Aegis Vopak Terminals Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Aegis Vopak Terminals 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 Vopak Terminals reported Q1 FY27 revenue from operations of INR233.8 crores, up 12.4% year-on-year, with liquid terminaling revenue growing 31% while gas terminaling revenue declined 3.5%. Operating EBITDA rose 15.6% year-on-year to INR179.4 crores and cash PAT stood at INR124.9 crores. Management described new capacity approvals at JNPA and Kochi, progress on pipeline connections at Kandla, Pipavav and Haldia, and the commissioning of an ammonia terminal at Pipavav.
Numbers mentioned
Revenue from operations: INR233.8 crores (Q1 FY27)
p. 3
“Revenue from operations increased 12.4% year-on-year to INR233.8 crores.”
Murad Moledina, page 3 of the filed PDF · View the filing
Liquid terminaling revenue: INR126.5 crores (Q1 FY27)
p. 7
“Within this, liquid terminal revenue stood at INR126.5 crores, registering a growth of 31% year-on-year, while gas terminaling revenue stood at INR107.2 crores, a decline of 3.5% year-on-year.”
Murad Moledina, page 7 of the filed PDF · View the filing
Operating EBITDA: INR179.4 crores (Q1 FY27)
p. 7
“At the operating level, operating EBITDA increased 15.6% year-on-year to INR179.4 crores.”
Murad Moledina, page 7 of the filed PDF · View the filing
EBITDA margin: approximately 76.7% (Q1 FY27)
p. 7
“This translates into an EBITDA margin of approximately 76.7%, reflecting the strong operating characteristics of our terminaling business and the benefit of additional capacity coming online.”
Murad Moledina, page 7 of the filed PDF · View the filing
Cash PAT: INR124.9 crores (Q1 FY27)
p. 7
“Our cash PAT stood at INR124.9 crores during the quarter.”
Murad Moledina, page 7 of the filed PDF · View the filing
Gas throughput: approximately 0.9 million metric tons (Q1 FY27)
p. 7
“On the gas side, quarterly throughput stood at approximately 0.9 million metric tons.”
Murad Moledina, page 7 of the filed PDF · View the filing
JNPA expansion capital outlay: INR1,675 crores
p. 4
“And the total capital outlay for this expansion is INR1,675 crores.”
Raj Chandaria, page 4 of the filed PDF · View the filing
AVTL liquid volume: 3.9 million (FY26)
p. 16
“In AVTL, we did 3.9 million.”
Murad Moledina, page 16 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.
Liquid storage capacity — 100,000 cubic meters commissioning · Q3 FY27
stated firmly by Raj Chandaria
p. 4
“The first phase of the liquid storage expansion, comprising approximately 100,000 cubic meters, is expected to be commissioned in Q3 of FY27 and will start contributing as the capacity becomes operational.”
Raj Chandaria, page 4 of the filed PDF · View the filing
Kandla-Gorakhpur LPG pipeline connection — first half of FY27
stated firmly by Raj Chandaria
p. 5
“the Kandla-Gorakhpur LPG pipeline is progressing well and is now expected to be connected during the first half of FY27.”
Raj Chandaria, page 5 of the filed PDF · View the filing
Haldia-Panagarh pipeline commissioning — October, November
stated firmly by Murad Moledina
p. 10
“60 kilometer being laid by HPCL is expected to be commissioned in October, November.”
Murad Moledina, page 10 of the filed PDF · View the filing
Volume growth — at least 25% year-on-year · every year
stated as an aspiration by Murad Moledina
p. 10
“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.”
Murad Moledina, page 10 of the filed PDF · View the filing
Gross block capex — 10,000 crores · March or worst case June '27
stated firmly by Murad Moledina
p. 11
“So what you said 10,000 crores, I think we should reach by March or worst case June '27.”
Murad Moledina, page 11 of the filed PDF · View the filing
Liquid capacity — 1.7 to 2.2 million cubic meters · this year
stated firmly by Murad Moledina
p. 11
“So we jump from 1.7 to 2.2, 2.2 to maybe close to 3 by FY28 end.”
Murad Moledina, page 11 of the filed PDF · View the filing
Total capex objective — $5 billion · by 2030-'31
stated as an aspiration by Murad Moledina
p. 12
“But we, I think still remain very, very positive on that $5 billion capex objective that we have to complete by 2030-'31.”
