Aegis Vopak Terminals / Q3-FY26

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Positive2026-02-10Back to AEGISVOPAK

Revenue

₹239 Cr

verified against source

Revenue YoY

22.3%

reported change

EBITDA

₹145.9 Cr

latest reported figure

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Actual signal trajectory

Where this quarter sits.

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EBITDA (₹ Cr)PositiveWatchNegative
2 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q3 FY26: 145.9 · Positive source sentiment · 2026-02-10Q3 FY26Q4 FY26: 179.2 · Positive source sentiment · 2026-05-15Q4 FY26179.2145.9
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

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 additions and improved product mix. The newly commissioned LPG terminals at Pipavav and Mangalore are now fully operational, contributing to revenue. Management highlighted a 15-year take-or-pay agreement at Pipavav for over 0.5 MMT annually and progress on the JNPT expansion (₹1,675 crore capex) with first phase expected in Q1 FY27. The acquisition of Hindustan Aegis LPG adds 25,000 MT LPG capacity at Haldia. Guidance includes a capex roadmap of $5 billion by 2030, with a debt gearing ratio of 0.6x. Key risks include delays in pipeline commissioning (KGPL/JLPL) and potential volume shortfalls if customer demand softens.

Colored figures show movement against the previous available record.

Guidance to track

  • Management outlined a capital expenditure roadmap of approximately $5 billion to be achieved by 2030, financed through internal accruals and disciplined debt use.
  • First phase of new liquid capacity at JNPT (part of ₹1,675 crore project) scheduled to come online in Q1 of FY27.
  • The Kandla-Gorakhpur LPG pipeline is expected to be connected by June 2026, enabling significant throughput increase.
  • Management committed to maintaining a debt gearing ratio of 0.6 times and overall leverage not exceeding 3.5 times EBITDA.

Risks flagged

  • The Jamnagar-Loni pipeline is nearing completion but the Kandla-Gorakhpur pipeline may be delayed beyond June 2026, impacting volume ramp-up.
  • Analyst noted weakness in LPG volumes and EBIT; management attributed it to seasonal patterns and depreciation, but Q4 step-up is expected.
  • The MOU for Vadhavan port investment is non-binding and subject to land allocation and permits; execution risk remains high.
  • The 15-year take-or-pay agreement at Pipavav is with a single large conglomerate; any default or renegotiation could impact revenue visibility.

Key quotes

  • We have entered into a 15-year long-term take or pay agreement with a large conglomerate for handling their petroleum products at Pipavav.
  • As far as gas volumes and gas EBIT and gas revenues are concerned, you will start seeing step-up changes in all volumes, revenue, EBITDA from Q4 of FY26.
  • We are well geared to reach a capex of 10,000 crore by the time we end FY27.

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