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View Promises →Aegis Vopak Terminals Limited — Q4 FY26
Aegis Vopak Terminals reported a strong Q4 FY26 with revenue of 243.5 crore (+22.2% YoY) and EBITDA of 179.2 crore (+24.2% YoY), driven by capacity additions and improved product mix.
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Aegis Vopak Terminals reported a strong Q4 FY26 with revenue of 243.5 crore (+22.2% YoY) and EBITDA of 179.2 crore (+24.2% YoY), driven by capacity additions and improved product mix. Liquid terminal revenue grew 31% YoY to 121.1 crore, while gas terminal revenue rose 14.6% to 122.4 crore. Net profit increased 15.3% to 273.9 crore. Management highlighted a $5 billion capex pipeline by 2030, with JNPT expansion (318,100 cbm liquid, 77,236 MT LPG) commissioning in H1 FY27. The company is diversifying into ammonia with a 36,000 MT terminal at Pipavav backed by a 15-year take-or-pay agreement. Key risk: LPG import disruptions from Middle East conflict could temporarily impact throughput, though management expects normalization by Q2 FY27.
एजिस वोपाक टर्मिनल्स ने चौथी तिमाही (वित्त वर्ष 2026) में मजबूत प्रदर्शन किया। कंपनी की कमाई 243.5 करोड़ रुपये रही, जो पिछले साल से 22.2% ज्यादा है। कमाई से खर्च निकालने के बाद बचा मुनाफा (EBITDA) 179.2 करोड़ रुपये (+24.2%) रहा। इसकी वजह नई सुविधाएं जुड़ना और बेहतर उत्पाद मिश्रण है। तरल टर्मिनल से कमाई 31% बढ़कर 121.1 करोड़ और गैस टर्मिनल से 14.6% बढ़कर 122.4 करोड़ रुपये हुई। शुद्ध मुनाफा 15.3% बढ़कर 273.9 करोड़ रुपये हो गया। कंपनी 2030 तक 5 अरब डॉलर का निवेश करेगी। जेएनपीटी का विस्तार (3.18 लाख घनमीटर तरल, 77,236 टन एलपीजी) वित्त वर्ष 2027 की पहली छमाही में शुरू होगा। कंपनी अमोनिया टर्मिनल (36,000 टन) बना रही है, जिसके लिए 15 साल का पक्का ऑर्डर है। जोखिम: मध्य पूर्व संघर्ष से एलपीजी आयात प्रभावित हो सकता है, लेकिन सितंबर 2026 तक सामान्य होने की उम्मीद है।
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LPG import disruption from Middle East conflict
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Liquid storage capacity growth since JV formation
3.75x
+275% since Nov 2021
Liquid storage capacity has grown 3.75 times since the joint venture formation in November 2021.
LPG static capacity growth since JV formation
4.5x
+350% since Nov 2021
LPG static capacity has grown 4.5 times since the joint venture formation in November 2021.
Annual gas throughput FY26
3.9M metric tons
+18.2% YoY
Gas throughput increased from 3.3 million tons in FY25 to 3.9 million tons in FY26.
JNPT liquid expansion capacity
318,100 cbm
New capacity
JNPT expansion adds 318,100 cubic meters of liquid storage, with first phase operational in Q1 FY27.
What Changed vs Last Quarter
NEW
Throughput growth guidance of 30-40% YoY for FY27
Management expects throughput to grow 30-40% year-on-year in FY27, consistent with historical trends.
NEW
Capex of ~$1.2 billion by end of FY27, ~₹5,000 crore in FY28
Aggregate capex will reach approximately $1.2 billion by end of FY27, with FY28 capex expected around ₹5,000 crore.
NEW
Pipavav ammonia terminal commissioning in H1 FY27
India's first independent ammonia terminal at Pipavav (36,000 MT) expected to be commissioned in H1 FY27.
UPDATED
JNPT liquid expansion first phase operational in Q1 FY27
First phase of 318,100 cbm liquid expansion at JNPT expected to be operational in Q1 FY27, contributing from Q2.
DROPPED
Capex roadmap of $5 billion by 2030
Management outlined a capital expenditure roadmap of approximately $5 billion to be achieved by 2030, financed through internal accruals and disciplined debt use.
DROPPED
Kandla-Gorakhpur LPG pipeline operational by June 2026
The Kandla-Gorakhpur LPG pipeline is expected to be connected by June 2026, enabling significant throughput increase.
DROPPED
Debt gearing ratio maintained at 0.6x
Management committed to maintaining a debt gearing ratio of 0.6 times and overall leverage not exceeding 3.5 times EBITDA.
NEW RISK
LPG import disruption from Middle East conflict
LPG imports were down ~50% in March due to Middle East conflict, improving to 30-35% in May. Normalization expected by Q2 FY27.
NEW RISK
Customer concentration and contract dependency
Management declined to disclose revenue breakdown by contract type or customer concentration, citing open-source model. This lack of visibility may concern investors.
NEW RISK
Execution risk on massive $5 billion capex plan
The $5 billion capex by 2030 is ambitious given only $1.2 billion spent so far. Management acknowledged pace will accelerate in later years, but execution remains key.
NEW RISK
Lease expiry at Pipavav port in 2029
One lease at Pipavav port expires in 2029, though management noted a 'last look' right. This could pose renewal risk.
RISK GONE
Pipeline commissioning delays
The Jamnagar-Loni pipeline is nearing completion but the Kandla-Gorakhpur pipeline may be delayed beyond June 2026, impacting volume ramp-up.
RISK GONE
LPG volume weakness in Q3
Analyst noted weakness in LPG volumes and EBIT; management attributed it to seasonal patterns and depreciation, but Q4 step-up is expected.
RISK GONE
Vadhavan port MOU non-binding
The MOU for Vadhavan port investment is non-binding and subject to land allocation and permits; execution risk remains high.
RISK GONE
Customer concentration in take-or-pay agreements
The 15-year take-or-pay agreement at Pipavav is with a single large conglomerate; any default or renegotiation could impact revenue visibility.
Fast read
Guidance and risk preview
Management expects throughput to grow 30-40% year-on-year in FY27, consistent with historical trends.
LPG imports were down ~50% in March due to Middle East conflict, improving to 30-35% in May.
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