 crores of profit after tax in the first quarter of this fiscal year compared to INR175 crores in Q1 of FY '26, reflecting an exceptional 212% year-on-year growth.”
| Topic | What management said |
|---|---|
| Distribution Margins & Sustainability | Management stated the blended distribution margin of INR7,000+ per ton (up from historical INR4,000) is sustainable, driven by volume growth and procurement efficiencies from VLGC usage, not just geopolitical premiums. |
| Distribution Volume Growth Target | The company is aiming to reach 2 million tons in distribution in the coming years, with growth potentially closer to 50% annually, not just the 25% benchmark used for logistics throughput. |
| Logistics Volume Growth & Enablers | Management expects a baseline 25% YoY growth in logistics volumes, with potential for step-up growth from new enablers like the Kandla-Gorakhpur pipeline and VLGC-compliant jetties. |
| Ammonia Distribution Business | Ammonia distribution will start imminently (within weeks/months) via industrial delivery (not cylinders), with margins to be disclosed after operations begin. |
| Cash Reserves and Capex Funding | The company holds INR5,940 crores in liquidity but maintains a 'fortress balance sheet' for strategic flexibility; the major Aegis Vopak Terminal Ltd (AVTL) expansion capex is self-funded through equity and debt. |
| Business Model & Inventory Risk | Management emphasized they are distributors, not traders, and do not take inventory or price positions, focusing instead on month-to-month supply to meet demand. |
- Expects to continue a 25% plus EPS CAGR growth from the larger base of INR26 EPS (FY26).
- Sees distribution margin sustaining around INR7,000+ per ton going forward.
- Targets a gearing ratio of approximately 0.6 for future funding.
- Has identified a capex pipeline of approximately $5 billion through FY 2030-31.
Summary written from the transcript filed by Aegis Logistics Limited for the call held on 14 Aug 2026; published 19 Aug 2026, 19:59 IST.
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