Aegis Logistics Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Aegis Logistics Ltd filed with BSE on 19 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Aegis Logistics reported record Q1 FY27 results with profit after tax of INR545 crores, up 212% year-on-year, and normalized EBITDA of INR727 crores, up 184% year-on-year. The Gas division posted its highest ever EBITDA with 296% growth, while the Liquids division recorded its highest ever Q1 EBITDA and a fifth consecutive quarter of growth. Management also detailed expansion plans across multiple ports including JNPA, Kandla, Pipavav, Kochi and Mumbai, along with commissioning of a new ammonia terminal at Pipavav.
Numbers mentioned
Profit after tax: INR545 crores (Q1 FY27)
p. 8
“Profit after tax for the quarter grew by 212% to INR545 crores compared to INR175 crores in the corresponding quarter of the previous year.”
Murad Moledina, page 8 of the filed PDF · View the filing
Normalized EBITDA: INR727 crores (Q1 FY27)
p. 3
“We reported a normalized EBITDA of INR727 crores in Q1 compared to INR256 crores in Q1 of FY '26, delivering a robust growth of 184% year-on-year.”
Raj Chandaria, page 3 of the filed PDF · View the filing
Earnings per share: INR13.80 (Q1 FY27)
p. 3
“Earnings per share for the quarter stood at INR13.80, which is approximately 54% of the full year EPS delivered in the whole of FY '26.”
Raj Chandaria, page 3 of the filed PDF · View the filing
Revenue from operations: INR2,357 crores (Q1 FY27)
p. 7
“Revenue from operations for the quarter stood at INR2,357 crores, registering a healthy 37% year-on-year growth.”
Murad Moledina, page 7 of the filed PDF · View the filing
LPG segment EBITDA: INR591 crores (Q1 FY27)
p. 8
“The LPG segment reported EBITDA of INR591 crores, representing an exceptional 296% year-on-year growth compared to Q1 FY '26.”
Murad Moledina, page 8 of the filed PDF · View the filing
Distribution volume: 2.77 lakh metric tons (Q1 FY27)
p. 8
“Our distribution business achieved a record volume of 2.77 lakh metric tons, registering a 91% increase over Q1 FY '26 and a 19% growth compared to FY -- Q4 FY '26.”
Murad Moledina, page 8 of the filed PDF · View the filing
Logistics throughput volumes: 1.124 million metric tons (Q1 FY27)
p. 8
“In the logistics business throughput volumes remained resilient at 1.124 million metric tons despite -- holding steady despite the geopolitical challenges and disruptions arising from the global war-led uncertainties.”
Murad Moledina, page 8 of the filed PDF · View the filing
Sourcing volumes: 1.21 lakh metric tons (Q1 FY27)
p. 8
“Meanwhile, our sourcing business continued to maintain stable performance with volumes increasing marginally year-on-year to 1.21 lakh metric tons.”
Murad Moledina, page 8 of the filed PDF · View the filing
Liquid segment revenue: INR178 crores (Q1 FY27)
p. 8
“Revenue for Q1 FY '27 stood at INR178 crores, representing a 24% year-on-year increase.”
Murad Moledina, page 8 of the filed PDF · View the filing
Liquid segment EBITDA: INR136 crores (Q1 FY27)
p. 8
“The segment reported an EBITDA of INR136 crores, up 28% compared to the corresponding quarter last year.”
Murad Moledina, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Mumbai Port liquid storage expansion commissioning — 64,000 cubic meters additional storage · first half of this fiscal year
stated firmly by Raj Chandaria
p. 4
“we are developing an additional 64,000 cubic meters of liquid storage at an investment of approximately INR125 crores.”
Raj Chandaria, page 4 of the filed PDF · View the filing
JNPA liquid storage first phase commissioning — approximately 100,000 cubic meters · Q3 FY27
stated firmly by Raj Chandaria
p. 4
“The first phase of this liquid storage expansion of approximately 100,000 cubic meters is expected to be commissioned in Q3 of FY '27 and will start contributing as soon as the capacity becomes operational.”
Raj Chandaria, page 4 of the filed PDF · View the filing
Kandla-Gorakhpur LPG pipeline connection — first half of this fiscal year
stated firmly by Raj Chandaria
p. 5
“the Kandla-Gorakhpur LPG pipeline is progressing well, and we expect this to be connected during the first half of this fiscal year.”
Raj Chandaria, page 5 of the filed PDF · View the filing
Kochi Port capacity expansion commissioning — 49,577 cubic meters additional storage · early in the next financial year
stated firmly by Raj Chandaria
p. 7
“this new capacity is expected to be commissioned by early in the next financial year.”
Raj Chandaria, page 7 of the filed PDF · View the filing
Cumulative capex — approximately $1.2 billion · this fiscal year
stated firmly by Murad Moledina
p. 8
“cumulative capex is to reach approximately $1.2 billion in this fiscal year, reflecting the pace of expansion across our port network.”
Murad Moledina, page 8 of the filed PDF · View the filing
Capex pipeline — approximately $5 billion · through financial year 2030-'31
stated as an aspiration by Murad Moledina
p. 8
“we have identified a capex pipeline of approximately $5 billion through the financial year 2030-'31.”
Murad Moledina, page 8 of the filed PDF · View the filing
Gearing ratio — approximately 0.6
stated firmly by Murad Moledina
p. 8
“We'll pursue this growth with disciplined funding through balanced mix of equity, internal accruals and debt, targeting a gearing ratio of approximately 0.6.”
Murad Moledina, page 8 of the filed PDF · View the filing
Distribution business volume target — 2 million tons
stated as an aspiration by Murad Moledina
p. 9
“what I can tell you is that we have always had aim to reach 2 million tons in distribution in coming times ahead.”
