Aegis Logistics Limited — Q1 FY26
Aegis Logistics reported a solid Q1 FY26 with PAT of 175 crore, up 11% YoY, driven by strong LPG volumes and stable liquid terminal performance.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
32%Questions answered6Evaded / deflected11Questions audited
Evasive
High priority
Why did liquids revenue and margins decline sequentially from Q4 to Q1?
Asked by Julian, Admiral Gestion
Management acknowledged the decline but gave no specific reason or numbers, only citing seasonality and future improvement.
no specific numbersattributed to seasonalitydeferred to future quarters
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Question
I was just asking about liquids. maybe from a sequential basis from fourth quarter to first quarter why the revenue and margins decline so much
Management (unidentified)
every time Q1 is always a little softer and like I said we have achieved the highest ever liquid revenue lifetime what we have done in Q1. So we are okay as far as liquid is concerned and from ensuing quarters you will see as the product mix improves
Partial answer
High priority
Why did gas distribution margins decline QoQ?
Asked by Julian, Admiral Gestion
Management gave yearly margin guidance but did not fully explain the QoQ decline, attributing it to volume push in new geography.
provided yearly average but not QoQ explanation
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Question
the same question pertains to the margins for gas distribution. I mean if I would just do like a back calculate estimate of the margins on ITA per ton gas distribution actually declined on the Q on Q basis. any any color from that?
Management (unidentified)
distribution margins please look at on a yearly basis they are generally around 3,000 rupees. Last year we clocked 3,500. This year also we expect to be around the same. Currently in Q1 we have done around 2,500 rupees.
Evasive
Medium priority
Is there overcapacity risk at JNPT with competitor building LPG terminal?
Asked by Julian, Admiral Gestion
Management expressed confidence but provided no data or analysis to support their view on capacity utilization.
no quantitative assessmentdismissed competitor's project as uncertain
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Question
one of our competition has announced the LPG terminal and I think they have started construction in February this year. So with that in mind do we anticipate like a over capacity situation over there
Management (unidentified)
we have examined all the macro market conditions, competition, everything and after having confidence in all the parameters we have decided to go ahead. the so-called LPG infrastructure that you have referred to there are news item saying that BW has withdrawn from so we don't know the fate
Deflected
High priority
What is total throughput capacity after adding Mangalore and Pipavav terminals?
Asked by Abishek Jane, Alphaacurate Advisors
Management avoided answering the specific capacity question and instead reiterated EPS growth target.
refused to give throughput capacityredirected to EPS guidance
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Question
after adding these two capacity what would be the total throughput capacity right now for the in FY25 it was 950.
Management (unidentified)
We don't give outlook on the throughput that we are going to achieve but the only guidance that we have given is that we strive for a 25% CAGR growth in our EPS year on year
Answered
High priority
What is the static capacity increase from new terminals?
Asked by Abishek Jane, Alphaacurate Advisors
Management provided specific static capacity numbers for both new terminals.
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Question
what would be the increase in the static capacity?
Management (unidentified)
static capacity put up in Mangalore is 82,000 metric t equivalent to around 6 million tons of throughput capacity and pipawa is 48,000 metric tons which would be where we would be able to do a 4 million kind of throughput.
Partial answer
Medium priority
What was throughput capacity and utilization in LPG segment in Q1?
Asked by Abishek Jane, Alphaacurate Advisors
Management provided throughput and capacity but declined to give utilization rate.
refused to give utilizationgave capacity but not utilization
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Question
what was the throughput cap capacity and utilization in the first quarter in IPG segment
Management (unidentified)
throughput we did 1.16 million tons right 1.16 million y and utilization we don't do like that so okay before these two cryogenic terminals we had a capacity of 9.6 million tons.
Evasive
Medium priority
Were there one-offs in Q4 liquid realizations?
Asked by Abishek Jane, Alphaacurate Advisors
Management acknowledged take-or-pay contracts but did not quantify the impact or confirm if they were one-offs.
no quantificationvague about recurrence
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Question
if you see the average realization in the liquid division per turn in the gas sector that was very high in the Q4 versus in this quarter Were there any one-offs in fourth quarter six?
Management (unidentified)
sometimes you get take or pay contracts and you earn money. So those I cannot say they are one-off. They could repeat but they do come once in a while.
Answered
Medium priority
How does a CGD company entering LPG marketing impact our distribution?
Asked by Yash Nandwani, IIFL Capital
Management gave a clear positive view and explained why it could be beneficial.
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Question
one of the CT gas distribution company has recently announced it entry into the propane and LPG marketing... how do you see this impacting our distribution business?
Management (unidentified)
you should be happy that finally what we have been saying over a number of years is happening... they don't have their own terminals. So probably they would be coming to store at our terminals only.
Evasive
Medium priority
Any new terminal or product plans beyond announced expansions?
Asked by Yash Nandwani, IIFL Capital
Management gave no concrete answer about future expansions, only a general statement about evaluating opportunities.
no specific plansgeneric response
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Question
apart from the expansions already announced in AVTL do you plan to enter any new terminal have any product or service in this company in near future?
Management (unidentified)
as and when the opportunity comes in any new energy any new port or any other infrastructure. The company will decide whether it falls within our benchmark returns and then decide where housed it will bring maximum value.
Evasive
Low priority
Will the Haldia LPG terminal be included in AVTL?
Asked by Neil Opal Sahu, JM Financial
Management gave no indication of whether Haldia would be included, citing ongoing review.
no commitmentdeferred decision
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Question
is the Halia LPG terminal going to be included in ABTS?
Management (unidentified)
I wish I knew the answer. So, it all depends on we continuously keep reviewing all our assets and where housed would bring maximum value. As of today there's nothing more to speak about on this.
Partial answer
Medium priority
What is the growth trajectory for distribution volumes and Mangalore contribution?
Asked by Vinit Jane, Sidi Capital
Management declined to give Mangalore-specific volumes but provided overall growth expectation.
no territory breakdownonly qualitative guidance
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Question
how do you see the growth trajectory here going ahead and will you be able to give us some kind of a color how much has the volume come from Mangalore in the recent quarter
Management (unidentified)
I may not be able to give you territory-wise break up including Mangalore but I can tell you for sure that we will see an upside in this year as compared to the previous year.
Evasive
Medium priority
What are growth opportunities beyond JV projects?
Asked by Vinit Jane, Sidi Capital
Management did not list any specific growth opportunities outside the JV, only general statements.
no specific opportunitiesvague about structure
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Question
we are sitting on a large pile of cash so what are the other growth opportunities we are seeing apart from so already you have mentioned that major projects are going to be parked into the JV. So XJV what are the other growth prospects the company has?
Management (unidentified)
There is nothing like major projects housed in the JV or not. Like we have said every opportunity is to be seen in isolation... The opportunities are coming thick and fast. They are becoming bigger and bigger.