Aegis Vopak Terminals LimitedLogistics & TransportationAEGISVOPAK
Q1 FY27 concall · earnings callAegis Vopak Terminals Limited
The quarter was driven by strong 31% liquid terminaling revenue growth and strategic capacity expansion announcements, positioning the company to capitalize on India's energy logistics demand.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹233.8 Cr | 12.4% | |
| Operating EBITDA | ₹179.4 Cr | 15.6% | |
| EBITDA Margin | 76.7% | — | |
| Cash PAT | ₹124.9 Cr | — | |
| Liquid Terminaling Revenue | ₹126.5 Cr | 31% | |
| Gas Terminaling Revenue | ₹107.2 Cr | -3.5% | |
| Quarterly Gas Throughput | 0.9 million metric tons | — |
TL;DR
- Revenue grew 12.4% YoY to INR233.8 crores, led by 31% growth in liquid terminaling.
- Operating EBITDA increased 15.6% to INR179.4 crores, with a margin of 76.7%.
- Announced two major projects: a 52,000 metric ton LPG tank at JNPA and 49,577 cubic meters of liquid storage at Kochi.
- Multiple pipeline connections expected to become operational in FY27, improving evacuation infrastructure.
- Management targets 25% annual volume growth and is confident in funding a $5 billion capex plan by 2030-31.
Said on the call
“We like to at least grow in our volumes 25% year-on-year every year. That's our hope. That's how we work for.”
From the Q&A
| Topic | What management said |
|---|---|
| Gas Throughput Charges and Volume Focus | Management stated standard rates are INR1,175-1,200 per metric ton, with business driven by volume growth, not escalation of rates, explaining why terminal charges haven't risen like distribution margins. |
| LPG Demand and Sourcing Strategy | Management highlighted a diversified sourcing strategy (not reliant solely on the Middle East) as key to maintaining volumes during geopolitical disruption, and sees no long-term threat from PNG to residential LPG demand. |
| Capacity Expansion and Growth Targets | Management expects to reach a Rs 10,000 crore gross block by March-June 2027, and targets 25% annual volume growth, driven by new capacity, better utilization, and replacement of inefficient operators. |
| Future Growth and Funding | Beyond the current capex plan, management is exploring inland depots, strategic storage, and industrial terminals to meet a $5 billion capex objective by 2030-31, to be funded via a mix of debt and equity while maintaining a debt gearing cap of 0.6x. |
| Pipeline Commissioning Timeline | Four pipeline connections are expected in FY27: Jamnagar-Loni (operational), Kandla-Gorakhpur (at Kandla and Pipavav within 2-3 months), and Haldia-Panagarh (expected Oct-Nov 2026). |
Guidance
- First phase of JNPA liquid storage expansion (~100,000 cubic meters) expected to be commissioned in Q3 FY27.
- Kochi liquid capacity expansion (49,577 cubic meters) expected to be commissioned by early next financial year.
- Target to reach a gross block of Rs 10,000 crores by March-June 2027.
- Aim to increase liquid storage capacity from 1.7 million cubic meters to 2.2 million in FY27 and close to 3 million by FY28.
- Objective to complete $5 billion capex by 2030-31, funded within a debt gearing cap of 0.6x and net worth of $2 billion.
Source
Summary written from the transcript filed by Aegis Vopak Terminals Limited for the call held on 14 Aug 2026; published 19 Aug 2026, 13:14 IST.
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