Aegis Vopak Terminals Limited — Q3 FY26
Aegis Vopak Terminals reported a strong Q3 FY26 with revenue of ₹197.5 crore (+22.3% YoY) and PAT of ₹61.5 crore (+62.7% YoY), driven by higher liquid volumes from capacity addi...
bullish
high
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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.
79%Questions answered1Evaded / deflected12Questions audited
Answered
High priority
Reason for improved liquid segment realization and sustainability
Asked by Yash Nandwani, IFL Capital
Management clearly attributed the improvement to product mix and J&P terminal, and confirmed sustainability.
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Question
So we have seen a significant improvement in the blended realization in the liquid segment. Just wanted to understand is it all related to product mix improvement or also a function of improved turnaround or is there any take or pay in that and would it be reasonable to assume same realizations going forward?
Management
this is not on account of any take pay. this is on account of better product mix and increased realization rate especially from our J&P terminal which has now stabilized operations... This is expected to stay and further improve going forward.
Answered
High priority
Liquid capacity expansion timeline and FY27 target
Asked by Yash Nandwani, IFL Capital
Management provided specific capacity numbers and a clear FY27 target.
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Question
we are currently expanding at JNP and Kanda and we also have lands at Kochi Mangalore and Hyundai. So when do expansion start there and what should we expect the liquid capacity to hit by let's say FY27 end
Management
we are expanding at Kandla around 100,000 and then we are also expanding at Mangalore as well as Kochi as well as Halia which is 60 60 that is around 200,000 further and we are also doing 318,000 at GMP PA we are at 1.7 million so I think we should be around 2.5 million plus by FY27 end
Evasive
Medium priority
Whether 15-year takeover agreement at PIPA is with existing or new customer
Asked by Siddhhat Johan, BNK Securities
Management refused to disclose customer identity, deferring to a later date.
deferred to future disclosureno customer identity given
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Question
firstly on the 15-year takeover agreement which we signed at PIPA. I just wanted to understand is it with an existing customer or it's a new customer which we have scouted.
Management
Now we have already said the details we will share with the investors when the operations on this account starts. So you will get the details in this calendar year. It is expected to start somewhere around October 2026.
Answered
High priority
Reason for weakness in LPG volume and EBIT this quarter
Asked by Siddhhat Johan, BNK Securities
Management explained seasonality and quantified the revenue and depreciation impact on EBIT.
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Question
any reason for the weakness in LPG volume and the LPG a bit? What particularly happened in this quarter?
Management
usually across the board quarter 1 is the least, quarter 2, quarter 3 are always similar and quarter 4 is the surge. So, that is how this is happening. This is almost similar to Q2 in terms of volumes handled. As far as EBIT is concerned, as you know the revenues have reduced by 1 cr depreciation has increased by 1 cr and therefore the EBIT to that extent is affected and some cost.
Answered
High priority
Capex plans for next year and roadmap
Asked by Siddhhat Johan, BNK Securities
Management provided specific capex numbers and a target of 10,000 cr by FY27.
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Question
can you share your capex plans for the next year? Do we have a road map on that?
Management
we were sitting on an assets commissioned... we are sitting on 5,000 cr we have already bought alia asset at 1,000 cr we are executing 1,675 cr at j&pa we intend to spend around another 500 cr on liquid assets at Kanda, Mangalangor, Kochi... we are well geared to reach a capex of 10,000 cr by the time we end FY 27.
Partial answer
High priority
Volume outlook for FY26 with Halia addition
Asked by Neil Odal Sahu, JM Financial
Management gave Q4 volume guidance but not full FY26 outlook as asked.
no specific FY26 full-year volume guidanceonly Q4 outlook given
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Question
would you like to provide some outlook on the volumes for FY26 given that Halia will be added for the first quarter?
Management
Q4 typically Alia is at the utilization of 55% of throughput capacity. So accordingly the volumes of Alia will be added... VGC jetty at Tanda has started operating... we expect a volume increase at Kanda also for Q4. So yeah, we expect to do well in Q4... volume should definitely cross a million and more.
Partial answer
Medium priority
Annual volume run rate and quantum of exclusive agreement with HPCL at Halia
Asked by Neil Odal Sahu, JM Financial
Management provided historical volume growth but not the current run rate or contract quantum.
no specific annual run rate givenno quantum of agreement disclosed
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Question
you have talked about exclusive agreement with HBCL at the Halia terminal. Can you help us with like the annual volume run rate for the Har LPJ terminal and what is the quantum of this agreement with HPCL?
Management
HPCL agreement is not a takeway agreement. It is a exclusive agreement. HPCL has to bring the cargo on the east coast at our HLA terminal... when we started their volumes were 0.4 million now it has reached more than 1.5 million... The capacity most we can do is 2.5 million.
Answered
High priority
Update on KGPL and JLPL pipeline connections to Kandla and Pipawa
Asked by Neil Odal Sahu, JM Financial
Management gave specific timelines for both pipeline connections.
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Question
can you help us with an update on KGPL and JLPL pipeline corrections to Kandra and paperwork?
Management
we expect by February end to be able to commission JLPL. As far as Kandla Gurapur is concerned, I think the worst case scenario is June 26. It should happen before but I think by June we expect it to be operationalized both at Kangla as well as at Pawa.
Answered
Medium priority
Liquid capacity and utilization level in Q3 FY26
Asked by Kub, Modify Investments
Management provided capacity and occupancy figures clearly.
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Question
can you please give me the capacity which we were having for liquid in Q3 FI26 and what was the utilization level of that capacity?
Management
So it's 1.7 million. So what you do is the Q3 number run rate if you want to see you multiply by 4 and you divide by 1.7 million. So you'll get a yearly average rate realization. Occupancy has got no relevance here... if you want to technically understand what is the occupancy then it is 77% physical occupancy not revenue generating occupancy revenue generating occupancy always close to 100%.
Answered
High priority
Ballpark gas realizations for modeling
Asked by Kub, Modify Investments
Management gave a specific number of 1250 for gas realizations.
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Question
what can be the ballpark number for the gas realizations which we can model in our projections
Management
yes that's around 1250 yeah
Partial answer
Medium priority
Potential throughput improvement from Kandla-Gorakhpur pipeline
Asked by Kub, Modify Investments
Management gave pipeline capacity but not Aegis Vopak's expected throughput share.
no specific throughput number for Aegis Vopakdeferred to future
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Question
what can be the number for the throughput how can it improve like it can go up 2025 or it's going to go more above that also.
Management
the capacity of Kand Gorakpur pipeline is 8.25 million tons. There are three points of input... 5.75 million from Kandla, 1.5 from Pipawa, 1 million from Dah... it will take probably 2 three years time to reach full utilization.
Answered
Medium priority
Pipelines connected to JNPA terminal and capacity utilization
Asked by Siddhhat Chawan, BNK Securities
Management confirmed the pipeline and explained the connection strategy.
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Question
on the GNKA terminal. I believe Uranchakan pipeline is the one which is connected. Is it correct or there are other pipelines as well connected to the terminal?
Management
The pipeline is Uran Chakan. You're correct. But our LG terminal is under construction. So we would be able to tap that once it commissions... we are already connected and hooked into Mumbai Chakan pipeline from our Mumbai terminal... in addition to that here in for our upcoming terminal we would also hook into Puran Shakan pipeline from JNPa