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Aegis Logistics Limited — Q4 FY26
Aegis Logistics delivered a breakout FY26 with revenue of 8,333 crores (+23% YoY), normalized EBITDA of 1,599 crores (+36% YoY), and PAT of 1,117 crores (+41% YoY), crossing the ₹1,000 crore milestone for the first time.
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Aegis Logistics delivered a breakout FY26 with revenue of 8,333 crores (+23% YoY), normalized EBITDA of 1,599 crores (+36% YoY), and PAT of 1,117 crores (+41% YoY), crossing the ₹1,000 crore milestone for the first time. Q4 was particularly strong with revenue up 52% YoY to 2,594 crores and EBITDA up 54% to 670 crores, driven by record LPG distribution volumes (2.34 lakh metric tons, +71% YoY) and higher margins (₹7,000/ton vs ₹4,000/ton last year) due to energy price volatility. Management expects the ₹7,000/ton margin to sustain through FY28 as volume growth drives procurement efficiencies. The company has a clear capex roadmap: $1.2 billion by March 2027 and $5 billion through 2030, funded by a strong balance sheet (₹5,939 crores cash) and low leverage (0.6x gearing). Key growth drivers include new ammonia terminals, pipeline connectivity, and expansion at Kandla, Pipavav, and Mangalore. Risk: normalization of energy prices could compress distribution margins if volume growth does not offset the decline.
एजिस लॉजिस्टिक्स ने वित्त वर्ष 2026 में शानदार प्रदर्शन किया। कंपनी की कुल कमाई 8,333 करोड़ रुपये रही, जो पिछले साल से 23% ज्यादा है। सामान्य कारोबारी मुनाफा (EBITDA) 1,599 करोड़ रुपये (+36%) और शुद्ध लाभ (PAT) 1,117 करोड़ रुपये (+41%) रहा, जो पहली बार 1,000 करोड़ के पार पहुंचा। चौथी तिमाही में कमाई 52% बढ़कर 2,594 करोड़ और मुनाफा 54% बढ़कर 670 करोड़ रुपये हुआ। इसकी वजह एलपीजी गैस की बिक्री में 71% उछाल (2.34 लाख टन) और ऊर्जा की कीमतों में उतार-चढ़ाव से मिला ज्यादा मार्जिन (7,000 रुपये प्रति टन बनाम पिछले साल 4,000 रुपये)। कंपनी को उम्मीद है कि यह मार्जिन 2028 तक बना रहेगा। आगे 1.2 अरब डॉलर (2027 तक) और 5 अरब डॉलर (2030 तक) का निवेश किया जाएगा। कंपनी के पास 5,939 करोड़ रुपये नकद है और कर्ज बहुत कम है। नए अमोनिया टर्मिनल, पाइपलाइन और बंदरगाहों पर विस्तार से वृद्धि होगी। जोखिम: अगर ऊर्जा की कीमतें सामान्य हुईं तो मार्जिन घट सकता है।
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LPG Distribution Volume (Q4)
2.34 lakh metric tons
+71% YoY
Record quarterly distribution volume driven by expanded terminal network and multimodal evacuation.
LPG Terminal Port Volumes (FY26)
5.15 million tons
+14% YoY
Steady throughput growth across the port network despite West Asia disruptions.
Distribution Margin (FY26)
₹7,000/ton
+75% YoY
Higher margins due to energy price volatility and procurement efficiencies from volume growth.
Cash and Investments (FY26)
₹5,939 crores
+3,860% vs FY22
Balance sheet transformation from ₹150 crores in FY22 to nearly ₹6,000 crores, funding growth.
What Changed vs Last Quarter
NEW
Gas distribution target of 2 million tons by FY28
Management targets total gas distribution (LPG + ammonia) of 2 million metric tons by FY28, driven by new terminals and pipeline connectivity.
NEW
Sustainable distribution margin of ₹7,000/ton
Management expects the current ₹7,000/ton distribution margin to sustain through FY28, supported by volume-driven procurement efficiencies.
UPDATED
Capex of $1.2 billion by March 2027
Aggregate capital expenditure across the port network, including organic and inorganic investments, expected to reach $1.2 billion by March 2027.
UPDATED
Capex pipeline of $5 billion through 2030
Identified capex pipeline of approximately $5 billion through 2030, aligned with traditional energy and energy transition infrastructure.
DROPPED
Kandla-Gorakhpur LPG pipeline commissioning by June 2026
The pipeline is expected to be operational by June 2026, with most of the 3,900 km completed except the last 8-12 km.
DROPPED
First phase of JNPT liquids capacity commissioning in Q1 FY27
The first phase of new liquids capacity at JNPT is expected to be commissioned in the first quarter of FY27.
NEW RISK
Normalization of energy prices
If energy prices stabilize and the uncertainty premium fades, distribution margins could revert to historical levels (~₹4,000/ton) unless volume growth compensates.
NEW RISK
Geopolitical disruption to LPG supply
Continued West Asia instability could disrupt LPG supply, though management notes alternative sources are being developed.
RISK GONE
Pipeline commissioning delays
The Kandla-Gorakhpur pipeline timeline slipped from March to June 2026 due to land compensation challenges.
RISK GONE
LPG import growth slowdown
Year-to-date LPG import growth slowed to ~8%, with month-on-month volatility due to inventory management by oil companies.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q3 FY26
The Kandla-Gorakhpur pipeline timeline slipped from March to June 2026 due to land compensation challenges.
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Guidance and risk preview
Aggregate capital expenditure across the port network, including organic and inorganic investments, expected to reach $1.2 billion by March 2027.
If energy prices stabilize and the uncertainty premium fades, distribution margins could revert to historical levels (~₹4,000/ton) unless volume gr...
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