Aegis Vopak Terminals Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Aegis Vopak Terminals 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 Vopak Terminals reported FY26 revenue growth of 17% year-on-year to INR923.1 crores, with operating EBITDA up 19.4% to INR686.5 crores and net profit up 52.1% to INR341.9 crores. Management described progress across its port network including Haldia, JNPT, Kandla, Pipavav, and Mangalore, and outlined a planned capex pipeline of approximately USD5 billion by 2030. Management also discussed a new ammonia terminal at Pipavav backed by a long-term agreement with Hindustan Zinc, and a strategic partnership with ITOCHU Corporation.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR923.1 crores (FY26)
p. 6
“Revenue from operations grew 17% year-on-year to INR923.1 crores.”
Murad Moledina, page 6 of the filed PDF · View the filing
Liquid terminaling revenue: INR440.5 crores (FY26)
p. 6
“Within that, liquid terminaling was INR440.5 crores, up 27.8% year-on-year, our fastest-growing segment driven by capacity additions and an improving product mix.”
Murad Moledina, page 6 of the filed PDF · View the filing
Gas terminaling revenue: INR482.6 crores (FY26)
p. 6
“Gas terminaling was INR482.6 crores, up 8.6% year-on-year, supported by cumulative gas throughput rising from 3.3 million tons in FY25 to 3.9 million tons in FY26.”
Murad Moledina, page 6 of the filed PDF · View the filing
Operating EBITDA: INR686.5 crores (FY26)
p. 6
“Operating EBITDA rose 19.4% to INR686.5 crores, and net profit grew 52.1% to INR341.9 crores, reflecting improved operating leverage as the new capacity came online.”
Murad Moledina, page 6 of the filed PDF · View the filing
Q4 revenue from operations: INR243.5 crores (Q4 FY26)
p. 6
“Revenue from operations increased 22.2% year-on-year to INR243.5 crores.”
Murad Moledina, page 6 of the filed PDF · View the filing
Q4 operating EBITDA: INR179.2 crores (Q4 FY26)
p. 6
“Q4 operating EBITDA grew 24.2% year-on-year to INR179.2 crores.”
Murad Moledina, page 6 of the filed PDF · View the filing
Q4 net profit: INR73.9 crores (Q4 FY26)
p. 6
“Net profit increased 15.3% to INR73.9 crores.”
Murad Moledina, page 6 of the filed PDF · View the filing
Final dividend: INR0.2 per share (FY26)
p. 3
“the Board has recommended a final dividend of INR0.2 per share, which really is around 2.0% on the face value of a INR10 share for the FY26.”
Raj Chandaria, page 3 of the filed PDF · View the filing
Series 1 NCDs raised: INR660 crores (FY26)
p. 6
“During the year, we raised INR660 crores through Series 1 non-convertible debentures and INR1,030 crores through Series 2 NCDs, both were NSE listed.”
Murad Moledina, page 6 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.
Aggregate capital expenditure — approximately USD1.2 billion · By end of next year
stated firmly by Raj Chandaria
p. 4
“By the end of next year, our aggregate capital expenditure will reach approximately USD1.2 billion.”
Raj Chandaria, page 4 of the filed PDF · View the filing
Capex pipeline — roughly USD5 billion · by 2030
stated as an aspiration by Raj Chandaria
p. 4
“Looking further ahead, we have a planned capex pipeline of roughly USD5 billion by 2030, investments which are aligned with supporting both traditional energy demand and emerging energy transition value chains.”
Raj Chandaria, page 4 of the filed PDF · View the filing
Gearing ratio — approximately 0.6x
stated firmly by Raj Chandaria
p. 4
“Our strategy combines internal accruals with a measured use of debt, targeting a gearing ratio of approximately 0.6x, ensuring that we sustain both momentum and financial stability.”
Raj Chandaria, page 4 of the filed PDF · View the filing
Kandla-Gorakhpur LPG pipeline connection — H1 FY27
stated conditionally by Raj Chandaria
p. 4
“The Jamnagar-Loni LPG pipeline is now complete, and the Kandla-Gorakhpur LPG pipeline connection is expected in H1 FY27, further improving evacuation efficiency and throughput.”