Murad Moledina, page 12 of the filed PDF · View the filing
Debt gearing cap — 0.6 debt gearing, cap to 3.5 times EBITDA
stated firmly by Murad Moledina
p. 16
“So take it from us that we do not cross the limit of 0.6 debt gearing, cap to 3.5 times EBITDA.”
Murad Moledina, page 16 of the filed PDF · View the filing
Equity dilution to 25% — 25% · by 2nd June 2028
stated firmly by Murad Moledina
p. 16
“I would almost with my second phase of equity which I have to do mandatorily to dilute to 25% by 2nd June 2028, we are confident that this $2 billion mark, along with this equity infusion and internal accruals, we will be able to reach.”
Murad Moledina, page 16 of the filed PDF · View the filing
Vadhavan port investment — approximately INR20,000 crores
stated conditionally by Raj Chandaria
p. 6
“We had signed a non-binding memorandum of understanding to participate in the development of this port with a potential investment of approximately -- INR20,000 crores, subject to necessary approvals, land allocation, and other regulatory clearances.”
Raj Chandaria, page 6 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 a standard rate applies across customers, with principals paying slightly more.
Answered by Murad Moledina
Asked by Siddharth Chauhan: Are gas throughput charges fixed on a counterparty basis or the same across customers?
p. 7
“We generally follow a standard rate of INR1,175 across our customer profile. But our principals may pay us a little bit more, maybe INR25 more to at INR1,200.”
Murad Moledina, page 7 of the filed PDF · View the filing
Management attributed it to diversified sourcing and unaffected shipping during the Middle East disruption.
Answered by Murad Moledina
Asked by Priyankar Biswas: What explains the company's market share gains versus overall Indian LPG import declines?
p. 10
“none of our ships were stuck in Middle East. We always were diversified in our sourcing.”
Murad Moledina, page 10 of the filed PDF · View the filing
Management described broader ambitions including inland depots, strategic storage, and industrial terminals, alongside organic and inorganic growth opportunities.
Answered by Murad Moledina
Asked by Priyankar Biswas: What comes after the 10,000 crore capex phase?
p. 12
“We are also talking for industrial terminals doing a built-up.”
Murad Moledina, page 12 of the filed PDF · View the filing
Management explained that its small base, superior turnaround capability, and replacement of inefficient operators drive outsized incremental growth.
Answered by Murad Moledina
Asked by Koundinya: How is the company able to grow 25% when overall LPG demand growth is only 4-5%?
p. 14
“So the incremental growth is coming to me because the capacity addition is what I have made recently.”
Murad Moledina, page 14 of the filed PDF · View the filing
Management said funding would be a mix of debt and equity within stated leverage limits, supported by internal accruals and a mandated equity dilution.
Answered by Murad Moledina
Asked by Kunal Mehta: How will the capex program be funded going forward?
p. 16
“So mix of everything. So take it from us that we do not cross the limit of 0.6 debt gearing, cap to 3.5 times EBITDA.”
Murad Moledina, page 16 of the filed PDF · View the filing
Management attributed the decline to geopolitical disruptions affecting national oil company shipping through the Strait of Hormuz.
Answered by Murad Moledina
Asked by Chirag Vekaria: Why is gas EBIT down sequentially and year-on-year?
p. 12
“The geopolitics, the war. So we have managed to be stable and we are there still inspite of LPG, because this infrastructure is used by national oil companies also, who have suffered big time because their ships got stuck in Strait of Hormuz.”
Murad Moledina, page 12 of the filed PDF · View the filing
Risks flagged
Geopolitical disruption in the Strait of Hormuz affecting LPG sourcing and shipping
p. 10
“in spite of a Strait of Hormuz remaining a problem, we continue to see even in the month of July, we have seen an improvement, in fact, over what was there in the previous quarter.”
Murad Moledina, page 10 of the filed PDF · View the filing
Uncertain and lumpy timing of large capex spread beyond initial phase
p. 12
“It may be lumpy, it may be simultaneous, time will tell.”
Murad Moledina, page 12 of the filed PDF · View the filing
Higher-cost domestic refinery LPG production increasing subsidy burden
p. 8
“we had ramped up the country. When I say we not Aegis, but the country had ramped up refinery production of LPG, which is not cheap. It is costlier than imports.”
Murad Moledina, page 8 of the filed PDF · View the filing
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