Aegis Logistics Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Aegis Logistics Ltd filed with BSE on 15 Jun 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 FY26 revenue growth of 23% to Rs 8,333 crores, with normalized EBITDA up 36% to Rs 1,599 crores and profit after tax up 41% to Rs 1,107 crores, crossing Rs 1,000 crores in PAT for the first time. Q4 FY26 revenue grew 52% year-on-year to Rs 2,594 crores with EBITDA up 54% and PAT up 43%, driven by strong LPG distribution volumes and margins. Management discussed ongoing capacity expansions across its ports including Mumbai, JNPT, Haldia, Kandla, Pipavav, Kochi and Mangalore, along with a capex plan of approximately $1.2 billion by FY28 and $5 billion through 2030.
Numbers mentioned
Revenue: INR8,333 crores (FY26)
p. 3
“the revenues grew 23% year-on-year to INR8,333 crores”
Raj Chandaria, page 3 of the filed PDF · View the filing
Normalized EBITDA: INR1,599 crores (FY26)
p. 3
“Normalized EBITDA rose 36% to INR1,599 crores.”
Raj Chandaria, page 3 of the filed PDF · View the filing
Profit after tax: INR1,107 crores (FY26)
p. 3
“Profit after tax grew 41% to INR1,107 crores crossing the symbolic INR1,000 crores profit after tax milestone for the first time.”
Raj Chandaria, page 3 of the filed PDF · View the filing
Cash and investments: approximately INR6,000 crores (FY26)
p. 3
“Cash and investments on the balance sheet reached approximately INR6,000 crores.”
Raj Chandaria, page 3 of the filed PDF · View the filing
Final dividend: INR6.70 per share (FY26)
p. 3
“the Board has recommended a final dividend of INR6.70 per share for FY '26 bringing the aggregate dividend for the year to INR8.7 per share.”
Raj Chandaria, page 3 of the filed PDF · View the filing
Q4 Revenue: INR2,594 crores (Q4 FY26)
p. 5
“Revenue from operations reached INR2,594 crores, up 52% year-on-year.”
Murad Moledina, page 5 of the filed PDF · View the filing
Q4 Normalized EBITDA: INR670 crores (Q4 FY26)
p. 5
“Normalized EBITDA grew 54% to INR670 crores.”
Murad Moledina, page 5 of the filed PDF · View the filing
Q4 Profit after tax: INR455 crores (Q4 FY26)
p. 5
“Profit after tax rose 43% to INR455 crores.”
Murad Moledina, page 5 of the filed PDF · View the filing
LPG segment revenue: INR7,689 crores (FY26)
p. 5
“LPG business recorded its highest ever revenue of INR7,689 crores, up 26% yearon-year, with EBITDA growing 68% to INR1,131 crores”
Murad Moledina, page 5 of the filed PDF · View the filing
LPG terminal throughput volumes: 5.15 million tons (FY26)
p. 5
“LPG terminal throughput volumes reached 5.15 million tons, up 14%.”
Murad Moledina, page 5 of the filed PDF · View the filing
Distribution volumes: 7.54 lakh metric tons (FY26)
p. 5
“Distribution volumes surged 45% to 7.54 lakh metric tons and sourcing sales grew 2% to 6.07 lakh metric tons.”
Murad Moledina, page 5 of the filed PDF · View the filing
Liquid business revenue: INR644 crores (FY26)
p. 5
“Liquid business delivered revenue of INR644 crores broadly stable year-on-year with EBITDA of INR472 crores, down 5%, reflecting phasing of capacity additions.”
Murad Moledina, page 5 of the filed PDF · View the filing
LPG segment Q4 revenue: INR2,410 crores (Q4 FY26)
p. 5
“LPG segment generated a revenue of INR2,410 crores, up 65% year-on-year with EBITDA more than doubling to INR549 crores a 136% increase.”
Murad Moledina, page 5 of the filed PDF · View the filing
Cash and investments: INR5,939 crores (FY26)
p. 5
“Cash and investments have grown from INR150 crores in FY22, just 4 years back to INR5,939 crores in FY26”
Murad Moledina, page 5 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.
Commissioning of additional liquid storage at Mumbai — 64,000 kilolitres · H1 FY27
stated firmly by Raj Chandaria
p. 3
“We are developing an additional 64,000 kilolitres of liquid storage at a project cost of INR125 crores, which is progressing on schedule with a commissioning targeted for the first half of FY '27 this year.”
Raj Chandaria, page 3 of the filed PDF · View the filing
JNPT liquid capacity phase 1 commissioning — H1 FY27
stated firmly by Raj Chandaria
p. 3
“the first phase of the liquid capacity is expected to be commissioned in the first half of this year, FY '27.”
