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...
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.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
What drove the sharp QoQ increase in gas segment profitability?
Asked by Vivuchi, JP Morgan
Management gave qualitative drivers but did not quantify the split between volume and margin or identify one-offs.
no breakdown of volume vs margin contributionno quantification of one-off
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Question
first question is on the gas segment profitability which has seen a very sharp increase Q on Q on perm basis. So can you provide some color how much was driven by the distribution segment? Is there any oneoff and going forward what could be the normalized level?
Mr. Moladina (management)
the volumes have surged in distribution business. So that has also contributed on the surge of revenue as well as the return. Second is of course the margin that we have earned during the year has been around 7,000 rupees against 4,000 odd in the previous year. Going forward the next year also we expect the same...
Answered
High priority
When will LPG volumes normalize for the company and country?
Asked by Vivuchi, JP Morgan
Management provided specific month-on-month improvement percentages and a timeline for normalization.
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Question
it looks like for you the volumes kind of have completely normalized in June. So is this understanding correct and for the country overall like when do you expect full normalization?
Mr. Moladina (management)
things are improving month on month like in May the shortfall is down to 30% when it was 50% in April... we expect this improvement to continue probably in Q2 sometime in Q2 we should see normalcy return back.
Answered
High priority
What is the capex guidance for FY27 and FY28?
Asked by Vivuchi, JP Morgan
Management gave specific capex targets for FY27 and FY28.
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Question
can you provide the guidance for FI27 and FI28 if possible? I think this year was somewhere around 800 cr. So it looks like we'll see a very big jump now. But if you can just quantify what to expect.
Mr. Moladina (management)
we will see a $1.2 to $2 billion aggregate capex by March 27 that we have already said... March 28 we would again see a capex up to 5,000 crores coming in, this is both organic inorganic.
Partial answer
Medium priority
What was exact capex in FY26 and planned for FY27?
Asked by Anil Sarin, K16 Advisor
Management clarified the timeline but did not provide the exact FY26 capex figure asked.
did not give exact FY26 capexclarified timeline but not exact numbers
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Question
what was the exact capex in fiscal 26 and what is the exact capex planned for fiscal 27. Furthermore this 1.2 I suppose it will add up to 1.2 billion. Does that mean that the residual that is fiscal 29 and fiscal 30 would have 38 billion of capex?
Mr. Moladina (management)
We have said that capex is 2030 not FY30 please. So keep in mind this is still 2030 December. So we will have FY31 to reach 5 billion... up to 28 we have already said we will be 1.2 billion and then again 5,000 crores.
Answered
High priority
What will be the distribution volume in FY27 and FY28?
Asked by Anil Sarin, K16 Advisor
Management gave a specific volume target for FY28 and mentioned ammonia inclusion.
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Question
taking the total distribution to what level in fiscal 27 and if you can hazard a guess what level in tonnage terms for fiscal 28.
Mr. Moladina (management)
We always had a target of 2 million tons. So we expect that to reach by 28. And mind you, we are also commissioning ammonia. So that means that ammonia distribution would form part of this 2 million gas distribution that we intend to do.
Evasive
Medium priority
What explains the very strong profitability in distribution segment?
Asked by Chir Vicaria, Budrani Finance
Management did not provide any new explanation beyond what was already said.
repeated previous answerno new quantification
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Question
even if we take the realization at around 7,000 rupees per ton for distribution segment yet the profitability in that segment is way optimal... So what explains that?
Mr. Moladina (management)
Volumes and margins have gone up. This is expected to sustain on account of volume increase that is going to happen which will bring procurement efficiency.
Answered
Medium priority
What capex for new LPG/ammonia terminals?
Asked by Chir Vicaria, Budrani Finance
Management provided a specific cost per terminal and scaling logic.
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Question
Look at this terminal that you're talking with LPG or ammonia terminal. What capex are we looking there with?
Mr. Moladina (management)
It depends. We have just commissioned one terminal at a cost of 525 cr. So if it's one terminal then the same if there are multiple terminals they will be in the multiple of 525.
Answered
High priority
What are the economics of ammonia logistics and distribution?
Asked by Milot Pul Sahu, JM Financial
Management provided specific utilization rates, volume targets, and margin ranges.
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Question
you have mentioned about ammonia logistics commencing and ammonia distribution as well. Can you throw some light on the economics of both of these streams in terms of expected utilization levels and margins?
Mr. Moladina (management)
in the current year we expect around 25% utilization in the first year and thereafter growing at the rate of 30-40% year on year. Distribution... somewhere around 200,000 tons to begin with and then growing 20-30% year on year. The margins range from around 2,500 to 3,000. In distribution it could go up to 5,000 rupees.
Partial answer
High priority
How much of gas distribution improvement is from operating leverage vs price increase?
Asked by Kunal Meta, Incred Equities
Management acknowledged both factors but did not quantify the split.
no quantitative split between volume and margin contribution
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Question
how much of the improvement in gas distribution is from operating leverage that is optimization of ARPAR versus the price increase to the market. So if you can give some flavor on the revenue versus the dupa on gas.
Mr. Moladina (management)
energy prices rising and uncertainty element being built into so the margins have improved during Q4... volumes also have jumped from around 520,000 to 750,000 that has also brought procurement efficiencies. So what was 4,000 and what has become 7,000 currently comprises part on account of volumes and part on account of margin improvement.
Answered
Medium priority
How much cash can Aegis Logistics use for asset building?
Asked by Kunal Meta, Incred Equities
Management clarified that consolidated cash includes subsidiaries and is available.
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Question
you mentioned in your opening comment that there are about 5,900 crores of cash on the consolidated balance sheet but I think on the standalone Aegis standalone level there is like almost half of that. So how much would AL be able to utilize for building the asset?
Mr. Moladina (management)
when you look at cash don't look at all standalone alone you also have to look at cash holding in its 100% subsidiaries so all put together will come to 5,930 crores.
Answered
Medium priority
Were there any inventory gains in the quarter?
Asked by Amit Kumar, Determined Investment
Management clearly denied any inventory gains and explained low inventory policy.
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Question
could you sort of quantify any sort of inventory gains that you had in this particular quarter?
Mr. Moladina (management)
No. What do you mean by that? There's nothing like inventory gain which we book in P&L. We keep very low inventory. We are not here to keep more than a month inventory. So inventories are not long.
Evasive
Medium priority
Why not increase the 25% growth guidance given strong performance?
Asked by Nandan, investor
Management justified current guidance but did not answer whether they would consider increasing it.
did not address possibility of raising guidancedefended current guidance
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Question
I think given the guidance, I think we are giving 25% guidance, I feel it is very very conservative. In FY26 also we have grown 43% at a level. So I don't know we are why don't you increase the guidance sir?
Mr. Moladina (management)
No, we are a very conservative company and I think 25% tag growth is not small. We have achieved 32% last 5 years. Now remember the base is getting bigger and bigger. When we had first given our guidance we were at an EPS of six. Now we are at an EPS of 26.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gas distribution margin improved to 7,000 rupees per ton from 4,000 | 7,000 | 24 | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.