Raj Chandaria, page 4 of the filed PDF · View the filing
CRL4 liquid terminal commissioning — 94,148 cubic meters · next year
stated firmly by Raj Chandaria
p. 5
“On the expansion front, the CRL4 liquid terminal, adding a further 94,148 cubic meters, is on track for commissioning next year.”
Raj Chandaria, page 5 of the filed PDF · View the filing
Pipavav VLGC-compliant jetty completion — within this calendar year
stated firmly by Raj Chandaria
p. 5
“A new VLGC-compliant jetty is expected to be completed within this calendar year, delivering a world-class integrated LPG platform which comprises of VLGC handling, cryogenic storage, bottling facility, an LPG rail gantry, 16 truck loading bays, and a pipeline connection to the Central India, the KGPL pipeline, which is expected, as I said, in Q2 of FY27.”
Raj Chandaria, page 5 of the filed PDF · View the filing
Pipavav petroleum handling operations start — by year-end
stated firmly by Raj Chandaria
p. 5
“Operations are expected to commence by year-end.”
Raj Chandaria, page 5 of the filed PDF · View the filing
Hindustan Zinc DAP plant commissioning — H1 of this fiscal year
stated conditionally by Raj Chandaria
p. 5
“This is backed by a 15-year take-or-pay agreement with Hindustan Zinc for their upcoming DAP plant, which is expected to be commissioned in H1 of this fiscal year.”
Raj Chandaria, page 5 of the filed PDF · View the filing
ITOCHU stake in Aegis Terminal Pipavav — 25% · over the next three years
stated as an aspiration by Raj Chandaria
p. 5
“They have acquired an initial 10% stake in Aegis Terminal Pipavav Limited, which is the ammonia subsidiary, with plans to raise that to 25% over the next three years.”
Raj Chandaria, page 5 of the filed PDF · View the filing
Vadhvan project outlay — approximately INR20,000 crores
stated conditionally by Raj Chandaria
p. 5
“We have signed a non-binding Memorandum of Understanding to participate in the development of world-class liquid and gas handling facilities with a potential project outlay of approximately INR20,000 crores.”
Raj Chandaria, page 5 of the filed PDF · View the filing
Number of ports — 12 ports · by end of 2030
stated as an aspiration by Murad Moledina
p. 10
“We expect to go to 12 ports by end of 2030, so that is more presence in more ports.”
Murad Moledina, page 10 of the filed PDF · View the filing
LPG throughput growth — 30% to 40% · this year
stated as an aspiration by Murad Moledina
p. 9
“So, I think we should do between 30% to 40% growth as far as throughput is concerned in this year also.”
Murad Moledina, page 9 of the filed PDF · View the filing
FY28 capex — close to INR5,000 crores · FY28
stated conditionally by Murad Moledina
p. 9
“We will soon come up with the numbers for FY28, but I think it will definitely be generally in the range of close to INR5,000 crores.”
Murad Moledina, page 9 of the filed PDF · View the filing
Mangalore-Hassan-Cherlapalli pipeline operative — FY28
stated conditionally by Murad Moledina
p. 12
“FY28 Mangalore-Hassan-Cherlapalli should be operative in FY28.”
Murad Moledina, page 12 of the filed PDF · View the filing
Total capex by end of 2030 — $5 billion · end of 2030
stated as an aspiration by Murad Moledina
p. 8
“we expect to reach $5 billion by end of 2030.”
Murad Moledina, page 8 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.
Land is leased to Aegis Vopak but infrastructure is constructed by parent Aegis Logistics due to in-house cost efficiencies.
Answered by Murad Moledina
Asked by Anil Sarin: Is the capacity increase built by Aegis Vopak or Aegis Logistics?
p. 6
“So, these are lands which are under lease with Aegis Vopak Terminals Limited, and the infrastructure is being constructed by its parent, Aegis Logistics Limited, because of the in-house capability and efficiencies that they bring.”
Murad Moledina, page 6 of the filed PDF · View the filing
Capex pace will increase as the company grows stronger and opportunities present, with larger capex expected in the final two years of the period.
Answered by Murad Moledina
Asked by Anil Sarin: What gives confidence in scaling capex from $1.2 billion to $5 billion?
p. 7
“The pace of capex increases as we grow stronger and the opportunities present themselves.”
Murad Moledina, page 7 of the filed PDF · View the filing
The company does not track this split, operating largely as an open-source terminal not dependent on any single product or customer.