Raj Chandaria, page 3 of the filed PDF · View the filing
Kandla-Gorakhpur LPG pipeline connection — H1 FY27
stated firmly by Raj Chandaria
p. 4
“the Kandla-Gorakhpur LPG pipeline is expected to be connected in H1 FY27, further improving evacuation efficiency.”
Raj Chandaria, page 4 of the filed PDF · View the filing
Pipavav ammonia terminal commissioning — H1 of this fiscal year
stated firmly by Raj Chandaria
p. 4
“a 36,000 metric ton static capacity terminal backed by a 15-year take-or-pay agreement with Hindustan Zinc for their upcoming DAP, diammonium phosphate plant with commissioning targeted for H1 of this fiscal year.”
Raj Chandaria, page 4 of the filed PDF · View the filing
Itochu stake in Aegis Terminal Pipavav — 25% stake · next 3 years
stated as an aspiration by Raj Chandaria
p. 4
“Itochu Corporation has acquired a 10% stake in Aegis Terminal Pipavav Limited coming in as a strategic partner with an intention to raise that to 25% stake over the next 3 years.”
Raj Chandaria, page 4 of the filed PDF · View the filing
Vadhavan port investment — approximately INR20,000 crores
stated conditionally by Raj Chandaria
p. 5
“we have signed, sorry, a nonbinding memorandum of understanding to participate in the development of this port with a potential investment of approximately INR20,000 crores, subject to approvals and land allocation, of course.”
Raj Chandaria, page 5 of the filed PDF · View the filing
Cumulative capex — approximately 1.2 billion · by next year
stated firmly by Murad Moledina
p. 5
“Cumulative capex is expected to reach approximately 1.2 billion by next year, reflecting the pace of expansion across our port network.”
Murad Moledina, page 5 of the filed PDF · View the filing
Capex pipeline — approximately 5 billion · through 2030
stated as an aspiration by Murad Moledina
p. 5
“we have identified a capex pipeline of approximately 5 billion through 2030.”
Murad Moledina, page 5 of the filed PDF · View the filing
Gearing ratio — approximately 0.6x
stated firmly by Murad Moledina
p. 6
“targeting a gearing ratio of approximately 0.6x, low leverage, strong cash generation and a resilient balance sheet gives us the financial flexibility to move quickly on opportunities.”
Murad Moledina, page 6 of the filed PDF · View the filing
Distribution margin per ton — INR7,000 · FY27
stated conditionally by Murad Moledina
p. 6
“we feel confident that these are sustainable margins.”
Murad Moledina, page 6 of the filed PDF · View the filing
Gas distribution volume — 2 million tons · FY28
stated as an aspiration by Murad Moledina
p. 8
“We always had a target of 2 million tons. So, we expect that to reach by '28.”
Murad Moledina, page 8 of the filed PDF · View the filing
FY27/FY28 capex — $1.2 billion aggregate by March '27, INR5,000 crores by March '28 · FY27-FY28
stated firmly by Murad Moledina
p. 7
“We will see a $1.2 billion aggregate capex by March '27 that we have already shared. March '28, we would again see a capex up to INR5,000 crores coming in.”
Murad Moledina, page 7 of the filed PDF · View the filing
LPG supply normalization — Q2 FY27
stated conditionally by Murad Moledina
p. 6
“probably in Q2, sometime in Q2, we should see normalcy return back.”
Murad Moledina, page 6 of the filed PDF · View the filing
PAT/EPS CAGR guidance — 25% CAGR
stated firmly by Murad Moledina
p. 13
“we are a very conservative company and I think 25% CAGR growth is not small.”
Murad Moledina, page 13 of the filed PDF · View the filing
FY27 momentum — FY27
stated as an aspiration by Raj Chandaria
p. 14
“we are confident to maintain for FY27 the same momentum.”
Raj Chandaria, page 14 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 attributed the improvement to both volume growth in distribution and margin expansion, and said they expect the higher margin level to be sustainable going forward.
Answered by Murad Moledina
Asked by Vibhav Zutshi: What is driving the sharp increase in gas segment profitability per ton, and is it sustainable?
p. 6
“Going forward, we feel the INR7,000-odd margins should be sustainable as beyond '26, '27, we would see our distribution volumes really of a scale that brings procurement efficiencies”
Murad Moledina, page 6 of the filed PDF · View the filing
Management said the shortfall has been narrowing month-on-month and expects normalcy to return around Q2, while noting increasing reliance on alternative supply sources.
Answered by Murad Moledina
Asked by Vibhav Zutshi: When will LPG volumes normalize following the Middle East disruption?
p. 6
“in May, the shortfall is down to 30% when it was 50% in April.”
Murad Moledina, page 6 of the filed PDF · View the filing
Management clarified the $5 billion capex target runs through December 2030 or FY31, not FY30, and that heavy capex will be concentrated in the later years.
