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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹2,594 Cr
verified against source
Revenue YoY
23%
reported change
EBITDA
₹1,599 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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 ₹1,000 crore milestone for the first time. Q4 was particularly strong with revenue up 52% YoY to 2,594 crores and EBITDA up 54% to 670 crores, driven by record LPG distribution volumes (2.34 lakh metric tons, +71% YoY) and higher margins (₹7,000/ton vs ₹4,000/ton last year) due to energy price volatility. Management expects the ₹7,000/ton margin to sustain through FY28 as volume growth drives procurement efficiencies. The company has a clear capex roadmap: $1.2 billion by March 2027 and $5 billion through 2030, funded by a strong balance sheet (₹5,939 crores cash) and low leverage (0.6x gearing). Key growth drivers include new ammonia terminals, pipeline connectivity, and expansion at Kandla, Pipavav, and Mangalore. Risk: normalization of energy prices could compress distribution margins if volume growth does not offset the decline.
Colored figures show movement against the previous available record.
Guidance to track
- Aggregate capital expenditure across the port network, including organic and inorganic investments, expected to reach $1.2 billion by March 2027.
- Identified capex pipeline of approximately $5 billion through 2030, aligned with traditional energy and energy transition infrastructure.
- Management targets total gas distribution (LPG + ammonia) of 2 million metric tons by FY28, driven by new terminals and pipeline connectivity.
- Management expects the current ₹7,000/ton distribution margin to sustain through FY28, supported by volume-driven procurement efficiencies.
Risks flagged
- If energy prices stabilize and the uncertainty premium fades, distribution margins could revert to historical levels (~₹4,000/ton) unless volume growth compensates.
- The $5 billion capex plan through 2030 depends on timely land allocation, permits, and project execution, especially for the Vadvan port MoU.
- Continued West Asia instability could disrupt LPG supply, though management notes alternative sources are being developed.
Key quotes
- These results reflect the compounding power of our diversified operations and the discipline with which we are executing.
- We are a very conservative company and I think 25% tag growth is not small. We have achieved 32% last 5 years.
- Our philosophy here at Aegis is really to not overpromise, always to underpromise and hopefully overdeliver.
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