Answered by Murad Moledina
Asked by Raj Patel: What is the revenue structure between long-term and spot agreements?
p. 8
“We do not track such statistics, that is, we normally like to operate as an open-source terminal.”
Murad Moledina, page 8 of the filed PDF · View the filing
Most leases have long tenure remaining except one Pipavav lease tied to the concessionaire expiring in 2029.
Answered by Murad Moledina
Asked by Raj Patel: Are any leases expiring soon and which ports are near peak utilization?
p. 8
“There is only one lease of Pipavav Port which is dependent on the concessionaire, which is in 2029.”
Murad Moledina, page 8 of the filed PDF · View the filing
Gas is expected to remain the dominant segment going forward.
Answered by Murad Moledina
Asked by Raj Patel: How will the business mix evolve between liquid, gas, and ammonia?
p. 8
“I think gas will be more dominant going forward, but it will usually be 55-45 or 60-40.”
Murad Moledina, page 8 of the filed PDF · View the filing
Volumes were affected by the Strait of Hormuz disruption but have been recovering since May, with normalization expected soon.
Answered by Murad Moledina
Asked by Neelotpal Sahu: How is the LPG import situation and diversification progressing?
p. 9
“Volumes were affected from March where it was generally a 50% down. But from May onwards, I think things are getting much better.”
Murad Moledina, page 9 of the filed PDF · View the filing
FY27 capex is expected to reach USD1.2 billion, with FY28 figures still being finalized but expected near INR5,000 crores.
Answered by Murad Moledina
Asked by Neelotpal Sahu: What are the capex plans for FY27 and FY28?
p. 9
“FY27, of course, we have already said we'll reach USD1.2 billion capex.”
Murad Moledina, page 9 of the filed PDF · View the filing
Company plans to expand into more ports, more ammonia terminals, and new products like Ethane, Propylene, and natural gas infrastructure.
Answered by Murad Moledina
Asked by Vinit Agarwal: How is the $5 billion capex split between ammonia/green molecules and traditional LPG/liquid?
p. 10
“We also expect to do more of ammonia terminal, putting up more of ammonia terminals going forward.”
Murad Moledina, page 10 of the filed PDF · View the filing
Liquid terminals earn on capacity basis rather than physical occupancy, with INR3,000 per CBM considered a good blended earning.
Answered by Murad Moledina
Asked by Kunal Mehta: What is the current liquid capacity utilization in FY26?
p. 11
“liquid terminals are always earning 100% of the capacity. Physical occupancy is not very important here because we also hire out capacities rather than contract on volume.”
Murad Moledina, page 11 of the filed PDF · View the filing
Management expects strong realizations from commissioning given high demand at JNPT, unlike gradual ramp-ups at other ports.
Answered by Murad Moledina
Asked by Vishal Mehta: Will JNPT expansion see moderate realizations initially before ramping up?
p. 12
“I think JNPA, unlike other ports, has more demand. So, we don't expect it to gradually increase realization; it will be quite a good realization from the time it commissions.”
Murad Moledina, page 12 of the filed PDF · View the filing
Management sees robust scope for ammonia business growth beyond DAP, including industrial and specialty chemical customers, and plans vertical integration.
Answered by Murad Moledina
Asked by Amit Vora: Will DAP shortage and ammonia infrastructure boost ammonia sales?
p. 13
“So, we are seeing a very robust scope for ammonia business to grow.”
Murad Moledina, page 13 of the filed PDF · View the filing
Risks flagged
Supply disruption from ships stranded in the Strait of Hormuz affecting LPG import volumes
p. 9
“in LPG, the national oil companies had a supply source problem when the ships were stranded in Strait of Hormuz since the war began in March.”
Murad Moledina, page 9 of the filed PDF · View the filing
Vadhvan project subject to approvals and land allocation
p. 5
“This is, of course, subject to all approvals and land allocation, and if successful, then this project would add meaningful scale to our network and significantly expand our geographic reach.”
Raj Chandaria, page 5 of the filed PDF · View the filing
Cryogenic gas tank at JNPT still under evaluation with no final decision
p. 4
“No final decision has been taken, but we are certainly evaluating it.”
Raj Chandaria, page 4 of the filed PDF · View the filing
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