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 produc...
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.
58%Questions answered2Evaded / deflected12Questions audited
Answered
Medium priority
Who builds capacity increases: Aegis Vopak or Aegis Logistics?
Asked by Anil Sin, K16 advisor
Management clearly explained the construction is done by parent Aegis Logistics.
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Question
This capacity increase is done by VOAC direct AIS VOPAC directly or is it done by AGIS logistics?
Management
these are land which are under lease with AGES VOPAT terminals limited and the infrastructure is being constructed by its parent AIS logistics limited because of the in-house capability and efficiencies
Partial answer
High priority
What gives confidence for $5bn capex over 4 years?
Asked by Anil Sin, K16 advisor
Management gave historical trend but no concrete demand commitments for the $5bn.
no specific demand contracts citeddeferred to future years
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Question
That is quite a massive outlay. What gives you the confidence that you know so far you have invested only 1.2 billion over the past 3 four years. Now in the coming four years it is $5 billion.
Management
we have tripled in 3 years from 22 to 25... the pace of capex increases as we grow stronger and the opportunities present themselves. We always follow demand.
Evasive
High priority
Revenue structure: long-term vs spot contract percentage.
Asked by Raj Patel, SK Finance
Management avoided giving any breakdown of long-term vs spot revenue.
claimed not to track the metricreframed as open-source model
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Question
can you describe your current revenue structure with your major customer and what would be the percentage revenue which are under long-term versus spot agreement.
Management
We do not track such statistics... we like to operate as an open-source terminal. We are not product dependent therefore not customer dependent.
Partial answer
Medium priority
Upcoming lease expiries and port capacity utilization.
Asked by Raj Patel, SK Finance
Management addressed lease expiry but ignored capacity utilization question.
did not provide capacity utilization details
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Question
are we expecting any lease to be expire getting expired to be soon and what specific ports which are being closer to peak capital util capacity utilization on liquid and the gas side.
Management
most of these are not very old. So we have still long time to go before the lease maturity happens. There is only one lease of people port which is dependent on the concessional which is in 2029
Answered
Medium priority
Expected business mix evolution between liquid, gas, ammonia.
Asked by Raj Patel, SK Finance
Management gave a clear directional mix shift towards gas.
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Question
in the future in let's say next three year how do we expect the business mix to evolve? Let's say between liquid gas and ammonina
Management
gas will be more dominant going forward. But it will usually be 5545 or 6040. The higher higher of course would be gas.
Partial answer
Medium priority
LPG import situation and diversification of sources.
Asked by below Paul Sahu, GM Financial
Management described volume impact but not source diversification.
did not discuss diversification of sources
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Question
can you give a high level view on how is LPG import situation in the country and how has India diversified its sources of those imports.
Management
in LPG the national oil companies had supply source problem when the ships were stranded... volumes were affected from March... 50% down but from May onwards things are getting much better
Partial answer
High priority
Capex plans for FY27 and FY28 quantified.
Asked by below Paul Sahu, GM Financial
Management gave FY27 number but only a range for FY28.
FY28 number not finalizedrange given instead of precise
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Question
can you quantify our capex plans for the next two years that is FI 27 and 28?
Management
27 of course we have already said we'll reach 1.2 billion capex. 28 there are still some things to be firmed up. We will soon come up with the numbers for FY28. But I think it will definitely be generally in the range of close to 5,000 cr.
Partial answer
Medium priority
Capacity of J&P phase one out of 318,000 cbm expansion.
Asked by below Paul Sahu, GM Financial
Management gave timing but not the specific capacity number for phase one.
did not specify exact capacity of phase one
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Question
J&P phase one of liquids is expected to be commissioned in FI27. How much would this capacity be out of the 318,000 cbm expansion?
Management
I think we will do most of it in H1 of the FI27. Most of it will be up and running in H1. ... 380,000 18,000 should be running for 6 months in the current year.
Evasive
High priority
Breakdown of $5bn capex by product (ammonia, LPG, green molecules).
Asked by Vinitar, Bajage Alternates
Management did not quantify the split of the $5bn capex.
no breakdown givenlisted broad categories without allocation
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Question
how much is your future capex of around $5 billion if committed to let's say ammonia, LPG and other green molecules versus a traditional LPG and liquid.
Management
we have said it in past that we are only in seven ports. We expect to go to 12 ports by end of 2030. ... We also expect to do more of ammonia terminal... get into newer products maybe ethane and propane as well as natural gas infrastructure.
Answered
High priority
Visibility on long-term contracts for ammonia terminal at Tawa.
Asked by Vinitar, Bajage Alternates
Management confirmed a long-term contract for one-third capacity.
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Question
what visibility do you have on long-term opt contracts for the ammonia terminal at tawa?
Management
ammonia terminal tawwork you've already said we have given on long-term contract to Hindustan zinc almost one/ird of our capacity for 15 year time period.
Partial answer
Medium priority
Current liquid capacity utilization and earning per CBM.
Asked by Kunal Mata, Incredities
Management did not confirm the capacity figure but gave earning benchmark.
did not confirm the 526 numbershifted to earning metric
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Question
what is the current liquid capacity that we have 526?
Management
liquid terminals are always earning 100% of the capacity. Physical occupancy is not very important here. ... 3,000 generally for CBM is what is regarded as a very good blended earning from liquid.
Answered
Medium priority
Will J&P expansion start with moderate realizations and ramp up?
Asked by Vishal Meta, Capital
Management clearly stated realizations will be good from start.
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Question
when we have our liquid expansions we probably see it starting with somewhat moderate realizations and then ramping up on realizations would be similar for this particular capacity?
Management
J&PA unlike other ports has a more demand so we don't expect it to gradually increase realization it will be quite a good realization from the time it commissions