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Revenue
₹1,719 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Aegis Logistics reported a solid Q1 FY26 with PAT of 175 crore, up 11% YoY, driven by strong LPG volumes and stable liquid terminal performance. LPG throughput hit a record 1.16 million tons (+15% YoY), while distribution volumes grew 13% to 1.45 lakh tons. The company is executing a massive capex plan targeting $5 billion aggregate by 2030, with new terminals at Mangalore and Pipavav now operational. Key growth drivers include the upcoming KGPL/JLPL pipeline commissioning (expected Q2 FY26) and expansion into ammonia terminals. However, risks include potential overcapacity at JNPT and margin pressure from new geography expansion in distribution. Management reiterated a 25% EPS CAGR target and expects FY26 to be an excellent year.
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Guidance to track
- Management reiterated a bare minimum 25% year-on-year growth in EPS, achieved over the last 3 years.
- Full-year distribution EBITDA per ton expected to be in the range of ₹3,000-3,500, similar to last year's ₹3,500.
- Aggregate capex across the group expected to reach $5 billion by 2030, funded by internal accruals and debt with a gearing ratio capped at 0.66x to 3.5x EBITDA.
- The KGPL and JLPL pipelines are expected to be commissioned in the second quarter of FY26, boosting Kandla volumes.
Risks flagged
- A competitor's LPG terminal announcement raises concerns of overcapacity; management downplayed it citing partner withdrawal and their own due diligence.
- Distribution EBITDA per ton fell to ₹2,500 in Q1 due to new geography expansion; management expects recovery but risk of sustained lower margins.
- KGPL pipeline faced delays; management expects Q2 FY26 but any further delay could impact volume growth.
- IPO was EPS-accretive but a portion of profit now shared with minority shareholders; reinvestment returns need to compensate.
Key quotes
- We strive for a 25% CAGR growth in our EPS year on year, that's the bare minimum that we try.
- You should be happy that finally what we have been saying over a number of years is happening that you will find a city gas natural gas player wanting to get into LPG business. The more the merrier.
- The opportunities are coming thick and fast. They are becoming bigger and bigger. And I think whatever cash we may have will not suffice for the kind of growth that we are looking at.
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