Answered by Murad Moledina
Asked by Anil Sareen: What is the exact capex planned for FY26 and FY27, and does the $1.2 billion figure imply $3.8 billion remaining for FY29-30?
p. 7
“We have said that capex is 2030, not FY30, please.”
Murad Moledina, page 7 of the filed PDF · View the filing
Management said part of the Vadhavan investment would likely be included in the $5 billion capex figure, but not all of it, depending on execution progress.
Answered by Murad Moledina
Asked by Anil Sareen: Is the Vadhavan port MoU included in the capex guidance?
p. 7
“I suspect that part of it will definitely be included in that 5 billion, but not all of it, I'm sure.”
Murad Moledina, page 7 of the filed PDF · View the filing
Management said margins are expected to sustain due to volume growth bringing procurement efficiencies even as prices normalize.
Answered by Murad Moledina
Asked by Chirag Vekaria: Is the higher distribution margin sustainable or will it revert to lower levels once energy prices normalize?
p. 9
“we expect INR7,000 to sustain from here on.”
Murad Moledina, page 9 of the filed PDF · View the filing
Management guided to around 25% utilization in year one growing 30-40% annually, with distribution starting around 200,000 tons and margins up to INR5,000 per ton.
Answered by Murad Moledina
Asked by Neelotpal Sahu: What are the expected utilization levels and margins for the new ammonia logistics and distribution business?
p. 9
“we expect around 25% utilization in the first year and thereafter growing at the rate of 30%, 40% year-on-year.”
Murad Moledina, page 9 of the filed PDF · View the filing
Management said inventory is kept at cost and held for less than a month, so there were no significant inventory gains, though margins improved due to pricing uncertainty during procurement.
Answered by Murad Moledina
Asked by Amit Kumar: Did the company have any inventory gains from rising energy prices during the quarter?
p. 11
“we keep very low inventory. We are not here to keep more than a month inventory.”
Murad Moledina, page 11 of the filed PDF · View the filing
Management said India's energy consumption per capita is very low and that clean fuels like LPG, PNG and ammonia have large room to grow as the country transitions away from dirty fuels.
Answered by Murad Moledina
Asked by Rajesh Agarwal: Will reduction in subsidized LPG cylinders and push for PNG affect the logistics business, and what supports distribution volume growth?
p. 12
“Energy in India per capita is among the lowest in the world. We are comparable to Philippines.”
Murad Moledina, page 12 of the filed PDF · View the filing
Management said LPG supply sources can shift to other regions such as Canada, America, Argentina and Nigeria, allowing volumes to be maintained.
Answered by Murad Moledina
Asked by Rajesh Agarwal: If the Strait of Hormuz remains closed for three months, can the company still recover volumes and grow?
p. 13
“LPG is not only available from Middle East; it's a supply source of convenience.”
Murad Moledina, page 13 of the filed PDF · View the filing
Management said the company is conservative by philosophy, and while it has consistently beaten guidance, the base is now much larger, making the sustained CAGR meaningful.
Answered by Murad Moledina
Asked by Nandan: Given strong growth rates, why does management maintain a 25% CAGR guidance rather than raising it?
p. 13
“we are a very conservative company and I think 25% CAGR growth is not small.”
Murad Moledina, page 13 of the filed PDF · View the filing
Management said it is difficult to project precisely given ammonia is a new product line, but cited an industry-projected supply-demand gap and said they aim to capture significant volume with partner Itochu.
Answered by Murad Moledina
Asked by Nandan: What is the target for ammonia distribution by FY30?
p. 14
“we will try our best to see what best volume achievement we can do by ‘29- ‘30.”
Murad Moledina, page 14 of the filed PDF · View the filing
Risks flagged
LPG throughput disruption due to the West Asia situation
p. 5
“even as throughput of 1.23 million tons held steady despite disruptions from the West Asia situation.”
Murad Moledina, page 5 of the filed PDF · View the filing
Uncertainty in energy prices due to geopolitical conflict affecting margins and sourcing
p. 12
“Energy prices have very fluid. They have gone up from INR54,000 or INR60,000 per metric ton all the way to INR150,000 per metric ton down to INR80,000, INR90,000 per metric ton.”
Murad Moledina, page 12 of the filed PDF · View the filing
Dependency on Middle East as a primary but not exclusive LPG supply source
p. 6
“LPG supply source Middle East is not the only source. It's the source of convenience.”
Murad Moledina, page 6 of the filed PDF · View the filing
Vadhavan port investment subject to approvals and land allocation
p. 5
“a potential investment of approximately INR20,000 crores, subject to approvals and land allocation, of course.”
Raj Chandaria, page 5 of the filed PDF · View the filing
Uncertainty in projecting ammonia distribution volumes due to it being a new product
p. 14
“but difficult to today project. This is a new product that we have stepped into.”
Murad Moledina, page 14 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.