Murad Moledina, page 9 of the filed PDF · View the filing
Distribution EBITDA per ton margin — INR7,000 plus · FY27, FY28
stated conditionally by Murad Moledina
p. 9
“we believe the margin of INR7,000 looks sustainable.”
Murad Moledina, page 9 of the filed PDF · View the filing
Logistics volume growth — around 25%
stated as an aspiration by Murad Moledina
p. 10
“We believe that year-on-year, we would always clock a worst-case scenario growth in the logistics volume of around 25%.”
Murad Moledina, page 10 of the filed PDF · View the filing
EPS CAGR growth — 25% plus
stated as an aspiration by Murad Moledina
p. 11
“Even from this larger INR26 EPS, we expect to continue our CAGR growth, which we have delivered last 10 years, 25% plus.”
Murad Moledina, page 11 of the filed PDF · View the filing
Ammonia distribution start — weeks to a month
stated firmly by Murad Moledina
p. 11
“Immediate. We commission, we start -- so it might be weeks, maybe a month.”
Murad Moledina, page 11 of the filed PDF · View the filing
ITOCHU stake increase in Aegis Terminal Pipavav — 25% · next 3 years
stated as an aspiration by Raj Chandaria
p. 6
“they have expressed their intention to increase their stake over to 25% over the next 3 years.”
Raj Chandaria, page 6 of the filed PDF · View the filing
Distribution volume growth rate — maybe closer to 50%
stated as an aspiration by Murad Moledina
p. 14
“So the rate is definitely more than 25%, maybe closer to 50% is what we look at.”
Murad Moledina, page 14 of the filed PDF · View the filing
Vadhavan Port investment — approximately INR20,000 crores
stated conditionally by Raj Chandaria
p. 7
“we have signed a nonbinding memorandum of understanding to participate in the development of Vadhavan Port with a potential investment of approximately INR20,000 crores, subject to the necessary approvals, land allocation and other regulatory clearances.”
Raj Chandaria, page 7 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the growth is driven by infrastructure investment rather than just the war, citing newly commissioned cryogenic terminals that expanded distribution geography.
Answered by Murad Moledina
Asked by Vibhav Zutshi: Is volume growth in distribution surpassing expectations and are the new customer contracts sticky?
p. 9
“Last year, we commissioned 2 very big cryogenic terminals, Pipavav, 48,000 metric tons; 82,000 metric tons, Mangalore, which gives us the flexibility and the ullage to undertake distribution business in addition to catering to our customers, handling the product of our customers.”
Murad Moledina, page 9 of the filed PDF · View the filing
Management said the historical INR4,000 margin is gone and INR7,000 plus looks like the sustainable blended margin going forward due to procurement efficiencies.
Answered by Murad Moledina
Asked by Vibhav Zutshi: Has EBITDA per ton peaked, and what is a sustainable margin level going forward?
p. 9
“I think the INR4,000 margin, which we were earning till '24, '25 is history.”
Murad Moledina, page 9 of the filed PDF · View the filing
Management clarified the INR5,000 figure cited was not what was delivered and reiterated the margin will blend to around INR7,000 plus for the year.
Answered by Murad Moledina
Asked by Yash Desai: Is the INR7,000 distribution margin sustainable given it was seen as an aberration last quarter?
p. 11
“Yash, we have not delivered INR5,000 margin in Q4 and Q1. It is 3x than what you have just stated.”
Murad Moledina, page 11 of the filed PDF · View the filing
Management said distribution would start soon via industrial channels but declined to disclose margin figures until operations begin.
Answered by Murad Moledina
Asked by Vinith Jain: When will ammonia distribution start and what are the expected margins?
p. 11
“We don't pack it in cylinders nor do we put up gas stations for that.”
Murad Moledina, page 11 of the filed PDF · View the filing
Management said the company deliberately avoids taking trading/inventory positions and focuses purely on distribution rather than speculative trading.
Answered by Murad Moledina
Asked by Vinith Jain: Why doesn't Aegis take advantage of the LPG supply deficit by filling more tanks given ITOCHU's backing?
p. 13
“We don't want to be driven by greed. We don't want to become traders.”
Murad Moledina, page 13 of the filed PDF · View the filing
Management confirmed distribution growth would exceed 25%, citing a target of reaching 2 million tons and describing potential growth closer to 50%.
Answered by Murad Moledina
Asked by Chirag Vakharia: Is the 25% growth guidance conservative for the distribution segment given current volume trends?
p. 14
“We already, like I said, had delivered from 500,000 to 750,000 in last year. This year, we had expected to cross 1 million. Next year, maybe cross 1.5 million.”
Murad Moledina, page 14 of the filed PDF · View the filing
Management explained Aegis Vopak is self-funded through equity dilution and borrowing, while the parent maintains a large cash balance for future opportunities without rushing to deploy it.
Answered by Murad Moledina
Asked by Kunal Mehta: How will the company deploy its cash reserves spread across various subsidiaries for planned capex?
p. 14
“So Aegis Vopak is self-funded. Aegis Vopak has its own funding, which is by equity.”
Murad Moledina, page 14 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions and disruptions from the Middle East war affecting the global backdrop
p. 3
“it has delivered this amidst a very challenging global backdrop marked by ongoing geopolitical tensions and disruptions arising from the war in the Middle East, and it demonstrates the resilience of our logistics business.”
Raj Chandaria, page 3 of the filed PDF · View the filing
Volatility in trading positions if the company were to hold inventory speculatively
p. 13
“it's an industry which is very volatile. We can't take positions where if you are left footed, then you end up really taking a big fall.”
Murad Moledina, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.